Finance

If you are evaluating the risk before investing or have been a victim of the binary options trading scam, then this article can help. Whatever be the situation, this article will help you to know the categories of binary trading scams and the methods of recovery.

Knowing the types of binary trading scams is necessary, so you do not become a victim of such scams. If you are already a victim of a binary trading scam, you can decide on a further course of action for recovery. You can hire professionals providing recovery services or DIY if you have enough ability to solve the issue yourself.

The article covers basic knowledge of regular forms of binary options trading frauds and methods to recover money from a binary options scam.

Types Of Binary Options Trading Scams

Whether you have been a victim of binary options trading fraud or a first-time investor to binary options trading, it is necessary to have knowledge of scams that traders usually suffers.

If you are a victim of the scam, the information will help you identify the severity of the deception and what to do to recover the losses. But, if you are a beginner to binary options trading, this data will save you from being the prey of scammers.

Following are some of the most common frauds that happen to the traders of binary options, and you should be aware of them.

1. Manipulative Binary Options Trading Platforms

It can be categorized as the most common scam that happens in binary options trading platforms. The experienced scammers design websites and create the user interface of the trading platform to manipulate values and data available for the end-user.

A manipulative or deceitful platform may display distinct values, expiration times, and pay-outs from the real trading values. Looking at these manipulated values, the users get convinced that they have booked losses from the trading when they have made a substantial profit. Most traders or investors are inexperienced and unable to figure out that they have lost their money in a scam.

Doing your due diligence and investing with reliable trading platforms is the best technique to avoid being a victim of this scam. Choosing trustworthy online binary options traders is the best way to start.

2. Binary Options Trading Platforms Stealing Your Personal Data

There are cases where scammers are more interested in your data than making money from your investment. It is an extended form of manipulative binary options trading scam.

These shady binary options traders are more dangerous because these scammers are less interested in your limited investment. But they focus on the financial accounts, which could be too risky. A victim of such fraud can lose all his savings or even more than that.

Usually, in these cases, scammers target personal data like ID details, credit card info, etc., to commit financial fraud. Generally, by the time the victim realizes the consequences of the scam, it is too late to take precautionary steps.

To stay safe from such scams the best method is to use a reliable platform having a trustworthy image in the related field. You can go through the customer reviews available online to choose an honest trader.

3. Overcharging Scam

It is a common practice in the trading field that traders demand a percentage of profit apart from the trading fee from their clients. Some users lose their money due to overcharging of trading commissions which is unfair.

Charging a reasonable fee is fair, but fishy platforms charge excessive commission and a higher share of profits. These fishy platforms deduct the profit and commission right away from the account without informing the user.

A reliable and trustworthy trading platform discloses all the legal charges before opening the account. Choosing such a reliable binary options trading platform is crucial to avoid such frauds.

4. Embezzlement by Trading Platforms

Embezzlement scam on binary options trading platforms probably involves most numbers of victims. The platform asks the investor to deposit additional payments to withdraw profits and invested amounts.

The platforms then refuse to release the amount, and all your money gets stuck. These platforms start ignoring the investor and cut off all the communication, finally.

You can go for legal procedures or hire a professional recovery agency to counter the fraud in such cases.

Scam Recovery is All About Experience and Not a Rocket Science

If you are a victim of any binary options trading scams mentioned above, you should not lose hope. The recovery from binary options trading frauds is not rocket science. Here, we are mentioning two methods that can help to get your losses recovered.

1. Credit Card Chargeback Option

Raising the chargeback on your credit card is the first step towards recovery. If you have made the payments from your credit card, it will start a reverse transaction. The chargeback process involves submitting a request to the credit provider. The credit card service provider reviews the request for settlement and decides who will pay for the transaction.

Most of the scammers get ready to reimburse the money to avoid any legal tussles. However, professional scammers may refuse to settle.

It is wiser to hire the services of professional recovery firms for seasoned scammers.

2. Let Professional Help You Out

When the scheme of credit chargeback does not work for you and the scammer refuses to settle down the matter. It is favorable to hire a recovery service provider of binary options trading platforms. These professional recovery companies have good experience in handling such cases.

However, you must ensure to hire a genuine company to support you in scam recovery. Go through their records of recovery and background before giving your case to them.

Do your due diligence because you have to share your financial details with the recovery agency.

Awareness Will Surely Save You

Whether you are a first-timer or a seasoned investor, a thorough knowledge of the related field will keep you safe in a long way. It is not wise to first become a victim to such scams and then getting aware of them. You can learn from the experience of other investors who have already faced these frauds.

Since there is a lot of money involved in binary options trading, this industry attracts corrupt people. It is handy to trust a reliable recovery agency if you are a victim of such a scam. But it is always better to know and prepare yourself for the potential frauds that can happen to you.

The new investors in the stock market start their careers with a big dream. They start taking the trades without considering the importance of sound knowledge in the trading profession. To them, stock trading is the perfect place to secure financial freedom without working hard. Before you act like a rookie trader, you should study professional traders. Once you do that, you will realize trading is not a shortcut way to become a rich person. If you want to succeed as a trader, you must educate yourself properly and trade the market with proper discipline.

As an amateur, it is very normal that you will make many silly mistakes. But this doesn’t mean you will be breaking the basics rules. Go through this article as we are going to discuss some of the most frequent mistakes committed by rookie traders.

Overtrading

Everyone knows overtrading is one of the critical factors for which people are losing money. If you want to keep your fund safe, you must not overtrade the market at any cost. Instead of trying to trade more, you should be looking for the best quality trade setup. For instance, you may study the important candlestick patterns to take the trades. As you become good at price action trading strategy, you will become much more confident with your actions. Thus you will no longer overtrade the market.

Using the wrong indicator

Very few traders actually know the proper way to use the indicator. For instance, people use the moving average without knowing the functions of the period. Thus they do not find reliable support and resistance level properly. You may read more here and learn about the different kinds of indicators. It would be wise to use the indicator readings in the demo account before opening the trading account. By doing so, you will learn the proper functions of the indicator. This will improve your decision-making skills and let you trade the market with a high level of precision. Never expect that you will know all the indicators in the stock trading business. Learn about the frequently used indicators and you will be more than happy with your actions.

Using the bad broker

The rookie traders don’t give any importance to the broker selection process. But in the stock trading profession, you should be extremely careful with the broker selection process. A small mistake in choosing the broker can put your investment at great risk. The broker should be heavily regulated and it must have a strong track record. Check the broker review online and make sure you communicate with their customer support team. If you feel comfortable with them, invest your money. But do not trade with a broker who doesn’t have the proper license.

Going against the trend

Smart traders never trade against the trend. To them, a trend trading strategy is the best way to make money in the stock market. You may think you know a lot about the market and you can earn more money by trading the reversal point. Even if you have the skills to deal with the major reversal, it would be wise not to trade against the trend. By taking the trades with the major trend, you can improve your win rate and thus become more confident with your actions. It will take much time to learn the process of trend trading strategy but you master this technique, you will no longer worry about the reversal trading method.

Trading with emotions

No matter how good you are at trading, you should not be trading the market with emotions. People who trade the market with emotions, make silly mistakes. In fact, they become greedy after winning a few trades. Emotions must be controlled in the stock trading business. If required, you may have to focus on meditation to gain complete control over your emotions. Unless you do that, you will never learn to become a professional trader.

Loans can provide financial solutions during any urgent situations or emergencies. It is easier to access lenders both online and offline in the present times. However, it is crucial to choose a reliable money lender to protect yourself and your finances.

You have to be extremely cautious in every step of the loan process. Steer clear from scams and look for reputable sources. Read on to know which precautions to take when dealing with money lenders.

Understand the Process Thoroughly

Most money lenders use similar lending practices and processes. Check if they have any routines, regulations, and policies in place. Review them thoroughly to assess if the money lending process and regulations work for you. Make sure to consider your financial situation, repayment prospects, and other relevant factors.

Research your options online and through legitimate information sources. Shortlist suitable money lenders and contact them directly. You can discuss the process with them again to confirm the details. Be aware of the different loan terms before getting into any agreements to avoid scams.

Look for licensed money lenders as they are more reliable. Get the relevant policy documents from them if possible to know their process better. Make sure to find out the penalties if you do not meet any regulations or delay the process.

Check Interest Rates

It is essential to check the interest rates before you take a loan. Some money lenders take very high-interest rates. It may be challenging to pay back the loan amount along with interest.

Research the market interest rates to understand reasonable prices. Additionally, inquire if any more costs add to your interest. A reliable money lender is transparent about all the costs involved.

Compare the interest rates of several money lenders. Try to look for lower interest rates and the repayment timeline. Ensure to consider the ones that suit your situation and repayment capabilities the most.

Confirm the Repayment Terms

Understand and confirm the details regarding the loan repayment and inquire about the repayment period. It indicates the period over which you have to pay off the principal amount along with the interest component.

A longer repayment period is not always profitable. More interest rates keep adding up to the loan. Consider which repayment period suits you the best and look for favorable options. Find out if you can repay the amount before the repayment period without any penalties.

Verify Reputation

It is vital to check and verify the money lender’s reputation. Make sure to consider only trustworthy lenders. You may ask your family, friends, and colleagues for recommendations.

Online reviews also help find reliable money lenders. Go through customer testimonials to understand the reliability of the lending process as well. Avoid lenders who have numerous negative reviews.

If possible, you can contact previous customers to get more insights into the credibility of various lenders. Find out which issues they faced to avoid dealing with similar scams and frauds.

Make sure to take all precautions while borrowing money from money lenders. Research thoroughly to find a reliable lender. The right lender can help you handle your financial woes with a loan.

Due to the unprecedented COVID-19, thousands of people have either endured a reduction in their income or been unemployed. In such times, banks and credit card companies are tightening up card approval criteria for their customers. They are reducing credit limits without even notifying the customers. When you apply for a credit card during the recent pandemic, the chances of getting approved for a credit card are quite low. Unless, of course, you have a high repayment capacity.

If you are wondering how to improve your chances of approval for your credit card application, meet your credit card issuer’s eligibility criteria and other tightened requirements. Here are the top tips on how to maximize your chances of getting approved for a credit card:

• Make on-time credit card payments

One of the crucial factors that add to your credit card is your payment history. Keeping this in mind, you should pay your credit card bills on time and in full. This rule applies to credit cards and other loans. When you make your credit card payments on time, it reflects positively on your credit score, and having a high credit score enables you to secure both loans and high rewards credit cards in the future.

It is worth noting that if you default on your credit card payments, you will have to incur interest charges and other penalties. It will also reduce your credit score. Credit issuers do not approve credit card applicants who have missed payments in the past. So, if you want to increase your chances of getting approved for a credit card, ensure on-time repayments of your outstanding balance.

• Pay off the debt you already have

Another factor that is a crucial part of your credit score calculation is the amount of debt you own. Before approving your credit card application, your issuing bank or the credit card company will run a verification check to determine if you have any current financial obligations. Having a debt to pay when you apply for a credit card may not get your approval.

So, you need to pay off the debt you already have and then apply for a credit card. Since your credit utilization ratio directly impacts your credit score, try to keep it below 30%. Having a high credit utilization ratio reduces your chances of getting approved for a credit card, especially during the COVID-19 pandemic.

• Keep your old account active

The average length of your credit history forms an integral part of your CIBIL score. Having credit card accounts that you no longer use may lengthen your credit history and improve your credit score. So, if you close your old credit cards with zero balance, it will significantly harm your credit rating.

A golden piece of advice would be to keep your gold credit cards and lines of credit open while applying for a credit card. If your old cards are no longer in use, you can always keep them in your storage drawer, but never close them. If those credit cards have an annual fee, contact your credit issuer and see if you can get no-annual free credit cards instead of just closing your accounts.

• Maintain employment

Your employment is an integral part of your credit card application. When you apply for a credit card, your credit card issuer will want to know your employment situation to determine repayment capacity. You must convince your credit card issuer that you can repay your credit card bills on time and in full. Maintaining employment during the COVID-19 pandemic improves your chances of getting approved for a credit card.

• Check your credit score

Before you apply for a credit card, it is imperative to check your credit report and monitor it for changes. You can check your credit report for free on the Credit Bureau’s website. Monitor your credit rating for changes as you make moves to improve your credit score.

Also, if you find discrepancies in your credit report, immediately raise a dispute with the Credit Bureau and rectify those mistakes. This way, you can improve your credit score. If you wish to improve your chances of getting a credit card during the pandemic, you must maintain a minimum CIBIL score of 750.

• Opt for a secured credit card

If your credit card score is not in the best shape, and you are worried about being approved for a credit card, you can choose to apply for a secured credit card. You will need to deposit a certain amount of cash as collateral. It allows you to build your credit score, and when you have a high credit rating, you can apply for a credit card that comes with maximum rewards and other benefits.

Are you looking for the most efficient way to improve your business? To know where you can improve, first, you need to understand where your business is at right now.

To get a clear idea of your company’s current status, you should examine a few key financial metrics.

Tracking certain financial metrics can help you determine your business health, which in turn allows you to make informed decisions about how to improve your business in the future.

There are many ways to break down business metrics, and each one will tell you something different about your profits and expenditures.

Regardless of how you choose to approach your finances, there are three key financial metrics that you shouldn’t ignore. Read on to learn more about them, and why each one is so important.

1. Gross Profit Margin

When looking at your business metrics, it’s important to use key performance indicators–also known as KPIs. A KPI measures how close you are to reaching a particular goal.

Gross profit margin is one of the most important KPIs a business can track.

Put simply, a gross profit margin is a measure of a product or company’s profitability. It measures how much your business profits off sales.

The sales price of a product doesn’t reflect the money your business earns; each sale has associated costs–after all, you have to buy or make a product before you can sell it.

Take your sales price and subtract the associated costs. That’s your gross profit. Divide that by the number of sales you make to find your gross profit margin.

2. Inventory Turnover

Another useful KPI is inventory turnover–how often your inventory needs to be restocked over a selected period. This can tell you a lot about what products are selling.

You should shoot for high inventory turnover; low turnover means one of two things: you either have too much stock or you aren’t making sales. Neither is good for your business health.

This figure is easy to determine–simply divide your number of sales by your inventory.

3. Return on Investment

Return on Investment, or ROI, is an important KPI that lets you know if things like ad campaigns are paying off; it measures how profitable such campaigns are compared to the cost of running them.

While this metric is usually used for advertising, it can apply to other investments, too, such as the purchase of new equipment or property. Check out how you could invest in a new building, for example.

There are two versions of ROI calculation: ROI value and ROI rate. The former is calculated by taking the revenue attributed to the investment and subtracting the investment cost.

For ROI rate, take the ROI value and divide it by the investment cost; this will help you determine the rate at which the cost is recouped.

The Financial Metrics That Matter Most

Keeping track of the financial metrics above helps you stay informed about your company’s profitability, turnover, and investments; with all of that info at your disposal, you’ll be prepared to push your business even further.

Are you looking for more ways to increase profits or cut down on spending? Visit our finance blog for more great advice!