Are IQ Option, Olymp Trade and Binomo gambling? This question is actually very important to be answered, and until now there are still many people who do not know the answer.
This article was created to help answer that question. In addition to educating the public, this article also wants to explain that real forex trading is not a gambling activity.
Ok, let's get straight to the topic
Talking about the forex trading business, maybe quite a lot of people know it. Even so, a few who know or feel they know, actually have a skewed perception of this one business field.
Trading foreign exchange or forex trading is not for everyone because it contains high risks. However, of course those who have the skills and experience can take advantage of this business.
Many consider forex trading activities to be fraud, gambling, or even ponzi. Is that true? Of course not.
Then, why is there an assumption that forex trading is fraud or gambling? The answer is simple, because there are parties who carry out online gambling activities under the guise of trading using trading assets such as forex, gold, and silver.
Who are they? Let's continue to discuss it.
Binomo, IQ Option and Olymp Trade at a Glance
As we know, some time ago many Indonesian people claimed to be cheated by forex trading applications. And they lose money because they use an application that is trusted as an online trading application, Binomo.
Actually this is not the first time, and Binomo is not the only, and probably not the last.
It is important for us to know an application if we want to use it, whatever it is. Well, here I will give you a glimpse of information about three trading applications that adhere to the binary options system which is quite troubling to the public.
Binomo is one of the companies that is touted as an online trading platform that provides several assets such as forex, stocks, gold, and silver. The brand that was founded in 2014 has been used by many people, both in Indonesia and the world.
IQ Option is one of the most popular binary options brokers today. Based in Cyprus, IQ Option was operated in 2013 by securities firm Investlab Trading Limited and operated by partner Infofield Premier Limited.
Olymp Trade is a company that is considered an online trading and investment broker. Founded in 2014, Olymp Trade uses the binary options system in its CFD trading activities on its application.
Although it has been used in many parts of the world, it turns out that many do not know that Binomo, IQ Option, and Olymp Trade actually only act as a dealer, not a real CFD trading broker.
They use underlying assets only as a means of speculation and no real asset buying and selling transactions occur there.
In short, the Binomo, IQ Option, and Olymp Trade applications are binary options brokers that are very similar in practice to online gambling. They are not a broker for real CFD (forex, crypto, stocks, commodities) trading.
Get to know Binary Options Trading
For colleagues who have known and studied forex trading, they must have done an analysis to see the direction of price movement, whether it will go up or down.
In binary options trading, this is also done by traders. However, unlike forex trading systems, binary options trading does not require traders to master deep technical analysis related to trading such as indicators, chart analysis, money management, spreads and others.
The binary options system works in a similar way to gambling. Users who play will be asked to guess the direction of currency price movements in a relatively fast time.
Trading with this binary options system seems easy. It's enough to pay attention to the price movement chart for a moment, then just click to select "Up" or "Down", hoping to get money many times.
This is what makes binary options trading much in demand by novice traders who in fact are still laymen.
When using a demo account, price movement analysis looks very easy and your win percentage will be very large, it can reach 95%. And if you trade many times in one day, your profits will be huge.
However, when you have used a Real account and deposited funds, you can be sure that your trading results will be much different than when using a demo account. Your trading results will be more loss than win.
Why do I know? Because I've already tried it. If you do not believe, please try it yourself.
Now we assume that all of you already have a demo account and have logged into the trading page, for example using the IQ Option or Binomo platforms. In the application there is usually a brief guide on how we can trade binary options.
The guide will appear by clicking on the “how to trade” button at the top right. After that a guide will appear and you just have to follow.
Now it appears in the picture above the price movement chart of the Euro/USD currency pair. The graph will move up and down continuously following price movements in real-time every second. Here the trader must predict the price will rise or fall within the specified time frame.
For example in the picture it is clear that the price is at 1.088640. Then we have to guess the price will be at a level above that price or below that price.
After setting several things such as expiration time and investment amount, we must click the “Down” button if our prediction is that the price will be more than the initial point or click “Up” if we feel that the price will be higher than the initial point.
Within a predetermined time span of either a few seconds or minutes, our trade will be closed. Here we can see examples of profit positions aka profit if our price predictions are correct.
We can see from the nominal investment of $ 10, we get a profit or profit of 93% and the total becomes $ 19.3.
Looks very promising doesn't it? Unfortunately, reality is not as beautiful as the shadows.
The picture above is just a demo account. When you use a real account, make a deposit, and start trading, you will start to notice something strange.
By using the same technical analysis, you who used to often win on a demo account, on a real account you will often lose. Prove it yourself if you don't believe it.
Why did this happen? You have to remember again that IQ Option, Olymp Trade and Binomo are bookmakers. The trading activity you do there never refers to the real forex market so that price movements can be manipulated according to the dealer's algorithm.
Conclusion
From the explanation above, it can be concluded that binary options trading includes gambling activities under the guise of forex trading. IQ Option, Olymp Trade, and Binomo are some of the online trading platforms that adhere to the binary options system.
So, if you ask whether IQ Option, Olymp Trade, and Binomo are gambling, then the answer is YES. The movement of asset prices on the three platforms does not always refer to the actual forex market. And the price movement is very likely to be manipulated by them as a bookie.
In the world of online trading, there is the term high risk high return or high profit potential with high potential loss. However, if you trade on a platform that uses a binary options system, you can be sure that you will only experience losses.
In addition, the mindset of wanting to get rich quick is also one of the factors that make people use applications that are similar to online gambling. From now on, let's educate ourselves and others, that the mindset of wanting to get rich quick is more often misleading than making it rich.
So, be smart, guys.
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