Unfortunately, binary options is uncharted territory. This means it is fair game for all who want to make money, including those who want to do so at the peril of others.
The most perilous scams in this business are the brokers. They are set up by organized crime outfits, and have no interest in seeing anyone else make a profit.
They have aggressive marketing departments, very good design aesthetics, and a versatile banking system. But at the heart of it all…
The Business Is A Fraud
A stellar example is Pocket Options. This ‘broker’ is aggressively marketed on every faceless internet forum related to trading. In fact, it is almost impossible to say that one has never heard of Pocket Options.
At some point one is bound to visit the website to see what all the noise is about. In my case I was introduced to the website by a friend – or so I thought – and I was immediately hooked with the brilliant design of the platform. I quickly made an unreasonable loss, and then understood that it is just not possible to be successful with that broker.
The system is designed to lure you into something called OTC. It is their own special scam; a set of artificial assets that are completely controlled by them. The trap is well concealed – you don’t know what you are walking into.
1. High Payouts
OTC assets pay on the average 91% of what you risk. Right beside them are real assets which pay around 41% on the average. Naturally, every trader wants to trade options that offer high payouts.
This is especially true because it is impossible to breakeven with 41% payouts. Choosing the OTC assets is as they say a “no brainer.” They easily get 10 new suckers every day with this alone.
2. Grouped With Real Assets
OTC assets are grouped with real assets; this is means a complete newbie doesn’t know the difference. After knowing the difference, it may even be possible to hurriedly make OTC trades in error, while thinking that one has placed trades in real assets.
The bottom line is that suckers lose money, while the people behind the broker smile all the way to the bank.
3.
No
Information\is Provided
As mentioned earlier, newbies don’t know the difference between AUDCAD and AUDCAD OTC. They just see that one offers 45%, and the other offers 91% payouts. The company makes no effort to educate traders that OTC is a market they (the company) controls, and that losses are inevitable.
You Must Not Win
Another popular commentary about this broker is that they get very angry when you win. Obviously, they randomly close accounts of successful traders and only just stop short of telling them that they are supposed to lose, not win.
They refuse to honor withdrawal requests, especially when the money involved is big. Instead they “review” the account owner’s details, and also review the trade history to find something wrong. To find an excuse not to pay.
Furthermore; they close accounts that trade with bots – also called “expert advisers.” Please be mindful that they do not close these accounts if they lose, they only close them after periods of wins.
Another thing to remember is that it is not possible to trade with bots unless the broker allows you. By the platform’s very design structure, bots are part of the build. So why design the system to use bots if you are going to block accounts for doing so?
It makes no sense, and they don’t care. Because…
The Scam Works
As mentioned previously, this broker easily gets 10 new suckers every day. I lost around $35, someone I know lost $350, and you probably lost $500. Small amounts when put together usually add up to large amounts, therefore, it is clear that this company operates a very lucrative scam.
There is no need to talk about whether it is possible to trade successfully on this broker. There is already enough information out there to provide sufficient information for anyone who seeks to find out the truth by the experiences of others.
For those who are not aware, a quick Google search will answer all your questions. Copy this and paste it into the search: “pocket options OTC scam.” It is better to read from a forum, where many different people will relate their experiences, rather than reading from a blogger who can be compromised.
Of course there are many who will attempt to counter the information presented in this article, but experience has shown that they are mostly faceless persons with no real evidence of success to present.
One must therefore consider the motives:
For example, what is the motive of writing this post? To warn others! For people to avoid the pain of losing their hard earned money to fraudulent brokers.
So what is the motive of those defending a broker that is evil enough to be blacklisted in the US, and in several other countries? Think!
If they were real traders, they would be busy trading. If they somehow decided that those claiming fraud are wrong, then maybe they would provide some proof.
People are losing money – that much is proven. If anyone is making any money then let us know.
Losing More Than Money
It is not only about the money – it can be replaced quickly enough.
But the impression, the bitter experience, and the trauma may not be so easily washed away. Many people are looking for a way to make some money, to make some income, or to develop something impactful to society.
They choose trading – binary options trading, and come out to turn their dreams into reality. They soon have those dreams crushed by criminals hiding behind brokers. It is not about money, it is about the mental energies that have been obfuscated. Who knows what great things these traders could have achieved? Who knows how they could have contributed to the world, and the lives they could have touched.
There are still some unresolved trading questions:
Is It Possible To Trade Binary Options Successfully?
Can You Really Trade Binary Options With $20?
We hope to hear you thoughts on the issue. One of the ways by which traders can be successful is by sharing knowledge and experiences. This helps new traders avoid pitfalls, and guides experienced ones to reach new heights of greatness. Trading is really a community effort whether we realize it or not; we either win together or lose together. There is no middle ground!
If you have any positive experience with this broker, please let us know so that we can take this post down.
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