No one begins trading binary options thinking they are going to get scammed. The reason many people get defrauded is because they think they know every trick. When it comes to the binary industry it seems there are endless tricks up these scammers’ sleeves. Here are some of their sordid tactics used to draw people in.
How Scammers Lure You In
Trick 1: Selling the Ease of a Simple Investment
Investments are challenging and there are libraries full of books on the subject. When someone suggests they have found a simple investment they are lying. Superficially, binary options looks like a straightforward financial instrument, that is no more complicated than a flip of a coin.
Binary options works off of probability, which is not something that is easily controllable. Even if you simplify your investment strategy you will still lose money in the market, let alone against a brokerage house.
Trick 2: Starting Off Small
Scammers are incredibly intuitive when it comes to sniffing out the amount of money that you have. Their trick is to make you believe you are too smart to fall for a scam that will rob you of a substantial amount of money. That’s why they start you out small. Instead of asking for a large amount, they get a lot of money from you over time – over weeks, months and even years.
They ask for an amount that doesn’t harm your bank account, that you won’t feel the effect if you lose it. And once a scammer gets his hands on your money, even a small amount, they get the taste for it and do whatever they can to get you to hand over more money frequently.
Trick 3: Use of Sob Stories
You might be smart with your finances, but binary options scams seek to engage you on an emotional level. The brokers are told to lie using personal stories to compel you to deposit more money into your account. They might use a family tragedy that sounds surreal on paper but believable on the phone, such as they need your commission to pay for a family member’s cancer treatment. The scammers find ways around logic and pull at the right heartstrings.
If you’ve been scammed by any of these tricks, you might have legal recourse to get your money back. Find out by contacting Birman Law.