Binary Options Fraud

How to Recover the Money You Lost

Challenging binary options brokers can be very complex and mistakes can cost you. MyChargeBack.com analyzes your case and assists you throughout the entire process.

The internet is Ground Zero for binary options fraud and binary options scams in the 21st century.

Perhaps you were first attracted to their website by a pop-up ad, or a social media post. You clicked and found an attractive, professional -looking presentation promising you:

  • A quick, profitable return with an immediate bonus
  • An easy-to-manage online binary options platform

You signed up and were soon contacted by one of their representatives, who introduced himself as your “broker.” And then you transferred funds, most likely using your Visa® or Mastercard.® Soon, you found yourself trading on stocks or foreign currencies, indices and commodities. To help you out, your “broker” courteously provides personal coaching and timely recommendations (which would be illegal if he were a real broker).

While legitimate, government-regulated online brokerages do exist, many more unregulated firms – especially those offering binary options – whose business modelsare built on swindling unsuspecting and inexperienced investors over the internet.

It’s a Video Game

In your case, the unregulated firm’s state-of-the-art internet site, which you presumedwould allow you to trade, is, in fact, nothing more than a video game.The binary options platform it operates does not follow obligatory trading rules and procedures. In fact, it’s not even plugged into a true market exchange. In this case, the gains you supposedly made and the losses you supposedly suffered are imaginary, nothing more than smoke and mirrors intended to placate you into thinking it’s for real.

Got Scammed by a Binary Options Brokerage? - Click Here

Forex Fraud

Apart from binary options scams, another area of fraudulent trading is found in the world of Forex (or FX, for “foreign exchange”). Forex is the purchase, sale or exchange of currencies at current or determined prices.

This is known as a contract for difference, or CFD, a transaction in which a “seller” pays a “buyer” the difference between the current value of an asset and its value at a specific time by speculating on market fluxuations, even without owning any underlying shares.

If the difference is negative, the buyer pays to the seller. It’s like gambling, or betting on the house. In fact, in Great Britain legitimate binary options brokers are required to have a gambling license.

Got Scammed by a Forex Options Brokerage? - Click Here

The Chargeback Process

Once your bank’s dispute department is in agreement that your payment is eligible to be disputed, it will log your request with the credit card company, which then alerts the acquiring bank. The acquiring bank, in turn, alerts the PSP. The PSP informs the merchant, which in this case is the binary options firm. The merchant then has 45 calendar days to respond. If no response is provided, your permanent refund will automatically be made on the 46th day.

If a response is filed, it will be forwarded back to you in a reverse process. Visa will then ask you for your response, and the process is repeated. If Visa does not accept either version of the disputed transaction, it will be sent for arbitration. Mastercard does not have a second round and the dispute automatically goes to arbitration if it does not accept one of the two versions.

MyChargeBack.com will accompany you throughout this entire cycle.