10 Chilling Facts Everyone should know about Binary Options
by Aharon Mendlowitz · Works at Self-Employed
I was job searching and I ran across an advertisement to make a high salary with huge commissions. The job was to call people who signed up to make big profits through binary options. I was supposed to sell them on this idea and get them to make deposits. I was suspicious as soon as they told me to pick a fake name.
So I did some investigating.
Here are 10 chilling Facts you should know:
- The brokers don’t have any experience at all in investments. They are pulled off the streets and are paid high commissions for milking money out of people.
- The brokers create completely fake identities. They use Facebook, Skype etc. Anything to show their integrity. Assume anything they say is false.
- Binary options companies mask their IP addresses. They have offshore bank accounts. Are regulated by Cysec ( Cyprus Securities and Exchange Commission) through third party companies. Note that is indirectly.
- Investments do not actually enter the market. They go straight into the companies bank. You are betting against the house.
- They will use high pressure sales to “upsale” for bigger investments. When a client has no more funds available they abandon him. Many lives are destroyed.
- They push for wire transfers. They do this in order to avoid possible charge disputes from credit card deposits.
- If a credit card was used they write down the details so they don’t need to ask for them again. They then ask for verification to avoid disputes.
- Platforms were officially legalized in 2007.
- These companies don’t have different departments (broker, financial departments, etc). They put you on hold and ask the partner next to them to pretend.
- Most Binary Options companies are the same except for one or two. The only one I would trust is Binary.com
I hope this was enlightening. It should put up red flags if something of this nature comes up in your life.
Remember if it seems too good to be true it probably is.