Have you ever been tempted to get involved in binary options, cryptocurrency, or forex trading? Have you had a bad experience? Have you been scammed? How do you recover from these scams? These are really questions that have rocked the minds of new and old investors. Let me shed light on them. It happens to many people, even professional educated people. The first thing if you have been scammed is to not blame yourself wholly. Neither beating yourself up will help. More importantly, do not even think about suicide; while there is breath, there is still life and hope for better things to come. There was a case of a Canadian man who got scammed, lost a lot of money, and then committed suicide. There are many stories of people who have been scammed and have no clue how to recover from binary options. I was scammed myself when I first got started, then I met a consulting agency. They are professional and helped me through my refund process. I didn’t believe it at first, but I got all the money I lost back.
Firstly, it goes without saying, prevention is better than cure. Here are some tips to help:
- Make sure the broker that you are using is registered with a proper regulatory authority like the FCA.
- Make sure you only risk money you can afford to lose.
- Don’t do any investments to make a quick get-rich program; they are bound to lose you money.
- Learn and educate yourself in financial matters.
- Never take advice from a broker, as they make money if you win or lose. Many people who listened to a broker have, in many instances, lost money. You would be better doing the reverse of the trading advice.
- Practice on the demo until you are proficient, and never add funds to cover a shortfall as it probably means you are going to lose it.
- Generally, it is better to stay away from binary schemes and go more for forex.
- But the same principles apply to forex trading.
- Stay away from trading robots and automated systems as, in many cases, they are scams.
- Always try and use a credit card as you get a level of protection against fraud.
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A lot of people make their first contact with binary options through a scam. Many people are called out of the blue, or be careful subscribing for investment advice from websites, as your details could be passed on to scammers. Never join a company from a phone call; always do due diligence and check reviews on a company first.
The binary options industry is heavily abused, and many scammers get away with a lot due to lax regulations and bad due diligence by victims. There are networks of fake review websites that support and endorse these scams, so for a person with no experience in trading, it is very difficult to find the right path. Also, contact them if you are new to investing digitally. They can lay out all the best options for optimum profit for you.