Finix,
I did a little more digging last night on Binary Options just out of curiosity. It appears that the Binary Options scene is filled with as many cons as any other HYIP. There are quite a few complaints that read like any other scam. I also pulled good Utube video on the subject.
BINARY OPTIONS HOW TO LOSE A FORTUNE. JUST MAKE A DEPOSIT! - YouTube.
Not sure if the I am allowed to post links, but in summary the speaker says that any broker who is not based in the US that is soliciting funds from US citizens is breaking the law. He further goes on to claim that soliciting funds for an unlicensed broker is also illegal in the US. He claims to have called the SEC to verify this. (If you live outside the US then I have no idea). Also any broker who does business in the US must be licensed with the CFTC. They have a number 866-366-2382 and of course they have a website
U.S. Commodity Futures Trading Commission which I found not very user friendly.
The only platform I could find that was regulated that allows Binary Option trading is NADEX. Which is an exchange that you dial in to rather than a brokerage per se. (
And don't take this as an endorsement as I have concerns about a retail investor making money) Also I am sure there are other brokers that are licensed, but the first few pages of GOOGLE seem to reveal the same type of reviews as you would get for any other "opportunity". And some things that don't add up, like put in $5000 and get a $5000 bonus to trade with. To put that in perspective if you transfer an account to a major brokerage right now a $100,000 deposit might yield a $600 bonus or a pair of mittens and a coffee mug. The only reason I can think someone would give you a 100% bonus is if they plan never to let you take it out. And that is where the bulk of the online complaints seem to start, like a roach motel of trading.
Of course most people lose when they trade, not just Binary Options but Forex, stocks, bonds, Hummels you name it. So the scam could be much bigger than is apparent as people just lost because they were playing a game that is hard to win. A bit like the guy who auctioned off the dead horse. Someone asked if anyone complained, to which he replied only the winner.
I don't know if the outfit you mentioned is on the up and up, but I sure would contact the CFTC before gave them my BB Payza card and passport.