I’ve recently been mastering trading binary, and I’m amazed on how simplified it can be. Oppose from Traditional trading. Is there anyone here who trades binary options?
Binary Options are rightfully ILLEGAL on any responsible Broker !
Newbies - do not waste your time even considering them !
Any platform which allows you to trade them - will just be a straight scam and you will NOT ever get your money back out of teh platform
I am not trying to diminish the seriousness of your post, but according to this link, they are neither illegal in the USA nor in the UK and for my money that is normally good enough for any other citizen of the world.
Welcome to the forum. I’d like to learn about your personal success with binary options. I don’t really understand what they are and how simple they can be.
Hi Mondeoman - I understood them to be made illegal under the recent regulation changes here in uk.
When I first came back to trading a few years ago I opened an account (demo) with Iq options and tried them out (Binaries that is)
Basically you take a “buy” or “sell” and if you are on a buy and it goes up and ends there 2 minutes later you win !
However - if you “Lose” you lose the (say) $1 which you bet - but if it goes UP - you “win” about $0.85
As I remember a significant amount of “bets” were voided - because they “didn’t go up enough”
If you bet say EURUSD during quiet times say during the “Asian” period - you may lose your $1 for a “Lose” and gain $0.35 for a “win” !
No notification of the “changing rules” was ever noticed !
That is when I walked away !
I’ll go take a look at my Iq account at some point - see if they’re still available (At the time I joined they were “Regulated” in Cyprus)
[EDIT - not quite sure how a 2 minute bet can be termed - “A legitimate Investment Instrument” ! ]
[ Quote from your ilnk (Iq options)
"…for British citizens as there are no laws and restrictions imposed against engaging in this type of trading in the country.
Hence, companies can operate and offer services. However, it’s worth noting that there’s no British law allowing direct regulatory processes for these firms. The important thing that a broker must comply with is to be regulated and recognized by a financial authority trusted by the British FCA (Financial Conduct Authority)…"
So the wording is - “ambiguous” rather than definitive - ! (in fact I would say “Dubious” - at best - AND you have NO FCA protection ! ]
The market offers different payouts depending on session, and volume in market. Your broker would have that % at next to each pair. It’s something that if you are trading binary you need to be aware of. In the states this has been Legal since 2008 via US Securities & Trading Commissions
Yes I currently been trading forex for roughly 2 years now. I was introduced to binary a few months ago. Since then I’ve been able to incorporate part of my fx strategy to successful trade binary. I love the broker I have.
Thanks for explaining your experience. I have had calls from people asking me if I knew what binary options were, and when I said no, they launched into what I can only describe as a boiler room monologue, very fast, very robotic, and with absolutely no consideration for their potential “customer”. My normal response is to wait till they get a breath and tell them I am awaiting notice from my lawyer to go into bankruptcy proceedings, and I have no money of my own. That normally shuts them up. I used to say “hang on a bit” and leave the landline phone in the front room in the hope that it would continue to use one of their office lines for a few minutes. Happy days.