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Trading-empire.com reviews: Is Trading Empire Ltd Scam or Legit?
Trading Empire LTD always aims at the optimal profit level for investors. Their trading specialists work in stocks, forex and cryptocurrency markets and have achieved many achievements in recent years.
Is There Any Safe Investment Sites?
There are many ways to get a better investment return, and in many cases the safety of your money is not sacrificed. Before making any investment on any site, try to read the reviews first. There are many trusted and paying sites on online.
HYIP PAYMENT STATUS: NOT PAYING [SCAM PROGRAM]
|Company Number: 12274737|
|Minimum Deposit: $25 Only|
|Minimum Withdrawal: $1 Only|
|Minimum Withdrawal: $5 for Bitcoin|
|Payment Method: Perfectmoney, Payeer, Bitcoin, Ethereum, BitcoinCash, Litecoin, Dogecoin|
|Domain Registrar: Openprovider Inc.|
|Domain Registered: Sep 20, 2020 – Sep 20, 2020|
About B TRADING EMPIRE LTD
Trading Empire LTD is an innovative and practical “digital funds” online platform. They are active in the world’s top markets including stocks, forex, cryptocurrency. Investment funds are administered by Trading Empire LTD’s certified financial department, a group of qualified experts with having many years of extensive practical experiences.
Trading Empire LTD strives to be worthy of their clientвЂ™s trust by providing them with services which are economically beneficial to them and to create awareness regarding reliable and highly profitable investment platform among their clients around the globe. All you need to do is sit back and enjoy how your profit grows on a daily basis.
Passive income can offer an individual opportunity to earn money. They give you this chance. However, it is wrong for not telling you about security of their program. The platform has most secure advanced encryption protocols and hosted on a dedicated server for fast performance.
They work with Perfectmoney, Payeer, Bitcoin, Ethereum, BitcoinCash, Litecoin, Dogecoin. In the nearest future they will add more payment methods for investors all over the world. It is easier to find an exchange service to fund or buy your online currency when you have more than one option.
Investment plans of Trading Empire LTD are profitable. As soon as you introduce money in the investment process of their company by making a deposit, your money start working, bringing you a steady income every day. They offers various investment plans to all: 101% After 1 Day, 110% After 7 Days, 120% After 10 Days.
They are dedicated to providing their customers with outstanding service and investment plans that are second to none. There are no restrictions for potential investments to be made. The minimum investment amount is only $25 and the maximum amount is $10000. Your account will be updated immediately as you deposit via Perfect Money, Payeer. For crypto deposits you should wait some time for confirmations from Blockchain network.
Profits are gathered on your account balance and you can withdraw them anytime. The minimum amount for withdrawal of funds is just $1 for Perfect Money, Payeer but for crypto is $5 only. They process profit withdrawals every day instantly, including weekends and holydays.
Comodo Essential SSL
Even if anything happens to other investment sites you know of, Trading Empire LTD can never be tampered with. Their licensed software, strong DDOS protection and dedicated server have all been put in place to ensure the maximum safety your account (and money) needs.
Multiple Accounts Warning
You can have only 1 registered account. Creation of 2 or more accounts by one user is prohibited. In the case of multi-client accounts all user’s accounts will be blocked and funds will be canceled.
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They offer a flexible affiliate program to their customers. This is a great way to make extra money. You can invite people to their investment platform and promote their site using banners, text ads, social networks, messengers and any other legitimate ways. For direct referrals you will get 3% interest on the amount deposited by the referral. You can surely make a lot of money from the referral commissions you get.
Great Customer Support
Their round-the-clock E-mail support team will respond to you fast at any time, any day. Even on weekends and holidays! For technical support or any advice at all, simply send an email to support if the FAQ doesnвЂ™t address your case.
Address: 50 Charles Street, London, England, W1J 5EP
This article is writing on 24 October, 2020 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it.
trading-empire.com Review – Is it Scam Or Not?
Click here to view website
Trading Empire LTD always aims at the optimal profit level for investors. Their trading specialists work in stocks, forex and cryptocurrency markets and have achieved many achievements in recent years.
Their program is intended for people willing to achieve their financial freedom but unable to do so because they’re not financial experts.
Today everyone has a chance to build its capital by investing in our business. Together they can build a new future.
Their company number: #12274737
Please, feel free to contact us with any questions:
|Start Date||23 Oct 2020|
|25$ – 10,000$|
|PaymentProcessors||Perfect Money , Bitcoin , Payeer , Ethereum , Litecoin, Dogecoin ,BitcoinCash|
Investment’s plan of trading-empire.com:
101% After 1 Day, 110% After 7 Days, 120% After 10 Days
Minimum :25$ – Maximum:10,000$
Features Of trading-empire.com :
Security:DDOS Protection – EV SSL, CloudFlare, Inc.
Rules Of trading-empire.com:
1. Objects of Regulation
These Terms govern the process of interactive cooperation between the Client and the Company on the basis of the website, the processes of financial transactions, payments and receipt of funds, as voluntary investments, as well as anything else that possibly, but not necessary, may arise in the process of cooperation between the Parties.
2. Objects of Cooperation
Using the public Services (surfing on the company’s website) and / or using the capabilities of a personal account and secured Services, the Client confirms the fact that he has reached the age of majority under the laws of the country of which he is a resident at the time of the above actions, and the Client confirms that he had no conflicts or sanctions on the part of the Company before.
In addition, the Client agrees not to use the website and / or Services in the event that such activities are contrary to local legislation.
The Client also confirms and guarantees that he will not use the capabilities of the website and / or Services to carry out any illegal activities, money laundering and terrorist financing.
3. Registration and Personal Account
In order to access and use the Services, the Client shall create a personal account. To do this, please click the “Registration” button and follow the instructions of the system.
Please note that without the consent and acceptance of these Terms, the creation of a personal account and, as a result, the availability of the Services is impossible.
You hereby agree that:
- You accept all risks associated with unauthorized access to your personal account;
- You will keep data on the password to your personal account secure and inaccessible to third parties and under no circumstances you will provide access to your personal account to third parties;
- You will notify the Company immediately if you discover or if you suspect that a security violation has occurred related to the website;
- You will take full responsibility for all actions that occur in your personal account.
4. Non-Disclosure Policy
The Company provides Services in the range of their performance as a business package of a private transaction.
The Company does not consult on related and non-related areas of the Services.
The Company does not provide consulting, financial and legal services of any kind related to taxation and tax legislation.
The Company does not provide information on current bid prices and forecasts for futures and any other related to currency planning; information related to internal financial transactions, as well as information on resources used to fulfill the company’s obligations to clients.
Any information received from the Company should be considered as information that is not a call to action or as information that is not a conclusively verified and indisputable fact.
5. Regulation on Transactions
Taking into account these Rules, as well as the “Transaction Conditions” paragraph, the Client confirms that any transaction initiated by him on the Company’s website is an exclusively independent transaction, for the outcome and consequences of which the Client undertakes to be personally and solely responsible.
6. Regulation on Data Transfer
The Company shall not be responsible for any damage to the Client resulting from the online transfer of data, including when using the Company’s website.
The Client confirms the fact that he understands that the use of any online technologies that involve the transfer of data and / or information cannot be absolutely safe.
7. Third-Party Content
The Company’s website may contain some information and links belonging to third-party service providers. Such information and links, as well as other content that is not the property of the Company, are not objects controlled by the Company and are provided as proposals and / or fact-finding information voluntarily considered by the Client. The Company shall not be responsible for the above data and content.
The Client acknowledges and agrees that any content on the website, including text and graphic materials, is the intellectual property of the Company and is subject to copyright protection.
In addition, the Client acknowledges and agrees that, among other things, questions, comments, feedbacks, suggestions, ideas, plans, notes, drawings, original or creative materials or other information relating to the Company’s website or related to the Services, submitted by the Client or other users of the Company’s website, whether by email or otherwise, are not confidential information and may become the property of the Company.
The Client acknowledges and agrees that the Company will have exclusive rights to the above materials, but not limited to the above, including all intellectual property rights, and will have the right to unlimited use and distribution of these materials for any purpose, without consent and / or permission of the Client.
9. Ownership of funds
The Client confirms that any funds used by him in connection with the Services belong to him personally or that the Client has current authority to conduct transactions using such funds, and that all transactions initiated using the personal account of the Client are related only to the Client’s personal account, and not executed on behalf of any third parties.
10. Client’s Obligations
The Client undertakes:
- Not to violate or assist third parties in violation of any law through the use of the Services;
- Not to provide knowingly false, inaccurate or misleading information and data;
- Not to infringe copyrights, rights to patents, trademarks or intellectual property rights of the Company or any third parties;
- Not to distribute unsolicited commercial information;
- Not to use software and hardware tools and devices, including, but not limited to, DDoS technologies, in order to hack the Company’s website and related products and programs of the Company and / or violate the stability and integrity of systems.
In the event that the abovementioned attempts are detected, as well as attempts to gain unauthorized access to the website, to other people’s personal accounts, computer systems, external programs, cloud services or networks connected to the website, using an intelligent password analysis or in any other way, such actions of the Client or user will be considered as a violation of these Terms and will result in penalties in accordance with local legislation.
11. Transaction Conditions
The Company shall not be responsible for any loss or damage incurred as a result of an unsuccessful transaction on the part of the Client or the payment system chosen by him.
In addition, the Company undertakes to create services that notify of failures in transactions in no way; we, however, make every reasonable effort to create the proper level of awareness of the Client in such cases.
The Client agrees that he is solely responsible for identifying such a transaction and confirms that all actions aimed at clarifying all circumstances and establishing the final result are wholly and completely in his sole competence.
The Client should under no circumstances use third-party and / or non-certified software and confirms that in case of violation of this provision, he will be solely responsible for any damage in this regard.
The Company reserves the right to refuse to process, to suspend or to cancel any transaction if we suspect that the transaction is related to money laundering, terrorist financing, fraudulent activities or any other type of crime, or if we see the connection of this transaction with violation of these Terms.
12. Withdrawing Funds
The Client has the right to create requests for withdrawal of funds available on the General Balance of his personal account.
In turn, the Company undertakes to pay such funds no later than 48 hours after the request was created, provided that the request was created on a business day and no later than 48 hours before the next non-working day.
13. Additional Earnings System
The Company is not the initiator of sources of additional earnings. The Client agrees that he can receive all Affiliate Ranks, with the exception of Affiliate Rank No. 1, only on the terms set forth in the “Partners” section of the Company’s website.
Affiliate bonuses and fees are credited, as well as income from the Client’s investments, to the General Balance.
14. Liability Waiver
The Company makes no warranties regarding the performance or uninterrupted operation of the Services in the event of Force Majeure. At the same time, the Company makes every reasonable effort to ensure timely processing of transactions, but makes no representations or warranties regarding the amount of time required to process such transactions. Since cryptocurrency transfers both within the Company’s system and outside it depend on many factors beyond the control of the Company, we make no warranties regarding the precisely determined amount of time required for cryptocurrency transactions.
In accordance with the peculiarities of the applicability and interaction of international and local laws, some subparagraphs of this paragraph, as well as some subparagraphs of other paragraphs of these Terms may not apply to a certain category of the Company’s Clients.
For a complete understanding of the issue and clarification of the situation in the light of local law, please consult with your lawyer.
15. Limitation of Liability
The Company shall not be liable for losses associated with causing material damage, loss of profit, as well as, but not limited to, any indirect losses incurred by the Client in connection with the use of the Services, even if the Company was notified of the possibility of such losses, provided that the Client has used uncertified services, or the Terms of Service have been violated.
16. Force Majeure
In addition to the paragraphs specified in these Rules above, the Company will not be liable for losses associated with causing material damage, loss of profit, as well as, but not limited to, any indirect losses incurred by the Client in connection with the use of the Services as a result of reasons beyond the control of the Company, including, but not limited to, natural disasters, actions of governments and / or their substitute structures, war, civil unrest, fires, floods, earthquakes, imposed embargo, terrorist acts, power outages, failures of technological and other equipment, production or labor disputes or disagreements, actions of any service provider, or the consequences of using third-party software or communications interruption.
17. Introduction of amendments to these Terms
The Company reserves the right to introduce amendments or modify any subparagraph of any paragraph of these Terms at any time and at its sole discretion.
We will provide a notice of such amendments by posting the amended text on the corresponding page of the website and making corresponding adjustments in the “Revised” column at the top of these Terms.
In addition to this, but not necessarily, the Company can send a message to the Clients with the corresponding notification, using personal data provided by the Clients when registering their personal accounts on the website.
In any case, only the Company will decide on how amendments to these Terms will be announced.
Any amendments or modifications become effective immediately after the publication of these amendments on the website.
Such amendments will be applied to all Clients of the Company, regardless of when they created their personal accounts and / or started using the Services.
The Client confirms that he agrees with the fact that he must track the amendments in the text of these Terms independently and, while continuing to use the Company’s website and / or its Services, the Client confirms the acceptance of such amendments.
How to Spot a Forex Scam
The spot forex market trades over $5 trillion a day, including currency options and futures contracts. With this enormous amount of money floating around in an unregulated spot market that trades instantly, over the counter, with no accountability, forex scams offer unscrupulous operators the lure of earning fortunes in limited amounts of time. While many once-popular scams have ceased—thanks to serious enforcement actions by the Commodity Futures Trading Commission (CFTC) and the 1982 formation of the self-regulatory National Futures Association (NFA)—some old scams linger, and new ones keep popping up.
Back in the Day: The Point-Spread Scam
An old point-spread forex scam was based on computer manipulation of bid-ask spreads. The point spread between the bid and ask basically reflects the commission of a back-and-forth transaction processed through a broker. These spreads typically differ between currency pairs. The scam occurs when those point spreads differ widely among brokers.
- Many scams in the forex market are no longer as pervasive due to tighter regulations, but some problems still exist.
- One shady practice is when forex brokers offer wide bid-ask spreads on certain currency pairs, making it more difficult to earn profits on trades.
- Be careful of any offshore, unregulated broker.
- Individuals and companies that market systems—like signal sellers or robot trading—sometimes sell products that are not tested and do not yield profitable results.
- If the forex broker is commingling funds or limiting customer withdrawals, it could be an indicator that something fishy is going on.
For instance, some brokers do not offer the normal two-point to three-point spread in the EUR/USD but spreads of seven pips or more. (A pip is the smallest price move that a given exchange rate makes based on market convention. Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point.) Factor in four or more additional pips on every trade, and any potential gains resulting from a good trade can be eaten away by commissions, depending on how the forex broker structures their fees for trading.
This scam has quieted down over the last 10 years, but be careful of any offshore retail brokers that are not regulated by the CFTC, NFA, or their nation of origin. These tendencies still exist, and it’s quite easy for firms to pack up and disappear with the money when confronted with actions. Many saw a jail cell for these computer manipulations. But the majority of violators have historically been United States-based companies, not the offshore ones.
The Signal-Seller Scam
A popular modern-day scam is the signal seller. Signal sellers are retail firms, pooled asset managers, managed account companies, or individual traders that offer a system—for a daily, weekly, or monthly fee—that claims to identify favorable times to buy or sell a currency pair based on professional recommendations that will make anyone wealthy. They tout their long experience and trading abilities, plus testimonials from people who vouch for how great a trader and friend the person is, and the vast wealth that this person has earned for them. All the unsuspecting trader has to do is hand over X amount of dollars for the privilege of trade recommendations.
Many of signal-seller scammers simply collect money from a certain number of traders and disappear. Some will recommend a good trade now and then, to allow the signal money to perpetuate. This new scam is slowly becoming a wider problem. Although there are signal sellers who are honest and perform trade functions as intended, it pays to be skeptical.
“Robot” Scamming in Today’s Market
A persistent scam, old and new, presents itself in some types of forex-developed trading systems. These scammers tout their system’s ability to generate automatic trades that, even while you sleep, earn vast wealth. Today, the new terminology is “robot” because the process is fully automated with computers. Either way, many of these systems have never been submitted for formal review or tested by an independent source.
Examination of a forex robot must include the testing of a trading system’s parameters and optimization codes. If the parameters and optimization codes are invalid, the system will generate random buy and sell signals. This will cause unsuspecting traders to do nothing more than gamble. Although tested systems exist on the market, potential forex traders should do some research before putting money into one of these approaches.
Other Factors to Consider
Traditionally, many trading systems have been quite costly, up to $5,000 or more. This can be viewed as a scam in itself. No trader should pay more than a few hundred dollars for a proper system today. Be especially careful of system sellers who offer programs at exorbitant prices justified by a guarantee of phenomenal results. Instead, look for legitimate sellers whose systems have been properly tested to potentially earn income.
Another persistent problem is the commingling of funds. Without a record of segregated accounts, individuals cannot track the exact performance of their investments. This makes it easier for retail firms to use an investor’s money to pay exorbitant salaries; buy houses, cars, and planes or just disappear with the funds. Section 4D of the Commodity Futures Modernization Act of 2000 addressed the issue of fund segregation; what occurs in other nations is a separate issue.
An important factor to always consider when choosing a broker or a trading system is to be skeptical of promises or promotional material that guarantees a high level of performance.
Other scams and warning signs exist when brokers won’t allow the withdrawal of monies from investor accounts, or when problems exist within the trading platform. For example, can you enter or exit a trade during volatile market action after an economic announcement? If you can’t withdraw money, warning signs should flash. If the trading platform doesn’t operate to your liquidity expectations, warning signs should flash again.
The Bottom Line
Conduct due diligence on the forex broker you’re considering by going to the Background Affiliation Status Information Center (BASIC), created by the NFA. Many changes have driven out the crooks and the old scams and legitimized the system for the many good firms. However, always be wary of new forex scams; the temptation and allure of huge profits will always bring new and more sophisticated scammers to this market.
Scams and Blacklist
Scams are unfortunately all too common in the field of binary options. Dishonest brokers and reviews, or rigged robots and other auto trading services – the scams can come in many forms. So we feel it’s necessary to create this blacklist and list all known frauds and dishonest techniques in one place. We also go through the steps you can take to identify a potential scam and how to deal with the situation after the fact if you’re already a victim. If you know or suspect something is a scam, and we’re missing it on our blacklist, please let us know and we will look into it!
Why Are Stories of Scams So Common?
When any new financial instrument or form of trading first emerges, a whole range of businesses tend to get involved. It’s a fact of life that some of those product providers are going to be more trustworthy than others. This is certainly true of binary options. It is, after all, an accessible and popular method for individuals to trade the markets. What’s more, at least in their early days, binary options trading platforms tended to operate under the radar of the regulators and from any country over the internet – so it’s hardly surprising that unscrupulous operators seek to take advantage. Thanks to better regulation, a strong online trader community and honest reviews, it’s now a lot easier to tell a scam from a legitimate broker. But as with any international online marketplace, there are still some shady outfits who will leave you with less than you bargained for. So what are red flags to look out for? Here are the points to consider as you go about choosing your binary broker.
MyChargeBack.com are a company who specialise in helping binary fraud victims recover their money. They liaise with bank or credit card firms in order to get charge backs made to reclaim deposits. They will tell you if you have a valid claim via a free consultation.
Are Binary Options A Scam?
The term “scam” covers a wide range of behaviour, from providing misleading information to lure you in, through to vanishing account balances – and even dishonest trading advice. Likewise, a particular broker might not be technically fraudulent in its behaviour; it’s just that the service available on the platform (such as highly unreliable uptime or failure to reimburse funds in a timely manner) means that this is a broker that really ought to be avoided.
In all of these cases, the problem isn’t with binary options as a concept, it’s with the broker.
So it’s a matter of doing your homework before you commit to any particular platform. User reviews can be helpful (if they are genuine), but always treat such reviews with scepticism – and never make a decision on the basis of testimonials published on the broker’s website. Even trader forums can be problematic – look closely and you’ll often find that the forum is an offshoot of a particular broker’s website. Independent, thorough and comparative reviews are the safest way to ‘scam-check’ a broker. Ideally, focus on review sites that allow and encourage real-life users to get in contact and report and problems with particular brokers, so you can be sure that what you are reading is up to date.
Below is an always up-to-date list of our top 3 trusted brokers. You can find a list of all the brokers we recommend here.
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The UK’s Financial Conduct Authority (FCA) does now regulate binary options. They have already created a list of unauthorised firms. While they are not calling them scams, they are making it clear that these firms are breaking the law by trading with UK visitors – so they are best avoided. The full list can be found here: FCA Unauthorised List
By contrast, the USA along with most other EU countries do regard binary options as financial products. Depending on where they are based, many platforms will, therefore, be subject to oversight from a regulatory body. Examples include the CFTC in the US and CySec in Cyprus. A platform’s regulatory status can be a highly valuable trust-indicator for traders seeking to avoid scams. It shows that the broker has to abide by certain minimum standards when it comes to service and transparency.
Marketing “Too Good To Be True”
Taken in isolation, the act of placing a trade should be a straightforward one; and indeed, the usability of a platform tends to be a big selling point for brokers. Although this aspect of binary options is “easy”, it’s something quite different to claim that profits are guaranteed. Realising a profit through regular trading requires knowledge of how markets behave, the ability to read market conditions and an understanding of strategy. If the risks are downplayed – or outright false assertions are made (along the lines of “95% trades are successful”), these are false assurances. It’s a sign that the broker may be less than scrupulous in other important areas and that the platform ought to be given a wide berth.
Terms and conditions
Transparency is essential. Read the smallprint, and be especially wary of needlessly convoluted procedures for withdrawal of funds. Terms regarding your initial deposit can be another source of contention; for instance, if you are denied access to the deposit until a certain number of trades are made – so your money is tied to the platform from the moment it is handed over. This deposit retention is often part of wider terms associated with a ‘bonus’. CySec have sought to ban these sorts of terms by stopping the use of ‘deposit match’ bonuses. Non-CySec brands are still free to use them however, so T&C’s must always checked.
These tend to fall into two categories. The first is where you are called out of the blue and invited to sign up to a particular platform. The second occurs where you are already tied to the platform and you receive a call (or email) from a “senior broker” pointing you in the direction of particular trades. Reputable brokers do not need to make cold calls. Bear in mind “cold calls” might include emails too – any form of unsolicited approach should be considered a “cold” contact and be treated with extreme suspicion.
You should always be clear about who you are dealing with. In some situations, you might visit what appears to be an actual broker’s site, click the link to sign up only to be redirected to another broker. Alternatively a trading “service” may dictate that you use only their recommended broker. These “funnel” sites are sometimes used as a front by brokers with a poor reputation, or are working alongside them to dupe visitors (often using the misleading marketing mentioned above). A good broker will be upfront about its identity from the outset.
It’s one thing for a broker to give you access to the data and analysis tools to work out your own strategies (in fact, this is one of the signs of a great platform). It’s quite another for that broker to also offer trading advice. After all, with ‘over the counter’ binary options brokers, you are betting against the house; if the ‘house’ is making the trading decisions for you, it’s hardly likely that those decisions will be in your best interests. This form of “upselling” is often the most lucrative for the broker, and is usually the where traders lose the most. Encouraged by an “account manager”, traders are advised to deposit beyond their means and to over trade. On occasion large accounts will be wiped out in hours. The “advice” goes against any sound money management, and increases risk hugely. Always take responsibility for your own trades. Never allow a broker to make trading decisions for you.
There has to be a fair and transparent benchmark against which the broker sets its prices. This benchmark should be what’s happening in the real world; i.e. real-time market prices. If the broker reserves the right to set its own prices, you can assume that those figures will be skewed against you; in other words, a loaded deck.
Scam Brokers and Not Recommended Operators
The brokers listed below have generated a lot of complaints both directly and on the forum. The disputes vary from upselling and encouraging traders to over trade, to non-payment of withdrawals and price manipulation. There is little recourse for traders to raise a dispute with unregulated brokers, so it is generally advised that you look for trusted binary options brokers – preferably regulated in your own country where possible. “Scam” has become widely used as a term to refer to any form of poor service, but it should be noted that many of these brokers may have done nothing dishonest or illegal, but have attracted higher than normal levels of complaints. If in doubt, trade elsewhere. There are plenty of honest brokers out there.
Robot And Signal Scams
These signal providers, or robot services, are either scams or not recommended for other important reasons.
Instagram And Facebook
Beware of scams operating on social media. Again, binaries are not a get rich quick scheme. There are a huge number of accounts promising to trade on your behalf and turn $2k into $8k in a week. If these claims were true, the people behind them would not need to be running ads or signing people up – they would simply trade themselves.
Screenshots of successful trades are exceptionally easy to get – even genuinely. But these operators are unlikely to even bother trading – once you send them money, it is gone and you will not hear from them again (unless they think they can get you to deposit more). Always select your own broker, and always take responsibility for your own trades – dont let someone else trade on your behalf. If you do not understand binary options, or do not have time to trade – then do not trade at all. These scams often prey on people who lack experience.
What To Do If You’ve Been Scammed
Do you think you’ve fallen prey to a binary options scam? Read on to find out what you can do if you’ve been scammed. There are many ways to help ensure that you don’t fall prey to a scam but the reality is that even if you follow all those tips there is still a possibility you will be scammed. If that happens, what do you do? Do you sit back and take it? Do you give up on trading? No, you need to stand tall and look out for yourself. Trading is good, it is rewarding and can lead to a life in which you don’t have to go to a job and punch a clock. You can’t let the actions of one broker, signal service, robot or guru dissuade you from that path. This article is a look at what you can do if you think you’ve been scammed. It’s likely that once an issue arises you won’t be able to get your profits, it is possible to get back your initial deposit but it might take some work.
MyChargeBack.com are a firm specialising in helping victims of binary options fraud. They help claimants to explain the incident to the bank or credit card company, so that they fully understand what has happened. Some banks are unaware of binary trading and are unwilling to listen to claims. MyChargeBack help in this situation. They have a solid record of recovery from genuine claims.
If you are not yet looking for third party help, here are some steps you can take yourself:
- Document everything. The very first thing to do is to make records of everything you can. This includes the brokers, or SSP’s, terms&conditions, copies of any emails/Skype/live-chat you have had with them, confirmation of your deposit, turnover requirements for bonuses and your trading history. No matter what you do next, this information will be required in order to get satisfaction. What you do next will depend on the type of scam you have fallen prey to.
- Try to withdraw. Broker won’t let me withdraw. Contact the broker and try to find out why they won’t let you withdraw. The most usual reason is that you’ve not sent in the right ID documentation, something required by international law, and is an issue easy to fix. The next most pressing reason why withdrawals are not allowed is due to bonus terms and turnover requirements. If you haven’t met conditions you will not be allowed to make any form of withdrawal which is why you want to keep track of all your trading volume and turnover. If you didn’t accept a bonus in the first place your documentation will help you prove it. A good broker will try to solve your issues, a shady one will give you the run-around.
- Make your voice heard. Broker keeps giving me the run-around. If your broker is giving you the run-around and won’t address your issues the next best avenue for satisfaction is to let the community know what is going on. After all, it is the squeaky wheel that gets the grease. You can do this by posting complaints, with details, in forums like the one here at Binaryoptions.net. When you do this be sure to let the broker know and send them a link. They may not care, a sign of a shady broker, but when it comes to reliable brokers they will want to address your problems to avoid poor publicity. When posting complaints give as much detail as possible, just saying that a broker scammed you is not enough, proofs of fraud are what get results.
- Contact their payments provider. The broker won’t help, now what? At this point the chances that you have been scammed, and not just suffering from miscommunication, are quite high. If you can’t get satisfaction from the broker you will have to take more drastic measures. If you deposited by credit card this may mean calling the card company and requesting a charge-back. Let them know the initial charge was fraudulent and that the company in question is not returning your contact requests for best results. The Times Of Israel reported that a victim of fraud was able to get a full refund of his deposit after contacting the financial institution that processed the brokers payments. They withheld payments until the broker satisfied the claims.
- Contact the regulator. Time to call out the big guns. The great thing about expanding binary options regulation is that there is an alternative for many traders who think they’ve been scammed, you can contact the regulator. In some cases this can be a challenge as many brokers are located off-shore and hidden behind holding companies and virtual offices so be sure to do your homework. If the broker is regulated contact the agency overseeing them, if they are not regulated contact the agency which oversees financial regulation in your country. If the broker is regulated they will have to address your issue, to the satisfaction of all parties, in order to remain compliant. If they are not regulated at least you can be assured at least they will have a harder time scamming any more people from your country. At best cooperation between regulators could result in the broker being shut down for fraud.
- Be persistent. Shady brokers like to hire people who are good at deflecting questions and complaints, don’t accept what they are telling you. It may take time but eventually you will talk to the right person, or persons, and your case will be addressed. What is most likely to happen is that the combination of your contact requests, forum complaints and charges with regulators will add up to one thing, the broker giving you your money back to avoid a much bigger hassle.
How to Spot a Trading Strategy Scam
The internet is loaded with ads, articles, companies and individuals trying to provide you with the next big trading strategy that will make you rich overnight. Take pause my friend, here are tips to help you spot the scam.
A System or Only a Strategy?
First and foremost, trading strategies aren’t really going to help you become a good trader. What you actually need is an entire system. When you make a trading plan it needs to cover how you will enter markets, exit markets and how you will manage your money. It also needs to tell you under what market conditions you do all these things. That is a system, it tells you everything you need to know about how you will trade. A strategy on the other hand only tells you when to enter and exit, and may not tell you under what conditions it works best or poorly. It also may not provide guidance on position size or whether you can trade multiple assets at the same time – issues which are very important to address. In other words, a strategy may have missing pieces of information you need to be successful. We need a complete trading system…but marketers are smart, so they can easily just call the product they are selling a “system” to make it sound more complete. But is it? Here are several things to watch for which could tip you off the product is probably a waste of money:
A boxed system is one where you don’t get to know how the strategy works – it’s an opaque “black box”. For example, the product may just be a series of indicators or a service that tells you when to trade, but not why. This isn’t going to make you a better trader, because you don’t know what is happening behind the scenes. If a product or signal service stops operating you are left with nothing. Even if you made money with the product/service you have to start from scratch all over again. Make sure if you buy something it explains how it works, so that eventually you don’t have to rely on the product/service.
Extremely High Win Rates
Is it possible to have a 90% win rate? Absolutely, yet it is also possible to lose money with a 90% win rate. Stats are easily manipulated to tell partial truths or fabricate lies. Other popular tactics are saying things like “Made $500 in one day!” So what? That doesn’t actually tell you anything. If that was on a $1,000,000 account then making $500 isn’t so grand. And if they lost $3000 they day before, then making only $500 today and bragging about it is rather paltry. Read between the lines. What isn’t being said? To understand performance you need several bits of information: Account size (capital), percentage return, amount at risk on each trade, amount of profit per trade, win/loss ratio, biggest winner, biggest loser, average winner, average loser, number of trades and period over which the strategy was tested/profitable.
There are also some other metrics that could help you out, but if you ask the company for these bits of information, and they can’t or won’t give them to you, be suspicious. You can usually get a sense of what vulnerabilities and tendencies a system has by looking at the above stats. One of the main things is that the strategy should be tested over a long period of time, and in all market conditions–up trends, down trends, ranges, volatile and sedate conditions. It doesn’t necessarily have to profitable in each of these environments, but it should have at least been traded through them all so you know that the system is profitable overall. Often marketers will only publish results for a period where strategy did very well. But this doesn’t give you a real idea of how the strategy or system works over the long-term.
- Related to stats there is something else you need to consider. If a system is profitable, that result is based on all the trades. If you buy the product or the service, are you going to trade them all? On issue many traders face when subscribing to a signal service is that they don’t trade all the signals. If you don’t trade all the signals then your personal results could be dramatically different than the typical results of the service.
Only One Direction
Avoid a system that only trades in one direction, for example only buys assets but won’t short sell them. Markets rise and fall, you want to participate in both trends.
No Trial Period
You should be able to test a product and be able to cancel without a fuss if the service isn’t for you. Usually a quick trading forum search on Google will reveal what others have shares about a product or service. No trial, no deal. Don’t trust anyone, test things out for yourself. If they won’t let you, then be wary.
Final Words on Identifying Scams
A product or service shouldn’t make you reliant on it. It should show you behind the scenes so that eventually you can trade on your own. Good products will always have customers since there are people who don’t want to do the work themselves, and there are always new traders. There is no reason to make every customer totally dependent. Be wary of stats that are thrown out. Ask yourself what the stats aren’t telling you. Also, if the stats they provide are legitimate, then you’ll need to trade all the signals to take advantage and get results typical of the service. Of course remember though, past performance is not indicative of futures results. That is way it pays to do some homework, and make sure the strategy/system/service/product is based on a long history, and has proven itself profitable over all types of market conditions. Test out a product/system/service before buying it. If they won’t let you try, be suspicious.
Case Study – JV Affiliate Marketers
In this section we will look at how you can avoid being scammed by Binary Options JV Affiliate Marketers. Its not so hard, but requires you to let go of your emotions and examine things in a logical manner, as many of the scammers use emotional greed/fear tactics to get your money. Once you understand this you can quickly and simply save your time and money with these unscrupulous dolts. Some scams are simply comical in how stupid they are, while others can be very well done con jobs that lure you in with seemingly genuine people/systems/reviews which later you find are the exact opposite, as you look at your $0 balance wondering “Where did my money go!?”.
As you will see in the numerous scam videos, all you have to do is “NOT DEPOSIT” then these scams no longer work. So next time you see videos that are of a similar nature, just know they are supporting scam systems/marketers. Understand if they require a deposit they are fly by night and even if they were not they are supporting the scammers by the nature of requiring you to deposit with a new broker. So just refuse to deposit and they go away. Not the same stories kind of stories and promises over and over all to get you to sign-up to their “free” system/bots… They are not free you have to deposit and they get paid on those deposits… So remember limited time/fast money/can’t lose!/just fund your account = don’t do it!
In this image above you can see many of the scam systems are connected to each other on the same servers most often. These JV marketers have tons of these turnkey scams as they are very low maintenance. The reason you see so many of them is after a few weeks of the new story line wares off and becomes boring they will start production on another one and keep it all fresh and new thus avoiding the wrath of their old scams being complained about and those complaints shared with others. If they keep it new they avoid this along with the fact most newbies jump from one scam to another hoping one of these will work, which none of them do because trading is a learned skill/job… So again, understand their stories and how they work, and don’t deposit .
Case Study – Scams on Social Media
Social media is a “perfect” platform for scammers and can be even more insidious and convincing, and unlike the JV marketers these people will talk to you directly, but only to a point. Once they figure they can’t get any more from you or you no longer have value to them, they will un-friend you in a heart beat. The one thing they are all after is your money, so be on the look out for them asking for deposits or sign-ups telling you about amazing profits and opportunities, which will have you end up with empty pockets. Videos such as those used with both “The Green Room” and “FB Wealth Group” will pretend to be traders/friends, while they are really just out to get your money through either signups or even trying to have you pay them directly.
Also – if you see them mention anything MLM (Multi Level Marketing) related, they are trained to lure you in, so run the other way. These people don’t play around and will say whatever is needed to get you to sign-up and invest. There is a 45 minute long interview of a person that was scammed by both “The Green Room” and “FB Wealth Group”. We named it Binary Options Horror Story because that is exactly what it is in all its gory details. If you are new to binary options read, and absorb the above warning signs fully to see how they scammed people out of their money so it does not happen to you. Notice also how the worked with the brokers directly, which implies that they can be directly involved as well.
Scammers will repeat the common element of wanting you to deposit or even asking for money directly and from there you can tell them “no thanks” and make sure to unfriend them.
Best Forex Managed Accounts 2020
This is where a money manager handles the investments and trading of the client’s account on their behalf. They manage the client account by seeking trading opportunities, adjusting the risk, implementing their own strategies or even taking input from the client on what they would like to trade and how.
The world’s most popular FX platforms, the MT4 and the MT5 both feature the possibility of having a money manager manage accounts through them. This is often called a MAMM account.
The brokers below represent the Best Forex Managed Accounts brokers.
|Broker||Rating||Official Site||Regulations||Min Deposit||Max Leverage||Trading Platforms||Foundation Year||Publicly Traded||Trading Desk Type||Currencies||Commodities||Indices||Stocks||Crypto||Commission on trades||Fixed spreads||offers promotions||Official Site|
CMC Markets is a multi-asset class spread betting and CFD broker with over 30 years of experience, regulated by the UK’s Financial Conduct Authority (FCA) and thus offering segregated funds and a high level of security and safety. The CMC Group is a publicly-traded company on the London Stock Exchange.
The broker offers 3 different trading accounts: spread betting, CFD and Corporate accounts. Each account offers users to trade on more than 9,000+ trading instruments covering Indices, Forex, Cryptocurrencies, Commodities, Shares and Treasuries with spread betting offering commission-free trading and CFD and Corporate accounts offering commission-based trading on Shares only.
ActivTrades was founded in 2001 and was recognised by the Sunday Times Fast Track 100 as the 90th fastest growing company in the UK for 2020. The company is regulated by the UK Financial Conduct Authority (FCA), as well as the Securities Commission of the Bahamas and offers CFD and Spread Betting trading accounts with direct execution (non-dealing desk).
This brokerage offers a massive range of tradable assets through Forex, CFD, and share trading accounts. FP Markets supports the MT4, MT5, and IRESS platforms and offers leverage up to 500:1. You can trade 45 currency pairs with competitive spread or commission pricing.
FP Markets was founded in 2005 and is headquartered in Sydney, Australia. It is regulated by the ASIC in Australia. Demo accounts are available. While it is suitable for beginners, education resources are limited.
Pacific Financial Derivatives
Pacific Financial Derivatives Ltd (PFD) is a global online broker that operates from Auckland in New Zealand. The broker was established in 1999 by an experienced Japanese investor who has a similar business in his native country. The brokerage offers Forex, indices and commodities for trading on its platforms. With many years experience in the business, PFD has become a globally established brand.
IC Markets was founded in Sydney, Australia in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the Seychelles Financial Services Authority (FSA). According to the broker’s website, they processed $646 billion worth of trading volume in April 2020 alone.
While the broker offers services and features designed for both beginner and professional traders, the company promote themselves as the ‘go to’ choice for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre – processing over 500,000 trades per day.
What is a forex managed accounts?
A managed forex account is where a professional trader/money manager manages the trading on the clients’ behalf. The account is made up of a personalized portfolio owned by a single investor. The portfolio and account is handled accordingly to the investors needs.
An investor may advise the money manager on strategies and signals to look for while trading on his behalf. An investor may do this to take themselves out of the equation and trade without the psychology and emotions that come with wins and losses. On the other hand, some clients simply choose to let the brokerage/money manager trade the account based on their own systems and strategies.
Forex managed accounts can be compared to traditional investment accounts of equities and bonds, in the way that an investment manager handles the trading logistics. In no instance can a money manager withdraw or add funds to the account, they are granted trade only access to the account, and the investor has full control over their account. Money managers charge a fee or commission for managed accounts, so it is important to research a variety of options, as their prices can vary greatly.
How does a managed forex account work?
For an investor to have a managed trading account, they must first open a trading account at a reputable brokerage firm of their choice. Then allocate the necessary amount of funds for a managed account. The money manager has limited access to the account and operates on a trade only basis. The investor remains in full control of the account and its deposits and withdrawal processes.
Now, if a money manager does not have any control over the investors money, how can they conduct trades? Well, upon setting up a managed account, both the investor and money manager must sign a document called a Limited Power of Attorney Agreement (LPOA). This is an agreement for both parties, allowing the trader to trade on an investors account on their behalf, without needing to transfer the investors funds to the traders account. This agreement provides a high level of security, control, and transparency that’s comfortable for the investor.
With the signing of this agreement, the managed account gets placed in what’s called a “master block”, and as stated before, the investor continues to have full control of their account. They can check the balance, deposit or withdraw funds, monitor trade activity, and even revoke the LPOA agreement at any time if they are not happy with the money manager. One thing they can not do is conduct their own trading on the account, unless they revoke the LPOA agreement.
Regarding the money managers aspect of managed forex accounts. They may trade for many investors all from a single master account using PAMM, LAMM, or MAM software and technology. These technical procedures are integrated into most reputable brokerages and various online trading platforms, making it possible for traders to manage investor accounts.
Investing through a managed account has been around for a long time. In fact, it’s been around for as long as investing. With that in mind, there have generally been 3 types of managed forex accounts that prevail- Individual, Pooled, and more recently; varieties of PAMM accounts.
This type of account is the most simple and standard type of account when you think of a managed account. The account managed is a segregated account where the money manager makes all the trades on your behalf. The traders’ decisions are based solely on your instruction or desire, he/she is trading for you and only you.
Their decisions will be based on your risk level and whether you provide any specific strategy or guidance. Since there are no additional traders’ funds involved in this account, the minimum deposit may be quite high- exceeding $10,000. For this reason, and the fact the manager is trading this account individually for you, you will want to ensure a professional and competent money manager is chosen. A great deal of research and client testimonials will be beneficial when going this route.
This type of account is very similar too mutual funds, in where many investors pool their money together in a separate account and share the profits after fees and expenses. With pooled accounts, there are often a variety of pools to choose from. Each may be offering different risk levels, minimum deposits, investment strategies, currencies traded, and fees and expenses. These types of accounts are managed for a variety of investors, requiring you to choose or be advised on which pool suits your needs.
Unlike individual accounts, the manager is trading for numerous investor desires. To help determine an account for you, each fund will have years of past performance for review. A main benefit of pooled accounts is the lower minimum deposit required to enter, being as low as $2000. Although, there are often minimum participation requirements upon entering a pool fund. These are all factors you need to consider before diving in.
PAMM, LAMM, & MAMM Accounts
These types of accounts use sophisticated technology to distribute profits, losses, and fees based on percentages of funds each investor has involved in the master account used for trading. These account methods are relatively new in comparison with the other two listed here, and offer the satisfaction of dealing directly with the broker of your choice in a secure and transparent way.
It’s similar to the mirror and copy trading features some brokers offer, because of the automation and technicality. Although, it still has more similarities to a managed account. All these types of accounts are basically pool accounts, in the sense that numerous investors pool their money together and reap the profits or losses of the money manager.
What should you look for in a managed forex account?
There are numerous things to consider when opening a managed forex account and you must always be careful when selecting a money manager. You need to use due diligence ensuring the money manager is reputable and trustworthy. The forex industry is known to have some notable scammers in the past, so extra precautions must be made to guarantee safe and secure management.
Not only do you need to take precaution when choosing your money manager, but also in the type of account that’s suitable for your needs. Below are some things to look for when choosing a managed forex account.
- The risk level of an account or manager is something to consider. When trading with an individual account, you want to choose a money manager who’s trading style and history is at the level of risk you’re comfortable with. You can advise your money manager on how to trade, but by choosing one that trades with your level of risk already can make all the difference. As well, with trading accounts, you want to choose a pool with your appropriate risk level and trading method.
- Another important factor are the fees, expenses, and minimum deposits involved with a trading account. Many firms will charge performance fees to your account. These fees can vary greatly based on the account type, and risk level of such an account. These rates can range from anywhere between 10%-35% and some cases even higher. These rates are in accordance to a principle called the “High Water Mark”. This protocol is applied to your account if at the end of each month your net balance is higher than a certain percentage. If this is the case, your account will be deducted the performance fee which is a certain percentage. Some brokerages may also charge an account management fee on top of the other fees for following a specific formula. Also in some cases, there can be a fee for the termination of account in the event of transferring all funds.
- An important factor when choosing a reputable managed forex account is the availability of past performance history. Past performance may not be an indicative factor of future results, but at least the history shows experience of the forex account. There should be published history of at least a few years for a reputable brokerage managed account.
How to open a managed forex account?
Opening a managed forex account is more complicated than you might think. That is why we’ve created a detailed list pertaining to the necessary steps involved. Discover the intricate process in great detail below;
- Before you make the necessary steps to opening an account, you must first determine your risk tolerance. You need to know this so you know who to look for in a money manager, you can view their track record and overall risk score. Another point that goes along with this are your goals. If you want to make higher profits in a short amount of time, high risk managed account might be the option for you.
- Spend time networking and searching for the right forex trader. There are lots of options out there, but not everyone is right for you. Use your due diligence and research, reach out, and network to find the best possible forex brokerage.
- Once you have narrowed down your list of forex traders, you need to go over each contract. Make sure you feel comfortable with everything and understand the max drawdowns, liability coverage, fees and expenses, and so on. Your due diligence is key in obtaining a successfully managed forex account.
- Again, ensure everything is up to spec with the trader your interested in. View past performance reports, client testimonials, reviews, and anything you can dig up on the internet.
- Once you have completed the steps above you are ready to select a forex trader to manage your account. You’ll need to complete and sign the necessary documents, and contracts including the signing of a Limited Power of Attorney Agreement (LPOA).
- The next step is to receive your account number and transfer funds into the account. The account number is tied to your name, information, and your segregated trading account. Once everything is in order you can go ahead and transfer the funds, knowing you’re with a trusted and secure forex trader by following the steps above.
- Finally, you wait for the money to be transferred, and it’s complete. It really is a simple process. You can have a managed forex account up and running within a few days. Now, you can analyze your account and even learn from the trades that are being made.
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