Binary options trading scammers defrauding millions from Australians

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A speculative investment scheme new to Australia has already robbed investors of millions of dollars, with many older Australians losing their life savings to the risky racket.

The Federal Government is now being urged to ban the scheme known as ‘binary options trading’ after claims it has been hijacked by scammers who are stealing the savings of Australians from right under their noses.

In the short time this investment scheme has been targeting Australia, investors have lost more than $7 million.

Binary options trading, which is legal in Australia, allows investors to speculate on whether a stock or commodity price will rise or fall in the short term. It’s a similar process to betting, with investors who see early success then being conned with the promise of huge returns to go ‘all in’, losing everything in the process.

International fraudsters cold call investors and use gambling industry tactics to pressure them into sending them money that they then falsely claim to invest on their behalf.

Many of those scammed by fraudsters claim the money they sent was never invested or that dividends were not returned.

Countries around the world, such as Israel and Belgium have already banned such schemes, with Canada, the UK and Europe all pursuing similar measures.

The Australian Securities and Investments Commission (ASIC) has forced Facebook and Google to stop advertising any unregistered traders who could be promoting such schemes.

A 62-year-old man lost $600,000 to the scam, and there are further reports of Australians losing up to $1 million to the sneaky stratagem.

Another victim of the scam, Peter Green from Adelaide, said his money was never invested, simply stolen.

“He robbed me of all my savings I was trying to put aside to build a house, so it’s been pretty hard,” said Mr Green.

The Australian Competition and Consumer Commission Deputy Chief, Delia Rickard, says the $7.5 million already lost is just “tip of the iceberg”.

“If you’ve lost a significant amount of money, the sad news is you’re very unlikely to get it back,” she said.

Should binary options trading be banned or should investors monitor their own financial activity? Have you, or do you know anyone, who has received such calls?

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Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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170 Comments

Total Comments: 170
  1. 0
    0

    What is there to say?. Should I feel sorry for these people who are stupid enough to fall for these scams or should I say don’t be so [email protected]@#ing stupid. Are they too thick to realise that anyone who calls you with an investment proposal is scamming you? Haven’t you got enough sense to check out if its legit yourself or find out via the internet?

    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
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    • 0
      0

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      However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.

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    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
      [email protected]

    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
      [email protected]

    • 0
      0

      It has come to the notice of authorities that many unregulated companies are using clone websites to target citizens and hence it has issued a warning to all traders not to deal with any unregulated companies and not to be lured by their false propaganda of unrealistic returns on investments, and not to fall in their trap. Their advertisements can be mouthwatering, but at the end of the day they will run off with your capital too. Thanks to Quick Funds they helped me recovery most of my lost funds, you can contact Quickfundsrecovery @ gmail and share the testimony they shouldn’t keep ripping people off

    • 0
      0

      REGULATION NOTICE: There are many binary options companies which are not regulated all around. Most of these offshore companies are not supervised, connected or affiliated with any of the regulatory agencies such as the Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA), Cyprus Securities and Exchange Commission. Beware of where you invest your money and if you lost your money, kindly get back to me via (Quickfundsrecovery @gmail.com) for assistance on how to recover your money in an interval of 72Hours.

    • 0
      0

      Hello everyone feel free to reach out to Mr barry on Barrysilbert540 @ gmail . com if you need help or guidance on how to recover your lost fund using good strategy and how profitable trades is been done. And also if you want to recover your lost funds using his masterclass strategy he can help you. I’m earning $10,250 weekly using his masterclass.. you can also reach him out on whatsapp + 4475 0829 8691. you can also reach out on this email expert.traders4u @ gmail. com.

    • 0
      0

      One wouldn’t really think much of this, all I really wanted to do was invest and be part of it but the way I was misled by this brokers was terrible, to easily take money from all in the name of investment and when I wanted to make withdrawals every single attempt was fruitless with constant hassle to invest more I really can’t say more than I have already said. I would really consider myself to be one of the very few lucky ones as I was able to have my funds recovered from this scam Binary option brokers, although it was through unethical means as far I am concerned but what can I care after how my hard-earned funds where taken from me, these guys are the best in less than 7days all my funds including bonuses had been recovered, If your broker lost your funds trading Binary options. You can contact his mail
      Email: CREDITSOLUTION63 at GMAIL dot COM

  2. 0
    0

    I agree. I have no sympathy for these idiots. If some stranger calls you on the phone and wants any personal details or money from you tell them to f#@* off. There problem solved.
    That wasn’t so hard was it ?

    • 0
      0

      Finally I have been able to retrieve all my lost funds of about $850k ( NO UPFRONT PAYMENT! ) which I never believed I would get again from an unregulated broker who stocked my trading capital for over 3 months now, and denied my access to my trading account. I’m so glad that I have gotten back all my funds back without stress, All thanks to my neighbor who introduced me to a certified binary option recovery expert. Do you have funds that you wish to withdraw from your account, is your Broker manager asking you to make more deposit before you can place a withdrawal, are you confused and you don’t know how to go about it. You can contact his mail
      Email: CREDITSOLUTION63 at GMAIL dot COM
      WhatsApp: +1 9176634684
      You Can Also Text Or Call: +1 9176634684.
      Thank me later.

  3. 0
    0

    Has anybody received emails re Bitcoin promises ?????

    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
      [email protected]

    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
      [email protected] @ gmail. com

    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
      [email protected]

  4. 0
    0

    I get daily emails about so-called crypto-currencies and how wonderful they can be.
    Still haven,t worked out how they can be used or exchanged as cash. And it seems every day there is a new one. They sprout on about how theycan be used to bypass gov and banks but gov is already setting to look regulate (and tax) this trade. And it makes you about as anonymous as a lighthouse.

    • 0
      0

      If you’re new to it, best focus on Bitcoin and ignore the other cryptos.

      You can purchase Bitcoin using Australian Dollars by signing up to http://www.coinjar.com.au. The sign up process is lengthy and includes submitting proof of ID – but worth it in my opinion. You can then link your bank account, move AUD into your cash account, and use it to buy Bitcoin when the price is low. When the price rises, and mostly it does rise against the dollar over time, but has been low lately (good time to buy), move your Bitcoins into your Coinjar Swipe EFTPOS card. If you bought 1 BTC at $4,500 AUD/BTC and they are now trading at $5,500 BTC (which it has got to before only weeks ago, higher even), that’s $1,000 extra purchasing power you now have, to be used anywhere that accepts EFTPOS in Australia, groceries, fuel, you name it. You also have the option to buy BTC when it is high, and hedge it against the AUD. The trick is to take advantage of the volatile price swings in BTC against the USD and AUD. I’m sure you’ve heard how much BTC has grown in value this year alone.

      As you I’m sure know, if you keep your AUD in a bank account, the interest won’t even keep pace with inflation, so if you ‘save’ the money and keep it long term you simply lose purchasing power. Bitcoin appears to solve that problem for now, provided the bull market continues.

      You can also spend it directly if you have a Bitcoin wallet, or even just with Coinjar, for those new to it just stick with Coinjar.
      Also, if you go to http://www.livingroomofsatoshi.com you can use Bitcoin to pay any bill that is payable with BPAY.

      There are ways of using it with a wallet to be more anonymous, but if you really want to be anonymous you would use other cryptocurrencies that were developed particularly for that purpose.

    • 0
      0

      By the time people on forums like this are talking and the shanks are sending emails it’s too late for profits. The early birds are trying to take their profits. Like when the shoeshine boy was talking shares. Time to cash in.

    • 0
      0

      [email protected]
      I also lost about $175,000 to an IQ option broker and 2 fake binary option website as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam including binary options, dating scams,Recover all your lost money to Bitcoin and other Cryptocurrency, mortgage/realestate scams and fake ICOs.However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.you can reach out to them
      [email protected]

  5. 0
    0

    Anyone who responds to an unsolicited call from someone they have never heard of offering a great deal on an investment they don’t understand and don’t check, frankly deserves to lose their money. It is greed pure and simple.

  6. 0
    0

    They are obviously liars like website https://ge.onlinecasino41.com/ I’m wondering who are these people who believe in such an easy money…

  7. 0
    0

    Recently recovered my funds from a scam broker, i hired a professional it was quick and efficent. Glad to share my experience with others. Binaryoptionrecoveryspecialist (dot) (com)

  8. 0
    0

    Lost so much money to these fake brokers, not only was I left financially sick but also physically affected, luckily I was introduced to this recovery firm absolute best helping me recover my funds within 3 days (www) Binaryoptionrecoveryspecialist (dot) (com)

  9. 0
    0

    The thing is you will never see it coming and they are smooth and cunny. You even decide to give it a try and use money you are willing to let go… These bastards take out all your money without your knowledge and bam its all gone.
    assetrefund(at)protonmail(dot)com is the only reluable and effective solution to this menace now.

  10. 0
    0

    A year ago,, a man named Mr. Harry called me from Lbinary and told me about investing in Binary options with him. I invested $560,000 and when it was about time for me to make my withdrawal i could only $58,000 and that was all from there on. They kept jamming the system till i lost all my money and i was getting bonus which confused me. This experience was such a painful one because i had only invested my pension funds in it and wanted to live the good life thereafter. I was very devastated and almost lost it because i got depressed. I decided not to give up and sorted after the service of a wealth recovery expert (adler.frank50 @ gmail. com) who recovered both my money and my bonuses from them. I’m glad i didn’t give up afterwards.

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