When communicating on forums dedicated to trading, you can often hear opinions on how to “cheat” binary options . Some people advise using paid indicators or strategies , the algorithm of which has a certain secret formula “hardwired” into it. Some recommend the services of dubious individuals who promise to restore your leaked account for a share of the profit received, and there are unique ones who will not hesitate to offer a “grail” trading strategy in the form of a robot that opens trades based on leading quotes. How much all these “suggestions” will help or, on the contrary, worsen your binary options trading, we will consider in this review.
Outline
- Price manipulation
- Robots for trading binary options
- Fictitious accounts
- Binary options without cheating
- Conclusion
Price manipulation
Note: OTC (Over-the-Counter) is a market where financial instruments are traded directly between participants, usually outside of official exchanges and without standard contracts.
The scheme to deceive a binary options broker using price manipulation looks quite exotic, but at the same time quite working. Many modern brokers , trying to compete with cryptocurrency exchanges , include currency pairs in their list of assets with weekend trading at OTC quotes . 
This is done forcedly, because... Increasingly popular 24/7 cryptocurrency platforms allow traders to literally trade anytime, anywhere, while traditional financial markets are closed on weekends and holidays due to closed international business centers.
Because of this, binary options brokers have to literally pull this data out of nowhere. Specialized software and secret formulas are used to “assemble” a chart of the required currency pair for the weekend from one or several previous days. This is where the “window of opportunity” opens for particularly enterprising traders.
There are rumors that someone even manages to discover the secret of generating graphs and they make good money from it. Let’s say right away that we do not have confirmed data on this matter, but we note that the theoretical possibility of such a cunning binary options deception scheme still exists. The achievements of recent years in the development of artificial intelligence and machine learning should not be discounted.
The fact is that OTC has one drawback - the quotes for the beginning and end of trading should not differ from official exchanges. With the start of a new working week and the opening of international financial centers, prices must converge with official suppliers, otherwise the broker will be accused of fraud. Therefore, if you analyze a large amount of data and compare information on OTC quotes from the broker itself, it is theoretically possible to calculate the principle by which they are formed, because This is just a formula, albeit a very complex one.
Robots for trading binary options
Note: An API (Application Programming Interface) is a connection method through which different programs can exchange data and work together, following certain rules and instructions.
The next cunning scheme for defrauding binary options is the use of robots . As you know, thanks to trading automation, you can respond very quickly to the slightest price changes and news publications . However, this is not the only thing that attracts particularly resourceful traders. One of the options for cheating binary options is to connect a trading robot via the API to a broker and a source of fast quotes.
Taking advantage of the fact that binary options brokers often do not have the high data transfer speeds of other providers, traders try to take advantage of fast price movements by executing turbo options trades ahead of the chart of the chosen currency pair, receiving data in a faster source.
In the moment, such a strategy can bring profit. If the trader is lucky and trades with the trend, he may even be able to make a profit at some stage. However, it should be remembered that most binary options brokers do not encourage the use of third-party software and, if used, may block the account. Don’t forget about the monitoring and analysis system of user behavior that brokers have. With their help, brokerage company specialists can recognize abnormal behavior of their clients and block their work to prevent fraudulent activities.
Fictitious accounts
Note: The anti-fraud system is a special program that helps companies automatically detect and prevent fraudulent activities and illegal transactions.
Another common way to cheat binary options is to use fictitious accounts. The essence of the method is to acquire so-called “negative accounts”, which we described in detail in the article “ How to sell your negative Pocket Option account?” " Using such accounts, scammers gain access to their victim’s trading account using social engineering, and then use it or their details to withdraw profits.
The whole calculation is made to ensure that, hiding behind an account with a negative balance, you will not come under the radar of the brokerage company’s anti-fraud system. There is an opinion, and I must say it is not groundless, that it is easier to withdraw profits from such accounts. This feature is used by scammers who take advantage of gullible traders who find themselves in a difficult financial situation, promising them a quick return of losses.
Similar announcements can be found on forums and social networks dedicated to trading. For our part, we strongly do not recommend using such “services”, but suggest spending your time learning to trade and studying indicators and strategies for trading binary options on our website.
Cunning schemes for defrauding binary options, which also involve the creation of fictitious accounts, include manipulation of promotional codes . In order to attract new clients, brokers often hold various promotions with discounts or material bonuses. For example, you can learn about such bonuses from leading binary options brokers from the article “ Binary options broker bonuses for 2024 ”. The scam consists of the fraudster registering a large number of fictitious accounts in order to receive promotional codes from the broker for further resale or personal use.
Binary options without cheating
So is it possible or not to trade binary options without cheating? Absolutely yes. Moreover, your honesty is an essential component of successful trading. When clients do not try to defraud the binary options broker, it helps to establish a transparent relationship with the company. If a trader is confident in the integrity of his broker, he can focus on his trading strategy and making trades, rather than worrying about possible fraudulent schemes. In turn, with private clients, brokers will spend more of their resources on improving their trading platforms and working on developing their own services. Thus, an honest relationship benefits both parties.
Conclusion
In this review, we looked at several cunning schemes for defrauding binary options. There will always be those who do not want to earn honestly. They will constantly come up with new schemes to defraud binary options brokers. However, it is much more profitable to trade legally, without resorting to fraudulent schemes, no matter how attractive they may be at first glance. We advise you to choose a reliable broker , develop your own trading strategy and adhere to the rules of risk management and capital . Good luck with your trading!
See also:
Current bonuses and promotional codes for 2023
Live chart for binary options online
Official binary options brokers in Russia
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