Binary Options. Beware!

Thanks for replying, busingy! I’m so glad to hear from someone else who is actively trading binary options, and not just preaching the evils of them (or white label shills trying to ensnare gullible traders into their webs). I found a site that shows which platforms are regulated (and by whom) and which are not. Lately I’ve been using 24Option (reg. by FEC) - I don’t like NADEX’s UI, plus, I can’t seem to get myself to trust any US platform nor US regulators (the past few years has completely eroded the last little bit of my faith in this once good country) I use the streaming charts from FX Solutions (via eToroUSA) looking at both the 20 minute and 5 minute (300 bars), using Bollinger Bands, SMA, SAR in the main window, MACD (plus histogram) in the second, and RSI (9, 14, and 21) in the bottom window. I don’t rely on all or just one, but it all gives me a better snapshot of what a pair is doing all together. Again, I’m a champ when I use Monopoly money, and I completely psych out when I use my real hard earned money. If you don’t mind, I would love to have a voice of reason mentor for a short while until I get into a successful groove. If I can make even half of what I make in practice accounts with real money, I would be more than happy to give you a thank you commission (over a pint). scott (at) argyleproject (dot) org Anyone else who is successful at trading binary options, feel free to get in touch. I’d be happy to hear from you!

Actually, successfully trading binary options is so important to me, that I will give anyone 10% of my gains for my first year of successful trading to anyone who can help me become a successful binary options trader. I will personally hand deliver this “thank you commission” to you, anywhere in the world (I will be able to afford it if I’m successful, right?) while buying the first round of beer. To see why this is important to me, visit www [dot] argyleproject [dot] org - it is also to help me have full custody of two of my five kids & to give all my kids a fantastic life. Thanks!

Good ,very informative,luckily I stumbled your posting for I was about to open an account with them. Thank you very much. My skepticism and suspicion about them are confirmed. I called their customer services,none of them seem to know what they are talking about. And worse most of these brokers are not in USA,in Cyprus.

Alexander H

Dale,

As you said, you have to be careful with Binary Option Brokers. Serious research into the Brokers is necessary as well astraining yourself with techniques that allow you to succeed in the binary option arena.

But generally it’s just better to avoid Binary Options altogether, much simpler, and no time wasted.

Precisely.
Why try searching for good aspects of something you’re pretty convinced is [I]not[/I] good in general?

O.

A few weeks ago I would have agreed with you, but after this past week or two my decision has completely changed. I will do some more research when I do get back into binary on which broker is the safest. A winning strategy should work in all markets. Binary, forex, stock’s, and futures. But I think forex is the best to start with.

I agree, when i first looked into trading I wanted to trade binary options. I opened a account and soon figured out that it is more to options then just the knowledge of price action. Different forums i was on for options led me to this forum n other forex programs so I said to myself I would trade forex first and the binary options. If you look at it, you need a little bit of everything to trade any of it: forex, options, futures,etc… They go hand and hand.

I experiment with igmarkets. They cost USD1/point @0.1contract size.
They are just right for hedging with Oanda, where you can scale the trade exactly to match the hedge.
Tricky and fun!

Hi Guys!
I found exactly what I was looking for in this thread (reputable Binary Brokers). THANK YOU!

I only discovered Binary Options 3 weeks ago and fell in love with the process. I studied like crazy and brought my winning ratio up from 50/50 the first week to 60/40 the 2nd week, and then 80/20 this last week. I even had a 100% win ratio yesterday.

But, alas, I kept having to switch brokers (three now) because I realized that ultimately there would be a little swindle at the end (from 30 to 200 pips) to put me out of the money, literally in the last second of expiry… a blip that didn’t show up on any of the charts I was using.

In fact, one of the sites I used today actually showed two WINS at expiry, but then not in my account! And this was a Platform I had found (also) from a forum. The customer svc was great and I even learned a new strategy that SAVED me lots of money on losses. But…:47:

Anyway, I’m not ready to give up. It’s a whole lotta fun improving my knowledge and then seeing it work. My preference is Currencies on 15min platforms… all I need is a reputable broker… one that won’t cheat me in the end.

Again, thanks so much
S
:47: (Newbie - Green as can be!)

Hello guys, I just registered here in order to reply to this post that I find pretty interesting. First of all I started to learn how to trade, by myself, 3-4 years ago on FOrex, Futures & stock. So i learned everything from scratch and Im now able to read charts and recognize patterns, and get a feel from the market by lookin at the charts. So far so good, (not only good, got wiped a couple times in my learning process) then recently I found out about BInary Option… I never was into it since I was trading Forex/Futures and that’s just what I was trading, after a wipe, my investment capital was quite reduced… so it led to Binary trading.

In my OPINION, and my Experience, and I am trading the binary options now, you cannot trade the Binary Option the same way you would trade any other assets on on futures or forex or stock. I realized that you have to follow a certain counter trend strategy in order to maintain a certain positive gain/loss ratio.

First of all, I never follow the Signals that is provided by the broker on an asset. % of puts and calls… Simply because if you gotta understand that the Brokers need to get their money, and also to understand that Option leads the market. If you are familiar or have some experience on trading Binaries, you probably noticed that it’s quite possible to expire Out of the Money, even if you were trading in the right direction… and I also noticed that on i.e: 15 minutes option timeframe, on the very last stretch of the option, 3-2-1 minutes, you will see a big move against you. That is probably due to a Block trade. For those of you who knows about block trade, it’s easy to see that this IS where the broker makes it’s money… if 60% are call and 40% are puts, that block trade will most likly go lower, therefore closing 60% out of the money and only paying 40% In the money.

That is why I never follow the “traders choice”… because it’s most likly the “brokers choice” he wants you to follow the trend so he can take your money. That is obvious if you have a proper understanding of how Market works. Maybe I am wrong, and please enlighten me, but I think this is a pretty accurate view of what going UNDER those %…

On this, I’d be more then happy and willing to discuss about trading strategie for this type of market. Remember that there’s no scams(…well you know ), just scheme, and people calling out to scam are most likely people who had bad experience when it comes to trading… there’s even people calling Forex/futures/stock trading scams, but again I think it’s just due to poor DD from their end and lack of knowledge on how the market works. …this is The Market after all… gotta know what you’re doing!

I wish the best trades to all of you, and hope to read you!

Dave

Greetings to u all and thanks for the posts. I would like to say this: BINARY OPTIONS ARE VERY TRICKY. The odds are not in your favor. I did trade Binaries in 2010 Aug. with Binary Options Trading - OptionBit. Soon these guys started cheating me when they noticed I was winning big. This is how they did it:
1) Limit my max investment at a go to 600 USD even when the site said 999 USD.
2) Rounding off: say you begin a put on EUR/USD at 1.42428. The market falls and the actual expiry is 1.42425. You have won but hold on; they will round off 1.42425 to 1.4243. You have lost!!!
3) What made me to depart is this: Let’s say the EUR/USD is trading at 1.42428 and u decide to go in with a call. They have what they have termed “OUR RATE”, and this will be something like 1.42448 for a call. So your call will be registered at 1.42448 rather than 1.42428. Remember the true market is at 1.42428. Now, the market rises in your favor and expires at 1.42435. Ideally, you have won the option. Even Optionbit agrees the market has expired on 1.42435. However, because u entered at 1.42448, you are a loser! In other words, Option bit was charging a spread before entering the option. This was horrible; I just tried to close the account–this could not work(they dont have the provision)–so I went to my account email address and changed it to something like “whocares.ohweyrufjfj@gmai.com”, so they would not send me again their crappy adverts.

Now, if I were to trade Binary Options, I would use Spread Betting | Financial Spread Betting. Why?
1)These guys are the invetors of Binary Options: learn this from me without having to read alot.
2) They dont exhibit the characteristic cheat-chat like the new brokers who want to make a killing on ua cash.
3) They are surely regulated by FSA(UK). I actually have a account with them, and one guy intimated to me that if anything goes wrong with my finances, FSA might well punish them seriously. They were hesitant to give the account because I am from Sub-saharan Africa, I think. Just by looking at my country they first gave me trials and tribulations before giving me the account. First referred me to S/Africa; then I insisted on UK office bse I wanted the real stuff. They gave it to me finally.
4) They are one of the largest 100 UK companies, what u would like to call FTSE. To me this is age, reputation and reliability. Do you think Optionbit can ever become a member of FTSE? They cant: already they cheated me and I ran away. May be by diversifying their business, say, add Forex and a retail Bank. You notice that IG INDEX have specialised in Betting Business since the 1970’s. And their co. has grown to this extent.
5) Their max investment at a go can be as big as 20,000 USD.This is called thumbs up for anyone who knows Binaries logic. i HOPE U ARE CONCENTRATING… I dont want u to go reading a lot.
6) They have ALL THE VARIETIES of Binary Options u can think of. I mean, they are the owners of the game.
7) They are allover the world, not just cheap CYPRUS!!!

I still believe with a good broker like this, then I can have an edge. In other words, as long as the broker is not out to cheat me, then I can use some techniques to beat the Binaries. And this including Martingales. Yes. Have you ever seen 15 red candles in a row? Ok, may be once in the last 6 months. Supposing u decide to first let 4 red candles run; do u think u will now have 19 red candles in a row? And why not use a longer time frame so to increase the difference between open and close? This could well hit Optionbit’s round offs.

Bye for now. Remember I am not one of the owners of IG INDEX and do not hate owners of Optionbit.

@Busingy This is a very interesting comment… Im uisng iOption… and I noticed that they cheat me on my trades, they keep a large spread… closes your position right away when your OTM on the expiry and hold it a couple extra seconds when your ITM. Just when I started to get a feeling of the market and started to consistenly get ITM trades, for some odd reasons, all of my trades afterward ended up being OTM. Notice that I was using my same strategy and always used good DD… I guess they pick up on my tradign setup… very frustrating… funny enuff my broker’s is in Cyprus… last week 10 trades in a row OTM… although they should have been for most of em ITM… just seconds after being Expired, market was already in the direction of my previous positions. Im thinking about closing my account with these guys now… I feel a scam here… Thx for posting feed back on this!

BTW are you still trading Binaries?

Bye for now!!

Dave

"… closes your position right away when your OTM on the expiry and hold it a couple extra seconds when your ITM.

Read more: 301 Moved Permanently"

You have reminded me one huge trick from OptionBit: Whenever I was in the money the expiry would be extended to about 40 sec extra; at times a minute so they could have you OTM. A losing trade was declared immediately, almost a few seconds before real expiry.

Hey busingy,

I read on page 3/4 about your knowledge of BO’s and as im getting right into it. im wondering if you could help me with the 5 minute stratedgy time frime you previously spoke about and used.

thank you.

Oh yes. I will get back to you. Basically it involves selling when a five minute candle closes above the upper bowl linger. And vice versa. Will give more details.

@Busingy Could you post info on that strategy here? Im curious to learn about different strategies for this kind of trading! Anything to improve my odds! as it really hard to maintain a winning ration trading BO’s

Thanx!

Hey everyone I am relatively new on here. I am an ex vanilla options trader and now just trade my own book with various different strategies and weird and wonderful instruments.

One thing that I do use a lot are digital/ binary options… hedging longer dated position, speculation on news flow blah blah blah.

Anyway I have seen some positive and negative posts about binaries and would just like to say that I have I’m sure like most of you been burnt by the same old rubbish firms that are really a gaming outfit not a trading platform. up or down for a max of 85%, ridiculous… its like me offering you a game of heads and tails and only giving you 85% back if you get it right.

I use a platform called PYXmarkets which are London based, FSA regulated and use a third party payment provider to segregate funds so I don’t have an MF global issue on my hands.

Any way this platform for me is amazing and has a very pro feel to it. I can build my own trades and get a real time quote before deciding whether to buy or not. Then at any time up until expiry I can also sell to take a profit or cut a loss… the best bit about it is… keep your 85% return they offer a maximum of 2000% on a one day option where you choose the range you think the assets will close.

Just thought I’d give my two cents and I hope it is helpful to you all but believe me it is a far cry from the Cyprus based gaming companies we have all used before.

hello my name cupenk … I’ve tried trading with binary options and I always deposid $ 100 in 2 weeks a small but my money is always above $ 8000 but until this moment I never could widrawal my money because it is always in pending for widrawal … is there a simple binary options broker widrawal it? I do not need a bonus I also do not need a good server I just want widrawal smoothly … because until now I have not found a good company … and to seek an advantage in terms of trading I can because I am a pure trader

I like to trade short periods of time. that is why I’ve chosen binary options. Like anything, if you want to get good at it you have to invest a lot of time to master the style of binary options, other wise is better to go to the closest casino and waste your money there with more emotion and people around you, instead o being alone in front of your computer.
if you Analize and learn how to and what indicators would work for you on the activity you chose to deal with, you will be a succes but if you don’t do this you will be disappointed with the results.
Study hard my friends, and adopt a technique that can help you accomplish your dreams.
On the other hand, the platform I use the time xpires at the time indicated and no after. chose wisely before you get in to one read about it on the Internet you’ll see there is a lot info and reviews about these platforms. there are some good ones, of course every body wants to make money, won’t you? remember only 5 % of people in this business will make money, the rest will surrender there money to pay for this 5%. so make sure you become a part of this team.
Good luck, and if can help you, leet me know.