Brian Shaw
Highly suspicious person
- Messages
- 18
Casinos are not scams by default. Binary Options are not scams by default. Both are bucketshops by default. Online casinos are much more likely to be scams than physical casinos in areas where they are legal and regulated.
A tiny number of the hundreds (thousands?) of binary casinos are getting regulated. One or two Swiss banks (who have verifiable physical addresses to go with their websites) decided to test the waters and see if people who are bad at math will lose more those few who can beat the odds can win.
This still leaves the vast majority of binary brokers as unregulated or grossly under-regulated. Most of those list only a virtual office or even no physical address at all. The number of complaints against these companies makes it plain that a very large percentage of them are not just stacking the deck, but are fully deposit only.
If you do want to play with binaries, stick to those well-regulated ones. I know the NFA and CFTC will be keeping an eye on Nadex, the only US regulated binary broker. Dukascopy would never risk their reputation, so will pay traders even if their binary operation posts losses. I have yet to see how the FOS and FCA will handle a complaint in the UK. Their track record on forex complaints is mixed.
I agree with you Pharaoh. You have a good knowledge about binary options and the trading business. I have always considered the weight of your thoughts in this site.