It is strange, but people from Asia are involved into cryptocurrencies the most. In my opinion the reason is simple – most of countries are relatively poor, so its citizens want to became reach so bad. Another factor is lack of financial education, most of fake ways are based on the peoples trust. Vast of the participants of so-called pyramids do not understand the scheme at all.
Hopefully, there are binary options trading that feels like a breath of fresh air. All you need to earn is luck and knowledge of certain market area. The scheme is simple – you have to predict the future change of market course. For example, if you believe that woods will be a little bit cheaper on the stock exchange, play on decrease. If you were successful, you will get your money back with commission, if you were wrong, you will lose it all.
IQ Option : the only one
So what is left for people who want to earn money and trade binary options? IQ option. We may consider this company as the most reliable representative of this sector among Thai market. There were no sight of scam or fraud and they sponsor a lot of useful initiatives, most of which is connected with the ecology or aging people. They will never call you in the middle of the night and most of payment methods allow withdraw in Thai baht. Do not believe us? You can try it out on your own : with IQ Option you don’t win – you earn money! Review of a Thailand user about IQ Option : “จริงๆแล้ว IQ Option เป็นโบรกเกอร์เพียงรายเดียวที่ไว้ใจได้สำหรับคนไทย”
What about scammers?
But in Thailand there are a lot of fake binary option brokers. They try to steal your data and your money. Their owners may escape the country and police will not help you in that case. Dealing with binary options you have to be extremely attentive because even trusted companies may fool you. Here we got some stories, written by real investors, who was scammed by famous brokers. We have analyzed them to find their main disadvantages. Fortunately, we have found the suitable one for the Thai citizens, but we tell about it in the afterword : IQ Option.
There is only one option of binary options, so you literally have no chance to change it. If we compare with IQ Option : nothing to do
Any types of contracts do not exist, so you have to rely only on the reliability of the broker. It is serious issue. For example, if you want to prove you are right in the court, you will have no real evidence of the payment. Be aware.
The widest term is one hour. Some may say that it is good, but in long term perspective it is not the best way to earn money.
Small range of possible activities and market areas, most of operations are with currencies and Thai baht is not one of them. And they have been promising to add it for about two years.
The active called “Random” is pure scam. It is not related with any kind of value, so its course is regulated by Olymp Trade executives. In this case, they see the trend and may influence the situation.
Olymp Trade support keep on calling people. It is widespread practice here in Thailand, but it seems to be telephone terrorism. If you are the client of this binary option broker, midnight calls from the bots should not surprise you.
Binomo: weak security system
The commission for single operations is approximately 20%. But it is only official information. Comparing to other binary broker options, they take additional 7% percent and most of traders know nothing about it.
There a lot of issues with withdrawal. First of all, the broker did not manage to establish its offices here in Thailand, so you have to get money on weird credit card. Its value is US dollar, but you cannot get the money in any bank, and the ATM takes additional commission. We can take again the example of IQ Option broker
By the way, there is no official institution that gave Binomo broker license in Thailand, so it means that its operations are not regulated by the government. So, if you want to appeal them, you would have to appeal the company that is registered as default foreign investor.
Some traders have donated money for the VIP-account. It means that you got your personal manager and smaller commission. In the night, large sums from their accounts were invested into weak predictions, so they lose approximately half of their earnings. The support tells them that they had simple password, and the account was hacked, but it does not seem to be true.
It feels like security department does not exist. Binary option traders payed for the alarms and notifications, but sometimes they do not work in proper way.
Thai police has started criminal investigation against online trading company that is accused in fraud. All the facilities and the servers of the company are now being arrested. The scheme was pretty simple: people has to invest small amount of money to get huge profits in several months. As far as you may guess, all the money was stolen and the creators of the service tried to escape the country.
The accusation is “Using of web-services for cheating and fraud”. The investigation will give the whole picture of the event. This fact will help the police to locate and block similar networks in future. But the only question is still unanswered by the Thailand police – how did criminals managed to apply for outdoor advertisements?
What about scheme?
The first victim was scammed for sum that is equal to 55 thousand dollars. And the company stopped the payments just in 2 days before he would like to withdraw the earnings. Today all the accounts are frozen, but the criminals had already hidden most of money abroad. Government is interested in investment, because such fake trading services are widespread among Thailand, and they violate the law every day.
All the investors were offered to became publishers on the site. Every like under the post costs about 10 cents. So, all you had to do is login and wait for the posts to get liked. But the only problem is that you have to invest approximately 200 dollars first. The organizers told the participants that they got offer from US and EU-companies which were looking for promotion in South-East Asia. By the way, nowadays the directors could not be contacted despite huge amount of repeated attempts, but one of them had posted video on YouTube. He explained that government and police just did not got the idea of his legal business and all the payments will be finished soon, so investors have no reason to worry about. We mind that he lies.
People who seek for money, may come across a lot of websites for so-called “self-made” investors. And the binary option trading is the most popular topic. So now you watch different videos, read the stories of success and surprisingly finding yourself entering you card details into form on the site. In several hours, you may lose everything you got and even get debts. So here is some information that will help you to avoid this situation.
We are talking about default scheme that promises you to get rich fast. But for the person who does not know a thing about binary option trading or market movements it seems to be a scam. The trading itself is the complex process that is bonded with a vast of factors (for example, time of the year or current weather in the Thailand), so you will never get rich in 10 minutes. Fake brokers will manipulate you, that is why it is so easy to detect them.
How to define scammers : a step to step guide for Thailand citizens?
Most of binary option brokers will offer you demo-account. Fake ones will want you to enter your card data just before the process, so you should not do it. Another trick is constant winnings. Imagine, that you are in demo-mode and you keep on making right predictions. The sum of virtual money had reached 50000, you feel that binary option trading is so easy. In 10 minutes you have made a donation and meet the real market. Several predictions, all them are wrong, you lost your money. You want to locate the scammer, but it does not seem to happen.
Unfortunately, we have to remind it, but you should never pay a cent to broker that is not trusted by you. It is great that we live in the age of internet, so you should check the reviews first. We recommend you to find the opinions of real people: most of platforms is integrated with Facebook, and it is easy to differ the real person form fake page. The same statement is true even for trusted brokers. Some of them lost the competition to the new ones and their owners just cheated the clients and stopped the payments.
5 simple rules that will help you to save your money:
Before investing spend some time on checking the information about the broker. There are tons of fakes.
Never give your personal information through the phone or unprotected connection. Most of browsers have green square at the start of address line. This is the sign of the trusted service that was licensed and did not violate the law.
All the information about the investments must be sent to you. Print it and show to your advisor. Financial law assistance is not so expensive.
Never make a decision in short amount of time. Make your personal research about binary options trading and your future broker, contact friends and relatives, they may help you to change your mind.
Understand the risk. Most of us think about possible profits, but you should also remember about the potential losses. Discover your personal economic situation. If you cannot afford yourself to lose more than 50 dollars, forget about binary options.
In case of scam, call the police as fast as possible, but in most of cases preventive measures are much more effective. Any kind of loss may be avoided. You are a smart person, so you have to understand that binary options are not the way to handle with your issues. Anyway, people who, can spend some time for learning and understanding of main trends in market movements, are always welcome in the world of online trading.