The truth about Binary Options and their involvement in fraudulent activity

If you’re interested in investing your money in Binary Options, I really recommend first reading a paper published by the US. Securities and Exchange Commission where they reveal the dirty truth about how the Binary Options internet platforms operate and just how problematic to downright fraudulent most of these companies are. In this article I will go over the most important facts, but you should definitely read the entire publication here.

What exactly is ‘Binary Options’?

Binary Options is a type of options contract where, unlike in the more conventional options, your payout will depend solely on the outcome of a yes or no position where the yes or no positions typically mean whether the underlying asset increases or decreases in value within a specified time frame.

how do binary options work

How do Binary Options work?

Did I just make your head hurt? Don’t worry, the general idea behind Binary Options is usually pretty straightforward. Let me explain by using a real world example:

Imagine a BO company that is trading the Facebook stock. They will ask clients to predict whether the stock will get cheaper or more expensive within 12 hours and the client is then supposed to make an “up front” payment along with their prediction.

Contrary to what many believe or want to make you believe, it’s actually very similar to betting either on red or black on a roulette table.

Fast forward 12 hours and the results are in- Facebook’s stock has gained value. Now the people who chose “yes” will receive a monetary reward along with their initial “bet” and the people who chose “no” are left sitting empty handed. Because of this Binary Options are sometimes referred to as all-or-nothing options or fixed-return options.

You lose money in the long run

The most important fact to wrap your head around is that the monetary reward in most Binary Options is not 100% for predicting the price of an asset correctly whereas the loss will almost always be 100% of your investment. Therefore, given a 50/50 chance, the payout structure is built in a way where the investor can in fact expect a negative overall profit.

Here’s a real world example:

Suppose you make a deposit of $100 to your favorite BO and decide to predict the Facebook’s stock by choosing “yes” and investing $50 hoping that the price will rise.

Time passes and you realize that the stock has actually lost value which means you have just lost your whole deposit of $50 (100% of your investment).

Now suppose you invested another $50 and this time the cosmic powers were in your favor and made it so your prediction was correct. You won, but it’s no time to celebrate as you’ve only received back 50% of your deposit ($25) along with your initial deposit of $50 leaving your total account balance at $75.

When you repeat this process long enough, it’s statistically more likely that you will end up with absolutely nothing compared to walking away with a profit.

Did you know that casinos are based on the same exact principle? That’s where the saying “the house always wins” comes from. Here’s something to think about if you’re a tinfoil hat kinda guy: what if the recent Binary Options madness is happening because online casinos were made illegal in the U.S?

Most Binary Options operate with absolutely no government oversight

There are only a handful of Binary Options companies who operate with a government issued license. Most online platforms are unregulated and nobody really knows what’s going on behind the scenes.

This is why the SEC and CFTC have received countless complaints about fraudulent activities involving Binary Options from plain and simple identity theft to manipulating the software to generate losing trades.

Clients can’t withdraw

A common scenario that many uninformed investors face is that a company would cancel their withdrawal requests for no apparent reason, stop responding to phone calls or emails and in some cases start demanding scans of government issued ID’s, utility bills and bank statements by claiming they need to do additional identity check on the client.

Identity theft

Because most of the BO’s out there aren’t official government entities or financial institutions, they have absolutely no legal right to demand these documents in the first place which leads us to the next most commonly reported issue: identity theft.

You simply never know for sure whether they take any precautions when storing your files, if they even care or worse, if they sell these on the black market.

Software manipulation

Finally the third widely reported case involves simply manipulating the trading platform’s software in order to generate losing trades. For example, if a trade seems to be “winning”, an unlawful company would artificially extend the countdown towards a trade closing event until the trade becomes “losing” for the client.

Food for thought

As you can see some of the above issues you can potentially face are not just unethical, but downright illegal. Unfortunately many people from all over the world get caught up with illicit financial trading companies promising life changing results and generally advertise their services as a means to get rich and retire at a young age when in reality such promises are simply untrue.

Why do you think the referral programs and sponsorship packages are so popular among Binary Options? You get paid to bring in new gullible investors who will lose their money.

 

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Looking for sites like Fiverr for doing micro jobs?

Fiverr can be a very profitable marketplace for freelancers who are looking to sell their products and services quickly and securely online, however due to the increasing competition, high fees as well as listing price limitations for merchants who are just getting started on Fiverr, it might not be the first place to look for micro jobs. In this article I will cover some of the main benefits of selling your Freelance services through eBay instead which is the biggest marketplace on the internet.

ebay as fiverr alternative

eBay as a Fiverr alternative

When you’re a freelancer on a quest for finding online micro jobs, eBay is probably not the first marketplace on your list because eBay, as everyone knows, is mostly the go-to place for physical goods like clothes, jewelry and gadgets- things that require shipping and handling. Therefore it’s easy for a freelancer to miss this lucrative global marketplace at first glance or worse, rule it out altogether when looking for good Fiverr alternatives online.

In fact, one of the biggest advantage of providing your services through eBay instead of Fiverr is the fact that not a lot of freelancers know about it and therefore the competition tends to be lower than on Fiverr which, depending on your niche, can be a very overpopulated marketplace for various microjobs.

Save money on fees

When you list your service on eBay, not only do you save money on fees that would otherwise be taken from you elsewhere, you can optionally donate a portion of your revenue to a charity that you want to support.

Donate to non-profits

eBay for charity is a program that optionally sends a small percentage of your revenue directly to verified non-profits and charities around the world. For example I have an active listing on eBay right now that sends 10% of all the income I generate to help blind cats at the Blind Cat Rescue & Sanctuary, Inc so I can make a difference in someone’s life and at the same time earn money from home doing what I do best.

Remember, donations are completely optional, but in some cases may help you generate even more sales as people can see that your listing is helping others which can trigger the natural instinct in humans to do good. A not-so-dirty trick to cash in more sales and earn money online.

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Earn extra income from home as a freelance transcriber for Scribie

Who is a transcriber?

someone who makes a written version of spoken material

As a transcriber you basically have to type down everything that is being spoken and you usually need to do it pretty fast too, to keep up with the speakers.

 

Do I need a special license?

Woman typing on an old typewriter retro smoking
Usually yes. It’s a common requirement to have some sort of a license that proves you are good enough to be hired to transcribe documents for someone, but at Scribie it’s not a requirement! All it takes for you to become a transcriber at Scribie is successfully passing a test transcription that gets assigned to you and you’re in.

How much work will I have?

At Scribie there is one database of audio files for everyone and whoever picks a file first gets to work on it (first come, first served). At the time of writing this article we have more than enough audio files available at any given time.

How much will I earn?

It depends on how fast you can type! I type about 80-85 words per minute and at that rate it usually takes me 15-20 minutes to complete one audio file which is worth $1 USD. It’s easy to do 3 files per hour, 4 without rest and 5 or more if you’re a machine. You can test your typing speed here. The audio files themselves are 6 minutes each, but you really need to stop and rewind a lot to make sense of the more difficult parts of the recording.

The downsides of Scribie

Nothing is 100% awesome and Scribie is no exception. It takes 35+ days to get approved for your first test subscription after your initial registration date. This is because they have too many people joining every day and they can’t process new applicants that fast, but that’s fine because you will get your chance eventually.

 

The average earning rate is awful too. For me it’s a maximum of $4 per hour, which is less than minimum wage. Professional transcribers can earn ten times as much, but businesses that hire these guys ask for all sorts of special licenses from you and most beginners don’t have these. Scribie is good for beginners to test out the waters in this business. It’s definitely not for everyone. (ie. if you get mad and smash your keyboard because of the horrible Indian accent someone was speaking in).

 

Apply here

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Introducing virtual currency called VidCoin that you can earn by watching fun videos

What is VidCoin?

VidCoin is an experimental online e-currency that can only be earned by watching short videos on the official VidCoin website.

There is no registration form!

Vidcoin earn bitcoin watching videos
VidCoin uses your unique Facebook identity to securely log you into the members area where you can find videos to watch. Upon logging in for the first time VidCoin will ask for your Bitcoin wallet so that we can make payments to you in the future. Make sure to enter your valid Bitcoin wallet because it can only be changed manually by the administrator later on.

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