Unregistered binary transactions have hiked significantly. The world has caught binary options scams in public. The amount of binary options brokers false in nature doesn’t appear to stop. According to a CNBC report, new traders have lost over $1.5 billion due to binary options trades in the extended run. The fun fact is that traders proceed to fall victim to such cruel practices despite losing their funds. Most don’t rest until they go bankrupt. Illegal options transactions are rather regular. These brokers deceive themselves as top agents who appear to have top-tier associations with the best banks across the globe. They declare they have ages of experience, although they began operations a year ago. Such is the horror of such scammers that they hire bogus people to perform in their videos and say that they were once poor and malnourished until they discovered that particular firm and ended up being rich overnight. Whosoever makes such unclear claims should be put right in jail for pushing propaganda upon such young traders. The broker-dealer connection here is an exciting affair. First, the broker makes sure that they gain over these traders’ trust by contributing profits for the first deposits. Later, the broker demands the trader deposit a large amount to make profits. The trader’s youngness makes them do so and what follows is that they finally lose all their money. These binary options firms usually operate in third-world countries that are not developed and don’t have strict rules living by them. Some of them involve Nigeria, Seychelles, and other nations where the economic system is very corrupt. There is no moral law for the criminal to arrest the criminal if they have performed fraud.
We recommend evading such systems and checking the broker before choosing to invest. Avoid unregistered binary transactions at all costs.