Binary options scams continue plaguing the web despite regulatory and Google Ads bans.
Since the introduction of the binary options product to the market, a number of firms have come and gone. The introduction of an official ban for the product in the EU doesn’t appear to be deterring scam artists.
The well-known industry which has plagued retail trading for years is now taking it to the next level. Since the ban on part of regulators and Google, the business has become difficult. Unfortunately for the legitimate part of this industry, it’s still not impossible to con people into investing into binary options.
On Thursday, the CySEC (Cyprus Securities and Exchange Commission) has issued brisk statements related to two websites. The trading names Binatex and 24Traderush have been misleadingly claiming that they are overseen by the Cypriot regulator.
The Next Leg of Misleading Advertisement
In order to resuscitate an industry which has been compressed in a massive way in recent years, scam artists have come up with new tactics. In a traditional fashion, the binary options product is being pushed as a life-changing investment opportunity.
The call centers, which are used to target victims of the binary options scams Binatex and 24Traderush, are most likely located outside of the EU. The advertisements used by the masterminds behind the revival of binary options, but are going around the restrictions by ad platforms.
While looking for the ways which the websites of the binary brokers are attracting new clients I stubbed upon two major campaigns. Reminiscent of some UK tabloids getting duped into advertising them, the scams continue.
The Young Student
Enter the life of Sarah Parker, a young student which is making $6500 from an initial investment of $10. She decides to leave university and pay down her student debt.
Her story is displayed on a website which is akin to a tabloid newspaper (but in my case in Bulgarian). In the second line of the story, her name is suddenly changed to Sonya.
She’s working hard to help her family, but still wasn't making enough the make ends meet. This all changes when she stumbles upon Binatex.
Youtube is the bread and butter for all binary options traders if they want to learn how to trade. The “magazine” claims to be telling her story and has other stories linking to the website of Binatex.
Making $100 in an hour changed this fictional character’s life and Sarah Parker (or Sonya) has become a teacher for up and coming victims of the brokerage.
The scam artists are cleverly entertaining the opportunity for a dreamlike life for young people. The key here is that this demographic is typically vulnerable, because of their lack of experience with online scams.
The Immigrant Father
Targeting another demographic in a similar way, the story of the happy father who turned around his family’s life is targeting another vulnerable demographic. The father of two is leaving his family and goes abroad to earn his keep and send money back home.
After months of difficulties, he is almost out of money and out of luck. He’s been fired and doesn’t have money for a return ticket home.
You guessed it right: with his last £13, he decides to open an account with Binatex. A brokerage which claims to be approved not only by CySEC but by pretty much any reputable organization in the target country. The happy father ends up making half a million.
The binary options scam artists around Binatex and 24Traderush are showing us the evolution of the nasty tactics typically used by binary options operators. The regulators seem powerless with their tools: issuing an official warning against the websites.
Since the introduction of the binary options product to the market, a number of firms have come and gone. The introduction of an official ban for the product in the EU doesn’t appear to be deterring scam artists.
The well-known industry which has plagued retail trading for years is now taking it to the next level. Since the ban on part of regulators and Google, the business has become difficult. Unfortunately for the legitimate part of this industry, it’s still not impossible to con people into investing into binary options.
On Thursday, the CySEC (Cyprus Securities and Exchange Commission) has issued brisk statements related to two websites. The trading names Binatex and 24Traderush have been misleadingly claiming that they are overseen by the Cypriot regulator.
The Next Leg of Misleading Advertisement
In order to resuscitate an industry which has been compressed in a massive way in recent years, scam artists have come up with new tactics. In a traditional fashion, the binary options product is being pushed as a life-changing investment opportunity.
The call centers, which are used to target victims of the binary options scams Binatex and 24Traderush, are most likely located outside of the EU. The advertisements used by the masterminds behind the revival of binary options, but are going around the restrictions by ad platforms.
While looking for the ways which the websites of the binary brokers are attracting new clients I stubbed upon two major campaigns. Reminiscent of some UK tabloids getting duped into advertising them, the scams continue.
The Young Student
Enter the life of Sarah Parker, a young student which is making $6500 from an initial investment of $10. She decides to leave university and pay down her student debt.
Her story is displayed on a website which is akin to a tabloid newspaper (but in my case in Bulgarian). In the second line of the story, her name is suddenly changed to Sonya.
She’s working hard to help her family, but still wasn't making enough the make ends meet. This all changes when she stumbles upon Binatex.
Youtube is the bread and butter for all binary options traders if they want to learn how to trade. The “magazine” claims to be telling her story and has other stories linking to the website of Binatex.
Making $100 in an hour changed this fictional character’s life and Sarah Parker (or Sonya) has become a teacher for up and coming victims of the brokerage.
The scam artists are cleverly entertaining the opportunity for a dreamlike life for young people. The key here is that this demographic is typically vulnerable, because of their lack of experience with online scams.
The Immigrant Father
Targeting another demographic in a similar way, the story of the happy father who turned around his family’s life is targeting another vulnerable demographic. The father of two is leaving his family and goes abroad to earn his keep and send money back home.
After months of difficulties, he is almost out of money and out of luck. He’s been fired and doesn’t have money for a return ticket home.
You guessed it right: with his last £13, he decides to open an account with Binatex. A brokerage which claims to be approved not only by CySEC but by pretty much any reputable organization in the target country. The happy father ends up making half a million.
The binary options scam artists around Binatex and 24Traderush are showing us the evolution of the nasty tactics typically used by binary options operators. The regulators seem powerless with their tools: issuing an official warning against the websites.
SVG Brokers Seek New Home in Other Jurisdictions after Regulator's Deadline
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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