Binary Trading / Options - DON'T BE SCAMMED!!
Binary trading or binary options is a form of online stock/share trading. However, unlike normal trading where you buy stock/shares and own them, with binary options you essentially make a 'bet' on the price movement of a particular asset in near future for a fixed amount. These are financial products where the buyer simply selects whether the price will go up or down on a particular asset, for example exchange rate, share price, oil price, gold price etc.
Cardholders are being duped into investing into websites advertising binary options. Binary options are a speculative, high risk trading option.
The Australian Securities and Investment Commission (ASIC) has recently warned people against using unlicensed binary trading sites. These are sites that are operating outside of Australian regulations and licensing requirements which mean consumers have little recourse if the binary options provider is unable to fulfil its obligations.
While not all binary websites are scams, ASIC has set up a website page where it lists unlicensed operators. https://www.moneysmart.gov.au/scams/companies-you-should-not-deal-with. The issue is that cardholders may not be aware that the website is a scam and so will want to make payments.
In line with ASIC guidance we will no longer process transactions to trading platforms which are operating outside Australia or which ASIC has recommended not to deal with.
We want to protect our members and so we are declining/cancelling all transactions for any Binary Trading/Options WITHOUT allowing members an opportunity to authorise/release the transaction.
For further information look at the ASIC or Money Smart websites and search 'binary options'