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Trade Millinium Review: Trademilinium.com Forex Scam
Trade Millinium Review: Trademilinium.com Forex Scam
Last Updated: Jan 29, 2020 @ 1:03 pm
Trade Millinium (Trademilinium.com) is another rotten Binary Options, Crypto Currency and Forex broker scam operating under false pretense. TradeMillinium is purporting to offer expert finance advice which is a false claim. Members are crying foul over the ill-treatment they have been receiving from this broker. To add salt to injury, the broker is openly stealing from anyone who signs up. Read this detailed TRADE MILLINIUM Review and get the truth.
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Trade Millinium Review
After receiving numerous email complaints from members, we knew trouble was brewing. Members have gone for months without having access to their funds. As it turns out, Trade Millinium is blocking members from withdrawing their funds. What these scam artists are doing is disgusting to say the least. Why would they refuse members access to their funds? Why do investors sign up with rogue brokers in the first place? Empty claims and promises are a leading cause.
These scam artists know for a fact we all want to make an extra buck or two. And this is why they offer over the moon claims and promises. Trade Millinium is no different as they are promising heaven only to deliver hell. With claims of having the smoothest channel for creating profits, investors easily fall for this claim. These are scam artists who will do or say anything to make sure you sign up with them. Opening an account with TradeMillinium will lead to more harm than good. Read on to find out why opening an account with this broker is a ride to hell.
About Trade Millinium
One of the most shocking details we discovered is the level of anonymity with this broker. Trade Millinium claims to be located in the United States and has a phone number listed. What we know is scam artists are buying virtual number to try and feign US address. For all we know, this broker could be based offshore. Offshore brokers are known for flaunting set industry rules and regulations. They are also known for faking their addresses in order to target American and European investors.
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Who are the founding members of this platform? There are no details concerning the actual names of people running this platform. Don’t you find it weird why these scam artists fail to give a single name? They are afraid of the backlash they would receive from authorities and victims. Investors are depositing funds to an unknown third party. Stay away from these scam artists as they will take your money and leave.
Are Funds safe with Trade Millinium?
How can funds be safe from an anonymous broker? To start with, Trade Millinium does not inform members where they bank deposits? How do they handle funds deposited by members? Which banking institution do they use to store funds? Lack of this vital information is telling signs we are dealing with a hoax. Is it possible members are depositing funds straight to owner’s bank account?
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To understand the extent to which scam artists will go, you need to know amounts being stolen. Magnus had deposited $25,000 and was hoping this platform would help him make profits. After a few losing trades, his balance was $17,000. He decided to cut his losses and withdraw his funds. Two months down the line, he has not been able to withdraw and his account has been closed. Trade Millinium insist his account was closed as a result of not reaching required trading volume.
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Features of Trade Millinium/Disadvantages
Trade Millinium is providing users with four different account types to choose from. Investors are furnished with Bronze, Silver, Gold, and Platinum account. What we immediately noticed with these accounts is the high acceptable minimum required deposit. Did you know Bronze account holders which is the basic account, must deposit $500 to start trading? Industry set minimum required deposit is $250. It seems this broker is simply out to extort unsuspecting investors.
Deposit and Withdrawal
Another perturbing issue with this broker is in regards to account funding. Depositing with TradeMillinium is easy and quick. Depository channels include Bank Transfer, Bitcoin, and Western Union. These scam artists are targeting any and all types of investors. A big problem with this broker remains withdrawing funds. Most members have had their accounts closed after sending withdrawal requests.
Is Trade Millinium licensed or regulated?
After conducting a thorough search using various regulatory bodies, we noted Trade Millinium is not licensed. We contacted leading regulatory bodies to confirm the registration details of this broker. What we found out was Trade Millinium lacks any valid licensing details. Where is their licensing or registration number? These are pure scam artists who are conducting Forex trading services without a license. Opening an account with an unauthorized broker will cause you more misery.
A legit and open broker will post copies of their licensing certificates for all to see. Trade Millinium should have gone to international regulatory bodies for a valid license. These institutions include ASIC, COSNOB, CySEC, FCA, FSA, NFA, and SEC. A broker who is licensed by any of the mentioned regulatory bodies is a safe bet. Stay away from TradeMillinium as they are simply trying to steal your funds. Once you deposit funds, these scammers will go underground.
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Another unsettling issue we found with this broker is having fake testimonials. Charles claims to have invested $600 and got a ROI of $18, 940 in just seven days. Another “member” Karan claims to have invested $500 and made a profit of $20,000 in seven days. Numbers don’t lie and there’s no robot or professional who can make such a high ROI in such a short period. These are all doctored testimonials.
If you scroll down their homepage, one can see various awards being displayed. These awards include Best Customer service Global 2020, Top Customer service provider 2020, and more. What these scam artists are after is portray an award winning platform. If you look closely at the award badges, they are simply downloads. Name of TradeMillinium is not engraved in any of these awards. It says a lot on what scam artists will do and say to get you attention.
Is Trade Millinium a scam?
After checking all the evidence and reviews online, we can safely state Trade Millinium is a scam. Make sure to warn your family and friends from joining this brokerage firm.
To protect our readers from such scams, we will be adding this broker to our scam blacklist. Stay away from brokers who share such characteristics.
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Binary Options Brokers and Platforms – Reviews and Comparison
We have compared the best regulated binary options brokers and platforms in April 2020 and created this top list. Every broker and platform has been personally reviewed by us to help you find the best binary options platform for both beginners and experts. The sortable broker comparison list below shows which binary trading sites came out on top based on different criteria.
You can sort the list using payout (maximum returns), minimum deposit, bonus offers or if the operator is regulated or not. You can also read full reviews of each broker, helping you make the best choice. Below the comparison list is some advice on how to pick the best trading platform for you, as this will often come down to your personal requirements and needs.
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How to Compare Brokers and Platforms
In order to trade binary options, you need to engage the services of a binary options broker. Here at binaryoptions.net we have provided a list with all the best comparison factors that will help you select which trading broker to open an account with. We have also looked at our most popular or frequently asked questions, and have noted that these are important factors when traders are comparing different brokers:
- What is the Minimum Deposit? (These range from $5 or $10 up to $250)
- Are they regulated or licensed, and with which regulator?
- Can I open a Demo Account?
- Is there a signals service, and is it free?
- Can I trade on my mobile phone and is there a mobile app?
- Is there a Bonus available for new trader accounts? What are the Terms and
- Who has the best binary trading platform? Do you need high detail charts with technical analysis indicators?
- Which broker has the best asset lists? Do they offer forex, cryptocurrency, commodities, indices and stocks – and how many of each?
- Which broker has the largest range of expiry times (30 seconds, 60 seconds, end of day, long term etc?)
- How much is the minimum trade size or amount?
- What types of options are available? (Touch, Ladder, Boundary, Pairs etc)
- Additional Tools – Like Early closure or Metatrader 4 (Mt4) plugin or integration
- Do they operate a Robot or offer automated trading software?
- What is the Customer Support like? Do they offer telephone, email and live chat support – and in which countries? Do they list direct contact details?
- Who has the best payouts or maximum returns? Check the markets you will trade.
We cover as many of these comparison factors as possible in our list above, but we go into much more depth within each review.
Regulated Binary Brokers
Regulation and licensing is a key factor when judging the best broker. Unregulated brokers are not always scams, or untrustworthy, but it does mean a trader must do more ‘due diligence’ before trading with them. A regulated broker is the safest option.
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Leading regulatory bodies include:
- CySec – The Cyprus Securities and Exchange Commission (Cyprus and the EU)
- FCA – Financial Conduct Authority (UK)
- CFTC – Commodity Futures Trading Commission (US)
- FSB – Financial Services Board (South Africa)
- ASIC – Australia Securities and Investment Commission
There are other regulators in addition to the above, and in some cases, brokers will be regulated by more than one organisation. This is becoming more common in Europe where binary options are coming under increased scrutiny. Reputable, premier brands will have regulation of some sort.
Regulation is there to protect traders, to ensure their money is correctly held and to give them a path to take in the event of a dispute. It should therefore be an important consideration when choosing a trading partner.
Both sign up bonuses and demo accounts are used to attract new clients. Bonuses are often a deposit match, a one-off payment or risk free trade . Whatever the form of bonus, there are terms and conditions that need to be read.
It is worth taking the time to understand those terms before signing up or clicking accept on a bonus offer. If the terms are not to your liking then the bonus loses any attraction and that broker may not be the best choice. Some bonus terms tie in your initial deposit too. It is worth reading T&Cs before agreeing to any bonus, and worth noting that many brokers will give you the option to ‘opt out’ of taking a bonus.
Using a bonus effectively is harder than it sounds. If considering taking up one of these offers, think about whether, and how, it might affect your trading. One common issue is that turnover requirements within the terms, often cause traders to ‘over trade’. If the bonus does not suit you, turn it down.
Binary options demo accounts are the best way to try both binary options trading, and specific brokers’ software and platforms – without needing to risk any money.
You can get demo accounts at more than one broker, try them out and only deposit real money at the one you find best. It can also be useful to have accounts at more than one broker. For example, payouts for two different assets might be best at different brokers. You can shop around, and use whichever account has the best payout for that asset.
Demo accounts offer the best way to try out a brand, risk free. Likewise if we recommend a brand, you can try it first, before risking anything.
Low Minimum Deposits
If you are looking to get involved with binary options for the first time, low minimum deposit requirements may be of interest. For traders just looking to try binary options, a low minimum deposit broker might be best. A small initial deposit keeps risks low. Minimum deposits start at just $5 and there are a growing number of brokers offering low minimum deposits – “low” would be any minimum under $50.
Likewise, all brokers will have a minimum trade requirement or trade amount too. These can vary greatly between platforms. Minimum trade figures range from $1 to $25 – which is a large difference if a trader plans to trade frequently. For some traders, this might be less of a factor in terms of finding the best broker for them, but for others it will be very important. Practice accounts are a zero risk way of learning to trade.
One element many traders use to find the best binary options trading account, is the payout percentage on offer. This is not always a simple comparison however. Payouts will change based on the underlying asset being traded, and the expiry time of the option. In addition, payouts will change as the broker manages their own risk. So if one broker was originally the best price, things may then revert and mean that another now has the top payout.
So the most an investor can do, is to check the payouts for assets, and expiry times they are most likely to make, and judge which brand offers the best terms most often. Demo accounts are good when researching payouts on specific assets and trades.
Exchange traded and over the counter brokers will have different payouts – and they will not be easy to compare. In general, exchange traded options offer superior value. Nadex are one example of an exchange.
So as you can see, finding the best trading account and broker is not always easy – but it is worth noting that you are free to move between brokers whenever you like. So even if an account turns out to be poor, it is easy to up sticks and find a new trading firm. Likewise, a trader could have multiple accounts, and open trades at the broker with the best terms for that particular trade.
US Regulated Brokers
In the US, the Commodity Futures Trading Commission (CFTC) have only licensed two operators – Nadex and CBOE – to provide binary options trading to clients in the USA.
Brokers based in Europe will not generally accept US residents as clients, as doing so can result in large fines. Some off-shore providers will accept US citizens as their regulatory status permits them, but the CFTC may ultimately step in if they deem it necessary.
CFTC regulated brokers:
Which is the Best Binary Trading Platform?
Naming the best trading platform is not easy, simply because trading platforms and proprietary (bespoke) software are normally a question of personal taste. One user might like a simple layout, while others might need a lot of data on screen all the time.
However, platforms do have different levels of quality, both in terms of ease of use, and features. Broadly speaking, brands which offer Contracts for Difference (CFDs) in addition to binary options, deliver a more feature-rich trading platform or advanced software.
So the likes of Nadex and IQ, will deliver a very professional trading platform. MetaTrader integration is also normally provided at the more professional brokers (Some use both mt4 and mt5 functionality) . This difference in quality is evidence of the maturity of binary options as a product, but binary brands will catch up very quickly.
Intro To The IQ Option Platform
How do Brokers Make Money?
Binary options brokers make money via one of two business models:
- As a counter-party, ensuring an ‘over round’ via payout percentages. Known as ‘Over the counter’ (OTC)
- Via a spread or commission on an exchange traded model
People who have experience of other forms of trading, and are now approaching over-the-counter (OTC) brokers for the first time may find themselves asking the question: “Where is the commission?”.
With OTC binaries however, there is no commission. In theory, the term ‘brokers’, is not correct. Binary firms are not arranging a deal or acting as a middleman, or as a market maker; What they are, is the counter-party to each of their customers’ positions. So there is no fee or commission for the trade. Instead, each customer is essentially betting against the house. Where brokers have both sides of a trade covered, they have a handsome margin. Where they do not, the payout still gives them a level of protection. In certain circumstances, the broker will also hedge it’s own position to mitigate risk.
Those companies (Nadex, for instance) that trade binary options via an exchange operate much more like a ‘broker’. Unlike the OTC market where the platform is the counter party, with exchange traded options, the broker is the middleman – matching buyers with sellers and charging a commission. This charge is normally hidden within the spread, rather than an explicit cost. There is far less risk involved for the broker, and therefore generally better returns per trade for the trader. Brokers can be actively compared using the spread – the tighter the spread (difference between buy and sell prices) the cheaper it is to trade.
Brokers using the spread model often also offer leverage, or trading on ‘margin’ via their software. This increases the trade size for the trader – and profit for the platform.
Should You Use Multiple Brokers?
There are some very good arguments for having more than one binary trading account:
- Brokers suit certain trades. Different brokers will suit different trading styles, or trade types. So one broker might be excellent for shorter term trade types, and have great payouts on forex pairs. But that same brand may be slightly less good when it comes to offering boundary trades or indices payouts. If a rival had a full set of long term expiries with great payouts, and lots of choice of boundary trades – it makes sense to have accounts with both platforms, and place trades with the broker that offered the best deal for each trade.
- Demo accounts. Multiple demo accounts makes perfect sense – you want to try as many brokers and trading platforms as possible before deciding where to trade.
- Reduce risk. Accounts at more than one broker protects you from any issues with a particular firm. From issues as serious as insolvency, to smaller things, like website downtime, software issues or a market being closed – multiple accounts reduces your risk of being affected by any hardship a broker might face.
- Multiple offers. Each sign up can mean a new bonus, so it might be worthwhile taking up more than one account to receive all the offers. As ever, read the terms – and also note that on occasion, larger deposits might mean larger bonuses – so splitting them may not be the best choice.
- Spread winnings. Some brokers may look for winning traders on their books, with a view to restricting their trading, perhaps limiting trade size – or worse. While this threat is thankfully small, multiple accounts means spreading the winnings out. Most brokers will search for “winners” based on total profit rather than strike rate, so hiding the volume across broker accounts can help you stay below their radar.
Exchange versus OTC (Over the Counter) Brokers
A broker that offers an exchange is much closer to a traditional ‘broker’ than OTC brokers. An exchange performs the job of ‘middleman’. They will match a seller of an asset, with a buyer of the same asset, and charge a commission for putting the deal together. The market itself will decide the prices – if there are more sellers than buyers, the price will drift down until demand rises. If there are more buyers than those willing to sell, the option price will rise.
A broker operating an exchange does not mind who wins and who loses. They take no risk on the trade themselves (unless the traders are trading on credit). The broker will make their commission on the trade regardless of the outcome.
Due to this reduced risk for the broker, the returns for a winning trader are generally larger. Commissions are usually small relative to the size of the trade, meaning they do not impact the payout too much. Other benefits include the fact that stop losses can be applied, and also that trades can be closed at any time (to take a profit or reduce losses).
The complications with exchanges, comes from the structure. An exchange traded binary option will “trade” somewhere between 0 and 100. Where 0 is the figure used where an event did not occur, and 100 where it did. If the current price is currently 30, a ‘buyer’ would risk 30 times his trade size, to potentially win 70. A ‘seller’ therefore, would risk 70 to win 30. While not a complicated equation, it is slightly more complex than the straight forward over the counter option.
OTC (Over The Counter) Brokers
The most common type is the Over the counter (OTC) broker, but this type of firm is not really a ‘broker’ at all strictly speaking. They are the counter-party to one side of the trade. So where a trader opens a position, the broker will win or lose money, based on whether the trade wins or loses. Only where the broker has another trader who has made the exact opposite trade, will they have assured profits.
Due to this increased risk, the brokers will offer a lower payout which mitigates some of the risk they are taking. It is therefore likely to be lower than an exchange traded broker. Some firms will also have built in ‘hedging’ mechanisms to reduce risk further. In some cases, one side of trade might be made unavailable if liabilities get too large.
The simplicity of binary options is retained with OTC brokers. They have also made great strides in competing with exchanges by offering ‘cash out’ values for options, allowing traders to close positions early, and set up stop losses. Once those features become common the gap between OTC and exchanges will get smaller. For now, traders are better off trading on an exchange – but might be advised to learn the differences via demo account.
Have you had a problem with your broker? Submit a complaint
Deposit and withdrawal options do vary at each brokerage. Each of our reviews will explain which each firm offer, but below is a list of the most common options.
If you are looking for brokers that support a specific payment method:
- Wire Transfer
- Credit cards / Debit cards
All of the factors covered above will ultimately affect the way a trader plays the market, and therefore, their profitability. The ideal situation is to get a binary broker that offers:
- Several financial assets spread across several markets
- Offers a reasonable bonus with a good payout approaching 90%
- Offers flexible expiration dates without boxing traders into very long expirations.
Trading using a broker’s platform will only be enjoyable, and profitable, if you are using a reputable operator. You also need to choose one that suits your trading style best – only you will know what that is. Read the above binary broker reviews carefully before making that crucial trading decision, but remember you are not tied in to any single broker, and can pick and choose.
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.
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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.
Trademillinium.com Review: Is Trade Millinium A Legit Binary Options Broker?
December 15, 2020
You can’t read an investment blog without coming across posts about binary options. There’s a lot of money in binary options – for users, brokers, and advertisers – so this won’t change overnight. Binary options trading is legitimate, but incredibly risky. You’ve got to understand the the industry and the risks involved – and you might be better served staying away entirely.
Don’t believe reviewers who pitch binary options as a quick fix for your financial problems. In reality, nothing can be farther from the truth.
How does Binary Options Trading work?
Binary options traders “invest” in the future movement of certain assets, such as gold, stocks, markets, etc. Simply put, binary traders try to predict whether the value of such assets will increase or decrease during a certain time frame.
If your prediction comes true, you will win and earn a commission on your investment. If the value doesn’t change as you predicted, you will lose all the money invested to lock in your prediction.
Presented this way it becomes obvious that binary options trading is more like sports betting than real investing. Binary options is nothing more than betting on financial assets, much like you would bet on the outcome of a sports game.
So, is it a scam?
This doesn’t make binary options a scam. It’s just not an investment.
The majority of binary options brokers are legit businesses. As legitimate brokerage houses, your money will not be stolen and you won’t be defrauded.
The problem is that the majority of brokers promise unrealistic expectations. The average user does not get results like these.
The most common way binary brokers attract new traders is to show them cases where simple people managed to win huge amounts of money by just trading low amounts on gold and other popular assets.
Sure, cases like that do exist, but they are the exception not the rule. The same way some sports gamblers manage to win extremely large sums, skilled/lucky binary options traders occasionally make bank. However, this happens extremely rarely.
Not knowing this, a lot of people sign up with binary options brokers that offer unrealistic winning promises. In the end, lots of people end up losing all of the money they put into the system.
But can you really win?
The biggest factor in winning at binary options is LUCK. But yes, you can really win.
The thing brokers will not tell you is that you will have to put in a lot of effort and research if you want to win consistently. And even then, luck is the most powerful variable.
Like in sports betting, if you want to win you will have to have a great knowledge about the sport in question and about the teams that are playing. You will have to understand the game, the strengths and weaknesses of the teams, and the skills of the players. You will have to know about historical performance, fitness levels, injuries, and dozens of other variables. Even then, things might not go your way.
If you factor in all these variables then you probably will win in the long run. It’s exactly the same in binary options trading. There are countless variables and risks that you will have to consider in order to accurately predict the future development of an asset.
Issues like time of the year, state of the economy, political developments, economic performance of key market makers, recent business news and events are constantly influencing the movement of stock prices and commodities.
In order to be able to accurately predict the movement of an asset, you will have to be up to date with all of this info. Also, in order to be successful you will have to understand a variety of technical data as well, such as being able to read charts, use technical indicators, understand statistic calculations, and much more.
As you can see, binary options is much more than just investing $100 on gold and then getting $300 back 10 minutes later. If this is your approach, then you will lose 100% of your investment sooner than later.
But that sounds hard!
Yes indeed! That’s exactly what solid binary trading requires. I know most entities advertising binary options make a lot of bold promises, but in reality it’s much more complicated. In order to really make money you will have to invest significant amounts of time in market research and learning about the technical aspects of this business.
No matter what anyone promises, you will never be able to make easy money by placing random bets here and there. Brokers count on you doing exactly this because they know that this way, you will be paying the price of becoming a losing trader (meaning brokers will be making money off of you).
So, this is the truth behind the binary option business. There isn’t anything inherently wrong with this form of online trading (or, better said, betting), except that brokers are artificially hyped up and are dishonestly presented as something they’re not.
So one more time, is Binary Options Trading a Scam?
Binary Options trading isn’t a scam, but it’s financial gambling that will only work well in the long term for the most devoted and knowledgeable users.
2020 Update: Binary Options Industry Changes
If you read our thoughts from 2020, you know that binary options is legit, but extremely risky and difficult to take part in profitably. But that was back in 2020. Things have changed quite a bit since then.
As mentioned above, there is still no easy shortcut to binary options trading success – you will still need to learn the basics of this trading form and do lots of market research to make real money. That said, some new developments have appeared in the industry which might make it easier for you to make a living through binary options trading.
More Welcoming To New Traders
For one, social trading has finally become a major aspect of binary options trading. Newbies who would like to start making money without having to fight against a gnarly learning curve can look to the practices of seasoned veterans. Some brokers even offer in-house social trading platforms that let you profit from the trading experience of highly successful binary option traders within the company.
Of course, there is the risk that the trader is going to fail, in which case you risk losing money just the same. So, you will have to choose your signal providers very carefully to avoid disappointment.
We now have binary options robots as well, which purport to automate winning trades for users. Unfortunately, many of these bots are scams, which is why you would be better off avoiding them altogether (unless in cases where your broker is offering their own auto trading services).
Even then, you cannot really count on a broker to give you a highly profitable automated trading tool. Why would a broker give you the tools to take their money? You will have to do your own research first to see if the auto trading system is worth its salt. And should you choose to use an independent binary trading robot company, you will have to be extra vigilant to avoid getting scammed.
More Tools For Advanced Traders
It is easier to access quality financial information needed to make intelligent trading decisions than it was two years ago. Premium binary option brokers now have great platforms that provide excellent data for comprehensive technical analysis on the assets you are trading, helping you to make better trades.
Additionally, there have been cases of brokers introducing robots that scour financial newswires, giving you the latest events so you can anticipate market fluctuations. All these advancements make binary options trading easier (for people willing to put in the time to learn the system inside and out).
Yes, binary options is legit, and growing. But you will still have to jump through lots of hoops to make it in the industry as a beginner. There are also plenty of scams to take advantage of helpless new binary options traders who don’t know how the industry works. At the same time, we now have a broader selection of trustworthy brokers and signal providers than we had a few years ago.
Furthermore, better information and technical analysis makes the industry more lucrative for dedicated users. Even so, you will have to be a lot more watchful of who you get into bed with when entering the industry to keep your money from falling into the wrong hands. If you are willing to put in the work, learn through trial and error, and develop better methods than the average binary options trader, you can actually make money with binary options in 2020.
How to Avoid Online Trading Scams
If you are new to the world of binary options trading, then you may be experiencing some confusion when it comes to choosing a broker or other services such as robots and signals. How do you know if you are selecting a genuine or a fake company and what is a typical binary option scam?
Identifying the difference between the two can be hard. Often these schemes are so convincing that they resemble legitimate companies and traders cannot spot the difference. There are differences, however, and by carrying out some research, you will be able to identify those brokers, robots and signal services that are legitimate and those that you should avoid.
From the licensing to whether they offer a demo platform to carry out “practise trading” with virtual money, there are critical differences between the real thing and those that will leave a bitter taste and a big hole in your product. To make sure you get the best out of your trading experience it helps to know how to spot the difference.
In this guide, you will learn:
A typical example of a binary options scam The reasons that these fake brokers exist How to avoid losing money yourself to scams
Take your next step:
A Typical Scam Example
There are a few investment scams to be wary of if you want to trade binary options, some more common than others. Many of them are operated online while others take place over the phone. In many instances, the trader starts their search online which returns many results; if you type the term “binary options broker” into Google, there are over a million search returns.
Now for every genuine company, there could be as many as ten fake websites claiming to be the real deal. Many of them are websites set up to look like brokers with all the terminology, graphics, customer testimonials and social media profiles (which are all fake). What the thieves do is encourage you to sign-up to the trading platforms, make a minimum deposit of $250 and then that’s it, your money is gone.
In this example, there is no binary trading platform to use. Some brokers will go so far as to call you claiming to be a senior advisor and asking you to make a higher deposit. Now while it seems like they wouldn’t get away with this for very long what they do is set up under multiple names so that they can scam lots of people in a short space of time.
Like any fake trading scam or fraudulent activity, they exist because they are a method for dishonest people to make money.
Why Binary Scams Exist
Like any scam or fraud activity, they exist because they are a method for dishonest people to make easy money. Since the introduction of binary trading, there have been people setting up fraudulent websites and conning people out of their money. As long as people are willing to part with their money, there will always be people that want to take it from you. Because the gains can be large with online trading people are willing to take high risk.
If the dishonest few want to make money quickly without any morals when it comes to ripping people off, they will use every trick in the book to make it happen. This particular industry is an easy target because all trading takes place online, is not always regulated and often people don’t know how to spot the real thing from the fake.
Rogue binary options brokers even go so far as to ring people up offering them unbeatable deals if they make a deposit using a credit card or bank transfer, and guess what? Yes, you make your deposit never to see them again and, you lose money forever. Even worse, they use your personal information in identity theft scams, further causing harm.
How You Can Spot a Scam
If you know what you are looking for, then it becomes much easier to spot the genuine companies from the investment scams. Ask yourself this though “does it look too good to be true?” If the answer is yes, then it probably is too good to be true. If someone is promising to return $1,000 in 5 minutes for doing nothing, then be wary and probe further.
Check out the credentials of the company. If you can’t find the broker listed on any of the popular review sites or there is little or no evidence that they are a real company then the chances they aren’t. Be wary of companies offering the ability of trading binary options using signal providers or management services. This sector of the industry is high risk.
There are also lots of binary options trading scams that have been uncovered already, like the famous “Google Trader scams”. These will come up like a beacon when searched in Google with lots of entries about them from disgruntled traders on various forums. Just typing the name into a search engine is often enough to discover if this particular options broker has been hitting the latest news headlines and is operating under false pretences.
How to Avoid Being a Victim
There are a few simple steps that you can take to ensure that you don’t become the victim of a binary options fraud. Firstly you need to ensure that any broker, robot software or signal service that you use are reputable. You can tell this from their licensing. Make sure they have Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) or other recognised licensing. Check their online reviews, feedback and whether there is an undeniable history of unethical trading.
The next step is to see whether they offer a free demo account. If you can sign up to a brokers platform and trade with a demo account before depositing any funds, this will give you a good idea as to whether it is a real broker or whether it is just a dummy website set up to take your money.
When it comes to phone calls that come from people claiming to be a senior adviser, then be very wary. If they are calling you with “a deal that is too good to miss”, don’t make any deposit. Calls like this are a common ruse, and they will ask you to make an investment that will disappear.
Now while there are risks and fraudulent websites out there, which you should avoid at all costs, this shouldn’t deter you from trading the market. You need to ensure that you choose your broker wisely and that they are a licensed firm with an excellent online reputation so you dont pay the price for it later. For more help and advice on online scams or binary scams in general, please visit the resources below;
Shelly is proud of her current position as Head of Brand for a well-known organisation that owns several brokerages in the trading sector. She’s consulted for us since 2020 and readers can benefit from her insider knowledge of how brokers work.
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