I am sick and tired of seeing things about Forex being dead, and how everyone should switch to Binary Options. As you probably know by now, most people that try to trade Forex fail for one reason or another. This is the group of people these Binary Options Scam marketers prey on. I am not going to claim everything out there about Binary Options is a scam, but most of what I have seen looks to be a way to make money for Binary brokers and marketers, and do nothing for the trader.
I want to explain how these Binary Options Scam systems work. Since I have both experience as a Forex trader (I run my own Forex signals service), and an Internet marketer (I have to get the word out about my service). Pay close attention to this before you send your money to any Binary Options broker.
Here is how the common scam works. The Binary broker offers a CPA offer. CPA means “cost per action” and the program pays marketers for getting someone to do something. In this case, many Binary brokers will pay a marketer $200 or more for every person that signs up and makes a deposit with the broker. There are no refund for this payment, and therefore is very attractive for marketers compared to affiliate programs that have refund policies.
To get people to sign up through them, the marketer comes up with some Binary Options strategy or software. They intend to give this away for free, which then allows you to make tons of money as a Binary Options trader. However, in order to get the free strategy or software, you need to sign up to the Binary broker they tell you to. When you sign up and fund your account, you get the strategy or software, and they get their CPA commission.
The problem is, this free giveaway only has to be good enough to get you to sign up and fund your account. It does not really have to do what it claims. The marketer gets its money from the CPA offer, not from you, so they take the money and forget all about you.
It does not even matter if the strategy or software giveaway is any good or not, because most likely the Binary broker won’t let you profit anyway. I’ve heard of so called “technical glitches” with brokers that suddenly turn a winning trade into a loser. I’ve heard of people making money, but never being able to withdraw any of it. In the end, the broker and the marketer wins, and you are out good, hard-earned money.
If you are looking for something legit, forget about Binary Options until the brokers become more regulated and stop making it easy for marketers to scam you. Forex is not dead, and you can easily make money if you know where to work. I suggest Set and Forget Forex Signals.
Could I make more money providing you with a useless Binary Options system and sending you to a crappy Binary broker to collect my $200? Of course I could. But I would rather help you finally become a profitable Forex trader.
At the very least, I might be able to save you some money by pointing out these Binary Options Scam Systems.