Category Archives: Social Trading

Binary Options Scam Review Or Scam Binary Options Review

Checking for binary options scam review is an important part of choosing a good broker or signal service. The problem is that there are just as many, if not more, review scams as there are scam reviews. What do I mean? I mean that many if not most of the reviews you will find are scams themselves. Every scam site on the internet has a review posted somewhere saying how great it is, how much money you will make and how much you can trust it. Well my friends, just because some websites says its trustworthy doesn’t mean it is . . . and probably isn’t.

It is a sad fact of life that the internet is full of copy trading, signal and social trading scams and that many of the reviews we rely on for information are scams themselves. In order to understand this it is important to understand a little about how internet marketing and review scams work. First, a website is posted with a scam offer. The offer itself will make wild claims of profits, or that it is different from all the rest and that it is trustworthy. Second, another website that may belong to the same people perpetrating the scam or just some other shady marketer pops up with a review telling you how great the service is, that it really makes money and that you really can trust it. Together the two sites create a false sense of security that takes advantage of inexperienced traders and their greed.

Binary Options Scam Review

How do you know if the review is a scam you may be asking yourself? With a little research and by little I do mean little. It really doesn’t take that much effort to uncover the truth. The first thing is to check out the original offer. If the offer itself seems scammy that is your first warning sign and red flag. Offers of free services, signals, trading robots or auto traders with high rates of return are often scams, nothing is really free. In order to get those free systems you will have to make a deposit with a recommended broker, which is not free and generates a commission for the website owner.

Other warning signs the offer is a scam are wild claims of how you will make thousands of dollars per day, or make millions in a few months, or that you will double your account with little effort. This is a marketing tactic and not a very subtle one. No one can guarantee your success, trading is risky and if it were that easy everyone would be doing it, right? Yet another red flag is a noticeable lack of details about how the service works. Sure, they all claim to use state of the art algorithms to analyze the market and give you signals but how do they do it? If there are no details and all you get is their signals it is likely a scam.

virtnext $18000 per day

Client testimony is a favorite tactic of scam sites. You won’t find one scam without a list of favorable comments, many of which are on video. What you need to remember is that if you suspect the site is a scam, you can’t and shouldn’t trust this testimony without further proofs. You also need to remember that there is a website service called Fiverr.com where you can pay someone to say anything for only $5. $5 is a small amount to pay considering an affiliate commission can be worth $300 or more.

Now let’s talk about the review itself. If you have already determined that the offer in question may be a scam and you find a review saying how great it is this is a red flag. It does not mean the offer or the review is necessarily a scam but the red flags keep popping up which means you definitely need to think twice before giving them your hard earned money. In order to avoid falling into a review scam do not believe the first one you read. You need to find at least 2 other corroborating reviews if not more. If you get blasted with warnings about not leaving the website or else you will miss out on the opportunity you’ve been presented with even more reason to suspect a scam.

wait dont leave

If you think that the website you are reading is a scam I suggest reading more than one review on that site. If they recommend multiple scammy looking services you’ve found another red flag because at this point there is a great chance the site is in business to lure unsuspecting traders into depositing their hard earned money. It is possible you will find some reviews that are good and some that are bad but that is just camouflage. You know, making one review appear to look legit by hiding it among a dozen that uncover true scams.

Scam Binary Options Reviews

There is one watchdog review website I know that is very good at camouflaging review scams among its many scam reviews. Take for instance this Virtnext review. The watchdog says Virtnext has been tested and that it is the most profitable system on the internet. When I went to the Virtnext site all I found was one big scam.

 virtnext scam review

The first thing you see is a video made by a paid actor, along with the claim you can make $18,000 per day. The next thing you see is a claim of free access, along with a timer counting down to when the offer is no longer valid (every time I go there the timer says the same thing, 10 minutes and counting down). Once you begin the sign up process by giving your name and email you enter a sophisticated sales funnel that leads you to … deposit with a broker, and you better do it fast because there are only a few spots left!

copy 1 of limited availability

What this watchdog site doesn’t tell you is that the people behind Virtnext are the same people behind many other scams including the PushmoneyApp, the 1k Daily Profit and the Copy Buffet Software. This is what they had to say about the PushMoneyApp….

 pushmoneyapp

Needless to say that this is a huge conflict of interest and does little to aid the credibility of the reviews or this website. If you think you have found a site like this I would love to hear about it in the forum.

The Bottom Line

The bottom line is that looking for get rich quick schemes for binary options is a fast way to get scammed. There really are none that truly work, at least not the way the scam artists would like you to believe. Trading successfully takes dedication and effort, if it were as easy as using a robot or autotrader we would all be living on a tropical island. Believe me, if it looks to good to be true it is.

If you really want to find a useful signal service or trading app I suggest you look into my review of Investoo.com. This site doesn’t require a deposit, the fee is low ($100) and you get a lot of value for your money including 300+ video lessons and MT4 indicators that generate trading signals.

Binary Options Regulation Gets Stronger

Binary options regulation, and CySEC regulation in particular, is getting stronger and stronger. By this I mean that the quality of the regulation and effectiveness are both improving. On the one hand CySEC is standing tall, on the other regulators in EU and EU Economic Arena member nations are getting on board. The situation is one in which one leads the other, both making steps that ultimately are benefiting us, the traders.

CySEC Regulation Leads The Way

CySEC was the first to regulate binary as financial, breaking the industry wide open. EU member nations were at first hesitant to follow suit, casting doubts on CySEC and its jurisdiction as well binary options and the entire industry. CySEC regulation, because of Cyprus membership in the EU, is supposed to be valid in any EU member nation because of legislation in the EU charter, the MiFID and the EU Economic Passport. Member nations however tried to block the expansion of binary options into their countries but have so far not succeeded.

What they have done is raise awareness of binary options scams, enhanced the value of CySEC regulation and made the entire industry safer for EU traders. Instead of banning all binary options trading, or creating their own regulation for binary options brokers, member nations have chosen to allow CySEC regulated to brokers to register with them thereby validating CySEC regulation.

A few of the member nations made it easy, all that was required was a simple application process and compliance with CySEC. A few made it tough with one case standing out and setting the precedent that cements CySEC in its place. In this case Dutch regulators refused to grant a license/registration to a broker and the case made to the Dutch Supreme Court. The Dutch court ruled in favor of the broker, upholding CySEC and the MiFID, and forced regulators to grant licenses.

Today there at least 29 EU member nations registering binary options brokers. These include England’s FCA, France’s AMF and Italy’s CONSOB. I point out the AMF and CONSOB because they stand at the forefront of EU regulators issuing warnings against unregulated, unregistered and scam brokers. This move has benefited more than just the brokers and the traders, the move has also helped to legitimize binary trading and allowed access to opportunities not previously available.

New Opportunities For Binary Options Brokers

One such opportunity is TechFinancial’s IPO in 2015. It is the first platform/technology provider to go public and shows not only the viability of binary options as a business model but the public’s acceptance of these businesses. Another opportunity is in advertising. A trend developed in 2015, led by 24Options a TechFinancials broker, where binary brands teamed up with high profile sports teams like Juventus, Olympique Lyonaise, OGC Nice and Tottenham Hotspur.

These opportunities do not come without cost to the brokers. Regulation means transparency, segregated accounts and third party oversight. Compliance is not easy and if not maintained comes with consequences. CySEC will issue warnings for first and/or minor infractions with penalties increasing from there. Over the past 3 years the regulator has issued many warnings and fines and has even shut brokers down.

What this means for traders in the EU is that you have a regulated binary options industry that is only getting stronger and stronger. There are plenty of brokers for you to chose from, many of them not only CySEC regulated but also registered in your own local jurisdiction. Now you can trade and trade safely knowing that the brokers are legit and that someone has your back if problems arise.

Click Here Now For The Geek’s Binary Options Broker Reviews

Social Trading Broker Updates; New Tools, Lower Deposits

RSI, MA and Bollinger Band(tm) Strategy Adviser Tools For Binary Options

A new feature is now available on select few SpotOption based brokers. This is strategy adviser tool that provides short term analysis of a given asset based the RSI indicator, Moving Averages or Bollinger Bands. The tool quickly scans the chart and provides simple put/call recommendations. These can be used as signals but require a little confirmation at least. One thing I have tried is to use all three tools to see if they agree, sometimes they do, sometimes they don’t. Generally is only two are in agreement I would take that as a weak signal, if all three agreed that would be a strong signal. The tool is interesting to say the least but perhaps not something social traders need to waste their time on, after all, it’s only analyzing the crappy little charts you get from SpotOption. You can check out this trading tool at BKTrading.

HyOptions Lowers Their Minimum Deposit

HyOptions is a CySEC regulated broker with a growing reputation for its adherence to regulation, transparency and desire to operate in the long term. The broker has some really good features that make it a decent choice for EU traders. First, they have lowered their minimum deposit to only $100. This isn’t super low, but it’s pretty low, and goes well with the minimum trade size of $5. Another feature is the bonus policy which allows for withdrawal of profits after reaching only 50% of the minimum trade volume. It’s also one of the most complete brokers out there, it supports CFD and spot forex trading too.

The Geek Review Of HYOptions



EmpireOption Simulator and Withdrawal Terms

EmpireOption is a broker I have liked for quite some time. It is located in Uruguay and under limited regulation in the Uruguay Free Trade Zone. Built on the SpotOption platform is one of the fullest and most versatile binary options brokers on the planet. Features indlude iFollow copy trading as well as signals and the Binary Simulator is a feature available to preferred account holders and predicts the affects of bullish or bearish news on a given asset.

One of the biggest criticisms EmpireOption recieves is about its account and withdrawal policy. The broker has the strictest withdrawal conditions of any binary options broker but there is a reason. Unlike other brokers which require you to deposit your way to higher account status Empire will let you trade your way there. They encourage traders to build up their accounts by granting elevated account status as your account grows to each level. To be eligible for the next level your account must be above the minimum for at least 30 days. Benefits include faster withdrawals, larger withdrawals, lower trade minimums and enhanced returns.

Basic accounts, minimum deposit of $250, have restrictions like 10 waiting period between request for withdrawal and receipt of money, maximum withdrawal amount of $500 per month and a minimum number of required operations (trades) of 20. The minimum trade size is $25, a little high for a $250 balance, but not insurmountable. As your balance goes up to $1,000, $5,000, $10,000 and more benefits include 1 day withdrawals directly to a Skrill or Neteller account, maximum withdrawal amounts of up to $40,000 per month and only 5 minimum operations… pretty sweet.

Industry News; SpotOption, TradeThunder, new KYC rule & More

The point of social trading is to share knowledge and that is the point of this industry update. There are changes happening in the world of binary options, I’m here to help you keep up with what they are.


SpotOption Is Slowly Closing Doors For US Based Traders


CherryTrade has just announced that they will no longer be accepting traders from the US. The move is a surprise to both us and them but is the latest sign of SpotOptions foray into the US marketplace. SpotOption is working with Cantor Exchange to provide CFTC approved binary options but the change is slow in coming. What this means is that over the next few months we can expect to see more and more SpotOption based brokers who also accept US traders shut their doors to them.

Why? All part of the regulatory process most likely. For SpotOption to be approved and regulated by CFTC they will have to prove compliance on many fronts. For now, there are only two places to trade CFTC regulated binary, NADEX and Cantor Exchange, and both are significantly different from the traditional European style binary options on the market today. There are still a few brokers out there accepting US traders including CTOptions and Tradorax, each built on unique platforms.

TradeThunder Is Booming On The Scene

TradeThunder is a newer broker booming on the scene. They are accepting US traders so they are an option for traders who need to move from a SpotOption broker. It is built on the Leverate BX8 platform and comes with tons of features. Leverate, FYI, is the same company behind a well-known forex platform and the BX8 platform is based on all their years of experience. The company is owned and operated by LGK Industries, LTD with headquarters in London, England. They offer 40%-100% bonuses with minimum deposit of $200. If you don’t want a bonus minimum deposit is $20. Other bonuses for social traders are refer a friend and risk free trading, risk free requires a deposit of $5,000.

The platform is pretty trippy but packs a lot into one screen. A demo account is available for traders with no deposit required. The asset is pretty long but they only have call/put trading, no one touch, range or other. Expiry is also limited to 60 seconds, 5 minutes, 15 minutes, 30 minutes and 60 minutes. This really isn’t a problem for day traders but will exclude longer term swing traders. They have so far proved themselves trustworthy, a full review is in the works.

The Geek’s Review Of TradeThunder

New KYC/AML Procedures Require Prompt Verification

Brokers have always required verification of accounts in order for traders to make withdrawals but now those rules are getting tougher. There has been no change to requirements, you will need proof of ID, proof of address, proof you are the owner of any credit cards or bank accounts deposits are made from. What has changed is how the brokers are enforcing these rules.

In the past it was possible to use a credit card to deposit and begin trading within minutes, you really weren’t required to verify your account unless you wanted to make a withdrawal. Now brokers are requiring prompt verification, some are even requiring it before you are allowed to begin trading. What’s been happening with some brokers is that new accounts are being traded but if they aren’t verified within 3 days of opening the money is refunded back to it’s origination. What this means for social traders is that now it is even more important than ever to have all your proofs ready before opening any new account, and send them in as soon as you do.