Consumers are being warned to beware of scams masquerading as binary options trading.
Anyone considering taking part in binary options betting is being advised to take the following advice:
- Check you are dealing with a licensed operator: Binary options operators based in Great Britain currently need to be licensed by the Gambling Commission and to display this on their websites. Operators in reputable jurisdictions will have their own domestic regulators, most of whom will have similar online registers.
- If you have any doubts about whether an operator is licensed, do not use them: An unlicensed operator is likely to be acting illegally. They will not abide by any code of conduct and have no incentive to deal fairly with you. Unlicensed operators are likely to use false names, addresses and contact numbers – they can disappear with your money and without a trace, making recovery impossible.
- Remember that if you lose money the Commission cannot recover it for you or compensate you.
- If you think you have lost money after using an illegal, unlicensed operator, it is recommended that you contact Action Fraud, either through their website or on 0300 123 2040.
Read the Commission’s full warning on binary options trading.