There are hundreds of binary trading apps in the market. Like olymptrade, Binomo, expert option, guru7 and many more. Maximum of apps are doing frauds with innocent people. In this article i am going to show you all details about binary apps like this. And will also show you how this binary apps doing scam with peoples.
What is Binary Options trading apps?
Binary trading apps are generally a trading apps. From where you can trade in different types of financial markets. Like stock, forex, commodities, indices etc. To start trading in this apps are very simple. Just install it in your mobile, register yourself by using mobile no or email, then deposit and start trading. You can start trading with less than $1. No need to complete kyc or anythings. Users can open long or short any positions in this types of apps or trading platforms.
How binary trading apps doing scam with people
It’s not legal
This types of binary trading apps like olymtrade, binomo is not legal or authorized by any government. It’s basically showing some fake authorizations of FCA, Cyprus Securities and Exchange Commission etc. It’s not approve by any central authority or agency, this is the main reason why maximum of apps are doing scam with people.
Not giving withdrawal
In this apps anyone can easily deposit by using multiple deposit methods like skrill, nettellar, globepay and others local payment methods. But only some apps will give you withdrawal. If you will face any withdrawal issue you have no option to claim or complain against them. When you will send withdrawal request they will show you many terms and conditions. Some times they just decline your withdrawal request without any reason.
Trading Chart manipulations
Maximum binary apps are manipulating users trade. Generally maximum users put 1 minute or 5 minutes trades. At the beginning you will earn profit. But after some days they start to manipulating your trades. Specially when you put big money in a trade they intentionally change the chart at the end and finally you suffer loss.
Deposit Bonus trap
Almost all binary apps are providing 50 to 100% deposit bonus. “Deposit $100 and get $100 free Bonus” they are using this types of tagline. But, they don’t tell you the reality of this bonus. If you choose deposit bonus while deposit it’s your biggest mistake. In binomo and others apps you have to follow many rules to withdraw your bonus. Even without complete some trading volume, you have no option to withdraw your capital amount. And terms and condition are very worst. Even if someone by mistake choose to deposit bonus he or she will not able to withdraw his deposited money. Because it’s almost impossible to complete their trading volume target or follow their terms and conditions.
Binary Youtubers Scam
There are lots of creators in youtube who openly promoting binary trading apps like binomo, olymtrade, expert option, iq option etc. Basically some binary youtubers are also doing scams with innocent people by promoting such trading apps. They teach people about different types of binary trading strategy and motivate people by showing their big balance in binary apps.
But, the reality is binary app companies give them fake balance in their real accounts to motivate people about binary trading. All big amounts balance and trades are totally fake. This is also a trap. Binary companies and this types of youtubers together doing scam with people. The the main sad things is if you will join in such app by using any youtuber’s link and after that if you will face loss in trading, 50% of your loss amount directly goes to his (youtuber’s) account. For proof you can watch youtube video in below. Where i showed all proofs.
No Stop-Loss and Take-Profit Option
In all types of trading platforms you can see some pending orders options like Stop Loss and Take Profit. But there are no pending orders option in maximum of binary trading apps or platforms. You have to predict the market and pull buy or long position. If you will right then you will earn otherwise you will loss your all amount. As per my point of view it’s not a trading it’s like a gambling. Because in trading there are no limit of loss and no limit of profit in single trade. In this apps loss and profit are fixed in one trade. Same like gambling platforms.
Fake advertisement campaign
You can see lots of advertisement of different types of binary trading apps in youtube, facebook and others social platform. Where some people showing you how people can earn easy money through trading from this apps. Someone buying car or big house by doing binary trading. This all apps are fake. They just wants to attract you in their trading apps. Once you start trading you will understand better.
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Demo account Trap
This all trading apps are providing demo account for practice trading in their platform. Many people install this apps and start trading demo. But there is also a trap. In demo account you will win maximum time, because they are manipulating from behind. After winning maximum trades it’s give you, better confidence. After that, you will deposit real money. But then you will face loose maximum times. After loose you will think that may be it’s some mistakes in your end, may be you are fail to analyze the chart. Maximum people are don’t know that all are some trap.
It’s my suggestion to all of you that please stay away from binary trading. It will make you a pro gambler. And as you know on one can earn money in long time from gambling. If you have interest in trading, you have enough knowledge of chart analyzing, then you have many options to show your skill and earn good money with very less risk. Start trading in crypto spot, Stock market, Currency market. But, don’t waste your hard earn money in such scams binary options trading apps.