Just like in life, scammers and fraudsters in binary options industry are naturally attracted to anywhere money is. Binary options, being an alluring prospect to so many people, used to attracted scammers in droves. A lot of people have fallen prey to cheap binary option scams in the past, and they are still being conned to this date. While scamming is not exclusive to binary options, binary options have had it fair share. However, it is important to note that a lot of progress has been made in this aspect.
Ever since Binary Options trading hit the mainstream market around the year 2008, traders and interested folks have had it tough avoiding the plethora of binary options scamming brokers out there. Then, people believed binary option trading is the magic wand that will solve all their financial straggles. However, things began to change as soon as traders realized the presence of scam binary options brokers everywhere. Gone are the days when folk believe account managers who promise to double accounts within few days.
Those days when traders believed binary options brokers when they say there is no risk involved in binary option trading are long gone. Now, unregulated brokers do not have the same freedom and ability to lure new traders like it used to be. Moreover, there are many more regulated brokers so that any unregulated broker will have hard time convincing new traders to join their platform.
Finally, while it is obvious that a lot of remarkable progress have been made over the years to curtail binary options scam, there is still a lot of improvement to be made in the industry. The binary options industry is no longer a haven for scam artist like it used to be, but that is not to say they are completely gone.
As long as binary options continue to exist, there will be scammers. What is most important is for traders to know their way round and avoid these scams as much as they can. As a trader, your job is to never stop questioning everything you hear or read from brokers, signal providers and software sellers. Being on alert for scam will surely help you avoid a whole lot of them.
As a trader, your job is to never stop questioning everything you hear or read from brokers, Binary Signals providers and software sellers. Being on alert for scam will surely help you avoid a whole lot of them. As a trader, your job is to never stop questioning everything you hear or read from brokers, Binary Signals providers and software sellers. Being on alert for scam will surely help you avoid a whole lot of them
Cover Image via Mark Mathosian