A Manitoba (Canada) construction worker – who does not want to be named – lost $85,000 in three months.
A single dad of four, with mounting bills to pay, the 41-year-old said he thought he had found the answer to his problems online.
“Yah I just thought that this was the light at the end of the tunnel kind of a thing you know a positive future, I was excited,” he explained. He said a person, connected to an online company, was promising high returns and big payoffs every month by wagering on binary options.
“I had faith in the guy because he called me every day,” he added.
The 41-year-old also convinced two friends to get involved – the Manitoba Securities Commission said all three are out a total of $144,000.
More and more cases like this emerge and we would like to warn you of the hidden danger out there.
The Scam Works Like This:
- A fraudulent company opens a website to look like a legitimate binary options broker.
- They create a trading signals software that promises 100% accuracy, and some write 100% guarantee.
- They advertise their trading system under multiple names, with fake testimonials.
- When you join the scam, you quickly lose your initial deposit of $250 (standard first deposit).
- You then get a phone call from a “senior broker” asking you to invest $5000
How to Prevent Becoming a Scam Victim
The first step to avoid a binary options scam is to properly research the binary options broker. Most review websites only give generic information about the brokers.
- Does the broker have a license from the CFTC, CySEC, ASIC, FCA, BaFIN, or another government regulator?
- Is the broker constantly calling you to deposit more money?
- Has the broker been fined for unethical business practices by their regulatory agency?
- Never follow a trading signal unless it fits with your trading strategy.
- Historical performance is never an indication of future results.
- Check the binary options forum for traders discussions.
IMPORTANT: IQ option does not make cold calls, in fact, we do not even have a sales team. We have managers who work with customers who qualify for the VIP or pre-VIP accounts and once they see you already made a deposit and are trading, they give you a call’. Incenting the deposit is illegal and banned by CySEC. VIP department management monitors the calls, which get recorded and assessed.
Sometimes, traders write to us to complain that the IQ Option team member has called them and in a rude manner offered them to register with us and deposit a particular sum.
Fact: Pushing is in no IQ Option style. We have the lowest minimum deposit in the industry and our demo account is totally free, absolutely, no hidden fees. Why? You either like us and grow to deposit or you don’t and you leave. For now, 11 000 000 people have chosen to stay and we had no need in bugging them with calls.
If you or your friends have experienced similar negative experience or have been scammed by a broker, please share the story in the comments.
NOTE: This article is not an investment advice. Any references to historical price movements or levels is informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future.
In accordance with European Securities and Markets Authority’s (ESMA) requirements, binary and digital options trading is only available to clients categorized as professional clients.
GENERAL RISK WARNING
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
77% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
I want to know more about the robot you mention in this article, I am client and love IQ Options, great platform!! keep up the good work.
Dear Roger, we are going to release our robot software soon enough, you will be able to make your own robot or copy another trader’s one.
Okay
Let the news reach out to all members of IQoption pls,when the robot release
And by the way, when the robot will be released?
Sure, once they are released, we will notify everyone, we hope to get them released soon enough.
Hello Aleksandra!
About the Robots, I maybe wrong but here in the blog, there’s not dedicated topic so we can discuss about this important feature of Iq…
Just one thing : If a Robot seems working good, and then I make a deposit and try to implement it with real money, then, can the creator of that Robot change its settings so I see profits going down and down ? Is there any guarantee that the Robot will not be changed if it suits me ?
Thank you
Hello, Mohamed, you are right, we are not writing much about the robots yet as they are still in the beta verison and are being tested by traders. If the robot gets changed by the author, your robot (the copy) will have nothing changed, it will become the independent robot.
I like this article, I agree I suspect all those brokers who call all the time trying to convince me to deposit, I’m lucky since I’ve never fallen on their trap…. One of the reasons why I like IQ Option is that you do not call me or send me funny emails. I’ll continue with IQ Option…. Now I’m working to get a reliable strategy. Thanks IQ Option.
Dear Steven, thank you for the feedback! We understand the problem of modern information noise and that marketing becomes very pushy daily, we therefore strive to leave our customers unbugged and free to choose for themselves. Our support can help you pick a strategy if you wish.
i CANT SEEM TO BE ABLE TO FUND MY LIVE ACCOUNT
Hello, please leave us a message with the Support team, they will be glad to help.
Hey. .I deposited 250 USD …they called. ..all the time. …even when my balance was 50 USD they requested another 250 USD lump sum deposit. . Even though I pesistedly asked how to make 50 look better.
Hello! Please tell us more about the case, were these our managers calling you and asking to deposit?
Hi please inbox me when ur robot has been launched would like to give it a try. I’ve been looking for a robot thats compatible with iq iptions so far no luck. Thanx
Hello, sure, we will notify everyone on that, this will be quite a day.
Hola Soy nueva, y quisiera conocer mas, sobre como poder invertir ?
Hello! Please watch this video here https://iqoption.com/es/businessmodel and these here https://iqoption.com/es/tutorials, this will hep you start.
I want a proper tutorial, how to withdraw our profit from netellar there is no info about that or tutorial and another question , is IQ option ban in india, please kindly inform me about this
Hello! We are not allowed to provide consultations on the services of Neteller, please contact their support to find out how to withdraw from Neteller.
i also thank God dat i didn’t fall into their trap,they have been trying to get my credit card number but i never fall for all their calling.i really like this platform bcos you can invest what the amount u can avoid,thanks iqoption for given the oppotunity to trade on my own.
Thank you for trusting us after such a negative experience with other brokers, this mens that we are doing the right thing.
Hey you guys use artificial robots in trading i have contacted and even barry is not answering my calls wrong execution of bets on big amounts and using of artificial bots is illegal for unfair practices .Iq option is scam.
Hello, we have checked the information, we have been trying to reach you via calls and e-mails but had no luck so far, kindly reply to your manager to further clarify the situation.
can I withdraw from IQ Option to Uphold wallet or AirTM
You are welcome to withdraw to the e-wallets listed in the Withdrawal tab of your account with IQ Option.
I downloaded Oq options, but I need an expert broker to trade for me is this possible? And how do I know that the person is not a scam?
I read about a lot of bad and life shattering comments. I just want to implore people to be careful. There are a lot of fake brokers out there and real ones to. There are also fake recovery agents and real ones. Most are out to get your money while some are really out to help you get back on your feet. I am a living witness. You can reach me on my gmai or on Facebook or Quora as Nick Whiteley.
Hello Nick, thank you so much for your comment!
Please mind that your comment was edited as it is forbidden to share contact information in the comment section.
You are absolutely right, there are unfortunately many people that pretend to be connected with brokers, but they are not.
According to IQ Option Terms and Conditions, only the owner of the account can operate it. Never send your funds to strangers and don’t buy any strategies or signals from them! Please, be wise and don’t let others take advantage of you.
If you are contacted by someone offering your quick profit and asking for money – it is scam, and you should not trust those people.
Also, please, check this article: https://blog.iqoption.com/how-to-not-get-scammed/
IQ Option Team