Binary Options Scams
Binary options scams have been plaguing the world for the past two decades.
Fighting binary options scams is extremely complicated and a small slip-up can really hurt your pocket. Wealth Recovery Solicitors scrutinizes the specific details of your situation and takes you through all processes that lead to getting your money back.
Over the past 20 years the world wide web became the feasting ground for binary options scams and binary options fraudulent behavior.
Usually what may have brought you to their website was an advertisement that popped up, maybe a facebook, instagram or twitter post. The ad looked great, highly professional and made big promises to put your into the lap of luxury. They guaranteed a fast profit, giant bonuses for signing up and a user friendly platform to place your trades… Not to mention trading education.
Upon signing up a representative with a hard to place, European accent gave you a call. They explained that they are your new broker and ask for you to send over some money to top up your account. This can be done via Visa, Mastercard, Crypto or bank transfer. It’s not long until you are immersed in the financial instruments trading world of Forex, Stocks, Commodities and Indices. Your account manager explains that he only makes money when your funds grow, so, he is ready to coach you every step of the way to tell you exactly how to trade like and expert.
You were informed by your account manager that government regulation was going to get in the way of making real profits. Nothing could be further from the truth. You are now involved in a trading video game. Your account is not at all connected or mirroring any financial market and is 100% controlled by the fraudulent party that you have given your money. This is all because there isn’t any regulatory body or government who is monitoring the actions of this scam company and they are free to deceive you however they please. Any gains or loss that is made through your imaginary trading is all… imaginary. And there is more bad news, that big bonus for signing up. Its worth less than monopoly money.
From the beginning you are led to believe that the funds will be put into a segregated trading account that is linked to financial markets. And you believe that what shows on your online trading account is reflecting this segregated trading account. The reality of the situation is that when you “deposited” your money, it went directly into the scammers bank account and then spread around the company never to be seen again.
Making withdrawals from the onset was a foregone conclusion. The thought of not being able to withdraw your money didn’t even cross your mind. At some point in time when your profits are high, you decide to cash in and pull your money out. These attempt to withdraw are usually or are followed up by an immediate phone call from your account manager explaining that the world may implode if you withdraw these funds and they are usually able to convince their “clients” to leave the money in. If they can’t convince their “client” to leave the money in then they will pass the client from department to department to wear down their victim into giving up. Or they may inform you that you need to read the fine print on the trading bonus that you signed and you aren’t allowed to withdraw your money until you reach an impossible trading bonus. This is usually followed the sudden crash of all of your trades that misleads you into believing that your trading caused the loss.
If this all sound familiar then please be in contact with Wealth Recovery Solicitors below.