louise.kepinska
Corporal
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- 88
Yeah, rightfully so - they suck!
Israel Bans Binaries!
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Agreed
louise.kepinska
Corporal
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Did you have any problems with them?
After reading this, I actually discovered a few friends had been scammed by different binary brokers that are no longer trading!
I don't trade binary
Olieng38
Sergeant
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I think it's a quite weighed decision by israel government. To my mind, many countries relates to binaries bad because of the big amoung of scammers on this asset. Hence the only way is ban it at all. Bad it or not? There should be researches which count how much money did the people lose due to binary options. Of course this asset might be profitable when a trader knows his business, otherwise it will lead to money losses.
We can compare this situation with the ban of crypto mining in China I believe. These two situations quite similar, their main differencies only in purposes of this prohibition. China banned crypto mining because it contradicts basic laws of the country and violates economic component.
We can compare this situation with the ban of crypto mining in China I believe. These two situations quite similar, their main differencies only in purposes of this prohibition. China banned crypto mining because it contradicts basic laws of the country and violates economic component.
If you type "binary options" or "forex" into a Facebook search, you will immediately find groups where Israeli immigrants communicate. There are a lot of angry, resentful topics in these groups.
No one knows exactly how big the binary options and forex industry is in Israel. Not even the financial regulator Israel Securities Authority knows that. When we asked them, they replied "the industry is still unregulated, so we don't have the full picture."
I think they were banned because of numerous cases of abuse by fake brokers and lack of regulation.
No one knows exactly how big the binary options and forex industry is in Israel. Not even the financial regulator Israel Securities Authority knows that. When we asked them, they replied "the industry is still unregulated, so we don't have the full picture."
I think they were banned because of numerous cases of abuse by fake brokers and lack of regulation.
Centrirdana
Private
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- 33
The lack of normal regulation of binary options brokers was the reason for this.
Suppose 80% of the traders bet that the price of oil will go up. The company looks at this and thinks, "Hell, if only 20% of them win, we'll save a lot of money. A special algorithm takes care of everything. Then the broker just tells the client that the price has closed a little bit lower than the position, what can you do - market risks.
If the client provides proof that the price was indeed higher than he predicted, then the company gives him a link to the contract which states that it uses its own algorithms and the price may be slightly different from the market price.
Suppose 80% of the traders bet that the price of oil will go up. The company looks at this and thinks, "Hell, if only 20% of them win, we'll save a lot of money. A special algorithm takes care of everything. Then the broker just tells the client that the price has closed a little bit lower than the position, what can you do - market risks.
If the client provides proof that the price was indeed higher than he predicted, then the company gives him a link to the contract which states that it uses its own algorithms and the price may be slightly different from the market price.
sebking1986
Private
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More countries that do the merrier. As with most scams, big promises and little delivery.
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