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Foreign Exchange Scams – Find out how to Spot Them A Mile Away
Foreign Exchange Scams – Find out how to Spot Them A Mile Away
Lately, traders have witnessed an elevated variety of funding alternatives and choices. Whereas the complexity and success of that funding merchandise fluctuate, technological innovation has made the Foreign Exchange market one of many fastest-growing areas. Lots of the main Foreign Exchange brokers reported as much as a 500% rise within the variety of new retail clients. Nonetheless, the expansion of the Foreign Exchange market has been accompanied by a pointy rise in overseas currency trading scams.
Many of those Foreign Exchange scams are promoted on the radio, tv, newspapers and the Web. Traders who fall sufferer to those schemes, usually lose all of their money.
Since a complete ebook could be written on the assorted techniques and strategies utilized by Foreign Exchange rip-off artists, on this article, I’ll give attention to the foremost warning signs that one must establish to keep away from falling sufferer to Foreign Exchange swindlers.
1. Guarantees of Little or No Danger
In case you encounter a Foreign Exchange agency that claims to have developed an overseas currency trading technique that carries little or no or no threat, keep away. The rationale Foreign Exchange trading could be very worthwhile is that it additionally carries a really excessive threat of loss. The Foreign Exchange market could be very volatile, and, without good Money Management, an investor can lose most if not all her capital inside a couple of days. Thus, people and corporations who make claims which are removed from market realities, as is riskless Foreign Exchange trading, are actually after your Money.
2. Ensures of Giant Earnings
Watch out for corporations that assure giant income in Foreign Exchange trading. These so-called “ensure” are mere ploys to entice traders and make them consider that their money is secure and that they are going to positively make giant income. Such claims are merely unfaithful as a result of even the very best skilled traders can’t assure that they are going to make a profit any given day. The Foreign Exchange market, as most monetary markets, could be very unpredictable. Therefore, be suspicious of such claims and people who make them.
3. Employment Advertisements For Foreign Exchange Traders
Many Foreign Exchange trading corporations use employment advertisements to draw people with capital to trade utilizing their methods. The employment advertisements, which frequently seem in newspapers and on the Web, state
Along with numerous charges imposed on traders utilizing the agency’s platform, the Foreign Exchange agency makes Money as an introducing broker. Every time the novice Online Trader trades via the agency’s system, a superb a part of the unfold charged by the broker is shared and goes into the agency’s coffers. After a couple of months, the novice Online Trader loses all of her capital and leaves. The Foreign Exchange agency, having made Money in the course of the novice Online Trader’s short stint, strikes on to new traders wanting to develop into wealthy trading overseas currencies.
4. Is the Foreign Exchange Agency a CFTC or NFA Member
Earlier than you signal a verify and provides your capital to a Foreign Exchange firm, ensure you examine the entity. Test to see whether or not the Foreign Exchange agency, with which you intend to do enterprise, is registered with America Commodity Futures Trading Commission or the Nationwide Futures Affiliation. Many rip-off artists falsely declare that their corporations are registered with the CFTC or the NFA to achieve a potential investor’s belief. Don’t believe anybody, analysis the agency and the background of the people concerned earlier than parting along with your hard-earned money.
The Web has paved the way in which for a lot of new alternatives for retail traders. The Foreign Exchange market is each thrilling and fast-paced. Traders who’re cautious and diligent are more likely to keep away from the perils of this market and can profit from the alternatives overseas currency trading has to supply.
Binary Options Guide: The Truth About Binary Options
Trading binary options can seem deceptively simple, but leaning too far into that notion can blind people to some of the risks that often accompany this type of trading.
Before I go any further, I want to make it clear I’m not a binary options trader. I trade penny stocks and teach day trading. I’d love to see you join the Trading Challenge — it’s the result of over two decades of trading and a decade of teaching. It’s awesome.
If you’re interested in taking the binary options path, it’s critically important to understand exactly what you’re getting into and set appropriate expectations. And you should get a mentor who trades binary options. Seriously. Preparation is key.
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Again, I don’t trade binaries. For the most part I think they’re scams. Can you trade them successfully? There are successful traders in every niche. But most traders lose. That’s the reality of the industry.
It doesn’t matter if you’re trading forex, penny stocks, options, big caps, or … binary options. Most traders lose and most trading teachers don’t want you to know about it. So I’m going to tell you about binary options in this post. But I don’t trade them and I don’t recommend it.
Will trading binary options enable you to buy a villa in the South of France next year? Probably not. Will they allow you to quit your full-time job and finally start on that novel you’ve always wanted to write? Don’t count on it.
Here, we’ll take a look at what binary options trading is all about and you can decide whether it’s right for you. As you read, keep in mind that binary options are getting outlawed in more and more countries. Companies are getting shut down. Or they’re based overseas in places where you can’t sue them. More on that later.
Table of Contents
What Are Binary Options?
Before we dive into specific binary options trading strategies, let’s review exactly what binary options are. According to Investopedia’s definition:
A binary option, or asset-or-nothing option, is a type of option in which the payoff is structured to be either a fixed amount of compensation if the option expires in the money, or nothing at all if the option expires out of the money. The success of a binary option is thus based on a yes or no proposition, hence “binary”. A binary option automatically exercises, meaning the option holder does not have the choice to buy or sell the underlying asset.
At the core, binary options are based on a yes or no proposition. You must decide whether you believe an underlying asset will be above or below a specific price at a specific time.
Binary trades are ruled by expiry times. These time constraints indicate how long you have to make your predictions regarding whether you believe an underlying asset will be above or below a specific price at a specific time. Once the expiration limit occurs, your predictions determine whether you gained or lost money.
Expiration times vary from binary option to binary option. Some of these minimums are known as short expires, which means the expiration date is actually within mere minutes of the buy-in.
There are medium and long expiries, as well. For medium expiries, the deadline could be anywhere from two to five hours. Long expiries typically last between two and 24 hours. Many experts believe that longer expiration times can help make predictions easier.
What Are the Underlying Assets of Binary Options?
In order to participate in binary options trading, you must first have ownership of an asset that can be optioned for a fixed amount. The types of assets common in binary options include stocks, indices, commodities, and currencies. Many binary traders chooses to trade with stocks, as this option can allow them to get high returns within a short span of time.
Along with indices and commodities, currencies are another popular binary option vehicle. Since currencies are liquid and often subject to dynamic price fluctuation, many traders choose to analyze their binary options across the complex — and often shifting — global currency market.
A quick aside since we’re talking about forex. Be aware that the forex market is among the most difficult to trade. Why?
Because it’s the biggest and most liquid market in the world. You’re up against the smartest, richest, and often most experienced traders in the world. Personally, I don’t want to compete against that. Plus, the forex markets move so fast on news you don’t have access to, that there’s no edge whatsoever.
And now, a new asset has emerged: cryptocurrency. I don’t trade crypto, either. I’ve traded the random crypto-based stock. But this is a whole niche unto itself and I’m happy with penny stocks. Crypto has its own version of binary options — which is why I’ve included it here.
Led by Bitcoin, this new, digital currency class is intriguing investors around the world who see the digitization of finances as the way of the future.
According to Options Advice, there are two prominent ways you can capitalize on Bitcoin binary options. The first strategy is by trading on what you think the imminent fluctuation of Bitcoin might be, and the second is trading regular options with Bitcoins as your currency.
If you’re interested in taking the cryptocurrency binary options route, I strongly suggest familiarizing yourself as much as possible with the trends dictating the ebbs and flows of the altcoin market.
An entire niche financial industry has been built up around educating consumers and future investors of digital coins and tokens. From resources like Cryptoslate to ICO listing sites like Coinschedule, there are many resources available to help you make the most strategic crypto trading moves possible.
There are also a lot of scams. And strange happenings. Like when a crypto exchange CEO died with the ONLY key to $137 million in crypto. Ouch. More than 100,000 cryptocurrency holders learned a very hard lesson. Back to binary options …
What is a Call and What is a Put?
Two of the most common terms you’ll hear throughout the binary options world are call and put. These two labels represent the market positions of binary options.
You typically choose to call if it looks like the value will rise within the confines of the expiry time.
Options also have a strike price, which is the price at which the security would be bought or sold.
If you choose to call, you’re signifying your confidence that a stock will rise within the time limitations. If the stock valuation moves upward at all, you’ll receive both your initial investment as well as the return.
On the opposite end of the spectrum, a put signifies your confidence that the valuation of a stock will drop within a certain time limitation. So if you predict that a stock valuation will decline before the expiration date, and the stock does dwindle, you will have succeeded at that trade and will receive your initial investment — as well as the trade — back.
What Are Other Types of Binary Options?
Beyond call and put options, there are other distinguishing factors that separate binary options from one another.
This guide from Binary Tribune delves more specifically into binary options types based on the number of interactions a trader must initiate with the trade. The levels include one-touch, no-touch, double one-touch, double no-touch, and paired options.
Let’s take a look one-touch and no-touch options …
Essentially, a one-touch binary option indicates that in order for you to receive a payout, a trigger (or predefined barrier) must be reached. Traders often choose one-touch if they feel confident that a stock will move in a certain direction at a minimum amount.
The option only has to meet the predefined trigger level once (hence the “one-touch” term). However, as indicated by Binary Tribune, this strategy is often accompanied by some risk.
Beyond simply calling or putting, you also must feel confident that a certain valuation threshold will be crossed. However, with greater risk often comes greater reward.
In contrast, a no-touch binary option essentially depends on a trigger level not being reached.
Rather than hedging your bets that the valuation of a stock will rise above or dip below a specified amount, you’re betting that the trade will not dip above or below an amount.
Because you’re making the trade with the intention that a threshold will not be crossed in either direction, it’s referred to as “no-touch.” Like their one-touch counterparts, these trades come with greater reward — and risk — potential.
I liken one-touch and no-touch calls and puts to something like an electronic stop-loss. The problem is, you don’t have control. You’d better be damned sure you’re right. Which is impossible.
What Are the Pros and Cons of Binary Options?
Now that you understand binary options basics and the different factors between them, you might be wondering whether this type of trading aligns with your goals. Let’s weigh the pros and cons.
We’ll start with the benefits …
Low Barrier to Entry. You don’t need a masters in economics to engage in this kind of trading. For this reason, many first-timers enter the trading arena through buying and selling binary options. Comparatively, binary trading is relatively simple. When compared directly to other types of trading, including quantitative or arbitrage, trading binary options is straightforward.
Fast Returns. Many traders are eager to see fast results and liquidate within a specific time frame. Those who play the long game (investors) are typically most concerned with growing their money steadily over long periods of time. Many opt to invest in index funds, IRAs, or bonds. Trading binary options is fast paced.
Thing is … you can get all the speed you need trading penny stocks. So, while binary options might be a fast game, the reward might not be worth the risk.
High Rewards. Binary options trading is touted by those who promote it as high reward. It’s possible to receive up to a 70% return on their investments if your binary trades reach your expiration dates in the money. This high average return is what makes this type of trading vehicle attractive to many novice and expert traders.
As explained by Investopedia, the risk on binary options is capped off, so while the rewards could yield high returns, you can’t lose more than the cost of a trade.
Low Cost. If you’re just getting started with trading, there’s a good chance you don’t have excess capital lying around to snatch up shares of the fastest-rising stocks on the market. Binary trades offer an alternative to other types of investments that require high-capital buy-ins.
In theory, you can experiment with a binary trade for any amount you’d like, whether it’s $5 or $50. Starting small and working your way up to bigger trade amounts incrementally is a great way to learn the lay of the land.
As you familiarize yourself with expirations, strike prices and — if you’re interested in one- and no-touch options — triggers, it’s best to gamble with an expendable amount that won’t derail your entire financial status. Notice I used the word gamble — just sayin’.
Accessibility. Binary trading platforms make it easy to trade on any day and at any time. When it comes to binary options, traders aren’t necessarily beholden to standard market times and broker availability.
Now, let’s explore some of the disadvantages of binary trading …
Scams. Conduct any Google search on binary trades and one of the first things you’ll likely notice are the abundance of hits warning against binary scams and shady binary brokers.
Remember when I said I’d get back to the part about shady companies? Here goes …
… and I say this to protect and warn you.
Like I said, these companies are often based overseas. Places like Cyprus. (I have nothing against Cyprus. It’s a beautiful country with amazing people.) Anyway, these companies are based in places where you can’t sue them if they screw you.
Then you sign away pretty much your entire life in the forms they make you fill out. Your odds of winning are so low the brokers who do it are pretty much laughing at you. They’re laughing that so many people fall for this crap. It’s like going to the casino.
So, if you come across a binary broker that sounds too good to be true, it’s because he or she most likely is. And if you come across a binary broker who doesn’t let you liquidate your investment, run in the other direction.
Short term. Binary trades have expiration dates that are often fairly short windows of time. Given this, it’s impossible to use binary options as mechanisms for long-term investments. Which, of course, I don’t mind because I day-trade and teach day-trading. But if you’re looking for buy-and-hold investing, binary options aren’t the right solution.
Can You Really Make Money with Binary Options?
Short answer: It’s possible, but you MUST know what you’re doing. Like I keep saying. Most traders lose. Doesn’t matter the niche. I would never trade binary options. Ever. Your choice, I’m just tryin’ to keep it real.
If you’re serious about binary trading, start small. By making small trades and working your way up, you give yourself breathing room to assess market trends and develop the necessary skills.
As is the case with many types of trading, history is sometimes the best predictor of the future. Many successful binary options traders experience trading wins and financial growth because they’ve spent time studying and familiarizing themselves with market movements.
Wait. Does this sound familiar? Yep. You guessed it: you can’t cheat your way to success. Doesn’t matter the niche. I don’t trade binary options. I don’t recommend you trade them. But if you decide it’s for you then prepare yourself. Study your ass off.
Learning common candlestick patterns can make it easy to spot recurring trading patterns. If you want to understand candlestick patterns — and you do if you are serious about trading — I recommend you get a copy of the classic “Japanese Candlestick Charting Techniques” by Steve Nison. Doesn’t matter which niche you trade, this book should be on your bookshelf.
Of course, trading patterns are never 100 percent accurate, so don’t fool yourself into thinking of them as absolute stock predictions. However, the more you can learn about patterns and begin to recognize them yourself, the more likely you’ll be comfortable making your own options decisions.
Is it Safe and/or Legal to Trade Binary Options?
Naturally, binary options contain risk. And by now you know my take. I pretty much think they’re scams. But there are differing opinions and some even consider them safe trading routes. I’m not gonna tell you not to trade them. I recommend you don’t. I’ll be interested to hear back from you. When you’re ready to trade the way I teach … apply for the Trading Challenge.
While it’s legal to trade binary options within the United States, they’re only available to trade on Commodity Futures Trading Commission (CFTC) regulated exchanges within the country.
Binary options traded outside the U.S. are structured differently to those traded here. You can learn more in this article on Investopedia: What You Need To Know About Binary Options Outside the U.S.
The Bottom Line
The good: Some traders like binary options because they are traded at fixed costs. You know where you stand.
The bad: Binary investments are too much like flipping a coin, there are too many scams, and your odds of winning are so low you might as well go to the casino.
The bottom line: Educate yourself like crazy. Avoid sketchy brokers. Start small and work your way up. Remain vigilant. Stick with these rules, and someday you might reach your trading goals. Will you do it with binary options? I doubt it. But you might prove me wrong.
Want to Try Binary Options Trading?
At this point, I hope I’ve shed enough light on binary options trading that you don’t do it. But … you might be thinking about giving binary options trading a shot. If you do, study your butt off. Get a mentor. Don’t screw around. The best of the best in every niche work with a mentor.
Trading — any type of trading — can quickly become complicated. Like any other sector of trading, it’s important to seek out an education before you attempt to invest in this way. I can’t help you trade binary options. But I can help you learn to trade penny stocks …
Is the Trading Challenge for You?
As a teacher I want to help my students forge long-term, sustainable careers as traders. The Trading Challenge can help you reach your goals through risk-averse, conservative trading.
Plus, my best students — those who have become millionaires themselves — join me in coaching you.
What do you get?
- Wednesday morning live trading webinar. I show you live trades so you can see how it’s done. And it’s not only wins. These are true live trades. Sometimes I lose. But you’ll see how fast I cut losses and why I get out so fast when things turn against me.
- Wednesday evening live lesson and Q&A. No matter where I am in the world. This is killer stuff.
- Thursday live trading & review with Mark Croock. @thehonestcroock is at it every Thursday. You don’t want to miss this. Mark is one of my best students/teachers. He’s constantly in the challenge chat room alerting students.
- Annual Penny Stocking Silver Membership. You need this. Thousands of hours of video lessons and archived webinars. Immerse yourself. This is how to get good fast.
- PLUS: Two monthly bonus webinars by my top student Tim Grittani. It won’t take long to understand how Tim went from $1,500 to where he is now when you see how meticulous he is about his trades. Learn from a master.
WAIT! There’s more …
I always wanted to write that. Anyway, there is more, but you have to apply for the Trading Challenge to get it. Simple.
Will you be my next success story?
As you’ve now learned, if you study hard, start small, keep your scam radar on high alert, and stay educated, then becoming a successful trader is possible. But it’s not easy. So don’t even think about doing it if you’re not willing to work hard.
As for binary options …
Look, whatever you decide, it’s about how much time and effort you put into learning. I don’t think binary options are a good way to go. Plain and simple. But there are success stories.
If you’d rather learn what I teach, then apply for the Trading Challenge. But no lazy losers allowed. Seriously. Only join the Trading Challenge if you’re willing to work hard.
Are you a trader? Do you trade binary options? Comment below and let your fellow traders know how it works for you. Even if you are brand new, I love to hear from readers. Comment below!
Binary Options Scam
It’s sad, but it’s true. Scams are something that dominates the binary options trading market. They can be in any form – robot services or scam brokers. You have to be always prepared and cautious against all sorts of binary options scams. For your convenience, we have prepared a scam list along with highlighting the name of scam brokers.
On this page, you can find the list of non-recommended binary options brokers. Anyway, it doesn’t mean that all the brokers on this list are fraudulent and steal money. We can just not recommend them for another reason. After a click on the brokers‘ logo, you can see the detailed information and the review. In the case you see a mistake, do not hesitate and sen dus a comment. We really value your help. Our aim is to be constantly adding new and new brokers, both reliable and on the other hand also the brokers, who have lost our trust.
|Broker||Status||Withdrawals problem||Scam phone calls||Still in business||More information|
|Not recommended||No||No||Yes||NOT RECOMMENDED
|SCAM Software||Yes||Yes||Yes||NOT RECOMMENDED
|Unfavourable offer||Yes||No||Yes||NOT RECOMMENDED
Some, however, are not worth anything and eventhough they seem nice, we don’t recommend them. It migh even happen, that they will never pay out your earned money. That’s why you should always check, whether a broker you chose, is not on this list.
Avoid binary option scams
Do not get hooked and do not trade with brokers listed above. On the contrary we recommend that you look at our list of recommended brokers https://xbinop.com/binary-options-brokers/ to which you don’t have to be afraid to entrust your money. All brokers on this list are reviewed by us and they comply with all the rules and regulations of regulatory organs as is FCA or CySEC.
Binary Trading Scams
When something new launches, such as any new financial instrument, a whole lot of businesses try to get involved. Some of the businesses may be trustworthy but some may not be. This holds true in a case of binary options too. Being widely popular and famous, binary trading can be accessed by anyone. In the past, there were no ground rules indicating who can trade and who cannot. Also, it was not under any particular regulatory authority, thus making it easy for unscrupulous operators to take advantage of.
However, now the situation has changed. Better regulations are being observed now, which helps in revealing scams easily. Frequent online reviews and strong feedback systems ensure transparency. But you also have to be alert in case any shady outfit wants to trade with you. You can read more about binary options regulations here.
There are several red flags to watch out for. And some of them are highlighted below that will help you choose a reliable binary options broker platform:
What Exactly Does A Scam Mean?
From giving false information with the intent of luring into something to eloping away with all your account balances, the meaning of scam can be varied. There is no particular meaning of scam as such. It might be the binary options broker with whom you are trading is not unscrupulous but the service that he provides is fraudulent. Like, their firm doesn’t let you withdraw funds on its due date or his advice are dishonest. So, at any cost, you should always avoid these kinds of binary brokers for your own safety and security.
A scam that should be avoided, too, is when people call you and tell you they will manage your funds for you. You should never trust anyone with your funds, be the master of your own destiny!
From what was said above, the main issue doesn’t lie with the concept of binary options trading but with the principles of binary options brokers and other providers. So, what you need to do is chalk out a proper plan and do the needful homework before choosing any respective platform. Go through the reviews, provided they are reliable. Fake brokers reviews are also quite common; therefore you should not entirely make any decision based on the reviews. Testimonials and reviews published on a broker’s website are often compromised, so don’t form an opinion based on that. In fact, trader forums can also be manipulated by a particular binary broker or his website.
The best way to choose a brokerage firm is by relying up on independent, personal and comparative reviews. Select review sites that only allow real-life users to directly contact and file a problem with a particular broker, thus guaranteeing credibility and transparency to the issue. Have a look at the list of our recommended brokers for example. There’s a discussion beneath every single review.
The US recognize binary options instruments as financial instruments. So do European courts. Depending on the locations and the countries, binary trading falls or not falls under any particular regulatory authority. Some of the authorities are CFTC in the US and CySec in Cyprus.
To inspect a broker’s reliability quotient, regulatory status can serve as a good indicator for those who want to avoid scams. When a brokerage firm falls under a particular standard or regulatory authority, he is bound to maintain transparency.
Don’t Believe In ‘Too Good To Be True’ News
The trading on binary options should be done in a straightforward way. For this, the platform of trading should be reliable and quick. The profits can be predicted by carefully analyzing the market and reading the future market conditions while understanding future strategies. However, if a somebody with a binary options strategy comes to you and assures you 95% success rates then that can turn out to be a false assurance. No one can say whether you are going to strike profit or loss, as everything depends on speculation.
Read the Terms and Conditions Carefully
Having a good idea about binary trading options makes thing easy and simple. In any kind of trading, transparency is an important constituent. Read the documents carefully and give special importance to the needlessly complicated portions about a withdrawal of funds. When you are denied access to your deposits up to a certain number of trades, you need to know your position well. Guidelines regarding initial deposits should be understood fully; after all, you are investing your hard earned cash, so you deserve to know about what you are getting into.
Bonuses are also given from time to time and are widely associated with deposit retention. Though CySec has banned these kinds of deposit match bonuses, non CySec firms are at liberty to use them. However, you should always check the binary broker’s terms and conditions thoroughly.
A fair and transparent benchmark should be followed by the brokers to set up prices. This benchmark should be based on real world market situation. If by any chance broker decides to set their own prices then you must assume that those figures have been tampered with. These unscrupulous brokers will try their level best to force you to pay higher prices, hence you must be well-guarded.
For more guidance and information on regulations and features, you can anytime read our independent reviews.
Disputes of varying kinds are reported in several online forums about trading. The complaints can be filed against the brokers directly or through online forums (Such as 24 option forum). The issues can be myriad, from encouraging poor traders to over trade to giving faulty information to price manipulation. Now, if you are dealing with unregulated brokers then little help can be provided. For all these factors, it is always advisable to establish relations with trusted binary options brokers from a country in which you reside.
Though scams have become synonymous with poor services yet you cannot ignore dishonest trading practices committed by some of the unreliable brokers. And if you have any doubts, don’t trade with that particular broker. There are many honest brokers, just find one for yourself from here.
Robot and Signal Scams
Robotic services are mostly either scams or not at all recommended.
How to find out a trading strategy scam?
The Internet is flooded with handsome deals of doubling your money. You will find numerous ads, posts, and articles on how to make you rich overnight. But your conscience and think is that really possible. With such deals, obviously, there might be some hidden factors and issues which need to be considered.
Here are some tips that might help you identify a scam:
Being good in strategies doesn’t mean you have the ability to be a good trader. To become a proficient trader, you need a proper system. When you plan something, you have to devise a plan of how to enter the market as well as exit the market along with managing your money. You also have to consider the present market condition and in accordance to that, you have to do everything. In a case of a strategy, the above said things will hold true except the thing said about market conditions. Binary option strategies may not be right for trading as it includes many missing information.
As marketers are sharp and shrewd, they can easily name a product as a system and give it a complete structure. Hence, you need to watch out for several factors that can make your product a complete waste of money.
Also known as the opaque black box, a boxed system is something that fails to make you understand how a strategy works. Suppose you have bought a product or system that says when you should trade but it doesn’t specify any underlying reasons.
If a trader doesn’t know the reasons behind some happenings then it is pointless to buy such products. And if such products fail to operate then you have nothing to do. Though you may gain with this product preliminary but in the long run it may sound too effective.
Think Wisely Before Going For 90% Win Rates
Some ask whether 90% win rates are possible or not. Well, the answer is you can enjoy 90% win rates but at the same time, you can also lose money with 90% win rates. However, stats can easily be manipulated with tampered figures. Some says that you can make $500 per day but in reality, they hardly make any sense.
Before investing in anything, make sure you read between the lines. What is highlighted and what is not. To understand how well you will perform you need to gather few pieces of information, like account size or capital invested, amount of profit per trade, amount at risk on each trade, percentage return, win/loss ratio, biggest loser, biggest winner, average loser, average winner, number of trades and time period during which the strategy was tested.
Apart from all these, there are some other metrics which can help you. Now, if the company from which you ask for these bits of information doesn’t help, it is time to be suspicious.
Avoid Single Direction Trading Systems
Never choose trading platforms that operates only in one direction. As markets rise and fall, you will obviously want to be a part in both the trends.
A Clear Chalked Out Conclusion
A good product or service should not only satisfy you by fulfilling the desired purpose but should also make you understand behind-the-scene modules. By having clear glimpses of the reasons, people can start trading on their own. There is no point in making customers dependent on the product itself throughout.
Don’t believe in the statistics that are presented to you. Ask yourself some questions. Use your conscience to make powerful decisions. Never base your judgments on a broker’s past performance. Do your necessary homework and research before buying a particular product. Also, don’t forget to try out a product or service or system before you purchase it.
Have you been scammed? MyChargeBack might be able to help you! Fill the form below.
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EZtrader (Or EZ Trader) is a binary options broker that you may already know. If you have any experience with them, unfortunately, it probably isn’t a good one. We have…
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And it’s here again. It’s sad, but true. As we have already said many times and many times will say yet: Binary options are a not a scam, but fraudulent…
Is Blazing Trader a Scam – Don’t Fall for This Nonsense!
I stumbled across Blazing Trader and the possibility to make $20,000 every day for the rest of my life. Heck, if the developers make so much money with their system, why would they bother creating a website to make others rich for free? Is Blazing Trader another scam involving binary options? Let’s find out the truth.
Blazing Trader Review
- Product Name: Blazing Trader
- Website: blazingtrader.co
- Money Making Strategy: Binary Options
- Price: $250 minimum
- Recommended? No
- Score: 0/10
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What is Blazing Trader?
Blazing Trader is another binary options auto trader that promises to make you rich quickly and without any effort. It’s is said to give you a serious advantage over other binary traders and win 93% of the time.
The software was created by two brothers called Johan Strand and Lars Strand. Johan Strand, the guy who speaks to you in the video, entitles himself as an ex-professor at the department of applied mathematics at the National Institute of Technology in Zurich.
I tried to find the background of this guy and couldn’t find any connection of Johan with the university. Not in Google or the Univerity’s official website.
I am 100% confident Johan is a fictional name and nothing he claims to be is true. Maybe because he has bad intentions? Surely…
Binary Options is Extremely Risky!
Similar to a Casino, there are much more people losing than winning in Binary Options. It’s difficult to profit because the financial market is unpredictable and the broker has a big advantage over you. For example, if you win a trade, you earn 75 or 80%, whereas if you lose a trade, the broker keeps 100%.
I never recommend binary options to my readers because the vast majority of people don’t have the knowledge and skills in financial markets. Besides, even highly experienced traders lose money, so this is definitely not a reliable strategy.
If you can’t afford to lose your hard earned money, don’t even think about trading in binary options… The idea of making big profits is such a short time is tempting, but the risk of losing more than what you expect to win is significant.
Will Blazing Trader Eliminate the Risk?
The software is said to spot emerging patterns in the stock movement and place trades with a high level of accuracy. Although the program can spot patterns and compare with past results, it can never predict future results.
So no, Blazing Trader can’t eliminate the serious risks. In fact, they can manipulate the results and generate losses, making the system even more dangerous for you.
Unfortunately, there is no auto trader that can predict the movement of asset prices and boost winning trades. I reviewed lots of such systems that just makes brokers and promoters wealthier. Pay My Vacation, Brooks Blueprint, and PRIZM are just three similar and outrageous examples.
Let’s imagine what would happen if you placed a trade once every hour and reinvested all your profits in the next trade.
With an initial investment of $250, 75% ROI (return on your investment), 93% winning rate, and 7% break even, this is what you would get:
- 22 wins and 2 losses
- $31,749,656.51 (using compound interest)
So, instead of $20,000/day, you should make over $30 MILLION/DAY if the system really worked as advertised. No broker could afford a single person making insane profits like that.
Besides, there is no such thing as “break even” with a trade. You either win or lose in binary option.
How Does T he System Works For Them?
It’s simple. When you make a deposit of at least $250 with the Broker, the owners of Blazing Trader earn a massive commission.
This is screenshot from the payment form:
That explains why the software is given out for free. That’s also the reason why the internet is flooded with such useless software… The more people believe in their false promises, the more money they make.
Conclusion – Is Blazing Trader a Scam?
Blazing Trades is another classic example of binary options scam. They promise you will never lose a trade, but that’s a complete nonsense as there will never exist a system that provides unlimited cash for doing absolutely no work.
Put money into the broker’s account, turn the auto trader on and your money will quickly vanish. That’s for sure!
Verdict: Not Recommended!
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I hope this article was helpful to you, and that I could steer you away from such a misleading website. If you have any questions, don;t hesitate to leave me a comment below.
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