If you win too much at binary options trading, or if you just sign-up with a broker that is a complete fraud, you might end up with your funds being blocked by those companies often registered in exotic jurisdictions. Does it mean that your money is lost forever? Not necessarily if you have topped up your account with a credit card. This payment method allows you sometimes to find a remedy to the typical binary options scam.
If your binary trading account has been loaded with a credit card, you can use a procedure that is called chargeback to cancel any fraudulent transaction and get back your money. This applies if someone has used your credit card we don’t your consent, or if goods or services for an online purchase were not provided.
Binary options scam and chargeback: does it work?
There are many instances in which chargebacks have been granted. Yes, there are companies specialized in chargebacks that can assist you in that. But it is completely possible to manage on your own, without the service cost. The procedure is rather simple. All you have to do is contact the details of the company that issued your credit card. You can also contact your bank.
You have been to write a letter that explains the whole situation, and that you are requesting a chargeback as the terms and condition of your credit got company allows you to request:
- Transactions dates and amounts
- The binary options trading website/company
- Total amount deposited (and eventually the money you could get back)
You will attach to the letter any proof you have concerning your relationship with the rogue binary options broker, such as deposit receipts, etc.
You should hear about the credit camp company within 60 days, whether it is for clarifications or to know the outcome.
Winning a chargeback against a binary options scam is no easy matter. It’s one thing to file a chargeback request when you buy a refrigerator and they deliver a toaster. You can easily prove fraud. But having been scammed myself by a binary options site I can tell you that the banks have absolutely no idea that it’s a scam. They think it’s just a bad investment, and there are no chargebacks for bad investments. You have to prove that the scammers were unable to deliver the promised you and that they knew it. You have to prove that they’re unlicensed and unregulated and most critically, that the charge card you used permits service-related chargebacks. There’s no way the average Joe who has never filed a chargeback request in his life will be able to do that without professional assistance. I certainly couldn’t have. Going to a fund recovery firm was the best decision I ever made.
It’s certainly harder, but some people managed. Whatever the method the most important is to fight back.
Every single binary options broker, exploits people who are ignorant, stupid, poor and desperate… They are the victims, who think they can profit from binary options. They have good reviews on the internet so i think they are one to try out tho.
Don’t ever think you can trade successfully in binary options, they are designed to steal your money. They are all are a scam. Period.
You either have a broker that is completely unregulated (and a full scam), OR, you have a regulated broker that knows full well, that binary options have the most stupidest and ridiculous risk to payoff ratios… that there is no way a trader will consistently profit.
But i heard about
Of course you can make money in binary options when you trade on a fair platform. According to the Australian regulator 80% of digital options retail traders don’t make money… which means 20 % do (source : “https://financefeeds.com/asic-warns-cfd-fx-binary-options-brokers-unsound-practices/”)! It is up to people to find out in which category they fit and adjust their risk accordingly. If you like it but you are not good at it you can trade as a hobby with small amounts, knowing you won’t make money… the same way you play at the casino, the lottery or bet on football. And if it is bad for your finances stay away. To finish up, it’s not because a binary options broker is regulated that he operates fairly.