Is binary trading fraud?

                                 

 

Now most of us know about binary trading and some of you might be investing in it. The thing is that in order to understand what this toll is. We have to start from the roots and reach the apex of it. Every now and then we see the advertisements on social media platforms claiming that they will induce a luxurious life into you. You can flex your rolls Royce in your streets and many so-called influencers are also promoting it. so are these binary sites legit? or they are scams? especially if you are looking to invest you must read each and every thing protrayed by me. so lets start,

Exploring the roots.

We have to first understand what is the definition “binary trading”

I will keep it as simpler as possible. Binary trading is platform which deals with the exchange of capital from user the respective org Most of the people are confused about the difference between binary trading and share market.

In share market, one particular user has to buy company shares and pay the respective amount through a broker. In which the user can keep the shares until the value of that share increases in the market so that he sells and gets profit from it.

But in binary trading, there is no broker. Instead, it contains a database of diverse org’s from all over the world and portrays their graph. In which one particular user has to bid and predict if the graph goes higher or lower. The company claims the uses get more than 100% of the cost they bid if the predictions go correct and if not he will lose that amount of money.

Various platforms of binary trading are created like for example

1. Iq option 2. Expert option 3. Olymp trade etc.

The most surprising thing is all of the apps belong to only one single person who is known as Dmitrii zareketskii.

One thing I didnt had clarity about is ‘what is the need to create more apps functioning the same thing?’  why will he put more expenditure on creating more apps? After some seconds my brain clicked the reason is influencing their users to other options too. Once they installed any one of those apps there messages, emails, webpages, youtube content, Fb,insta, etc will be flooded with their ads. 

The main visible loophole of their apps which I myself found out was that the price of a particular unit is different and varies with every platform. If for example, Amazon is on 11623.32 on expert option. It will be 1171.86 in Olymp trade. How is that amount of variation is possible?

Coming back to these binary platforms and their ‘Ekmev’ (one and only) owner.

Firstly their headquarters are situated in Caribbean islands, which is covered with ocean. That place is full of danger as it consists of Somali pirates and the government has dysfunctional law system. If a day comes when your money is not returned and your credit data gets stolen. no one will take the responsibility as we you got to know where are their roots connected. You can never take legal action against them,  Cause when you read their guidelines and conditions you agreed to such statements and accepted them before your first trading. The crucial reason why most of the European countries like  Germany, France, Austria,Belgium, Estonia, Bulgaria, Croatia, Cyprus, Netherlands, Czech Republic, etc. banned such trading practises.

Misuse of Trust 

The marketing specialist hired by Dmitrii mastered psychology very well. The first trap they set is the ‘demo play’

 What they do is give you some demo cash which the user can bid on the prices to check how the functioning works. Their system will detect you are using a demo account so they bring some org’s info on your screen to make you select one of them. Doesn't matter which one you select you are gonna win the bid because their system only shows those companies whose graph will gonna go up because in 90% of cases they know that the user is going to select the upward bid. When he pushes the button boom!! 123% of profit earned. This induces a layer of dopamine in the user's brain that he can’t control himself from investing real cash and earning tons of money.

According to a study, more than 92% of the binary traders lose their money in trading, so you need a stroke of luck in being in the rest 8 %.

When a person starts losing his amount a sense of awareness touches him. He decides to leave trading and withdraw his all money. You can easily add money to your trading wallet through your debit and credit cards but when it comes to withdrawing something like this pops up on their websites.

The withdrawal takes nearly 21 days to complete. For that duration of time, your money will be present in your wallet. Now this situation starts generating the psychology in one’s brain which the marketers want. The user thinks that ‘ why don't I invest this money and earn a double profit? The moment this thought hits him, his financial demolition will start.

Conclusion :-

What conclusion comes to your head after reading this content filled with tons of information? Are you still willing to take the risk? I am not forcing any one of the individuals it's completely your choice to make a decision. My agenda to create this blog was to convey  all the necessary compilation of their data to you. But you can think once again or re-read the article if you didn't understand some aspects. Personally, I have seen many hardworking people bidding on such binary platforms and losing a large amount of money. The content which you see on youtube urges you to install these applications especially beware of them they are promotional content of which they already receive a written script.I would like to end this by saying one line, Money is earned by hard work, not by shortcut. You have to work in order to smell the fresh notes.