Belgium goes Ballistic on Binaries (and forex)

. . . a lot of weired stuff is always not too unlikely to occur once certain powers are called upon to consider taking some action whether they be kings or queens or otherwise, ... but apart from the unwanted side-effect regarding forex as opposed to BO brokers this is very good...
 
Too bad they lumped forex in with binaries. Sadly, there still are enough scam forex brokers using similar methods to make it hard for some regulators to differentiate the industries. The whole "you need to deposit more to save your trades we made for you" and "let's make one last big sure-to-win trade before that withdrawal" was pioneered by UFX before binaries were much more than a small blip on the radar screen.
 
It's great that Belgium is taking action against outright fraud and deception in the marketplace, cold calling and boiler room operations regardless of the underlying gimmick, i.e. Binary Options. On the other hand, there are legitimate brokers and institutions around the world that provide a a vital service to the world marketplace for traders and investors, and without proper discretion, throwing the baby out with the bathwater would not be in anyone's best interest.

The other issue is that there's been news of massive outflows from traditional hedge funds because retail investors are tired of the fees and declining performance.
This has been the long standing culture of the traditional regulated investment house to make their juicy fat profits by charging fees, for everything from data feeds to commissions, education, and the whole laundry list of products and services. The big guys make their money no matter what.

Unfortunately, the vast majority still lose money, but the difference is, your loss in fees become taxable income to the investment houses which eventually flows back to the government instead of a bunch of outlaw B.O. hooligans.

The Forex broker industry and institutions in general provides data feeds free of charge, and they make their living on the spread and reasonable commissions, (if you shop around for a good broker). And since the FX marketplace is decentralized, there will always be glimmer of hope from relief from excessive fees and government regulations tyranny.

They can take our citizenships, but they can't take away our FREEDOM!!
 
I have lost a lot through banc de Binary in Cyprus. They accepted me on a load of questions that I had never seen or been asked. Stating I had an income of 10000 - 20000 per year and that I was an accountant and passed loads of exams. All lies. Am now trying to find a fraud solicitor the get some of my lost 32225$.
Here is the false questionaire; . The second responses are mine when they sent me this about 3 weeks ago.

Hi


You have all the access but here you go as requested


QuestionAnswer (24)Have you invested funds before

Yes NO

Education level

Bachelor Degree /Diploma No exams to my name, I did not even pass one GCE exam on leaving school.

Profession or relevant former profession

Business Administration. I have never been in business administration.

Employment Status

Employed. I am self employed always have been.

Do you have previous work experience or relevant qualifications that helps you understand our products and services as well as the risks involved?

Yes. No have no experience or qualifications.

Did you attend course/seminar about binary options?

No

Do you have any connection or association with the U.S.?

No

Annual Frequency of Transactions

51 To 100. Frequency of what transactions.

Approximately in the last two years, have you traded any binary options on an execution only basis

Yes. Never traded any binary options in any basis at all.

Source Of Funds

Saving

Estimated Net Worth

250 To 500 K. no where near.

Estimated Annual Income

50 To 100 K. 10 – 15 K

Purpose and reason for opening account

Assets Saving. increasing my income.

Anticipated account turnover

50,001 – 100,000 never said anything about this as have no idea.

Size of Wealth

101,000 – 250,000. no where near that.

Expected origin of incoming funds

Credit Card

How long have you traded (Experience) – in years

1-3. never traded before at all.

Frequency of trades in the last 12 months

More than 50. never traded before.

Volume of transactions (within the last 12 months)

Less than 25,000 USD. none

The period over which clients transactions in financial instruments have been carried out

Long term. not true no idea what transactions as none been carried out.

The types of services, transaction and financial instrument with which you are familiar

Currencies. none not traded

I have previous work experience or relevant qualifications that help me to understand your products and services as well as the risks involved

Yes. No experience at all.

Are you familiar with the risks involved in trading Binary Options

Yes NO

Industry of Employment

Accountancy Never been in accountancy at all. I left school, did a secretarial training and a dressmaking course. Then I married. When divorced I cooked and ran singles parties. Self employed.
 
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