Trading binary options can make you money, but also lose you money. So you have to be careful in your approach.
I remember that when I discovered binary options few years ago, one of the first places in Google about binary options belonged to an article in Forbes. It was a stupid article from a person that obviously never understood financial trading. This person was basically saying that you can’t make money in trading, so you should stay away from it.
But it is not true. Just ask people like Warren Buffet or George Soros if you can’t make money in trading. Of course you can. And what tool you use – futures, stocks, binary options or whatever – is not that important as long as you learn to use it correctly to your profit.
Since then a few years passed and binary trading deals with a big problem, it is heavily abused by scammers. They show systems like Nuovo Finance or Snapcash Binary or Wiki Trader that are supposed to make you money for free. But they of course won’t.
These projects are designed to work like funnels and make people deposit money with affiliated brokers. That’s all. The trading tool itself is worth nothing and will just lose you money.
The problem is that there are hundreds of similar scams all promising the same thing and cheating you the same way.
So what can you do about it? Use common sense in the first place. Don’t trust anybody who promises you free money, but first ask you for your deposit. This is a golden rule that will help you to stay away from a lot of scams.