Big Option is a binary options broker that gives consumers a massive bargain with returns ranging from 20% to 100%. Withdrawals are limited to the number of money consumers can deposit into their accounts, so the big options scam was exposed. It's a devious approach for the con artist to steal as much money as possible while the fraud is active.
How was the scam exposed?
Big Option Scam was exposed because of their money withdrawal issues. They would create justifications that since the customer had made profits, he should invest more and earn more whenever someone wished to Report broker Scam a small amount. They provided even more reasons, such as tax concerns and government refunds, when the plan was flatly denied. Some eventually received their money back after hundreds of emails, but most did not.
What the broker did was, while promising significant returns, he, as every scammer does, didn't inform people of the hidden charges and forgot to notify investors of the additional costs. And people who believed in these huge returns and took part in them had to pay a certain amount to receive the bonus. And if they didn't pay it out, they lost the whole amount they gained in this trading site. When the other investors knew this trick, they tried to withdraw their amounts, but none were successful.
As a result, Big Option Scam came to light and left many investors in losses.
How did the scam run?
As a brokerage dealer, it offers a massive deal with earnings ranging from 20% to 100%. While the deposits are high amounts, the withdrawals are not half. In addition, every time you go for withdrawal, you will be asked to pay additional taxes that are probably unnecessary. These limited circumstances are uncalled for and serve as easy to spot red flags.
To add more, Big Option uses a deceptive trading algorithm. It deceives its investors into trusting the manipulated market positions it portrays. As a result, even when the market is bullish, it represents an opposing position to its clients.