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Zoey_JD
Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23543
Experience:  Active member of the NYS bar since 1989
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Is binary option trading a scam

Customer Question

is binary option trading a scam
Submitted: 10 months ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 10 months ago.

Hello,

Binary option trading is closer to gambling than it is to investing. As a result most countries, including yours, don't regulate binary option trading the way they do other types of investing. That means that these companies can run unchecked by law. Almost all binary option brokers are completely unregulated. They do what they please with your money, and many are outright frauds. Most operate from somewhere offshore, and they can be tough if not impossible to track down if you want to go after them.

We hear horror stories every day of people who invest with unregulated binary option brokerages and whose money gets gobbled up by unauthorized trades made by the brokerage. Or they try to withdraw their funds and they find that the brokerage disappears without a trace.

At its best, ***** ***** trading is very risky and you have to know what you're doing. At it's worst, you'll lose everything to a bogus, unregulated brokerage. Authorities tell you that for safety's sake invest only with those brokers who are actually regulated if not in your own country, then elsewhere. Then you have some kind of assurance of legitimacy.

Good luck.

Customer: replied 10 months ago.
would you know how to find these brokers that are regulated or at least which countries are regulating binary option trading or how to do proper research
thank you for your help
Stavros
Expert:  Zoey_JD replied 10 months ago.

Frankly, we see plenty of complaints here even from those who deal with regulated binary brokers. However, from what I see, most of the regulated binary brokers are regulated in Cyprus by CySec, the Cyprus Securities and Exchange commission. You can contact CySec and perhaps they can recommend some to you or failing that, tell you which ones to avoid. You can find some names by just googling "regulated binary brokers." There aren't very many of them.

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