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Author Topic: Scam Beware - Binary Options Market Trading  (Read 509 times)

Offline Hands0n

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Scam Beware - Binary Options Market Trading
« on: March 15, 2017, 17:11:44 »
Of late there has been a surge in promotion on social media and elsewhere of a "new and simple" means of trading, with big rewards to be had.  The market is Binary Options where you basically bet on a currency movement up or down over a short period, typically 60 seconds.

Beware, there are legitimate businesses in the UK and an awful lot that are not, usually located outside of the EU but also within.  People are losing their shirts by getting involved and the advice of the Financial Conduct Authority in the UK is to beware as it is an unregulated business, thus no protections!

Worst are the scammers who will request sufficient personal information and evidence that your identity can be stolen and your bank and savings accounts plundered.  You will not have any means of compensation.

Here is what the FCA says on the topic - https://www.fca.org.uk/consumers/binary-options-uk

Quote
...the FCA has received an increasing number of reports from consumers about their experiences with illegitimate binary options firms that do not appear to be regulated by any agency, either in the UK or abroad. Many consumers report having been scammed by these firms and we have concerns that UK consumers are being increasingly targeted by fraudsters who offer opportunities to invest in binary options. The purpose of this warning is to provide some further specific detail about binary options trading and the risks posed to consumers by fraudulent firms operating in this market.


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