In this article we are going to be looking at binary trading once again. Its a simple fact in life that many people simply want an easy way to make money. So when Binary Trading came alone, promising ease of use and huge earning potential, many people became very excited. But can binary trading make you rich? Is it really an easy way to make money online or is it all just a big scam?
Are you are interested in getting involved with online trading? If so, there are a few things that you should be aware of when getting involved with binary options. In this article we’ll take a look at some of the pros and cons involved with trading. Hopefully after reading this you will be able to make an informed decision.
What Is Binary Trading All About?
Whilst Binary Trading can seem like a very simple way to make money, its the simplicity that often fools many people into loosing a ton of money. Trading online is as simple as choosing if a stock or commodity will rise or fall in value over a given period of time.
These days everyone and just about anyone can get involved with binary trading. Many people are tempted in by advertising campaigns, lots of which claim that you can make a fortune without doing any work at all.
The Scams That Claim Binary Trading Make You Rich
One of the first articles that we wrote on the Make Money Online Zone website was about a binary trading scam. We then quickly realised that there were more and more coming onto the market every day. One of the first scams that we looked at was called “Binary Backdoor” After our first review we quickly realised that we would need to cover many more binary trading scams.
Most of the scams that are out there claim to be able to make you rich! Many of the systems are supposedly automated, meaning that even a complete novice can become rich by trading online. Many people see the words automated, rich and wealthy and then reach for their wallet to get started.
Unfortunately many people fail to realise that a lot of online trading companies are totally unregulated. The advertising videos, the flashy graphics and especially the earning claims are all fake in most cases.
How Do Binary Trading Scams Work?
Trading scams usually try to make you believe that making money is really easy. The scam artists will go to great lengths in order to make you believe that what you are getting involved with is completely real. In actual fact, the reality is often very different.
For the complete novice its hard to spot scam trading companies. The scammers know exactly what to say in order to get people excited about the prospect of becoming rich.
Many binary trading scams will even hire offices and even attach logos to the wall in order to make their videos more convincing.
Throw some flash looking cars and exotic locations into the mix and you have a binary trading scam that looks convincing to many people.
What Happens When You Get Involved With A Binary Trading Scam?
Every online trading scam will want you to pay money up front in order to start trading. However, most scams will claim that their software is free! And whilst it may be free to use the trading software, the reality is that you will still need to pay in order to trade with it. As soon as you deposit any money into a binary trading software scam, the scammers get paid!
Most binary trading scams are just a front. The scam artists direct you to their chosen binary trading brokers where you deposit your money and then the fake software starts up and devours your money in no time.
There are literally thousands of these scams and most of them work in a very similar way. So how do they get away with it?
How Do Binary Trading Scams Get Away With It?
The sad fact is there are now so many trading scams online that it would be really hard to close all of them down. Most of the scams try to protect themselves in the small print and terms and conditions too. In fact many binary trading scams will actually tell you the complete truth within the small print!
As you can see from the image above, these scammers basically tell you that you are going to lose!
After You Lose Your Money It Doesn’t End There!
Its a sad fact that many people get ripped off by these scammers. But the scams don’t end when you’ve lost all of your money. In most cases the unregulated companies will get in touch with you in an attempt to scam even more money out of you. And since you are required to pass on quite a lot of personal details before you can trade, getting in touch is easy for the binary brokers.
Lots of brokers will tempt you back by offering you deals, protected trades and even training. Over the last couple of years we have seen many offers that have scammed people out of hundreds if not thousands.
So can binary trading make you rich? Well not if you get involved with one of these scams!
Do We Recommend Binary Options Trading?
The simple answer to this question is no! Here’s why…
In my opinion binary trading is nothing more than a form of gambling. But then many people might argue that even setting up an online business is a gamble. However, trading binary options carries a very high risk of loosing. It would be great if you had all the inside knowledge that many of these scams claim to offer. However, the reality is most binary trading systems are totally fake. Trading online is often more risky than placing a bet on the roulette table.
I have personally tried binary trading in order to write many of the reviews found on this website. I have lost a ton of money just so that I could bring you the facts. For this reason I highly recommend that you avoid binary options trading and look for other ways to earn money. Most people will never become rich with binary trading. The majority of people will lose everything that they invest.