I have began working on a binary options company, a week ago, and my job is support and compliance.
Here are some insights:
>The money is good. >I will not disclose my wage, because it will be meaningless regardless, as the standards in my country are different from USA's and EU's standards, but the pay is wonderful for all employees, even for my simple job. >The "traders" get Amazing money, with a capital A.
>No information security. >I have access to many personal documents(similar to the ones a POS person would have), and they are all simply put in folders on a computer system that does not even have an antivirus. >There is no regulation on what files one should and should not open, and copies of personal files are scattered all over the PCs, well out of their designated folders.
>Clients feel cheated. >I have gotten many emails that begin in sentences such as "why are you so cruel to me?", promises of karma punishing us, or simply profanities. >If I would have not known better, from seeing the mails I'd think that we are running a scam. It feels very heavy, morally, and I have been told many have left due to their conscience.
>It feels illegal >We cannot disclosure the country from which we operate, nor can we contact several nations(USA and Russia included) due to legal reasons. In fact we have a country in which we pretend to be located. >I have googled once one of our automatic trading technologies and the first result was a page title [NAME OF TRADING TECH] IS A SCAM!! in all caps. The word "gambling" came up when speaking to other employees.
I would like to know more about binary options and the nature of the company I work at, because so far it's very particular.
Please tell me your opinion on this trade, experiences, and points of advice. Are we running a scam? Are we ruining lives? Is it gambling? Is it a legitimate way to invest in the market?
AFAIK most people lose money on binary options. Its a scam, but retards will be retards
Is it a scam in the sense that the brokers cheat the inexperienced clients(because they do, the people I work with look and sound less than human. But that's sales department everywhere, so there's that) or is the whole concept of binary options is a scam? It couldn't be, because you really can predict the market and if certain stocks go up or down to some degree, no? Wouldn't a person who knows the market be able to safely make money on binary options?
Oh, forgot to mention, in the >It feels illegal part, we also have to use fake names
the dollar will decrease to the point of extinction. Peter Schiff will be proven right once again
its a scam because its promising all these financially illiterate people with wealth, they could never attain. But at least its not a ponzi
What would one need to attain wealth from binary options, and is such a thing even possible outside of the realm of gambling?
Yes to all questions It's a different way to invest in the market but not even close to being the most practical.
I dont know apart from just buying the stocks myself? Binary options is just paying to play on someone else's platform. More chances of getting jewed
Well, basically, the chance of making a profit from a "trade" is a 50/50 gamble. Your company probably pushes customers who make a lucky bet to reinvest the winnings by offering bonuses or requiring multiple "trades" before allowing withdrawals. Think Wolf of Wallstreet. Chances of making are 0,5^n where n is the number of trades. This means almost every customer loses their shirt.
In my opinion, the company you work for is evil.
The real question is, who's more at fault: the company, or the people who willingly patronize them
You spent an awful lot of time to task us, and you seem sincere. So I will answer your questions.
>Are we running a scam? Technically not. People get what they agreed to, just not what they were promised.
>Are we ruining lives? Yes.
>Is it gambling? Yes.
>Is it a legitimate way to invest in the market? Not even close.
The way most of these places are set up every ""trade"" is a 50/50 chance at winning or losing. Nobody knows what stocks will do on such short notice, it's basically a coinflip.
You basically run a casino where people perpetually play red/black while the casino charges them up to 20% per winning hand to play. It's a house """"edge"""" that no sane person would agree to if they hadn't been conned beforehand.
>is it evil? Yes, but the blame lies just as much with the suckers who choose to participate. They were never outright lied to, nobody forced them to participate and if they hadn't been greedy or stupid they would have quickly realized it was complete bullshit.
Can you live with the fact your company is a casino with insanely unfair odds that suckers idiots and desperate people in with the promise of millions? Or is that their responsibility as adult human beings with a working brain?
So do you trade for then or do you refer people into binary options? Dont you need a license for that?
>In my opinion, the company you work for is evil. No doubt, I wouldn't even go as far as calling it an opinion. I work there currently (besides the money, which is good) mostly because I get to see a lot of very confidential information and not steal it, which might open options for me in the future, as I am interested in working in such jobs. They pay well and are easy if you aren't a klepto. Both. I'm assuming we do have a license, but I wouldn't be surprised if we don't.
>Technically not That's was my initial feeling - that we are not running a full blown scam due to a technicality. >Nobody knows what stocks will do on such short notice, it's basically a coinflip. And how about trying to predict whether a stock will go up or down by the end of the month or a week? Isn't it somewhat predictable if you follow the right information? > if they hadn't been greedy or stupid they would have quickly realized it was complete bullshit. The problem is that we often take our sweet time in giving them their money back, and a lot of times they just give up (the lady who threatened me with karma is an example). I understand that they are all idiots just by going into it without research, but I pity those who lose enough to ruin their and their children's lives. >Can you live with the fact That's a moral question that is much wider than the topic of this thread. Many industries are extremely harmful to many people, this one is just lacking the usual sugar coating. I need money more than I have sympathy for foreigners with disposable income or a gambling problem, but I can't say that it's pleasant to hear them beg. jesus i need a beer
Thank you all for your help by the way
>while the casino charges them up to 20% per winning hand to play If the rake is that high, it seems you don't even need to actually trade stocks under the hood, you can just run it out of your own funds and track whatever is bet on.
binary options is just a scam that tricks stupid people.
>binary options just buy a call or put, you retard.
The biggest problem with companies like yours is that the house always wins.
Everyone who does well will have their funds frozen and be pointed to some obscure part of the 1000 page TOS and never see their winnings. Of course the company doesn't nullify those winning s, it simply banks them.
It is a scam. A pathetically legal one, and if you ever apply to a real job I suggest leaving it off your resume
>fake names That sounds iffy bro. I worked for a FINRA registered broker and asked if I could use my nickname or ask clients to call me by my nickname since I was a minority and they said it was against finra rules. Are you guys registered with any regulatory body?
Its interesting because its actually options for stupid people *however* after doing paper trading options for over a week I got to say... they are absolutely stupid as fuck and so I can understand people wanting an easy way out.
I swear to God I had one option go up 3000 dollars and couldn't figure it out. Calls on stocks that went up and I made 20 bucks or lost 200, Puts on stocks that went down and I lost money.
Options are a fucking pain in the ass and hard to understand without doing a Finance degree probably.
So here you come in... guess the stock, it goes up you win, its down you lose. Very attractive for gamblers, it feels like a 50/50 like Blackjack.
I just read more below... if you never pay out then you are a scam and pretty much evil bitches. Least you could do is pay out.
Meh. He could cover it up by just using the parent corporation, he wouldn't say BinaryOptionsKings.com he would say Xiaoxhen Holdings Corporation Inc.
>And how about trying to predict whether a stock will go up or down by the end of the month or a week? Isn't it somewhat predictable if you follow the right information? Do you offer options for weeks/months?
>The problem is that we often take our sweet time in giving them their money back, and a lot of times they just give up (the lady who threatened me with karma is an example). This is outright criminal. If you don't actually pay people out you are running a scam, no question about it.
>Many industries are extremely harmful to many people, this one is just lacking the usual sugar coating. This one has enough sugar coating for instant diabeetus, it's the only reason it exists. You make your money from what is a con at best and criminal fraud/theft at worst.
>I need money more than I have sympathy for foreigners with disposable income or a gambling problem, but I can't say that it's pleasant to hear them beg. Then that's your answer, but it's up to you whether you listen to your conscience in the end.
Just one last thing: don't make any illusions about this being good for your career. The idea that somehow working for a known scam company will make you seem more trustworthy in the face of any legitimate future business is backwards and retarded. Unless you want to work for an ever more criminal enterprise in the future, in that case this is a great first career move. >B-but I-I never stole the unsecured sensitive data my company left lying around No, user. Just no. Take your money and deal with your conscience, but don't kid yourself.
Binary options suck because the house always wins. Play long enough, you never change the stakes. The house takes you.
Unless, when that perfect hand comes along, you bet and you bet big, then you take the house.
>if you ever apply to a real job I suggest leaving it off your resume Really? Seems to me it proves my ability to work with POS documents(aka potential huge amounts of money) which will help me a lot in applying to banks or whatever. >Least you could do is pay out. We do, I've seen it. I wouldn't say that we don't put some obstacles in the clients way, but eventually we do. >Do you offer options for weeks/months? Yes >If you don't actually pay people out We do but we work accordingally to KYC regulations and it's not something we tell customers until they want to withdraw, and I'm pretty sure it's on purpose. At this point they have to send in a shitload of documents and verbal and written confirmations, and some give up.
So, is it totally worthless for future C.Vs? Seriously? Even if I use the parent company and say that I was just support & compliance?
Since you offer weeks/months it seems to be more of an incredibly overpriced brokerage, so not as bad as some binary options come.
Making it that hard to withdraw is guaranteed on purpose. It's extremely shitty on top of already overcharging your """customers""". If they lose, you win. If they win, they probably won't see their money anyway.
>So, is it totally worthless for future C.Vs? Seriously? Even if I use the parent company and say that I was just support & compliance? Totally useless? No. But don't expect it will make you look good. You can use it as proof of generic support & compliance experience, but if your future employer so much as Googles it the first thing he'll see written across the search results in big red capital letters will be "SCAM!!11 WATCH OUT". You can't then follow it up with "b-but I'm trustworthy though, I n-never stole from them".
Read pic related. The writer has been trading forex for years. In this book, she makes an objective analysis and discusses techniques that can be used in such a market.
>the chance of making a profit from a "trade" is a 50/50 gamble
That would be true in the case of a perfect and efficient market. With binary options, the odds are very much against the client.
its not investing
>be me >feel like gambling on financial markets >open an account with Nadex >don't enter in my ID or CC number yet >these niggers call me up today asking me to enter my ID >wtf? that's weird >go online and read about Nadex scamming people with phony "bounced" e-checks >run as far away as you can
Seriously, fuck Nadex, fuck binary options, don't be tempted. Just don't do it, not even once.
Jesus, I just came back from work and this shit is fucking heavy. Some lady cried over the phone and another asked where did his 18K USD went. I get the SCAM result every time I google anything, no exceptions. There are people waiting for more than a month for withdrawal. People around me are talking about scamming seniors of their retirement savings that they want to grow.
And the worst part is that I fucking signed for 6 months. What the fuck am I supposed to do, shit. I'm gonna get drunk, AMA btw if anyone wants some info.
Thanks for reminding me that Veeky Forums is a steaming pile.
Would you kick an old man in the balls if he had a nice watch on that you fancied?
Don't answer that. You would you grimy nigger
Oh god you're right, and I don't even wear watches A week and a half of binary options really takes it's tall I tell you what.
Yep, they'll pay out a little but golden rule is THE HOUSE ALWAYS WINS
By the way dude you said security is super lax? Bring an encrypted hard drive in and copy literally everything you can.
Could come in useful if you ever want to wrap up their business or blackmail or etc
(personally I'd find a way to shut them down)
Either way, real world accounts would be fun to play with in excel
Nah, I want to work with real confidential stuff in the future, gotta be able to pass a polygraph and prove that I can deal with such temptations.
And if anything I'd send the support department in which I work a PDF file with malware before the beginning of the morning shift, and then go to work and open it. There are cameras and physical drives will be really suspicious.
How will I even be eble to blackmail or shut them down? What they do is(although barely) legal, it's just shitty.
Binary options are a scam because of the short time frame, you're essentially looking at white noise and predicting where it'll go. When you take into account brokers fees and other costs you're automatically loosing. It definitely is gambling.
So that means that long term predictions are legit? I'm really curious