The Gambling Commission are warning consumers about several scams that are currently circulating that are purporting to be a binary options trading opportunity.
If you are thinking of participating in binary options betting, you are advised to adhere to the advice that follows:
1. Firstly, always ensure that you only used licensed operators to execute your trades. Any binary options broker with their base in Great Britain currently requires a licensed issued by the Gambling Commission, and this licence must be displayed on their website. Any operator based in another reputable jurisdiction will be regulated by their own domestic regulatory body, the majority of which have online registers similar to those held by the Gambling Commission.
2. Should you doubt that an operator holds an official licence, you should refrain from using them as an operator without a license will probably be operating illegally. As they are not required to adhere to a clear code of conduct, they will have no incentive for dealing with consumers fairly and are likely to give false contact numbers, addresses and names. These operators may disappear without a trace with your money and recovery will then be impossible.
3. If you do lose money through trading via an unlicensed operator, the Gambling Commission will be unable to recover your funds or give you any compensation.
4. Should you lose money after trading via an unlicensed, illegal operator, you should call 0300 123 2040 to contact Action Fraud, or visit their website to find out more.