Trade Bitcoin Binary Options and get scammed

Trade Bitcoin Binary Options and get scammed

Feb 24, 2014

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Bitcoin Coaches believe Binary Options are a scam that benefit the affiliates who earn a fat referral commission and the Binary Options brokers who underwrite or take the other side the trades (bets) you place.

From our own internal trading with several Binary Options companies, we believe there is little money to be made with Binary Options unless you pick the right broker and have a winning system you will adhere to without fail.  Also, getting profits, if you are lucky to make any, out of a Binary Option company can be quite difficult.  We have been trying to get money out since November with one company and have had to file a credit card dispute with its bank.

Personally, we stay away from Binary Options, especially Bitcoin option plays, as it is impossible to predict the strike price accurately — given how volatile Bitcoin has become in the short time frames that binary contracts are created.

Because Binary Options companies only pay out 70% to 80% of earnings on winning trades (bets) and you lose 100% on a bad trades (bets), you have to have a system that wins greater than 70% to 80% of the time to make money.  Such systems do not exist.  Trust us on this. You’ll be flushing money down the toilet otherwise.

The allure of Binary Options promising sugar fairies and lollipop returns is simply that — a fairytale. Save yourself some money and mine coins instead.  Follow our new mining series by Bitcoin coach Brett Combs to learn more about earning a consistent income from mining.

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