Tip 7- My Top Tip – Never Open A Binary Options Trading Account

Tip 7- My Top Tip – Never Open A Binary Options Trading Account

Tip 7- My Top Tip – Never Open A Binary Options Trading Account

Here is my 7th and also Top Forex Binary Options Tip.  If you’ve known this far, it is hopefully that you have not already made up your mind to open an account, if not, read on…

It is about my own experience when having the temerity into Forex Binary Options trading.  As I said in advanced, I refer to Forex which I mainly trade in these days.  These tips are just applied to any other instrument related to Forex.

My voyage began here…

I did not want to have any transaction as a demo account when I have never already believed in them.  Thus, I signed up for a real Binary Options Trading Account. It is probably the largest broker that I knew (I cannot say their name since they threatened me with legal action (more than this later on). However, their first name is very likable to “Bank”).

I finished the online application without caring for the Terms and Conditions and made my Initial Deposit.  At that time, it was £250 for their minimum.

With the application, everything went smoothly, and I was eager to log in and it was good to go…

I started to place my first bet without any system. Deciding to do like this because I just want to see how it all worked.  I was informed on screen that if I wanted to place my first bet I had to verify my account by sending, via email some legal document I have to use for this matter including:

  • A copy of a recent Bank account statement
  • A copy of a recent Utility bill
  • A copy of my current Passport or National ID

This point was not in their Terms and Conditions

The company is based in Cyprus, asked for these documents before allowing me to place my first bet.  Within my politeness, I told them that I WOULD NOT AND COULD NOT send such personal information to them, particularly via email.  It’s Cyprus! So, there is no way!

They made persistent effort about the information, thus, I sent them an email. And once again, I politely said that I wish to use my account. However, I cannot give the document as their request.  I was informed that I could not an opportunity for a start to place a bet until I did so.

Well, I thought it was fair enough. Then, I said to them I would like to close my account and I would like a full refund for my Initial Deposit. In the next email they sent to me, they also told me that if I wanted to make a withdrawal, I had to send them via email some document comprising:

  • A copy of a recent Bank account statement
  • A copy of a recent Utility bill
  • A copy of my current Passport or National ID

In fact, it was not in their Terms and Conditions

Fairy saying, there was a conversation of at least 10 follow up emails when I knew I myself could not solve the problem.  I contacted with my bank and told them that basically I had been swindled by an offshore “financial” company in Cyprus.  They told me that it was against the standard of procedure but they would carry out a Debit Card recall on the transaction.  In addition, they also told me that it could be blocked by the receiver. Eventually, my funds would not be completely safe for 2 months.  With a lot of luck, this period elapsed and my money returned to me.

You are just able to place a bet or make a withdrawal from your Binary Options Trading Account if you keep your private data as a secret (do not send it via email to anyone)

What occurred next was actually amazing…

The next email the broker sent to me having the content that they wanted to take legal action against me since I became their debtor.  The cause is that I was compelled to deposit £250 for the minimum.

And again, it also was not in their Terms and Conditions

Then, they also sent me at least another 10 emails, I just began ignoring them.  They stopped bothering me.  I am supposing that they have also stopped their threateness to take a legal process!

It is a very simple illustration of how Binary Options Brokers are confident that you will “lose your shirt”, because once your money was in their hands, and it’s really as good as gone.

I believe it was only because of my persistence and luckily I didn’t lose my Initial Deposit even though I lost a great deal of time and some sleep.  I make sure that many people also have lost more than I did and others will continue to do so.

I hope that after reading these tips, YOU will not and perhaps a few others too will not!

Certainly, I will not be testing my will or my luck again with Forex Binary Options Trading and in particular any Binary Options Broker.

Note: Nowadays, there are some legitimate companies for example IG Index offering Binary Options trading.  Be carefully for any company registered anywhere where financial regulation is not as firm as it could be, and Cyprus is an example.

Here, the bonus tip…

Here is the Bonus Tip – Binary Options Trading Account “Identity Theft” Could Turn Into Reality

Now, it is considered just a rumor making the rounds at this time but it even has some substance.  It certainly has some danger with all these personal details on file in a nation where the regulation of finance is not as firm as it should be!

It always wants to know when I send to it an email attached a photocopy of all my private details. However, considering it is a “full set”, I feel quite worried. These companies almost have detailed information of a great number of people all over the world. They get not only the copies of their passport but also the copies of their utility bills and their Bank statements!

It is incredible to think that whether it has an intentional “break in” or not, physical or electronic, where a vast of data is incidentally stolen. Well, is it?

Honestly, it is so hopeful that with all these useful Forex Binary Options tips perhaps you did not know before will keep you far from wasting some of your time and money. Nevertheless, the most crucial factor here does not just want to mention about the time and the few hundred quid, it aims to say about the scare for “identity theft” will turn into a reality later.

Have you ever had the same experiences or any comments? Having something to share about saving time, money and the potential risk of identity theft? Please share them below! https://teribrownwrites.com/

Top 7 Forex Binary Options Tips You Have Never Heard

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