Same question I have. Till there is no one who found a regulated and trusted binary option trading platform .so I don’t know why people looking for always a good binary trading platform, there is nothing at all, it’s all about scam.
To make money with this stuff you have to have a very good edge as the payouts are less than 100%, And if you do then you understand the markets well enough to just trade spot, with less risk and higher profit potential.
Its an oversimplified product that makes losing money almost inevitable in the long run.
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Look in case of binary options you can’t minimize your risks of losing money. You have two options like a binary coin either fully win or completely lose the money. But in case forex, with the use of various risk management tools you can minimize your risks of losing money and even keep your profit running with the changes in price movements. Thereby I also think that binary options are bad.
Germany’s financial watchdog BaFin alerted of follow-up scams targeting investors who already lost to binary options, promising to recover the money that they lost against an upfront payment. However, any advance payments made to such recovery fraudsters only add to existing losses and might have devastating financial consequences.
Furthermore, the regulator’s alert notes that recovery room scammers buy and sell lists of previous victims of unlawfully operating binary options trading platforms, so that they can cold-call them and possibly swindle them out of what is left of their hard-earned money.
It’s a giant mess.
The process of recovering the funds begins with one knowing the options after the damage has been done to whatever is invested with the wrong broker. Getting assistance from the right source also determines whether or not you would recover whatever little of what you have lost in the process. With most of these tradings carried out on unpopular and unauthorized platforms, it could be a difficult task to keep track of what happens next to the funds and the brokers in question; although, this does not mean it’s impossible. As important as it is to find the right broker that integrates your financial goals before investing, one could as well find the right IT individual who is capable of working past the challenges posed by the abundance of technologies that finances company works with these days if there is a damage done to your investment.You should reach out if you need help.
I will trust binary option the day they are accepted/regulated by the FCA. Meanwhile I can find many other chances to lose my money by gambling, for example.
Thank you all for the comments, it is good to know and know a little more
Sure, binary option trading is nothing but an outright gambling.
Binary options has a very bad reputation.
Completely agreed. There is no solid financial base backing them.
Binary option seems so appealing because they offer traders a cap in terms of the risk which they financially expose themselves. The significant feature of binary option is the fixed return offered. When the option expires, the trader will either receive or lose the fixed return regardless of how much movement there was. It’s entirely based on the binary result, not the degree to which the outcome was correct or incorrect. Hence the quantitive risk and reward is known. Because of high risk it’s recommended to master risk management in order not to lose all your money and what is more important from time to time BO can be turned into a gamble, which isn’t attractive activity.
There are some situations when novices face binary options and lose lots of money there. Then they accuse brokers of their losses because they were promised by someone that it’s a hundred percent way to gain lots of money. However, the fact is that every trade who has decided to start a traing activity should know that there are no ways in trading whuch can help you to make big money right away, hence every activity should be properly treated and every trade must have know all the details about it. Plus, people actually tend to share their negative emotions with other people on forums or stuff like that, because when everything is okay with them, they have no wish to share it with people on forums.
They’re not bad, they’re confusing a bit. So, if you’re fond of investing for example it will be kinda difficult for you to try binary options because it will be very confusing for you. Those traders who are fond of scalping, they have an idea what are binaries, nevertheless they also can take lots of risks. In my opinion, binary options is such a phenomenon where is unclear whether you will earn money or not. Its’ also difficult to create strategy for binaries because sometimes your strategy can’t work at all. Traders pick binaries as their main trading style mainly because it brings good money, but also it brings lots of risk.
They’re not bad, they can be dangerous for novices. Binary options is just a trading instrument, and trading style, like scalping or intraday trading. There is a fake belief that binaries are just a true scam. However, I can’t state like that. There are enough differences between binaries and other trading styles, nevertheless we should understand that until this style is in demand, then people shouldn’t be afraid of them. If you’re experienced enough in trading and you feel that you gained enough knowledge, you can try your strengths in binaries. There is nothing difficult in them, the main is to comply with a system.
Personally, I’d avoid binary options. Not only are they risky, but the industry is full of scammers. Even with law enforcement focusing on them more in recent years, even with their banning in so many jurisdictions, the scammer problem seems to remain as strong as ever. Take Israel, for example - they banned binary options a while ago, since they had become a global hub of such scams, and yet the problem persists to the point where it’s still necessary to form international taskforces to bring the scammers to justice. Binary options are just not worth the risk, I think.
I was told to avoid synthetics like the plague. I did some googling on it and read about many scams.
I personally don’t think binary options are bad, they just require special approach. Binary options can be even profitable for you in case yo understand the mechanics of binaries. It’s pretty difficul to sort out in this mechanics, because it differs from forex trading for example. Nevertheless, the market is the same, so if you believe that the price goes high, then you can open upward position, and vice versa.
To my mind, traders are afraid of binaries only because it brings much more risks and there is no right for mistake. If the position closes in another direction, then you lose your money.
Well, I can’t claim that binary options are bad. Everything depends your personal relation to them. In my opinion, traders are tend to make uncoscious withdrawals. The main idea here is to understand that there are no activities inthe world which will generate you free and easy money. All of them require special attitude and time which you will dedicate o them. In this cas you will be able to understand this activity and make it profitable. The same thing is with binary options. If you will treat them seriously then perhaps you will not be disappointed by them. I believe that everything depends o nthe personality and his/her worldview.
Nahh… they aren’t bad they just have another mechanism. That’s why many traders who come to binaries from fx trading claim that it’s bad.
i got the same situation when I started trading binaries, i thought that it’s bad because i wasn’t successful at binaries at all. however when the time passed, i started to sort out in various peculiarities of this activity and it helped me to understand the regularities happening to the binary options market. So, the only thing i can advise you to do is just to learn more information about it and practice, practice and once again practice ! This is the only way to reach the success.
I also moved from binary options completely to trade CFDs at Hotforex. I think risk-reward are better there and you have more tools to control risk and profit you are expecting to get.