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Binary Options - Scam or Not?
Been hearing a lot online about ppl making money off trading the stock market with "Binary Options". (Basically betting on whether a stock will go up or down in a specified time - a very short space of time as well)
But to me it just seems like your making a 50/50 bet where you win 70-90% or lose 100%. (depending on the brokers fee)
Most brokers also offer deposit bonuses which are similar to online gaming sites (with wagering requirements in the small print)
Theres endless amounts of strategys being advertised online on how to get your win ratio up, but you generally have to go with one of their recommended brokers so they get there share and some sites offer "bots" which are apparantly a scam and these companies are affilaited with the brokers
Many of these brokers are not regulated although some are. In the UK they come under the gambling commision, although they may be soon seen as a financial instrument and be governed by the FCA as in other Euro countries.
They have been decsribed as "fixed odds betting" but was wondering if anyone had any experiences with this sort of trading/gambling before and how they found it ?
I,ve set up a demo account with 1 UK broker and gonna give it a whirl this week, but would like any advice or any tips about brokers, strategies, pitfalls etc
Thx
P
Comments
The One Show on 11 Feb did a piece on these, might be worth a watch.