Binary options are being discussed because they are often considered as trading even though they are actually online gambling. You have to know and be aware.
Binary option as a prohibited activity because it is not in accordance with the law
Even so, binary options platforms such as binomo and his friends are still circulating in the world. We compiled the following is a list of illegal binary options sites and applications in the world that have been closed.
Urban Fx Trade
Quotex
Forex ultrasound
IQ Option
Olymp Trade
Weltrade
Binomo
Bravo Fx
Exness
One of the most discussed cases of the binary options platform is Binomo. That is because one of his affiliates, is suspected of carrying out a practice that is detrimental to many people.
The way Binary Options actually works is like gambling. That is predicting the movement of financial assets in a short time. If you guess wrong, the money at stake falls into the hands of the broker or bookie. Well, then this affiliate gets a commission of 70% of the money.
According to Investopedia, binary options are a simple trading system, where users simply choose between 'up' or 'down'. The success of trading in binary options depends on guessing between the two options.
For example, if we successfully predict an asset's value will increase at a certain time, then we will get a profit. Conversely, if we guess wrong, then the capital will be forfeited. Yes, it is very similar to gambling.