The National Fraud Intelligence Bureau (NFIB) has received reports of Binary Options scams circulating. Binary Options are called ‘Binary’ because there can be only two outcomes – win or lose. To trade, all you need to do is bet on whether the price of something will rise or fall below a certain amount – if it is correct, you win and get paid. If not, you lose all of the money you originally invested.
IMPORTANT UPDATE AND WARNING:We have recently received complaints and read many negative reviews on the internet about regulated binary options brokers using indecent practice towards traders. Although some binary brokers may be regulated, we do not recommend opening a trading account with ANY broker, be it a regulated broker or a non regulated broker, as THEY ALL seem to be unethical and non-trustworthy, even the regulated ones! If you have been scammed by such a company you can check out our RECOVER FUNDS FROM BINARY SCAMS section.
Also, instead of trading binaries which are mostly scams, you can trade with a trustworthy and popular FOREX broker such as TradeFred.