Where there’s money to be made, be sure that there’s a bunch of fraudsters waiting to cash it in. The internet has made it easy to make money legitimately such as by trading through the Binomo platform. It’s also given a rise to a new breed of fraudsters who use this technology to rob unsuspecting traders. There are many scams to avoid all over the internet.
Binomo has done a great job to ensure that their platform is secure. It’s nearly impossible for hackers to access their servers and steal from traders.
However, it is also your job to make sure that your account and money aren’t accessed by scammers posing as fellow traders or even Binomo employees.
Top scams to avoid for Binomo traders
In this article, we’ll take a look at some of the most common tactics used by fraudsters to scam traders out of their hard-earned money. If you can familiarize yourself with these scams, you’ll have an easier time avoiding them and falling into their clutches.
And without further ado, here are the top 5 scams to avoid for Binomo traders!
Social media scams
As of 2020, there are over 3 billion users of social media platforms from all over the world. This makes social media an enticing place for scammers to scout for new victims.
In fact, many scams begin their activities on social media, due to the number of unsuspecting people who aren’t aware of this fraud.
One scam that all Binomo traders should be aware of is the ‘social media group’ scam. A lot of social media platforms allow the creation of groups, or at least the creation of group messages.Scammer use this feature in order to create a “special” group specifically for Binomo traders. As more and more traders–some of which are apparently pro–join the group, it will start looking more ‘legit’ and will thus attract even more aspiring or beginner traders.
The group founder, who’s supposedly a pro trader himself, will now start posting snapshots of his own successful trades. Usually, the amounts are rather big, going up to thousands of dollars in a single day. The pro trader may even start posting photos of their expensive cars, beautiful home, or luxurious trips. However, all of this is meant not just to inspire the other traders in the group,
This is where the scam takes an ugly turn. The scammer will then start their scheme to get money from other people in the group. Usually, this is done through one of two things. One, they might offer their services as an account manager and you’ll have to pay an upfront fee before you can begin. Two, they might suggest that you invest in the trading fund they manage, which you can do by simply sending your initial investment directly to them.
At this point, you might be interested in what this person is offering. After all, what is better way to learn than from the expert themselves, right? If they could earn all that money and afford all those things himself, they could certainly help you reach the same level in life, couldn’t they?
Unfortunately, no. You see, it’s so easy to create a fake life on social media. Literally anyone could put together a bunch of photos and claim that they’re a successful trader earning millions a year. Just because somebody on the Internet said they’re successful doesn’t mean they actually are.
The moral of this story? Don’t trust anyone you meet on social media easily, especially if the conversation involves money. Also, if you want to join trading groups, make sure to do some research before joining. Rememb this scam is extremely prevalent on Facebook, so if you see a group invite that seems sketchy, it’s probably best to stay away.
Binomo affiliate scams
Affiliate scams prey on people’s naivety and innocence. Here’s how it usually happens: a trader receives a call or an email from someone saying that they’re affiliated to Binomo it some way. Maybe they’ll say they’re an employee. Maybe they’ll claim to work for an outside affiliate company.
Whatever it is, they’ll say that they can help you earn more money on Binomo, as long as you take their advice and invest with them. They will claim all kinds of things to entice you, such as knowing various secret tricks to earn consistent profits. They might even send you edited images showing how ‘profitable’ their company is, just to provide proof of their supposed legitimately.
However, one thing you have to know is that real Binomo employees will never call you directly just to discuss your account, let alone your trading strategies. As a matter of fact, they’ll never even contact you unless you reach out first, like via their official support channels. If you’ve never done that before, then you should be suspicious of anyone calling you claiming to be a Binomo employee.
In case someone calls you again, ask for that person’s details and cross-check it with the information found on the Binomo website. But it still highly likely that it’s simply an affiliate scam that you shouldn’t pay attention to.
Sadly, many people still fall for this trick, making it one of the top scams to avoid for Binomo traders.
Fake Binomo websites
Are you familiar with the Binomo URL? Yes, it’s Binomo.com, not .net, .org, or .xyz. Some people, however, either fail to realize this or are simply not too familiar with the real URL. That’s how they end up getting scammed by fake Binomo websites, who use different domain extensions to trick people into clicking their link.
One example of this is a scam where clicking the link brings people to a page that sells trading signals, instead of the Binomo trading platform. The page will claim to have “hot” signals you can use to get an edge while trading on the actual platform. They may offer you to access these signals, as long as you pay their seemingly affordable price.
Another example is a fake website that was literally created to imitate the Binomo platform. These sites are also sometimes called ‘phishing’ sites because their main goal is to get your login details. Once they have access to your information, they will then use that to log into the actual platform and withdraw all your money from your account.
Of course, do keep in mind that not every single web page out there with the word ‘Binomo’ on its name is a scam. Just like our site, for instance. We write tips, tricks, and guides that will definitely help you improve your trading game on Binomo – all for the grand price of ‘free’.
Malware trading bots
Trading bots sound exactly like they’re called. They are ‘bots’ that can be installed on your browser or platform in order to help you trade money faster, easier, and more efficiently. Or at least, that’s what they’re supposed to do. They’re often marketed as the holy grail of trading since they can do so much in such little a small timeframe, saving the trader a lot of time and effort. You just need to pay a small amount monthly – usually the first month free – and you’re good to go!
It sounds pretty great, doesn’t it? Well, yes… if it was legitimate.
Unfortunately, these are usually nothing but scams. Think about it. Why would trading bots be so cheap if they were this cool money-making hack? If there were legit, everyone would use them. But obviously, they’re nothing but another one of the scams to avoid for Binomo traders. Their main goal is simply to steal your login details so that they can make money for their creator.
Unless you can create your very own personalized trading bots, don’t even attempt to use them yourself. Remember, it’s always better to learn trading and managing money the hard way. Not only do you get to build the necessary skills, but you also get to keep yourself from scammers like this!
‘Best trading strategy’ for sale
You can purchase a guide for pretty much any niche out there. There are cooking guides, home improvement guides, and beauty guides, among many others. The trading world is no stranger to guides. Some strategies are good for your specific trading situation. Others aren’t as profitable.
But see, it doesn’t just stop there. These days, there are so many self-proclaimed gurus out there that claim to have been able to change their lives because of something they did or are doing. These gurus will gladly share their advice on social media, at least to all their loyal fans who have paid a specific fee to them. Or they might provide some information at first, but the rest of it is included in their ‘cheap’ book on Amazon so you’ll have to buy first before you can read the rest.
Remember, there are many trading strategies and guides that are free on the internet. Also, successful traders tend to not share their exact strategies, in order to stay on top of the game. At the end of the day, trading requires you to look at many different aspects, not just one specific strategy that may or may not work for you.
Tips for trading on Binomo safely
Although there are many scams to avoid for Binomo traders, it’s still very possible to trade safely on the Binomo platform. Here are some of my best tips for all aspiring and current traders out there:
- Use your official email address when opening your Binomo account. Using social media accounts to sign up may be easier, but account recovery is much harder this way. Also, remember not to use the same password over and over and to not share this information with anyone.
- Enable two-layer authentication for your account on Binomo. This ensures that scammers won’t be able to log into your account from a remote location because your phone or email will notify you first.
- Always update the browser you use for trading.
- Have the latest antivirus software installed on your computer or laptop. Updating your antivirus helps you avoid any malware or viruses that may pop up and affect your account.
- Verify your account fully right after moving from the free demo account to the real money account. With account verification, nobody else other than you will be able to withdraw your funds.
If you think you’ve been scammed on Binomo by someone who claims one of those things I listed above, contact Binomo support immediately to report the issue.
Are you familiar with other kinds of scams to avoid for Binomo traders? Make sure to share your thoughts with me in the comments below!
Good luck on your trading journey with Binomo!