The answer could be a very cautious maybe. Binary options are similar to stock options, a way of speculating on the value of a stock, rather than purchasing it outright. Stock options are tricky, though, and most people do their speculation through a licensed stockbroker.
Binary Options Take Speculation a Step Beyond Stock Options
Binary options take this speculation a step further. Whereas stock options work on a sort of sliding scale, binary options are all or nothing – yes or no, sort of like computer programming. But even that isn’t so very horrible if it is run by a scrupulous broker. The problem is that it is so very easy to shade a binary options transaction. Just a little tweaking can make it look as if the investor was just a little bit off in the way he or she read the performance of the stock. Furthermore, personal data is almost always exchanged during a financial transaction. This makes it easy for an unscrupulous broker to commit another kind of fraud: identity theft.
What to Do If You Think You’ve Been Scammed
If you think you’ve been scammed or even if you believe you’ve been approached by a scammer, immediately notify your bank, your credit card companies, and your nearest regulatory authority. If they tell you that you cannot recover the money you have lost, get in touch with a wealth recovery law firm, such as Goldman Williams. In 2017, more than 2,500 British citizens filed suits because of binary options fraud.
Who Are the Scammers
Saed Williams, of Goldman Williams, remarked that in many cases the people who are making the calls and pulling people into binary options are employees. The cost of living in Israel, for example, is extremely high. The companies that sponsor the binary options frauds hire hundreds of people to work in call centers, using a script. This creates a sad case of the desperate coaxing other desperate people into losing their money. Small wonder that there is an international sigh of relief as Israel and other nations begin to crack down.