If you’re looking to invest a hefty sum of money, where should you put it? Is investing in Binary Options a good… option? Probably not, especially if the trading company is run by scammers.
Janet Swift from Gloucester said: After my husband lost his job, I was looking to invest some of our pension funds, and found a website selling Binary Options. Its products were professionally presented so I invested £500, and was told I’d receive a call from a trader to discuss my investment options, but never did.
I got back in touch, and was called by a ‘senior trader’ who apologised for the lack of communication. He told me that, although he only dealt with high net-worth clients, he would take on my custom as a goodwill gesture if I invested £10,000.
He convinced me to do so, but despite repeatedly asking where my money was being invested, I got no answer. I then realised it was a scam. I reported the case to the police and to my bank. This prompted the senior trader, who had been using a false name, to get back in touch via Skype. He offered to repay the £10,000 if I cancelled the claim. I’m sure he has no intention of doing so.
Avoid risky investments
We say: Binary Options are an extremely high-risk gamble that we’d warn any investors to stay away from, even with a trusted broker. They are not regulated in any way, so your money is always at risk. And scammers’ tactics often involve encouraging you to throw good money after bad.
Despite providing evidence of your communications with the trader, your bank initially refused to provide an immediate refund, as you willingly handed over the funds. However, our Money Helpline team helped to escalate your claim, and you got your £10,000 back.
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