Binary Options Con/Scam

This is a discussion on Binary Options Con/Scam within the Fixed Odds forums, part of the Commercial category; Forex itself is still OTC .. I am comapring your Binary etc to Exchange traded products like Equity, Equity Options ...

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Old Oct 31, 2012, 8:46am   #25
Joined Aug 2012
Re: Binary Options Con/Scam

Forex itself is still OTC .. I am comapring your Binary etc to Exchange traded products like
Equity, Equity Options
Futures Option ( Not even Futures becasue Futures brokers clienst are not protected by SIPC etc)
DOM front on above mentioned products is very clearly shown ( now a days in ASIC regualted brokers even FX is forced to show DOm and liquidity )
On other counts how exactly is OTC Binary better? Apples to apples
- I am dealing with Market maker ( except some big one who act like tru exchange but there is a always a risk that MM might not be able to match 2 sides and exposed and trade against you)
- NO client money safety insuracne
- I can't question the settlement
- Sometimes products are defined in sucha way that the you can't check it independently
- Low entry costs ( to become a "Broker" meaning fly by night operators cna get in)
- And finala point regulator can try and stop this happening by
Enforcing soem of teh transperancy thinsg mentioned above
But you would say they are not imprtant.. and should be ignored
I would support Binary if there are proper checks and balances along above lines not soem tinpot jursdiction allowing anybody to open sucha business
Until then it is aaaditional risk that just can't be ignored and people shoudl think 100times
Market risk is fine we all take it. but why add the other risk?
"I think that 75% of people know what they are getting intoKnow that the company may fall and not return their cash. Yet they do it anyway " and you promote such a thing WOW
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Old Oct 31, 2012, 8:55am   #26
 
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Joined Oct 2010
Re: Binary Options Con/Scam

Quote:
Originally Posted by moka2 View Post
Forex itself is still OTC .. I am comapring your Binary etc to Exchange traded products like
Equity, Equity Options
Futures Option ( Not even Futures becasue Futures brokers clienst are not protected by SIPC etc)
DOM front on above mentioned products is very clearly shown ( now a days in ASIC regualted brokers even FX is forced to show DOm and liquidity )
On other counts how exactly is OTC Binary better? Apples to apples
- I am dealing with Market maker ( except some big one who act like tru exchange but there is a always a risk that MM might not be able to match 2 sides and exposed and trade against you)
- NO client money safety insuracne
- I can't question the settlement
- Sometimes products are defined in sucha way that the you can't check it independently
- Low entry costs ( to become a "Broker" meaning fly by night operators cna get in)
- And finala point regulator can try and stop this happening by
Enforcing soem of teh transperancy thinsg mentioned above
But you would say they are not imprtant.. and should be ignored
I would support Binary if there are proper checks and balances along above lines not soem tinpot jursdiction allowing anybody to open sucha business
Until then it is aaaditional risk that just can't be ignored and people shoudl think 100times
Market risk is fine we all take it. but why add the other risk?
"I think that 75% of people know what they are getting intoKnow that the company may fall and not return their cash. Yet they do it anyway " and you promote such a thing WOW
That is my only view of strength on this topic.

The customers should be aware that these gaming products give the edge to the house. Any reasonable winnings should be account for "Entertainment" value only.
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Old Oct 31, 2012, 9:06am   #27
Joined Aug 2012
Re: Binary Options Con/Scam

Unfortunately "Customer" get sucked in by "oh how easy it is to make 70/ 80% return in 1 hour" thing ( not even mentioning all other risks and shortcomings I have been mentioning)
Just the way people got sucked in to the leverage of CFD and FX .... now a days just buyer beware warnings are not good enough Regulators need to come down with ton of bricks on crooks but before that they need to put in place things which will improve the market transparency. and safety. it is convenient for shonky operators and supporters to say " oh look regulators don't do enough hence we should not have them..
Just like saying Since Police don't solve all crimes we should not have them.. getting mugged and raped is a " Product risk" of being alive... LOL
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Old Oct 31, 2012, 9:11am   #28
 
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Joined Oct 2010
Re: Binary Options Con/Scam

I am going to retire from this thread because getting into philosophical arguments with "its a scam" and "its not a scam" crowd will only lead to more ratings for T2W and would not practically change much on the ground.

However before doing this, let me paste in the final word...

No matter what product financial geniuses are thrusting down customers down back pockets, they should be clean as the mineral water about their ups and downs.

Millions of people go to Casinos every day knowing the fact that they are going to lose all their money. They do because that is the way human beings dance with the fortune stars.

What Casinos do is to clearly paint out the picture as to what the mice people are getting into.

Binary Options, Forex and other unregulated ruthless species of the financial world must do the same.

It will end up helping their business. The saying that truth drives away customers is the biggest scam on the earth.

We just want Casinos to tell us "We are going to rape your Savings" and that is it. Nothing more.

Advertise these as gaming products and clear out the fog and the business would boom as it is suppose to in a world packed with "I want it all and I want it now" humans.

Last edited by safvan; Oct 31, 2012 at 9:19am.
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Old Oct 31, 2012, 9:13am   #29
Joined Aug 2012
Re: Binary Options Con/Scam

What Casinos do is to clearly paint out the picture as to what the mice people are getting into.

Binary Options, Forex and other unregulated ruthless species of the financial world must do the same.

Agree with you
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Old Oct 31, 2012, 9:20am   #30
D70
Joined Nov 2009
Re: Binary Options Con/Scam

Quote:
Originally Posted by Filmon View Post
BOCapital, OptionBit, GOptions.........

I opened account with BOCapital with $200 deposit, refused their bonus as I did not agreed with their withdrawal restriction tide with bonuses. Started trading and I was up a grand on two days of trading on my third day of trading I was up by additional $600. That is when my problem with them started, first they started adding additional pips to the strickprice and then they started tampering with the expiration times like a YOYO. At first I did not expected such-things when I start loosing on trades that I should not have losed, but I quickly realised the odd things they where doing.

I called my so called account manager regarding the problems, funny enough she was more concerned about me depositing additional money so that they can "triple my bonuses". I told her why should I put in more money to my account when I'm winning and have over $1500 in my account. Anyway to cut the story short, I realized the hard truth that I was dealing with con artists when I spoke the so called head manager, he start to belittle my knowledge of trading and the fact that my initial deposit was "little 200", he was an absolute ****.

Anyway I requested a withdrawal of 50% of my profits just to test the waters and did not got nothing after trying everything I could to get my money for the last 6 weeks. They simply closed my account and refused to replay to any of my emails.

I also realised that they are the sample con artists at Optionbit. I can get my money back and I can not undo my silly mistakes of providing them all my IDs. But I'm determine to jeopardize their scam business in every-way I can. I will create a website, make a youtube videos, do reviews and stuff. All in effort to inform people and getting the binary option scam out of business.

Seen guy named 'Mr. Stone' advertising GOptions yet another scam broker. quick glans on the website is enough. They say "Our offices are located here in the heart of London" I guaranty you they do not have any office or license in London. If they do, I have no problem giving them a visit to check on things. The office they claim to have in London, on their website is a bogus, an office that does not exist. Mr Stone prove me wrong will ya. Please invite me to your office
Did you get a screen shot of your trading and proof of your money in the account?
File a small claim against them. You can do it online. Dont let them get away with it. It's easy to do.

I have used the small claim route 3 times so far, for various things. I got my money every time.

Twice against an employer. Once against a landlord.

Last edited by D70; Oct 31, 2012 at 9:25am.
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Old Oct 31, 2012, 11:45am   #31
tar
 
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Re: Binary Options Con/Scam

In this case i don't blame the so called broker but rather the trader , why would someone trade with these skanky binary brokers ? and what is so fascinating about the 80% return ?!!
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Old Oct 31, 2012, 12:04pm   #32
 
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Re: Binary Options Con/Scam

Filmon started this thread
Quote:
Originally Posted by Mr Stone View Post
Hello everyone,

I was taking a few days off from posting, then a client of mine gave me a heads up on this thread.
To Filmon, sorry you got yourself screwed over. But making aqusations about my platform and location and services is bang out of order. You are in London are you? Well how about you come through to our office and meet me face to face. I am here Monday through to friday.

You want to sling crap around fine. But try to make out that we are a scam and not with an office in NW London is pure crap. You have an open invitation to come through at any time.

For anyone also joining in. I have stated numerious times we are not currently regulated or licensed. Check out there to see who has a sterling reputation and who doesnt. GOptions is growing and still providing top sterling service to any client trading with the platform. To date not one client has had any problem accessing or receiving their money when requested.

To the forum veterans i know you do not like binary options. fair enough it is not for everyone. A client chooses to buy the option on not. Bonuses are optional and not forced on anyone, and most importantly in our terms and conditions everything is in black and white.

Filmon, as I said. You are more than welcome to come through to our offices and see me face to face. I am in the office 10am GMT until late every day. So, before you continue badmouthing us, who incidentally have never had you as a client or treated you poorly at any time I suggest you get your facts right. Once this month is done I will continue posting some trades and ideas. Again I am not forcing anyone to do anything and yes I am after new clients. Everything I have said and done has been upfront and I am the only broker to have come to this forum for Binary at least and done that. Actually answered straight up to all questions and pokes.

Sorry if you got shafted. Next time READ the terms and conditions before you throw your money down the toilet with a platform that is out to screw you over.


Mr Stone
Mr Stone, thank you for guaranteeing my request to visit your office, I'm quite interested on finding out more about your business, so how about I come and see you face to face on this Friday Nov 2.

Folks I shall report to this form the outcome of my visit to Goptions London office and meeting with mr.stone
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