South Africa is part of the Global Village as was confirmed with a “Thump” when our credit rating was downgraded due to our esteemed Government’s handling of the cabinet and the treasury. Now more and more South Africans are looking for a way to earn some extra cash to make ends meet. To all of you that are willing to try new things, Beware! South Africans are targeted by binary options scammers. And what is even more astounding is that our Government allows it and our media houses condone it by accepting these fraudsters’s money and placing their ads making thing the false promises. There is so much “Hype” generated about Binary Options Trading that, on the surface, it appears as though it is a legitimate means of generating cash, especially to those not experienced in how to “trade binary options”.
What Are Binary Options?
Binary option – From Wikipedia;”A binary option is a financial option in which the payoff is either some fixed monetary amount or nothing at all”. In other words, A Gamble. It is like the online gambling platforms. Recently the South Africa Financial Services Board granted licenses to Forex brokerages such as Xtrade, AvaTrade, HotForex, and Plus500. One tends to accept that this would mean that they are legitimate, but this is not true of all the “Brokers” our there
Do not do business with any financial institutions outside of your area without checking their regulatory credentials first. If a company site has its headquarters outside of your country or you cannot find a headquarters at all, you should be very skeptical about that company’s ability to broker trades
Can I make Money Trading Binary Options?
It would depend on who you are dealing with. If we look at Canada’s recent action, I would hesitate to say yes. It al depends on who you trade with. If you do your Due Diligence and get a legitimate Registered company, you possible could, but a professional gambler wrote in an article that the odd are stacked 55% against you on the Binary options platforms, even the legitimate ones.
Bottom line is that if you would play poker online, then you could try the Binary options platforms. A word of caution, much as with gambling, you must not play with money that you cannot afford to lose! You do have a 55% chance of losing it. because He’s waiting for you! Well…not really you, just your money.
Is It Legal?
It was generally accepted around the world but more and more countries are now banning the binary options platforms.
We can now add Canada to the list of countries that are officially cracking down on the binary options trading industry. And that’s great news as very few countries have been able to tackle the scammers.
Although Canada sided with Australia earlier in 2016 to warn citizens of 11 known binary options scam firms, the government recently issued a new warning on its own about two more companies, BSDOption and BinaryOnline, both which were found in unlawful traction within the region. The world is starting to notice what the binary options trading industry is about and take action.
Who Is Behind The Scams?
The Times Of Israel reports “Australia, Canada warn about 11 binary options firms, most of them Israeli. Regulator tells The Times of Israel of an upsurge in unlicensed companies targeting Australian citizens.
The Israeli government’s failure to take action against snowballing fraud in the binary options industry has led to further embarrassing repercussions: the governments of Australia and Canada have issued warnings about 11 firms, most or all of which operate from Israel.”.
Even when governments know about the problem, they ignore it, Why? Does the influx of foreign capital into the host country not have anything to do with it? I would also wonder how long that money would stay in the country?
Yes, I too have been “had” by these indescriminant fraudsters. Not knowing much of binary options I decided to try it. I googled the company and found nothing adverse about them so I signed up with “CFD Stocks“. The have a nice web page and I received a call the next day to ask me to fund my account. After depositing a nominal amount, I was assisted in my first trade that “made” just over 100BP. I promptly call again and was told that if I wanted to make money with their help, I had to deposit 25 000BPs because they do not personally assist people with less than that in their account as they get paid off our profits. After being called by 4 different agents, each asking a progressively less amount, I finally asked to cash our my funds that I had “doubled”. My request was canceled twice by them without explanation and finally, they told me (much to my distress) that I had taken a bonus and therefore did not qualify to receive any cash from them.
How it Works?
How they work the scam is that they hook you with their add and convince you to fund your account with a nominal sum of money. They will then call you and offer to help trading binary options. While you are on the line, they will tell you which trade to place. The trade will close and you will see a profit. It is at this stage that you will be asked to make a substantial deposit so that you can grow your funds at a faster rate.
If you refuse this request, you will be called in a day or two by “another Broker’ who will help show how to make money with binary options trading. He will assist you with 1 trade and then request a deposit of a lesser amount than the first trader. Again, When you refuse this, you will again be called by yet another broker that will offer to help you learn binary options trading and will help you trade and make a small profit and then also ask you for an even lesser amount to be deposited. Again, When you refuse, they eventually abandon you.
Again, When you try to withdraw your funds, they ignore you unless you make a noise. Eventually they tell you that you received bonuses to perform binary options trading and therefore do not qualify for withdrawal as you have to make a minimum profit with the bonuses, which you did not reach. Again, When you check the Bonuses tab, you find that all the “profits” you made were booked to you as bonuses.
How To Avoid Being Scammed
- Make sure that the binary options trading platform you’re interested in has registered its offer and sale of its products with the SEC. (Registration provides investors with key information about the terms of the products being offered). To do this, you can use the South Africa’s Financial Services Board website.
- Check to see if the trading platform itself is registered as an exchange at the South Africa’s Financial Services Boardwebsite.
- Ensure that the trading platform is a designated contract market by checking the South Africa’s Financial Services Board website.
- There are a number entities that promote binary options trading in the S.A., but only few are currently authorized to do so by the South Africa’s Financial Services Board. Check our the registration status and background of any firm or financial professional you are considering dealing with.
- Finally, don’t invest in something you don’t understand. If you can’t explain the investment opportunity in a few words and in an understandable way, you may need to reconsider the potential investment.
Source: wealth recovery int
How To Make Money On The Internet For Free
Having read this far, you are in all likelihood looking for ways to earn some extra cash on line. The problem is that you are taking the same risk. There are many fraudsters out there, in every niche, trying to steal your money. As I mentioned earlier, you must do your own due diligence. I have tried many different “systems” and “Schemes” over the years and always had this question, If their system is so good that they are multi millionaires and they don’t need your money (as they often claim) why do they make you pay for it? This is on of the questions that has always amused me…after I had tried my first few “schemes’.
Another favorite of mine is where they offer your FREE websites and once you sign up, they tell you to pay for the hosting, which is usually expensive. Have you ever found this. We all want to make money and it should be possible but I only found the fraudsters. Luckily I found a way that delivers on it’s promises.
- Free websites (more than one),
- Free hosting (always,not just for 30 days trial)
- Free Training on line
- No hidden up-sells
- A true business(es) online, for free
- If you want to stay on the free package, it is just that, free, always. You will never be asked to start paying for the sites ore the services. keep the income, it’s yours.
Too good to be true? That should make you nervous because if it sounds too good to be true, it usually is But, Not this time. To look at this offer go here (no, I will not ask you for your email to spam you or sell your details). If you want to know more, follow the link.
I hope you found this article interesting. If you have any comments, please leave them below, they will be greatly appreciated. If you have any comments or questions, please leave them Below
For more info, contact me here.