Binary Option trading are programs made to do most of your trading for you. They are based on complex algorithms in the software that scan the market for opportunities and automatically trade based on the settings you have in place. The system in itself isn’t a scam and lots of people have made good money using these systems. Unfortunately there are people out there that look for ways to scam money out of people and they will use any way they can to do it. In this case they pretend to be successful people wanting to share a big secret that is, guess what, A GET RICH QUICK system. Unfortunately they are preying on the people out there that are struggling and the idea of getting money now is all too tempting.
The thing with Binary options trading is that you still need to have some financial knowledge of the stock market to be successful. You still have to go with a broker and you can still make the wrong choices. You could end up with the wrong trader or just pick the wrong stock to go with and lose all your money.
The problem is the scammer make it sound like you have to do nothing with binary, like it is some magic money maker and they do it all for you. This isn’t the case at all, the broker sends you signals with percentage on success rate and you have to make the decisions.
The methods they use vary but all in all anyone asking you for you bank card details or money upfront, you should have alarms ringing.
The latest one i have come across is Brit method. This was the one that showed about this type of scam.
You can read more about the Brit Method Scam here
Be very careful with these types of scams if you don’t have any financial knowledge I would stay away from these. They are definitely not get rich quick schemes. You can make you money quick but only if you know what your doing. After all the investment bankers are not paid the massive big books for no reason.