Over the last six months or so there has been a flurry of cleverly structured binary options scams to hit the internet, and many traders have fallen victim to these swindlers. But you can make sure that you never become one of them fairly easily. You see, it turns out that almost all of these scams operate on the same basic principles, and even the details don't usually differ by all that much. That works in our favor because by learning to watch out for a few simple "tells" (a poker term for those who don't know) we can always spot one of these scams no matter how it is packaged up.
Binary Options Scam ExampleLet's look at how one of the higher visibility versions of this scam works shall we? This particular binary options scam is called the "Profit in 60 Seconds" system. You can read about this scam in detail here if you want.
The profit in 60 seconds system claims that they will give you access to a "free" one-month trial of their amazing software product which will make you tons of easy money. Sounds good right? Just one little thing first. You must deposit $200+ with my preferred broker, and then you can have access to my awesome system that will make you tons of money. Wait, this doesn't sound quite so "free" anymore.
Despite your reservations you went ahead and deposited with the requested broker, and got access to this wonderful "free" software that is about to make you rich! Not so fast, playboy. It turns out, all that this amazing software does is empty your account balance. Ouch. The only one who made any money at all in "60 seconds" was the scammers pushing this product. Be warned, and stay far away!
And that, my friends is exactly how 90%+ of the binary options scams out there currently operate. So if you can learn to spot one, you can learn to spot them all. Stay safe out there!