Scams | First deposit | Auto trades and robots | Trading or gambling?

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This topic contains 1 reply, has 1 voice, and was last updated by  PIPING 2 years, 7 months ago.

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  • #1752 Reply

    Yiki

    Hello! Im a trader in the US, and ive heard alot of different things about alot of different companies. One thing that strikes me as interesting is that no 2 sites agree on the legality of trading options in the US, in regards to regulations. So here I am. I had heard that US traders can ONLY trade options in companies that are CFTC regulated. Is this true? I currently use Finpari as my platform (not for long, and ive seen the few complaints lying around. I havent withdrew anything yet, so i cant input.), and they are NOT CFTC regulated. Does this mean I need to cease trade with them? If it is, what is the risk of getting caught? What reprocussions would I face?

    #2086 Reply

    Martin Kay

    binary trading for us in the US is tricky. It is not illegal for you to trade with an offshore broker, but it is illegal for them to market and sell financial products to you... a loophole for sure. Some allow us to trade, others don't. There are a lot of scams out there but not all are scams. The best choice for you is to use NADEX. It's not quite the same as the offshore brokers but much safer, your money is guaranteed safe and you have the backing of the CFTC and SEC to protect you, you don't have that protection with an offshore broker. these two links are must reads. http://www.binaryoptionsthatsuck.com/review/nadex-suck/ http://www.binaryoptionsthatsuck.com...by-step-guide/

    #2086 Reply

    Yiki

    Hey guys. As some of you might already know, I'm new to this forum and binary trading. This past week, I have learned so much about binary options in general. I don't know where to begin and I hope this doesn't get too long and too boring. - First thing I want to talk about is all the damn scams. I've seen too many stories where people get scammed from brokers or those auto-traders/robots. I've seen people recommending to not start trading with binary options because there is so many scams in the business. So I've been jumping from site to site, video to video and forum to forum - reading what people have to say about binary options. Honestly, I'm confused. Is this business legit or not? - Second thing I want to talk about is auto trade and robots. My first response to that was "NOPE!", I'm not falling for that. That changed when I heard about the NEO2- auto trader. I've done my research and when searching the auto trader on google, the whole first page is positive reviews. That got me thinking for a while. I kept on searching and BOM I found an honest review, where the reviewer pointed out why it actually is a scam. And it made sense. I now believe that all auto traders/robots are a load of horse sh*t. - Third thing: I've discussed binary options with friends. They would argument that it is gambling. I'd argue that it's not, it's trading. We came to a conclusion that it's both gambling and trading depending on how you trade/gamble. We came up with an analogy, that it's like betting on sports. For example, fotball/soccer. Fc Barcelona vs a div 2 Swedish team. There's obviously a much higher chance that Barcelona will win. The same thing with binary options. There's a high chance that it'll potentionally go up/down, but the last bit is luck? Is that a good analogy? How do you see binary options - is it gambling or trading? - Fourth and last(thank God): I'm thinking of making my first deposit. I've learned basic strats with BB, MA, RSI, Support/Resist. lines, oscillators etc. and using some of those strats, I turned 1000 dollars(demo) up to ~25k. The only thing that is stopping me from making my first deposit is my first point. Anyways, this got too long. Any help/advice is appreciated. Thanks!

    #2086 Reply

    Martin Kay

    Hey Yiki, welcome aboard mate! 1. Binary Options is a legit business, yet not completely regulated and many brokers posses a serious scam threat. To avoid being scammed, stick to regulated well known brands, we have a list on the main website. 2. Autotrader- avoid at all costs. I wouldn't call autotraders a scam, however, if you think that NEO2 or any other autotrader would make you rich, you'll quickly find out it's going to do the opposite. 3. Let's call it speculating? 4. http://www.binaryoptionsthatsuck.com...-brokers-suck/ Stick around, and don't hesitate to post on forums!

    #2086 Reply

    Yiki

    Thank you for the response! 1. How do you use binary options? Is it your main income or is it just something you have on the side? Can you have it as a main income? 2. I'm ditching all auto traders/robots. What's the fun in that anyways? 3. Speculating. Fair enough. 4. I'm currently on IQ options and I haven't heard anything bad about them. It's CySec Regulated and it seems legit. I also like that the minimum deposit is at 10 dollars. Thank you Martin

    #2086 Reply

    Michael Hudges

    Glad to have you with us mate. Martin just about said it all. Stick to a trusty broker, make regular withdrawals of profits and learn to trade and you'll be OK. For starters trading should just be something you do on the side at first. In time it may pay your bills but don't count on that happening too soon.

    #2086 Reply

    Michael Hudges

    it depends on how you go about achieving it. If you just say, hey, I'm going to trade for a living you are in for a rude awakening, it's not easy. If you say hey, I want to learn to trade and begin to learn and start small and build yourself up you can eventually support yourself trading.

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