Binary Options Regulated and Scam Brokers

[Joa]

Pharao - with all due respect.......

There is no idiot who would swap 10 billion off hours and shooting himself in the foot.

Before you ever say such a thing like "not being connected to the market"..... check with a regulated bank who offers binaries. And if you knew a little about forex cash options, you'd be more cautious condemning binaries.

I don't know why you are a fan and strong defender of forex. There is NO market of forex - unless you manage to explain this here to me, and I invite you to do so.

B-Books - be aware of that - are NOT connected to the market either!!!!!!!!!!!!! THAT is the source of all FOREX SCAMS

I am indeed looking forward to your professional explanation of the "forex market", forex cash options (unregulated),
A-Book and B-Book, and all in the context of being "connected to the market". I am particularly interested to hear your statement about the B-Book being connected to the "forex market"

It is finally very bothersome, that it seems that the FPA has absolutely NO interest in educating people to prevent fraud and scams.
Dealing with poor little guys AFTER they messed up and lost their money doesn't help anyone. It's repetitive: Call your credit card company, file a complaint... invite the crooks to chat..... Someone do something about PREVENTION - at least that is what I try to do here.

it would be nice to have a laundry list of do's and don'ts for traders to check, and make them do so before they even come here and cry foul. Some of them were just plain greedy and some were stupid, and in many cases both.

So why does the FPA not move such an educational thread like this one up into the sticky area? Hey we might be able to prevent a few scams .......

Wishful thinking...

 

[Joa]

Thank you for moving this thread up !!

I hope a lot more members check this and maybe we can prevent a fraud/scam or two....

Thanks again

Joa

 

[Joa]

......and if any of you have questions you'd like to ask, feel free to leave me a private message

I do trade FX (not much anymore) and Binary Options

I'll help as good as I possibly can

Joa

 

[Talsar]

hi there
I wish I had found this forum before I ventured in to the Binary Options, I went with 2 companies traderXP & Banc De binary
now a feel like such a clatz, a large amount in both, there are still balance approx !/2 but it is figuring out how to get the funds returned
or do I just play with it when I have nothing to do Knowing full well I will never see the funds again

 

[Pharaoh]

It is finally very bothersome, that it seems that the FPA has absolutely NO interest in educating people to prevent fraud and scams.
Dealing with poor little guys AFTER they messed up and lost their money doesn't help anyone. It's repetitive: Call your credit card company, file a complaint... invite the crooks to chat..... Someone do something about PREVENTION - at least that is what I try to do here.

it would be nice to have a laundry list of do's and don'ts for traders to check, and make them do so before they even come here and cry foul. Some of them were just plain greedy and some were stupid, and in many cases both.

So why does the FPA not move such an educational thread like this one up into the sticky area? Hey we might be able to prevent a few scams .......

Wishful thinking...

You got your wish. Your thread was made sticky. If you fill it with complaints about irrelevant things, you are just adding useless material destroying exactly what you are wishfully thinking of.

I think you need to wish harder to change the way the world works. I believe Talsar's post above shows exactly why all the anti-scam education material at the FPA and other sites isn't as effective as it should be.

Most people don't come to the FPA BEFORE they get scammed. The entire site could be nothing but stickied threads on how to check out brokers and other companies before investing, but if people don't visit the FPA first, it would do them no good. Once they get here and complain, there best thing to do is to guide them in how to publicize their issue, get it reported, and try to retrieve their money.

Calling people who may have no idea how many scams are out there "greedy and stupid" is just attacking the victims. It serves no purpose whatsoever and will only drive away the people who need help the most.

I've already written more than one guide at the FPA to save people from falling in with the wrong forex companies:

How To Select A Forex Broker

How Not to Lose All Your Money With A Managed Forex Account

Ponzi Schemes And HYIPS - Free Money Traps

How to Avoid Getting Scammed When Buying Forex Products

The CFTC also has some excellent anti-fraud warnings. Just like at the FPA, most people never see those until after it's too late.

There is no idiot who would swap 10 billion off hours and shooting himself in the foot.

Obviously. I was using this as an example of how to see whether a broker is connecting trades to real LPs or not. Some forex brokers do. Some don't. NO binary options brokers do.

Before you ever say such a thing like "not being connected to the market"..... check with a regulated bank who offers binaries. And if you knew a little about forex cash options, you'd be more cautious condemning binaries.

Show me how any LP can accept or charge a fixed payment based on a movement ranging from as little as 1 pip and with no upper limit to pip movement and I'll be happy to change my tune. So far, not a single binary broker, regulated or not, has been able to do this. Not one binary supporter in the forums has been able to do this. either.

So, until someone can provide even a tiny bit of evidence otherwise, I remain firmly convinced that all binary options trades are kept in house. This doesn't instantly make all binary brokers into scams, but does show that they are all bucketshops that benefit as clients lose - exactly like online casinos.

I don't know why you are a fan and strong defender of forex. There is NO market of forex - unless you manage to explain this here to me, and I invite you to do so.

B-Books - be aware of that - are NOT connected to the market either!!!!!!!!!!!!! THAT is the source of all FOREX SCAMS

I am indeed looking forward to your professional explanation of the "forex market", forex cash options (unregulated),
A-Book and B-Book, and all in the context of being "connected to the market". I am particularly interested to hear your statement about the B-Book being connected to the "forex market"

Looks to me like this whole thread is losing its stated purpose. You seem to want to have the facts about binaries covered up and begin a debate about whether or not some forex brokers cheat in the same way.

Excuse me, but did you ever see me claim that no forex brokers are bucketshops? Some even openly advertise themselves as market makers.

Obviously, many forex brokers cheat. Then again, others are really connected to banks and other LPs - either on a trade-by-trade basis or by hedging net client positions. Really clever ones will keep trades from those who don't appear to know what they are doing in-house (thus adding those client net losses to the broker's profits) and will only pass the more successful clients' trades on to their LP.

 

[Joa]

hi there
I wish I had found this forum before I ventured in to the Binary Options, I went with 2 companies traderXP & Banc De binary
now a feel like such a clatz, a large amount in both, there are still balance approx !/2 but it is figuring out how to get the funds returned
or do I just play with it when I have nothing to do Knowing full well I will never see the funds again

There is nothing preventing you from trying to get your money back!
I think the forum is full of good advice about how to get this done
In many cases persistence brings you success, or some success
I've gone through it, because I tested a few brokers and then went after them with complaints to authorities and involving attorneys

 

[Joa]

In reply to Pharao

I believe it belongs here to tell the members what A- and B-Books really mean.
Claims by brokers that they are an ECN - is ridiculous because anyone connected to the broker with his device belongs to the ECN, too
Claims by brokers that they are STP (Straight Through Processing) is equally misleading because it would not specify how their STP works. Any order placed by a trader is process straight through - and in more than 90% of all cases it's going straight to the brokers B-Book.
B-Books are NOT connected to an LP (liquidy provider), B-Books are internal books at the brokerage. In these B-Books, orders placed by private traders are matched, meaning xx amount of longs vs. xx amount of shorts. There is only the net exposure a broker has to worry about. So in fact 90% of all transactions NEVER reach the "market", it's totally disconnected if you want. Your own broker is your counterpart, resp. your Market Maker or Liquidity Provider. You can say the same about Binary Options if they are offered by a regulated broker (other than located on Cyprus, in Israel and and and...)

Since I am apparently annoying all members of the FPA, I will refrain from more comments and tips.
If I have stepped on a few toes, I apologize

 

[Joa]

The known crookster JASON SCHARF is up to now good again.
His latest venture that I found

TradeQuicker: Binary Options

is his next scam vehicle, so be warned

 

[Joa]

This is a nice list of the so far known scammers and fraudsters:

Global Investor Alerts - Cold-calling Alerts!

There is a wealth of information available there

 

[Joa]

About the FCA, the FSCS and the FOS

If you are an investor, you should be aware that the Financial Ombudsman Service (FOS)
and the Financial Services Compensation Scheme are not available if you deal with an
unauthorised firm or individual

That means it's totally OBSOLETE to complain to the FCA or the FOS if the entity you were or are dealing with is crooked and of course not regulated. These services above are only available, if a regulated entity has messed up.