There are so many scams in the binary options niche and we wanted to take the time to warn you about some of the biggest ones you need to avoid. A few years ago binary options started to grow and the scammers realised that they could make a lot of money by signing people up to binary options brokers. The referral fees for getting people to join are around $250 to $500 per referral so the scammers basically created fake websites pretending to give away software that could trade.
They would give the software away for free and say that all you need to do is fund the trading account with a deposit.
When you fund the account the person that referred you gets paid and the software which is supposed to make you money actually loses on purpose because it’s designed to lose. This might sound shocking but the brokers are the ones who have actually created the softwares that go and lose money on purpose.
It’s really a shocking industry and fortunately the authorities have come down on them pretty hard and actually banned the majority of brokers from operating inside the USA which is good. The surprising thing is big websites like Forbes have warned against gambling on binary options as far back as 2010 yet unfortunately many people have still done exactly that and lost a lot of money.
Unfortunately outside of the USA binary options are still growing and people in the UK and Europe are still getting scammed so it’s important to actually check out these robots below that are some of the worse offenders we have found.
The tesler system is a website that was launched back in late 2016.
Usually these kind of websites go offline after a couple of months but the Tesler website is still going strong. This particular scam preys on people who want to make easy money by saying that they can make literally 6-figures in a matter of months after getting started for free.
They have gone to great lengths to fool you into parting with your money because they actually hire actors and they even go over to regular peoples houses and film video testimonials. This creates the appearance that the software is working for regular people but in actual fact it’s not working at all, the testimonials are fake and they have simply paid people to say that they made money using it.
When you look in Google all you will find is fake reviews. We looked at all the reviews on page 1 of Google and 9 of them were actually promoting the Tesler system as a good option for making money when we know for a fact that it’s a scam.
The only blog was NoBsImReviews.com that shared an honest review of Tesler system exposing it as the scam that it is. This is why you need to be extra careful when looking for reviews of systems because unfortunately sometimes the people giving reviews are not honest and often they are affiliates for the scam system owners.
The Quantum Code is even older than Tesler system. It first launched early 2016 and has scammed literally millions from the pockets of people just looking to make some extra money.
It’s really quite sad that they have been able to fool so many people into parting with their cash but again it all comes down to heavy promotion, fake endorsements and testimonials and ultimately fake reviews in Google and YouTube.
When looking for reviews you automatically assume that a blogger is going to be honest, what do they have to gain by lying? But a regular person does not understand that the owners of scam systems like Quantum Code and Tesler actually pay bloggers to write positive reviews. Or they will sign them up as affiliates so that they earn a commission for referring you to that particular product.
Some bloggers have made a fortune by writing fake reviews and redirecting you to binary options robots. Whilst I won’t publicly state who the blogger is there is one popular blog in the binary options niche that is seen as an authority on the topic of binary options scam. They are the “go to” blog for exposing scams however I recently discovered that this particular blog is the biggest fraud of them all.
The owner of the blog is actually behind a couple of binary options robots himself that are flat out scams. He reviews all the other binary options scams and outs them as scams and then recommends his very own as a solution that works.
In my opinion this person is even worse than the normal scammers because he is actually gaining peoples trust before getting them to part with their money and he’s potentially made millions by scamming people with systems just like Quantum Code.
Those are the 2 biggest binary options scams out there right now but there are others ones for sure.
Binary Robot Scams Are The Same
The good news for you is that if you know how to spot scams like Quantum Code and Tesler System you’ll have absolutely no trouble at all spotting other scams. The truth is binary options scams don’t change in the slightest.
Binary options scammers tend to go by the old adage that if it ain’t broke don’t fix it. So they don’t change their scams at all when creating new ones, all they do is change the name, change the sales video, and hire new testimonials and actors to play the part. Often pretending to be some expert in the field of trading and making money.
The software is almost always free to access because they don’t make money selling you the trading robot, they make far more money by referring you to binary options brokers.
Don’t think that the brokers are innocent here too, they are probably worse than the owners of the scam websites. The brokers will use high pressure sales tactics to get you to invest, and have taken as much as $500,000 from a single person in the USA. That person literally lost their life savings thanks to a binary scam and has never got it back.
Take it as a lesson to be careful and avoid these horrible binary scams and see other latest posts here. There’s a good article from Investopedia on what you need to know about Binary Options.