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.
Olymp Trade: midnight calls
- 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.