Every now and again, I try to go through YouTube and look for the latest binary options scams. It’s been a while since I have done this, and sure enough, a number of new, dubious videos have emerged since the last time. These videos hard-sell the viewer on trading methods they claim are “guaranteed” to generate success. There is no such thing as a method that guarantees success in any market and there never will be. New traders get their hopes up, though, and they invest in these things. Then they wonder why they have lost so much money on binary options.

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Binary Options Trick!!! – Make $593 in Just One Hour

This video starts out with the popular “Keep Calm” meme. Very cute. They are going to get your attention by pretending to appeal to your internet-savvy nature. The next screen, which is repeated again at the end of the video, says in HUGE green letters, “$593/Hour.” It also says, “The Secret of the GURUS in Investments Has Been Revealed.” It is suggested that you “Watch this shocking video.”

This is hard-sell talk, and you will almost never see it on any legitimately useful product online. There is a kind of person who likes to purchase these hard-sell products, despite failure after failure, and somehow, these tactics continue to make money for the people who promote products this way. But you should not be fooled. Any time you see this kind of over-the-top promotional lingo, you are looking at snake oil. If you have ever seen a Western film, you have seen the snake oil peddler, a stock character who wanders the land trying to sell bottles of fluid which he claims will cure any malady. Of course, there is no such thing as a simple cure-all in a bottle. There is no such thing as a binary options cure-all either.

I also find the “$593” humorous. Notice it is not a nice round number. Clearly this person thought that somehow his ludicrous claims would be more believable if he chose an obscure number (rather how the IRS finds your tax filings more believable if they do not contain round numbers). But seriously, $593? Exactly $593? It is just as absurd as any round number, maybe even more so, since you could at least read a round number as a broad estimate.

Amazingly enough, 70,505 people have apparently wasted their time watching this video, and even more impressively, 2,519 have given it a thumbs up. That’s a lot of people who have been paid off to help promote this business. You have nothing to lose here but your money.

Holy Grail Indicator – Don’t Ever Trade Binary Options Without It!

Here is another one, published in May of this year. Hilariously, the URL in the summary already leads to a “page not found.” The summary says, “Aren’t you tired of losing money to binary options brokers? Aren’t you tired of sitting in front of your computer all day and still come out with losses?” Yes—the bad grammar and all. “Sure, it happened to me too, until I discovered this Holy Grail Indicator for Binary Options Trading.”

I say this time and time again, because it stands to be repeated often: there is no holy grail of trading and there never will be. Trading binary options is a business of risk. Desperation can tempt anyone to believe in the impossible loss after loss after loss, but there is nobody in the world who can make it possible for you to win every trade you make. You will only lose more money buying these trading systems that can never live up to their promises. And you will waste more time chasing the holy grail instead of working on an imperfect, but functional system that can make you real money.

The comment string on this video is pretty entertaining as well. Right now, the comments on display are all from different names attached to stock photos of various smiling businessmen. The comments all read identically: “You guys should check out this EXTRAORDINARY website called ZONEPA.COM. You can make money online and start working from home today as I am! I am making over $3,000+ per month at ZONEPA.COM!”

Then comes my favorite part—the part where the robot that made these comments attempts to make each comment unique by adding a random string of bizarre phrases: “The delicious thunder expands the teaching,” reads one. “The journey installs the copy. When does the giant language rehabilitate the view?” Another asks us this profound bit of nonsense: “When does the doubtful death clarify the body?”

I would not click on this link nor would I advise anyone else to, but the summary provided for Google is, “Online Career Finder, devoted to giving our guests the latest online careers available …” Totally off topic.

Binary Options – Watch Me Make $1,307 in 4 Hours Trading Binary Options

*Video has been removed

This one belongs to a guy who runs a website called BinaryOptionKings.com. To be fair, I cannot say one way or another whether he is a scammer or not. The title of the video definitely is meant to persuade you that you too can make $1,307 in 4 hours of trading, and that trading is easy and winning is automatic. On his website, he agrees to email you an eBook teaching you how to trade if you write him, for free. You are supposed to open up an account at RedWood Binary Options. So in other words, this man is an affiliate of RedWood. RedWood is actually one of the better binary options brokers out there from what we can tell.

Conclusion on this one? While there is no reason to call him a scammer, you would have to test out the guy’s system to see whether it works or not. Always approach offers for free material with caution, since they are being offered by an affiliate making money for sign-ups. The main point to make here is that all trading methods need to be personally tested by you before you use them live and expect to profit. You are responsible for your own trading wins and losses.

Traders Choose Binary Options Instead of Options Trading

Back in the area of clear scams, here is another one with a ton of views and thumbs up on YouTube:

50,963 views and 1,474 thumbs up. There is no reason for you to add to those views; while the title is not as absurd as a lot of the others, the ridiculousness starts out right from the first screen: “Come and learn my way to make loads of MONEY EACH DAY.” This sets up unrealistic expectations for the viewer.

As for the rest of the video, I have only two words: “Cedar Finance.” Cedar Finance has got to be one of the worst brokers ever to exist. In fact, they are so bad that I am not sure they can even be called a “broker.” They are scammers, pure and simple, and any time you see anything associated with them, you should run like you are running from the plague.

Binary Options $270 to $22,713 in 4 Days Live Account

Here is a slightly puzzling one:

*Video has been removed

This guy claims to have increased his account by almost 100x in just four days. It is a great thought that you could deposit the minimum with a binary options broker and strike rich within just four days, isn’t it? This video has 245,502 views, and links out to a website called binaryoptionsdaily.com, which appears to be a fairly general site on binary options trading with strategies, a forum, and so on. The thread which the video lands on includes a discussion between members about the video. The administrator, “David,” posts his “proof” here on this thread. There is no hard-sell on anything here. He is a Banc De Binary affiliate, though, and probably monetizes his site in a number of ways. It is safe to say the main objective of this video is simply to direct traffic to his site.

This does not make it much of a scam, but neither does it make it something realistic that you should take seriously. Remember, this is a person generating traffic to drive click-throughs to affiliates, not someone who is trying to make you rich overnight. There is almost no way you could responsibly trade your way from $270 to $22,713 in four days, or even in forty days. In fact, if you did that inside 400 days, you would probably want to consider yourself one heck of a trader.

Realistic Expectations Keep You Safe

Some of the videos we find online are trying to sell you on a trading system or some other product. This is a direct way to lose money. Others are only trying to get you to sign up for an account at a binary options broker. If the broker is trustworthy, like RedWood, this by itself is not going to result in losses. If the broker is a scammer like Cedar Options on the other hand, it almost certainly will. So always be alert as to the motivations of the author of a site or video, and consider carefully any offers you get, even if they are free.

Most importantly, maintain realistic expectations about binary options trading. If you acknowledge that it will likely be a journey of months, if not years, before you become a profitable full time binary options trader, you will not be taken in by people who try to sell you on the idea that you can turn over huge profits overnight. Most importantly, you will not scam yourself into making foolish trading decisions that will cost you your profits as you pursue unattainable goals.


5 Comments » for The Latest Scam Tactics in Binary Options Trading
  1. Doep du Preez says:

    Can anyone tell me something about Stoxmarket, are they legit?

  2. ems says:

    WARNING.. AVOID BINARY ROYAL LIKE THE PLAGUE. I was using an app called Trade Interceptor, and following this received a call from a Viktor Reese who said he could see I was using trade Interceptor and that their company Binary Royale was partnered with trade Interceptor. As the conversation progressed he put me through to someone called Steve who suggested I should put approximately 5000 in the account and he would then tell me some top trading strategies and my education would begin. I declined and said I would only put in £100 initially. On trading nearly a dozen times I decided it was not for me and put in a request to withdraw the £82 I had remaining. Despite emailing them on enumerate occasions they have not returned my money. I had no bonus or any cash incentive from these people, I provided all ID documents as requested, yet despite having complied with all this I have not received my funds. I actually don’t think they will return my money. I am in touch with their regulatory body in Cyprus though don’t expect any resolve. I will be forwarding their scam and fraudulent emails on to the same body.

  3. Hamed says:

    Don’t waste your time and money by aaoption broker, I have two pending withdrawal requests, they don’t even return my investment, My account manager (Nick Rogers) doesn’t answer me, since I wanted to withdraw my money.

  4. Kenny Learmonth says:

    My experience is one of horror. I received a cold call, but as I had used Binary options sites previously I suspected that they were in the habit of passing on information of past customers
    Anyway, I was persuaded to deposit $500 to allow me to show them what they could do, and fair enough, I got an “insured” trade which won, and this took my account up to $850. As these “Insured” trades were only available for new deposits I was again persuaded to deposit $2,000, which again became $3700 after another successful trade. Now my account was at $4550 for a deposit of only $2,500. It sounded too good to be true, but I was promised that anytime I wished to withdraw money it would be returned to my card account within 48 hours. I had no need to withdraw the money at the time. I was then persuaded to boost my account once again, so deposited another $2,000, which once again traded successfully to boost my account further. I was then asked to take one final step to reach “Platinum” status, which would earn me five trades per week, as well as the “Insured” trade which came along with the deposit. I went along with it, gave them permission to withdraw $10,500 from my account. Unfortunately, due to an “error” on their part, they withdrew a total of $15,000. When I pointed out their “error” they apologised and asked my to make out a Withdrawal request for the additional $4,500 which they had taken without my authority, assuring me that it would be in my account within 72 hours. Meanwhile, the “insured” trade went ahead, winning as usual and my account was just short of $40,000, including my additional $4,500. I went on vacation then and was out of contact, but I checked my bank regularly, looking for the $4,500 coming back into my account, but it never arrived. On my return, I began sending e-mails to query the delay on the return of my money, and also completing a deposit form which they requested. They responded confirming the receipt of my deposit form, but did not respond in regard to any query I made on the delay in the return of my money. I sent e-mails to the trader who was in charge of my account and whom had always spoken to me on the phone, and also to their support team, and to their accounts team, but did not receive one response. By this time my concerns were fearing the worst, so I went into my account on 20th Oct and requested the withdrawal of the remainder of my funds which amounted to $37,085. I checked my account once more today to see what had happened (to see if my withdrawal had been approved) and was horrified to see that only $585 remained in my account. On checking my account records, I found that my withdrawal request for $37,085 had been “Cancelled” and on the same day they had continually made trades of $5,000 from my account, losing on all except two occasions, until such time as my account was depleted to the sum of $585 which still remains in my account. I have made a further withdrawal request for the remaining sum, but I rate my chances of receiving anything from them as nil…or possibly less.
    So, beware…. DO NOT EVEN CONSIDER USING Options24Hours

  5. Gilberto Lozano says:

    Opteck…I been having trouble withdrawing my money.

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