Binary option is a product of a financial transaction where in the purchaser acquires a payout or loses the investment, in view of the option expiring in the cash or money. Binary options typically rely on the result of a proposition of either yes or no – that is why it’s called a binary.

They usually have a set time or date of expiration, where once it expires, the price of the fundamental resource or asset should be on the right half of the strike price which will depend on trade taken in order for the trader himself to generate a profit.

When the option expires, the trader’s account is then consequently charged or credited with the amount of gain or loss from the trade.

Binary option is a form of betting with the odds being fixed and where traders bet your money on the outcome of whether the asset will go up or not. If they are correct on their bet, they receive a full investment in return, and if not, they simply lose everything.

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Binary option is not actually a scam. However, there are more fraudulent companies are traders than legitimate ones. Today, the whole idea of binary options revolves around the scam it offers.

These binary options scams are usually advertised on social media sites. They are posed as a legitimate and professional-looking website to front their binary scam. These fraud firms tend to exploit software to fake prices as well as contort payouts and close the trading accounts of their clients all of a sudden and prevent them from getting their money back.

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