Binary Options: Scam or Opportunity?

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To trade, all you need to do is bet on whether the price of something will rise or fall below a certain amount - if it is correct, you win and get paid.

If not, you lose all of the money you originally invested. You can choose various commodities to trade in such as gold, oil or stocks etc. The value of a Binary Option is made up from the value of the asset you want to trade.

For example, you could bet at 2. You are not buying or selling the gold, just predicting whether the price of it will rise or fall. Time periods involved tend to be very short 5 or 10 how to calculate binary options fraud 2015 but some firms offer longer periods to bet over.

Action Fraud has received reports June - May about binary options in the last year, with an average of 27 reports made per month. Those who have mostly reported are men who have being paying via debit or credit card. Reports of binary options how to calculate binary options fraud 2015 which are made to Action Fraud are assessed by the NFIB and sent to law enforcement for investigation. The City of London Police earlier this year arrested a year-old man from Essex who was alleged to have been the controlling force behind Base2Trade, which is now in liquidation.

The company sold fraudulent binary options trading from three offices in the City of London; located on Bishopsgate and New Broad Street and in Tower He has been released on bail until August. If this is not the case, any binary options that the firm offers will not be regulated either by how to calculate binary options fraud 2015 Gambling Commission or by the FCA. How to calculate binary options fraud 2015, other European Union EU countries consider binary options to be a financial, rather than a gambling product.

This means that although the FCA does not currently regulate binary options, firms offering binary options trading which operate as financial services firms in other EEA countries, are able to do business in the UK and consequently appear on our Register of financial services firms.

Platforms are set up all the time to appear legitimate, but are actually fake. Victims who reported to Action Fraud wanted to share their experiences, one said: I declined this offer.

Despite numerous phone calls to the office for someone to call with my account details, no one has returned my calls. A second victim said: The account grew and showed good returns. All the transactions were done by debit from two of my credit cards. I was given their bank details to enable me to do a wire transfer, but did not use that function.

You are here Home. When do Binary How to calculate binary options fraud 2015 become fraudulent? Fraud occurs when Binary Trading Platforms: Offer a higher than average return on an investment. Refuse to credit customer accounts. Break all contact with the customer. Manipulate software to distort prices and payouts. Victims of Binary Options Fraud share their experience: If in doubt, where you think a firm offering binary options may not be trustworthy or legitimate, do not transfer money to them or provide them how to calculate binary options fraud 2015 your bank details.

Be mindful of any bonus structures and clauses preventing you from withdrawing funds. The Gambling Commission advises that UK consumers should research the market carefully before participating in such activities. Check whether a company holds an operating licence from the Gambling Commission by searching the public register of licensees.

If you think you have been a victim of fraud you should report it to Action Fraud by calling 20 40 or by using the online reporting tool.

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Now we are giving an update on the fraud and what law enforcement is doing about it. To trade, all you need to do is bet on whether the price of something will rise or fall below a certain amount - if it is correct, you win and get paid. If not, you lose all of the money you originally invested.

Action Fraud has received multiple reports whereby Binary Options companies have refused to credit customer accounts despite the customer believing they had made a profit. The brokers were simply trying to get the victims to invest further money. Advertisements for Binary Options traders appear online with many companies aggressively targeting social media platforms with flashy commercials promising impressive returns.

Binary Options websites are often well-designed and professional looking — no expense is spared in trying to look legitimate.

Brokers and traders, often working from scripts, will sound friendly, professional and knowledgeable. Whilst many Binary Options companies claim to be located in the UK, research has revealed that the vast majority are based abroad and have no physical presence here. Shell companies are registered in various financial jurisdictions and money is routed through multiple accounts, obscuring the perpetrators and hampering law enforcement efforts. Despite the fact that the majority of Binary Options companies operate from outside of the UK, Action Fraud working alongside the National Fraud Intelligence Bureau NFIB continues to work with international law enforcement partners and the banking industry to tackle the issue by implementing changes, either by introducing an outright ban or through rigorous regulations to control this activity.

In addition the United States Federal Bureau of Investigation FBI are currently developing a global picture of this type of fraud and welcome reports from the victims of Binary Options made via their website www.

You are here Home. What is Binary Options Fraud and what are the law enforcement doing about it? What are Binary Options? The current situation Advertisements for Binary Options traders appear online with many companies aggressively targeting social media platforms with flashy commercials promising impressive returns. How to protect yourself Be suspicious of any approach via social media as many fraudsters tend to operate via social media due to the anonymity it allows.

Do not give out personal or financial details and never agree to anything or send money upfront, without making your own enquires into the company or individual first. If you have been contacted by a suspicious firm or have been affected by this, or any other fraud, report it to Action Fraud by calling , or by reporting online.

Please also consider reporting any suspect companies to the FBI via their website www. Sign up for free to Action Fraud Alert to receive direct, verified, accurate information about scams and fraud in your area by email, recorded voice and text message.