I’am a Binomist, are you?
You might have heard this dialogue from the mouth of a lot of creators or so-called influencers.
Because they were getting money for saying that.
It’s not wrong to promote and get paid, I also do that but, there is a very fine line between ethical and unethical promotions.
Binomo, Octa FX, Olymp trade & similar applications. What work do they do?
They call themselves forex trading or binary options trading platform.
You can opt for live trading on their platforms in foreign currency, in gold or basically in anything.
For e.g. you need to bet real-time that in the next 60 seconds, will the US dollar will incline or decline? If you are correct, then the amount that you spent on the bet, you will earn 80% of that as profit. And if you are wrong, then the amount of money you spent. Everything will go.
Did you understand? This is worse than gambling because in gambling the house has an edge of 5%.
But, these applications have an edge of 20%.In the end, the house always makes money. That’s how casinos make money.
Such a system by calling it a legit trading platform, a lot of promotion is been done. These applications are taking different people and presenting them as customers.
And by shooting a high-quality interview with them and uploading them on YouTube. Millions of views are generated by spending a lot of money.
On the name of trading strategies, Webinars of 1-hour duration are being published on YouTube in order to make you believe, that if you learn these strategies and download our app.
Then Rs 15,00,000 would be a small thing. The next morning, you will receive a call from Adani. He needs a loan from you.
There is a saying, If you search, you might find God. According to them, how much ever you find you won’t find unemployment.
Because, according to them, you all are fools, that you haven’t downloaded their application and haven’t started earning lakhs of rupees per day yet.
Because, you can earn. Right?
So, who are these people who keep crying and say they don’t have a job.
Why don’t they download their app? You and I are fools who are waiting for good days and curse the government.
We had to simply download an app. We are unemployed, since so many years.
Not only in India, but such scams are also carried out in a lot of countries too.
In fact, Indonesia and Pakistan have banned these apps.
2 Super rich influencers of Indonesia, Salmanan and Kesuma have been arrested by the police.
Because, these people to the viewers not only were they promoting Binomo & OctaFX but they were also implying that they have been trading on these applications. And are able to afford bungalows, luxurious cars and enjoy a lavish lifestyle.
But, in reality, they never used these apps forget about trading. They were earning up to 80% commission, from these applications.
Ask 80% of what? The money that you lost, 80% of that.
That means, the innocent people who downloaded these applications by listening to them.
And have traded in that. Whereas, it’s not trading. It’s gambling. Because, the system is designed to make you lose money. Those innocent people must have obviously lost money.
The amount of money, they lose. 80% commission of that, these YouTubers or so-called influencers will receive.
Indonesia’s financial journalist who broke this story. Vinsensius Sitepu says, If we think of Binomo as a threat, it needs to be ended. What we’ve got so far, is only the trails of the treat.
There have been a lot of promotions In India too. In fact, you will get news articles on popular papers. Like Indian Express, Deccan Chronicle, Zee News. There is a lengthy explanatory article :
How does Binomo work? Is it Legit?
Which are the so-called international certificates and awards pertaining to it. How can you trade on it?
How can you create a Demo Account of this?
What are the positive reviews that the customers have given about it?
You might think, if it’s in the news, then it is legit. But, if you scroll down, then you might find very small written.
“Disclaimer: This content is distributed by Binomo. No TIME Group Journalist is involved in the creation of this content”.
” No Deccan Chronicle intelligencer was involved in creating this content. The group will not be responsible for your loss”.
This means these were not news articles. This was an Ad. But where do people scroll down so further below and check
If a big media outlet’s name is attached, then it could be legit.
And now our so-called influencers and celebrities are no less, they have done really good promotions of these applications, and have lied to you.
They have told you, that they themselves trade on these applications, and generate a side income.
They actually have zero knowledge about these apps. You think, they are speaking something legit. But they are actually reading from a script which the brand has given to them.
More than half of such influencers might not have installed in their phone. Because screen recording and branded material are sent by the brand itself. And they only combine it with video.
It is really disheartening to see a lot of creators, promoting brands that they don’t fully understand and definitely do not use.
You think for yourself, if the incentive structure is designed in a way, that they will get the commission when you lose the money. Then at which level are they breaking your, the viewer’s trust.For some money.
Actually, Sorry. I take my words back. FOR A LOT OF MONEY!
It is definitely upper 6 digits and 7-digit numbers, and the creator charges so much money, per video from brands. He says that they opt forex trading on these applications, generates side income or covers his expenses.
I am a Binomist, Are you?
Seriously! Have they considered the audience as fool?
No such day goes by, where there are no sponsorship offers of such apps in our Inbox.
These brands offer any amount to the creators who break the trust of their fans. We have questioned multiple times on their legality, And in response, there is only one answer. That we are an extremely respected & legit brand
Look! We have sponsored the IPL team. Binomo sponsored Sunrisers Hyderabad. And Octa FX sponsored Delhi Capitals. But, the reality is
you can’t become legit by sponsoring IPL Teams,
And Thanks to RBI. Finally, RBI has addressed this issue and issued an alert list.
It’s a warning to stay away from these apps. Because they are neither authorized to deal in Forex. Under FEMA Act 1999 nor authorized to operate electronic trading platforms for forex transactions.
This list includes 34 apps, including Binomo, Octa FX and Olymp Trade.
Like I said, extensive promotions or by sponsoring IPL Teams. No brand can become legit.
Millions of people have already been manipulated. I would like to say, that if you have downloaded such apps in greed. and are involved in gambling in the name of trading.
Then, you are wasting your time. Such types of applications are mostly registered in Cayman Islands, Indian Laws are not at all applicable to them. If they shut down, run away with your money, or they simply stopped withdrawal. Then your time is also wasted, and your hard-earned money will never be returned.
There are multiple reports by top financial journalists, who have explained how these apps cheat you. Firstly, they will give you a demo account. Whatever you trade on, you will obviously earn some profit. Because that is not real money.
You will get confidence; you will invest your money and trade. Which by the way is gambling. They even manipulate your charts and data, so that you unknowingly place the wrong trade.
After that, your positions are delayed on purpose. So that only incur only losses. And then when you withdraw your money, high withdrawal fees and minimal balance such requirements are kept.
So that you will be discouraged to remove money. Even If you remove the money, then you won’t have any idea where the money went.
In a lot of cases, they haven’t allowed people to withdraw money and that is a true fact. After that, there is a lot of leverage given to you on purpose. i.e., you can place $1 and trade for $500.
Obviously, If the game is rigged. Then you will be at a loss of $500. No one will look at them. Especially, in India, there are zero regulations.
In foreign countries, these are highly regulated and It’s compulsory for them to write on top of their website. That among their total retail investors, how much percentage of their investor’s loose money.
It is written here that, 84.72% of retail investors accounts lose money. Not only on top of the website. But, on top of all their advertisements. They have to mandatorily write such lines. Which is not displayed in a small font.
It is prominently visible here. Do not wait for it, to become a National Scandal. Save your time and money both and if you spend it on learning something good.
Then next time such applications or influencers will never be able to manipulate you. You can write the name of the influencers in the comments below, who have broken the trust of viewers for money. So that people must know that financial advice should not be taken from everyone.
The Net worth of those influencers might have probably reached 10 digits. But their viewers have actually incurred losses. Not fair at all.
Well, that’s all for today I hope you will learn a lot from this post and won’t waste your money and also report who promote these scam apps !