Beware of the Binary trading scams

Voting on Brexit trades is another current opportunity

Binary trading is not new, but beware that there are some corrupt companies out there looking to lure unsuspecting punters.

I investigated one company for a friend who had become involved.

Binary trading is betting on the outcome of a deal where you might win because of a currency fluctuation going your way. Like all gambling there is no guarantee of a win.

If you are in any doubt about an investment opportunity, in the first instance, do a cursory Google search on the company before you enter into any dialogue with them. See if there any forums where the company is complained about and add your own comments if you need to, especially about how they approached you.

So this company I looked at was based in the Caribbean, also it had no UK financial services accreditation and they wanted my friend to provide bank card details, utility bill and driving licence copies by email. I immediately did my  research on this company when I found this out.

I found that this company was about as bent as a dog's back leg. So I advised my contact to cancel his bank card. I also advised him to contact the City of London Police action fraud line to report the matter.

I told my client to say to this company if they called again that they must not try and take any money off him, citing the 7 day cooling off clause in UK law.  

It transpired however, that various attempts were made to take amounts totalling £14,000 from my contact. They were not successful. I did read that one person had been well and truly cleaned out and had lost £4k.

I told my client not to send the documents and the Police action fraud line also told him not to do so.

They rang my client when I was with him and I took the call, I told them that under UK contract law that the client had 7 days to change their mind.

They insisted on the document copies being sent so they could 'process' the cancellation, I told them they would under no circumstances get these and to not attempt to take any money because the Police were now involved, which held no ground for them as they made about 3 further attempts after this instruction.

With the documents and the bank details, the company could have sold these onto criminal gangs to exploit.

Whilst there are genuine companies out there, do your research.