Are there any Binary Options brokers out there that are not a scam / scum / fraud ? Or are they all a scam? I heard everywhere that there is no real investment going on, they take your money and never pay you your profits. Has anyone at all ever had a success story on Binary Options, where you actually make profit and you have withdrawn the profits?
If they are all scam, then what is the best alternative?
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Maybe have a read through the broker review thread.
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Simple answer to the above question: Probably not.
Let me explain why:
Binary options by design is geared entirely against the “trader” very much like how an only casino would be towards a gambler. This is an unregulated, decentralised industry whereby they can pick and choose how a trade can result based on the prices THEY provide. Given how it is a “trade” based upon price and time means that its near on impossible to estimate what a result would be due to this concept. If you are wanting to get involved in being a trader then take a look at the more centralised forex industry and choose a broker that is transparent.
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yeah always good to make an informed decision yourself and DYOR before committing to any broker.
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Very true.
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it doesnt actually matter, because any profits you could make through binaries you can make better, more easily and more safely by more conventional trading without binaries, and have far lower dealing costs, and not have the odds against you to the extent that they are with binaries
education
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Great answer!
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That is also an investment, isn’t it? But it is limited, so even if you have a Phd, you can earn a maximum of around $500,000 while financial investors and business entrepreneurs have no maximum potential earnings. But I intend to attain a Phd just for prestige and honour.
In case you’re curious, my father has attained this level of success and much much more, but he disowned our family and is refusing to do anything with us, including my university prospects (long story)
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No - Binary Options are simply for the uneducated, designed for that specific reason. It’s visually pleasing, visually easy to watch and also pure gambling (since the odds are fixed and against you).
There’s a reason the ESMA are banning binary options - just read between the lines. I’m sure you don’t need a Phd for that?
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Got caught up in this too a couple years back. Haha. But I did see it as straight gambling though and I don’t (or didn’t at the time) have any issues with that. So long as you know what you’re getting yourself into, you do you. But don’t expect to get rich off binary options. That’s like saying you can get rich off playing roulette.
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sure
it’s an investment of time and real effort, for some people even an investment of money too (though i wouldn’t generally advise that route, overall, in this context)
you’re talking there of academic education, i think? not what i meant
apologies for the ambiguity
well said.
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And how exactly do these brokers make money? Through the losses of the clients? Or is there any actual trading of the currency pairs involved like in real forex? Suppose most clients know the strategy and are winning all the time, where does a legit broker get the money to pay them?
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yes
typically no
with most of what you refer to as “real forex”, also (if you’re referring to the type of “brokers” that nearly all of this forum’s members are using), there often isn’t any real currency changing hands when you trade
those “brokers” are mostly counterparties just like the binary ones
there’s still a huge difference between the two different types of counterparty “brokers”, though
in the case of what you’re referring to as “real forex” (which isn’t really “real” forex), the brokers mostly trade, themselves, in a kind of underlying market, even though it’s the market of their own liquidity providers rather than the interbank market per se, so that they offset their own net liabilities and make their living from the spread, therefore not caring which clients are winning or losing at any given moment, on any given day, because their own collective profit is locked in anyway
not so at all with a binaries “broker”: they trade purely and simply against their own clients, and if you ever did manage to make steady profits (which almost nobody can, or does, because of the way the odds are grossly rigged against the customer) they would show you the door very quickly, because it would be their money you’d be winning, not the market’s money, and not even other customers’ money for the most part
in effect, the average “spread” (though it isn’t called that, with binaries) is typically about five times the size, overall, with binaries, and it just stacks the odds enormously against you
the main point is the one mentioned above by several people: any profits you could make through binaries you can make better, more easily and more safely by more conventional trading without binaries, and have far lower dealing costs, and not have the odds against you to the extent that they are with binaries
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where I live binary brokers are illegal, they really only profit from the losses of investors, in my opinion they are a scam
Sure! Ps, Show me one, a genuine one.
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i steer clear of all binary related companies.
well said tbh
So your father traded you for money?..
most of them are scam