Scammed by binary options, will I recover my money?

scammed by binary options broker

Because the number of individual binary options traders is increasing year after year and given the popularity of this type of trading, scammers are showing some interest and attempting crafty means to extract and steal money from honest investors. If you happen to get scammed by a binary options broker and you wonder whether you will ever recover your money some day, unfortunately the answer is probably “no” because once the money is in the hands of crooks, it will be very difficult to trace them and recover it. If you are a victim of a binary options scam and regardless of the lost sums of money, you have to overcome this difficult stage in the future and choose the right broker and ensure that the latter is a broker that is recognized and authorized by the financial regulatory agencies in your country.

Binary options scams

They have become commonplace and unfortunately hit more honest and innocent investors. Although binary options scams come in different shapes, the final goal of scammers and their consequences are the same. They aim to steal money from investors and never pay them back. These practices are dirty “tricks” of crooks who have no remorse and are only interested in profits regardless of the illegal means used to achieve them.

Among the different kinds of scams, we can identify unauthorized brokers, fake websites, the use of stolen bank data. Unauthorized brokers are simply brokers that have no license from any financial regulator or any authorization allowing them to offer binary options trading to individuals. Although these unauthorized brokers are not always scammers, they often are. Sometimes, this kind of broker does not hesitate to “usurp” the identity of authorized brokers and tell traders that it is regulated by such organization or that it belongs to a registered company, when in fact it is never true.

On the other hand, there are also fake websites that are a sort of empty concepts; they consist in depositing investors’ money with nothing happening since investors do not have access to any trading Platform or any other page of the website.

Finally, the theft and use of banking data is also a practice that scammers resort to. The purpose of the “sales staff” who work for scamming brokers is to obtain bank data like credit card numbers or access to bank details and IBAN and bank accounts in order to use and transfer money to the company accounts.

Where does the stolen money go?

Generally, when we get scammed by an unauthorized binary options broker, it is very difficult to recover one’s money. In fact, scammers sometimes set up complex bogus companies based in tax havens. The company’s bank accounts are also based in multiple tax jurisdictions characterized by scant regard, and the names of the managers and owners of the companies are covered by the anonymity promised by tax havens and offshore jurisdictions. As you may realize, it is really not easy to trace the defrauded sums of money.

If you are not the only victim to get scammed by a dishonest binary options broker, you can possibly attempt a class action and file complaints against this broker with law enforcement agencies as well as financial regulators in your country. Please be aware that in France for example, there is a fund to assist victims of fraud; if you have been a victim of binary options scam and are experiencing financial difficulties, we invite you to learn about this.

Always opt for a regulated binary options broker

Choosing a authorized binary options broker is quite simply important when we decide to embark on this type of online trading. Binary options brokers are licensed brokers who have licenses that have been issued to them by international financial regulators. The services offered by regulated binary options brokers were approved and recognized by the financial authorities in compliance with the different criteria of their laws and regulations in terms of financial activities and services.

Brokers such as 24Option or TopOption are the kind of companies to opt for when we are looking for a serious binary options broker. These regulated brokers sometimes have more than a dozen licenses each; they are authorized to offer their services in the majority of European countries as well as in some countries from neighboring continents. Speculating on the financial markets through authorized binary options brokers means protecting yourself from scammers who are trying to hide in this industry among honest brokers. Please also note that when opening a new account with an authorized broker appearing on our website, you are automatically eligible for the guarantee and are also protected by our team in case any problem is encountered with a broker.

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