Binary Options Live Signals Scam Reported to the Better Business Bureau
Binary Options Live Signals Scam Reported to the Better Business BureauJanuary 6, 2016
Binary Options Live Signals (BOLS) has recently been reported to the Better Business Bureau as an investment scam where the victim, a Canadian resident supposedly lost $80,000 in a binary options scheme and is now disputing the charges made by two scam brokers.
The scam started after a customer was lured through a website into contacting their sales staff Via Instant Messaging. It seems there is a sophisticated network of people pretending to be active traders and convincing innocent victims into depositing exorbitant amounts of money with a couple of shady brokers zenithoptions.com and option-orbit.com. To diffuse forms of resistance they make false promises and tell the helpless would-be traders they would provide them with auto-trading software that would trade on their behalf and produce amazing results they will surely profit from. Fake account statements and phony documentation was provided as a source of reference to entice the victims even more. Once the accounts have been funded and obviously depleted, the communication would stop and attempting to reach the scammers would be impossible. Even smart and educated people have fallen prey to this scheme, due to it’s high level of sophistication and aggressiveness.
Visa and MasterCard Are Also to Blame
It’s worth mentioning the credit card companies are only allowing this to happen due to the immense fees they charge in this high risk business. These types of frauds are obviously not carried out by reputable and honest people, and are most likely offshore companies, probably associated with money laundering and tax evasion. I would not be surprised if there is a connection to organized crime in some form or another, since these types of get-rich quick schemes have proven to be a front for something bigger in many cases.
How to Spot the Scam
Initially the site looks reputable in the sense that is claims to provide binary options signals, and not some fast make-money scam. However when you start taking a closer look you will see certain tells. The first and most obvious is the testimonial section. It’s just some ripped off photos from the internet with fake sentences anyone can make up. There’s no real way to validate the claims and see if they are valid and genuine.
Secondly, Zenithoptions and Option-orbit are part of the safe24option network of scams. These so called brokers are just a way for some offshore criminals to steal your money using the disguise of legitimate trading. These brokers are promoted “under the radar” through very specific channels and with good reason.
Finally, a quick search at the BBB Scamtracker section will immediately tell you the story. If someone actually took the time to submit or report a scam complaint, they must have been severely wronged because people are usually busy with their lives and these are the last things they like to do.
Who is Behind BOLS and How is it Managed?
Well, it would have to be people who understand technology, but also smart enough to build their own affiliate network software. The affiliates who market BOLS are also culprits and partners in crime, because they lure innocent, unsuspecting victims into an obvious scam by using false advertising techniques. In most cases they will promise immense wealth and speedy profits with little or no investment requirements.
Conclusions and Recommendations
Binary Options Live Signals is a dirty, manipulative, and extremely deceptive scam. Zenithoptions and Option-orbit are associated with safe24option, which is one of the biggest scam brokers known to operate. If you have been contacted by these filthy scumbags in any way, shape or form make sure to give them the proverbial finger and tell them you don’t have money to invest in binary options since that is the best way to get rid of them quickly and efficiently. If you are looking for legitimate trading software make sure to check out our reviews section, and don’t forget to tell us what you think by leaving a comment below.