Binary options scam is still one of the avenues by which fraudsters rid people of their money.
Binary options are financial options that come with one of two payoff options if the contract is held until expiration: a fixed amount or nothing at all. That’s why they’re called binary options—because there is no other settlement possible. The premise behind a binary option is a simple yes or no proposition: Will an underlying asset be above a certain price at a certain time?
By posing to be knowledgeable and expert brokers, scammers often get people to give them huge sum of monies upon a prediction of high returns. Unfortunately, those who fall, victims, hardly know they have been duped unto their supposed “Broker” disappears after receiving money from them.
You can avoid these scams by making sure that you have done your research and also gained enough knowledge to be able to engage in Binary Options Trading. Also be sure not to allow any “broker” or “agent” trade on your behalf as that is one of the biggest mistakes done by victims of this kind of scam.