Almost all those traders that have a gambler’s mind set set the same example in every type of trading.
Which is what exactly?
Forex is purely a business of calculations and analysis based on these calculations, and those who make mistakes usually looses their money and even looses more while loosing their lost money.
I have to say that Forex (or any other asset class), is gambling. It’s black and white, and although we try and cover this up by adopting the term “trading is based on probabilities”, the same term can be used for perhaps a professional horse racing gambler.
I don’t think there is anything wrong with entering FX with a gambling mentality, in fact I would say it’s favorable. However, I will caveat this by saying that this needs to be backed up with a heavy understanding in statistics and data manipulation - rather than what you could call 'naked gambling - the irrational decision to place a bet for no apparent reason which has no [I]proven probability[/I] to be successful.
The extent of the corruption (and criminality) - across the board - is truly staggering.
Funny thing is, regulators are clamping down on forex and CFD brokers at the moment yet these out and out gambling operations masquerading as investment houses are seemingly allowed to flourish and inflict enormous damage in the process.
At the FPA for example there are at least 14 pages of negative reviews from clients of Bank de Binary whose total losses easily approaches 500000USD.
Best advice I’ve heard, “Avoid binary options in the same way you would Ebola.”
I’ve previously heard that Binary Options is a scam but seriously…this is horrible. And this website is one of the biggest binary options trading firms…how can that even be when it’s a pure scam? How can it even be legal? And that account manager introduced himself as Peter Parker…what a joke! Their favorite targets are such naive people like this poor woman…what a pity.
These binary options are not scams but they play of peoples need for instant gratification , and they have such a huge spread that you will need to win 6 out of 10 just to break even. Your odds of winning are just as good on a roulette wheel and you will have more fun too
I am one of those newbs around who want to actually make money from this… I am currently at a binary option site and I’ve won and lost. Currently I am below my initial investment but as soon as I noticed I was doing it wrong I DECIDED TO STUDY… Seriously what the heck? An adult should be able to take decisions about whatever they do and most important about what they do with money…
If you come to binary options or spot forex trading without even know what are you doing, plus the feeling you will get so rich in matter of hours you are condemned to lose…
So either you enter or not, first STUDY.
Stock markets and forex are high risk investment.
If one is not careful, one can lose one’s entire savings.
I hope people invest in forex wisely.
I myself had lost thousands in forex demo.
I do not dare to venture to real world trading.
You are right but those who just see those mouth watering advertisement online without having any self knowledge of how forex market works usually do such stupid acts.
Some good news for a change – the broker that scammed this poor woman out of her savings, Banc De Binary, is shutting down its business. They were one of the most severely punished by regulators brokers last year and all the bad press, regulator warnings and fines finally caught up to them. This won’t get her money back and it will likely be a cold comfort, but at least they won’t be scamming anyone else in the future.
Fantastic news, clearly a company with poor client ethics and top line focus on profits only.
More good news – Banc De Binary has renounced its CySEC license. According to the announcement of the Cyprus Securities and Exchange Commission (CySEC), the license for one of their main siteс lapsed as of January 15, 2017. Banc De Binary, however, remains under the CySEC supervision until it settles its obligations arising from the investment services or/and activities that will lapse.
Do you think they’d force them to pay back people they’ve scammed?
The problem is that most people have common sense that they proactively dont start to do things they dont know but all these so called Brokers (mostly binary options) if they ever grab your phone number they systematically start to ask questions and convince you that you need to just do what they tell you and you dont have to think at all. It is very hard to get rid of them. Best thing that you save them in your phone’s address book “Dont reply!!”
You would think but when it comes to a promise of easy money most people are inclined to believe any nonsense.Case in point: “…In January 2017, Option.fm, a brand associated with Banc De Binary, was named by BuzzFeed as the operator of a bizarre scam known as the “Hawking code”. The scam used a fake news site, purporting to be a part of CNN, and a fake interview with Stephen Hawking. According to the fake news site, Hawking developed a trading algorithm which would in effect transfer wealth from the top 0.1% of the world’s wealthiest people to the other 99.9%. The site led to a trading site operated by Option.fm, headquartered in the Caribbean, that guaranteed trading profits using binary options. A second journalist traced the scam to Banc De Binary, which did not respond to his inquiries. Hawking’s office at Cambridge University denied any connection to the scam…” - WikipediaAnd how many thousands do you think fell for this joke? Its worth notIng that in 2014 alone Bank de Binarie’s reported revenue was ONE HUNDRED MILLION DOLLARS (US)! Quite unbelievable…*Excuse the formatting - long story
Oh wow, the severe scam that they’ve created…it’s insane. No wonder many people fall for this as it actually sounds legit if no one has done the digging. And how they are lying that the business will be shut down due to bad reputation, not considering the fact that they robbed so many clients, lost their Belize license and had other regulation problems. What a joke! Unfortunately I don’t think that the affected people will receive their money back.
Hi …
I was Naive about binary options, when i joined Banc De Binary. I lost $1000 USD.
If someone really want to save their rear, please visit forexpeacearmy.com and read a review about the brokers.
Also in India, Spot Forex is illegal and still you will see many brokerage firms allowing spot forex in India claiming that they have some paid cheap regulations from a foreign country 
!
France’s financial regulatory body, the Autorite des Marches Financiers (AMF) issued a notice in which it advises clients of no-longer licensed binary options broker Banc de Binary to cease business with it as soon as possible. Traders should contact the broker immediately and seek to get their funds back and terminate all operations, according to the watchdog.
Now they issue such a notice, after all these years of Banc De Binary scamming people. Better late than never, I guess.
A fool and his (or hers) money are soon parted…
At last , someone has stated the blindingly obvious.