Binary option has supposedly taken Forex and stock trading to a completely new level. With new and improved technologies, brokers are providing platforms that claim to make trading super fun, quick, and effective.
If binary option is an actual trading instrument and is not gambling then it has successfully taken out all the boring elements from normal trading and have replaced it with a fast and interesting binary. There are two sides to this story.
If you ask this question to a broker, then most of them say no i. On the other hand, there are several clear indications that suggest binary options is gambling. Just for the record, it is my personal opinion too i. Majority of brokers will tell you that options is not gambling, and they will defend their position by giving different reasons. An account manager once told me gambling a phone gambling that their website is connected to some network by which their site get real-time trading data from the markets, and trading a customer wins a trade, a third party pays the profit.
The account manager continued the story and binary that they want traders to win and make money so that the company can continuously get commissions. If what the account manager said is true then all of this could make sense. Traders win trades and make profit while the broker gets commissions; it seems to be a workable system that actually does exists in ECN Forex Trading.
Another thing they brag about is being a licensed entity. Most brokers reside in Trading and they get their trading license from Cyprus Securities and Exchange Commission [CYSEC]. They ask traders to trust them blindly because they are regularized by CYSEC. Binary brokers are trying really hard to give the impression that what they do is same as Forex Trading and I must say they are doing a great job, however; there are several unanswered questions like, who exactly is this trading party?
Moreover, if majority of traders make money then how is it surviving? How does it make money for itself? If you search on Google, you will find tons of withdrawal related complaints against majority of brokers. Traders who are able to make profit are not getting their money from brokers; they make up numerous excuses for not paying.
Why do they have such a hard time paying profits to the traders? You will find countless complaints against famous brokers who spend thousands of dollars every day on advertisements. They will make up all kinds of lies to hide option truth. Nevertheless, there is hope. There are few honest companies in this otherwise awful business, one of which is MarketsWorld.
This broker is famous for paying profits without any issues. Unlike other dishonest ones, they operate under the law. Gambling Supervision Commission [GSC] regulates this company. Gambling Commissions do not regulate currency-trading companies, so if binary option is not Gambling then why does GSC regulate MW? In online casinos, if you play and win, the casino owner pays you the money from his pocket. You win and the casino loses. It is up to you to decide whether this is gambling or not.
Additionally, you should know that making profits in this business is only possible if you can come up with a good trading strategy otherwise, you will lose all your investment.
Brokers advertise this as an opportunity that you can use to get rich quick; these are all lies. Without a solid working strategy, you cannot make profits. Following is an example showing how financial betting, aka binary options trading, work: Opteck said they matched dollar for dollar.
I investedOption dollars and Opteck made an evenUS dollars. And all gone with out a guilty conscience. DO NOT INVEST WITH OPTECK CYPRUS. After losing lot of money, I finally was able to make some profits. With some claim trading, I made dollars and requested BANC-DE-BINARY to send me this profit.
When I option a withdrawal all calls stopped and they did not respond to my emails. It has been 2 months now and they have not sent me the profits. Live chat will sometime simply disconnect after knowing what the issue is.
Sometimes, they tell me wait. I live in Pakistan, I tried to deposit money with my broker, but my credit card company called and told me that they are going to reverse the transaction. They also warned me to never use my card for business purposes. Can someone suggest a work-around? How can I deposit funds with if I live in Pakistan?
A live chat representative of MW gave the following statement: Start Trade Featured Comments: If you analyze it carefully, you will know Binary Option is a scam. But they put it beautifully that they only earn commission if you make money.
Because they made the company lose an important customer like yourself. They will entice you to gambling in more money to trade conservatively. Believe or not, I know many has committed suicide because of your scam! They will haunt you down. You will not have good death!! You will never enjoy rest in peace!!! I invested in a Cyprus company called Opteck… and they lost all my money in two hours… Opteck said they matched dollar for dollar.
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