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Unscrupulous Vendors, The Binary Options Software Scam

The binary market is being invaded and traders need to understand the new challenges that are endangering their trading accounts and the community itself.

by John Kane

The binary options market is growing quickly and this is attracting a new breed of vendors. The money seeking online marketer is infiltrating the binary options software market with bad products and even worse intentions. This market is no stranger to difficulties. For years, binary trading has been under a dark shadow due to the deceptive nature of unregulated binary options brokers. Now, this danger is amplified by vendors who are willing to say and do anything in order to get commissions by referring traders to sign up with these brokers. The most recent trend of course is the free software offer scam.

The free software scam is simple, binary options vendors put together a sales page with a marketing video and a members area that can be quickly accessed by entering an email in a subscription form. These pages are inundated with aggressive marketing tactics. They contain poorly acted testimonials, falsified results statements and constantly push traders to act now. Every single day more and more of these systems flood the market and sweep up unsuspecting binary options traders. One of the main issues with this revelation is the fact that it's creating a widespread misconception of the binary options market. It is becoming more and more common for traders to assume the binary options market is purely a gamble and something that can't be trusted. This is not the case, but new traders that approach the binary market generally find themselves locked into a bad opportunity being pushed by unscrupulous vendors.

The strategy behind the free software scam is alarming because it's so effective. These vendors tell traders that they can make money quickly and efficiently with no knowledge of the markets or prior trading experience. Then, they tell traders that if they deposit as little as $250 with the vendor's recommended binary options broker they get access to a system that is going to do everything for them. By the end of the week this new binary options trader has lost the deposit and the software developer is nowhere to be found. Unlike real binary options software vendors the free vendor has no obligation to the client after the deposit is made. Once the trader makes an initial deposit the vendor will collect his commission and disappear. In a few weeks that sales page will be collecting dust and this vendor will be onto his next set of victims with the exact same sales model under a different name most likely selling the exact same software.

Binary options traders need to understand that there are unscrupulous vendors in this market and 90% of them are all using the exact same marketing methods. If you come across a binary options software that's telling you that you'll be a millionaire in one month and don't have to do anything, think twice about it and don't reward these vendors with commissions they don't deserve.


*This post was published according to the "Contributed Article Terms and Conditions"

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