This morning I clicked on a pleasant-looking ad for working from home, claiming you can make $65 an hour without selling. It took me to a sales page for Online Wealth Markets trading, listing huge payout details in the thousands and ‘real user’ comments. It had a clever little ‘phone-shaped’ opt-in form to take credit card details and $5 ($7 Aus). Even though all the warning signs were there, I thought “let’s follow this white rabbit and see where it goes”. It might help somebody.
Inside is a bit about ‘members’ binary options trading with James Ulrich. Googled his picture; just a stock photo. Googled James Ulrich; not much on him except a SEC record for insider trading in 2007 — however, due to legal ramifications I must state that this trading record may not be for the same person we are talking about.
In case you weren’t aware, binary options trading is where bots make options trades on your behalf. Options ‘calls’ and ‘puts’ use your money as an option over the shares or currency and leverages up to 90% for a fixed time period and you (or the robot) predicts whether the option/currency is going to end up or down. (This is the non-technical explanation as I see it and I’m a non-professional). It can go crazy amounts up… or crazy amounts down… so it’s a bit like gambling. Using a bot doesn’t make it less like gambling really.
! Note, the pressure to invest more funds will come along with your ‘trading advisor’, so do not bow to pressure, no matter which trading system you are trialling.
The initial members area of Online Wealth Markets (pre-trading) is all very simple, with four steps. They assure us that Banc de Binary is the best binary options broker. Tony Hetherington from ThisMoney.co.uk, a professional journalist, filed this report on Banc de Binary and one man’s loss of around $3,000.
As to the website itself, I got a report from automated site “ScamInsider.com” which mentioned it is masking its origin (stating from the UK but not). I also noticed there was no little lock up in the top left, so it’s an UNSECURED site. Naturally I rang up my bank and cancelled my credit card so that they will never be able to take any further funds. When you pay via a Visa of any kind you are protected against fraudulent online transactions, except the nice man explained, it will take two months to get your scammed money back. Ouch!
If you enjoyed this commentary on getting scammed by binary options trading, then consider buying my eBook “How to Control your Financial Destiny”. Inside I take a look at protecting your wealth against dodgy investments, as well as naming some of the companies and spruikers to avoid in Australia.