Kindergarten

What Binary Options Promises You Should NOT Believe

Your account manager will help you to take decision and make profit!

This is a common misunderstanding among traders who see “personal account manager” listed under the benefits for accounts.  An account manager can help you to administrate your account, and may give you recommendations for trading based on his or her opinions, but it is key to remember that those opinions are only that—opinions.  Nobody else can do your trading for you.  The hard work is all up to you.  Never mistake one-on-one time with an account manager for more than it is.  If you actually wanted to hire someone to trade for you, you would have to pay for that service.

No, your account manager will not tell you what to trade on. He can give you his analyze of the markets and his opinion on different movements and once in a while give you a few good trades if he recognized a sure trend. But no, he will not call you every day and give you the assets you should trade on, or for how long, and during what hours. For that you have signals.

You will get your own Account Manager at your service

Well you do and you do not get it. What now? Well this is still a human and he is paid for the work by the broker website, the platform you are using as a trader. If you want to get one especially for you, your deposit must definitely match that and not just minimum one. We are talking about 4 figures and up. There are some good points if you can afford that since he can help you with strategies and 1 on 1 lessons but still, he works for the platform and i would not relly on that even if they say you so. After all, think this way, if you would own the platform, would you take money out of your pocket?

No, you don’t get an account manager at your service with a minimum deposit. Forget it. The account manager is a person, a human being. Not a robot, panda bear or a volunteer. He is costly to the platform, meaning he is definitely not going to be free for you. You are not paying for him directly, but you need to have a high enough deposit in order to have access to his services. He is valuable. Among his services he can offer you one-on-one lessons, teach you trading strategies on different tools (high low/one touch/ boundary), and even for premium account traders, teach strategies to trade on the high yield tools.

This guy will analyze your trades, and according to that he will know how to advise you best. He will advise you on what markets to trade on (according to the hours you usually trade), what trades to cut loose (according to your weak points) and what trades and strategies to focus on (according to your level of understanding and concentration).

We can guarantee a steady Profit for you

No, no and no! A steady profit is not guaranteed. You trade, whatever you win is yours. Whatever you lose is not yours anymore. It can be a steady profit at some point once you get the hang of it, and once it becomes routine for you. But at the start, you can make $200 the first week, the following week you will make $1000, on the third week you won’t make any money at all and in the last week you will reinvest $500 because you lost your remaining balance after withdrawing profits. In the long run you want to deposit the least amount as possible, and withdraw as much as you can. Withdraw half of your capital once you double your balance, keep trading with what’s left and repeat the same process over and over. Do that and you’ll be fine (as long as Iran doesn’t get nukes).

Nothing is guarantueed in life, therefore trading is not aswell. What you trade, that is what you can profit – it is up to you what you can do. if we talk about steady profit, it can happen if you get on a streak but definitely not for a long time,it always ends. So you should stick to rules and not think you are some sort of god or genious. But as long as you have strategy and stick to it you should be able to make profits and that is what you want.

Anytime you see a broker advertising guaranteed profit, you are dealing with an out-and-out lie.  There is nothing and no one that can guarantee that you are going to be a profitable binary options trader.  The odds are heavily out of your favor, and you are going to have an uphill battle in front of you to achieve success.  There is nothing wrong with that, but you should be wary of a broker promising you success.  Your success is not in your broker’s hands; it is in your own.

What should you look for instead?  Try to find a broker that has risk disclosure pages and blatantly states that binary options investing is a business where you may lose as easily as win.  This is an honest standpoint.  Guaranteeing profit is a scam.

If our traders win, we also win!

No, we don’t only make money when you make money. If you lose money, we also make money. Salesmen will sometimes try and use this line to make you think that the platform’s main interest is you making profits. 90% of Binary Option platforms make money from a system called P&L. Based on the total profits and losses, traders have. Meaning, your trading volume. The more you trade (regardless of whether you win or lose), the more money the platform earns. It’s fair, and this is why they will sell you the services of the account manager, because even if you lose money, they still earn. BUT, if you gain profits, they know you will keep trading and increase your trading volume, so they will try to get the best people in the market to help you and keep you happy (and fat).

Actually it is more like, if you lose money, we make money kind of deal. But you will hear the other version lots of times because it is just easier to tell new traders that since they feel more secured. You have to keep in mind that more then 90% of new traders lose their account and that is theirs profit. If you look on the bright side, if you keep making money, they will also help you make more money since the majority of binary options brokers uses system P&L to make their money which is a total of profit and loss traders make. So, the more you trade, the more money rolls in the platform.

You get the chance to withdraw money 24 Hours

Withdrawals are usually transferred through the same method you use to deposit.  So if you deposit using a credit or debit card, you will withdraw the same way.  If you deposit with a wire transfer, you will probably withdraw with a wire transfer.  And if you deposit using an e-wallet, you likely withdraw that way as well.

Most binary options brokers take anywhere from 3 days to a week to process your withdrawals, because there is a verification process involved.  It is highly unlikely that you will be able to get your money within 24 hours for this reason, even if the broker states that it is possible.  Expect to wait 48 hours at the minimum.  Three days to a week is far more realistic.

No you can’t, there is no such thing. Each platform needs to make a verification process. Once you send your documents, they are verified and archived. Each time you make a withdraw request, it takes a minimum of 48 hours to process your request. Only then your money is sent to your bank account/mail box or fax. The quickest withdraw a few of the platforms offer is three working days, and the longest… well, I saw some unlucky comments saying they’re still waiting since 2011. Again, know who you’re dealing with. A cool logo doesn’t mean it’s a safe platform, and on the contrary, a dull logo on an unknown platform to review sites doesn’t mean it’s fraudulent. Back to our business, most withdrawals can take up to a week. And if you are the kind of person that often needs money on the spot (because your mom got sick, or your Ukrainian dealer says its pay time), make sure to ask how long the withdrawals will take.

We have a 24/7 customer service always waiting to answer you 

Would be great if you could do it in 24 hours time but unfortuneatly the reality is far different from that. Because you need to have verified account, sent the documents to the broker of your choice and then when you do a withdrwa request, it usually take atleast 48 hours of time to process this. Then the money is sent to your specified account which takes another 2-3 days depending where you are located it can take even more time. Make sure aswell which broker you choose and that they are regulated so you do not get scammed at the end.

This oft-told lie seems so common as to be ubiquitous.  A few of the larger, more reputable brokers really do offer 24/7 customer service, so it is not always a lie.  But it is a lie probably 90% of the time.  The majority of binary options brokers operate customer service only during standard business hours, and usually not even then.  The majority of these companies are just too small to afford to staff a help desk around the clock.  Usually there are several different employees working in several different rolls at a time.

  • “We answer all emails within 24 hours” usually means, “Wait a week or so, and we will reply” (and that is assuming they reply at all).
  • “Call us toll free 24/7 if you have questions,” usually means, “We will be happy to give you a sales pitch on the phone at our convenience.”
  • “Live chat available 24/7” usually translates to, “Click this live chat button to fill out a web form and send an email,” or, “Click this live chat button to talk to a robot.”

If you can actually find a broker who does not try to sell you on lies about its customer service department, you have probably found a rare gem.  Look for a broker that really does answer emails within 24 hours, and really does offer a helpful live chat line.  Call them up to see if you get a sales pitch or a helpful human being.  Read the terms and conditions carefully, and have realistic expectations about what a broker will and will not do for you.  Choose a broker which is honest and does not try to mislead you into believing that they are going to offer you more than they can or will.  That is how you protect yourself from scammers and launch a successful career as a binary options trader.

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Binary Option Kindergarten

All Lessons in Part 4: Binary Option Scam
Lesson 1: What Binary Option Promises you should not to believe
Lesson 2: Binary options Scam
Lesson 3: What to do against Binary Option Scam
Lesson 4: Best binary options broker

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David Richard

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