The statement “binary options are scams” makes as much sense as saying “casinos are scams” or “Stockbrokers are scams”. Yes there are some scam casinos, there are some scam Stockbrokers and indeed there have been some scams involving binary options.
Binary options are a new area sitting between investing and wagering where regulations are not always clear and new operators are popping up like wildfire. Add to this the fact that it is possible to make large amounts of money relatively quickly and easily and the fact that all of this is happening online with crypto.
It is inevitable that these ingredients will attracted some dishonest operators and gullible customers but no more than other areas of the crypto ecosystem.
How to avoid binary option scams
Like all threats online start with good computer hygiene including these.
- Do not click on unknown links in emails or suspicious websites.
- Use a password manager for strong unique passwords.
- Use 2 factor authentication.
- Keep your computer’s antivirus, firewall and operating system up to date.
The good news is that you have come to this website where we only recommend the biggest and best crypto binary option brokers with the highest security, integrity and track record who are well trusted in the community, such as Whaleclub (review). Join up and trade with them and you will have avoided being scammed. Well done to you!
The secondary part of the “binary options are scams”argument is that while a decent broker are not going to rip you off or sell your details binary option brokers are scammy in the way they masquerade as investment houses or financial service companies.
The argument goes that binary option brokers claim to be brokering trades as if binary options are a conventional mainstream financial instrument that well trained city of London and Wall Street professionals make careers on when actually they are just taking bets with a big edge in their favor.
We can’t exactly disagree with that but we do disagree that it constitutes a scam. Rather it’s marketing spin some brokers use that suites their product and target market.
While the edge is often in their favor I can assure you it is also often in trader’s favor and, unlike sportsbooks and casinos, good binary options brokers don’t ban or limit customers who work out how to make long term profits.