Danger Will Robinson! A New Binary Options Robot Clone Scam
Now I’ve seen it all, the ultimate binary options get rich quick auto trader robot clone scam. If you haven’t seen it yet let me say, Danger Will Robinson! DANGER!
The Ultimate Binary Options Marketing Scam
In the past we have reported on binary options clones, binary options robots, binary options auto traders and many more kinds of binary options scams. Now, a new breed of ultimate marketing scheme is getting the attention of regulators. It is called the Swiss Methode Scam and has received warnings from Britain, Denmark, Australia, Switzerland, Canada and Italy to name a few and can be classified as a binary options auto trading robot clone get rich quick scam. At the core it is nothing more than a fraud intended to fleece consumers and would be traders from their hard earned cash. In the abstract it is a masterful piece of Internet marketing put together by an SEO genius known as Baltimore Capital.
The Danske Methode, or the Brit Methode, or Aussie Methode, Swiss Methode, Canuck Methode and Italiano Methode are not unique systems, or rather, they are not individual trading systems. What they are is a network of websites geo-targeted to specific markets. The site claims to be the brain child of Max Fischer (Germany) and many other personas, a veteran trader and mathematical genius. He clais you can make $100,000 in only 30 days, if only you deposit with one of the recommended brokers. The major complaint seems to be that the service is not registered or regulated in any of the respective jurisdictions, but that is really secondary to the obvious fraud being perpetrated by this scheme.
Warnings, Warnings And More Warnings
The tide of warnings just will not stop. Another wave of warnings from voices both new and old has hit the market. The most vocal of the group, British Columbia’s Securities Commission (the BCSC), has added two more names to its list; PrimeBrokerZ and Crown Management. PrimeBrokerZ is an entity registered in London and owned by ELLA Solutions of Nordrhein Westfallen, Germany and not regulated by any known entity. Crown Management claims to have offices located in global financial centers but little in the way of contact information or regulation. Both are not registered, regulated or licensed to operate in Canada or British Columbia and are charged with soliciting to and doing business with citizens of both jurisdictions.
The Swiss regulator FINMA, Financial Market Supervisory Authority, has come into the spotlight recently with two major warnings. The first is against Central Option, the third such warning this broker has received in recent months, which is not registered or regulated in Switzerland or anywhere else. Interestingly enough, one of the previous warnings was from the BCSC, the other from a sister regulator located in Manitoba. The Manitoba warning came after a sales rep from the broker cold called Jason Roy, a senior investigator with the provincial regulator, who then proceeded to bring the hammer down. The other warning issued by FINMA is against Swiss Royal Bank. Naturally, with a name like that, you would assume some association with the nation but alas, there is none. This is yet another unregulated and unlicensed broker offering services illegally in Switzerland, and most other countries in which it is doing business.
CTOption Holding On By A Thread
A long running and somewhat dubious broker, CTOption, has received yet another warning. This time from Britain’s FCA. The regulators says the broker is not registered or regulated in England despite misleading information on the website that seems to indicate otherwise. CTOption is one of the older, more established brokers, and one whose operations have come under fire before. They have been warned for lack of regulation, their use of bonuses, bonus terms, auto traders and robots, all of which make withdrawing funds an issue.
The Bottom Line
The bottom line is that regulators are cracking down around the world. The good news is that the efforts in this round are focused on the unregulated brokers, scams, frauds and the bad apples which spoil the fun for all the rest. While the future of binary options remains uncertain, what is certain is that binary options are here to stay. Be cautious, stay vigilant, keep up with the warnings and choose your broker wisely.