The “Learn to Trade” Trap: Exposing Fake Binary Trading Academies

Binary trading scams are a common thing people interested in investing have to deal with. However, one scam that doesn’t get talked about enough is the existence of fake binary trading academies. So what are these scams and how do they work?

With promises of quick wealth and financial freedom, advertisements for binary trading academies often target those who are looking to improve their financial situation.  But behind the flashy marketing and promises of expert instruction and knowledge is a well-orchestrated scam designed to lead aspiring traders into unregulated brokers and ultimately, financial losses.

It All Starts With a Hook

These seemingly helpful “academies” are anything but. Scammers carefully design these so-called academies to lure people in with the promise of learning how to trade, but their true goal is far more sinister. 

They are well-known for their aggressive advertisement tactics. These academies tailor their ads to target vulnerable people who are just looking to learn a new investment strategy and gain some financial stability. These ads typically contain:

• Promises of quick and easy money. If you see an advertisement that promises how in just a few courses you will have all the knowledge you need to become a millionaire, a red flag should be waving in your head. Yes, you can make money off of trading, but it’s never as easy or as quick as these “academies” claim it to be
• Alluring you with an escape from financial struggles. Financial security is something we all crave, and people who have debt or are unsatisfied with their current income are more likely to fall for a “get rich quick” scam, which is why these types of people are a frequent target of fake binary academy scammers.
• The “be your own boss” hook. A lot of people are looking to get out of traditional 9-to-5 jobs, especially those who are trying to achieve financial freedom through investment and trading. This is why these advertisements heavily push the “be your own boss” message.
• Free Resources. Promises of free material such as webinars and e-books are designed to help build trust and show themselves as an authoritative source on the subject. However, while you will receive this material, it will only happen after you provide private information such as your name, email, and phone number in return.

Showing “Proof”

While the ads are designed to hook you in, they’re not enough to capture your attention to sign up for the course, just to visit their website. This is where they start selling you on the “life-changing course”.

Of course, they promise quick and easy profits, but that’s not all. The most common attention-grabbing technique they use is so-called success stories.

On these scam websites, you will find videos and articles about people who have supposedly taken their course and are now living in luxury. The truth is, everything you see is fake. The videos show actors who drive rented luxury cars and sport fake designer clothes to create the illusion of achievable wealth.

The Illusion of Learning

As we already mentioned, you will most likely receive some kind of free material as an incentive to sign up for the course. And while these educational materials may seem helpful at first, it’s all part of a bigger picture to ultimately scam you out of your money.

The initial free content aims to create a false sense of progress. It’s oversimplified and presents complete trading concepts in simplistic terms, making it seem like binary trading is easier than it really is.

There is also a lot of exaggerated potential in these materials. They focus on the occasional “winning” trades, downplaying that binary options are inherently akin to gambling.

And of course, the real catch is that the free content is limited and leaves you wanting more. It makes people believe that the only way they can truly succeed is if they sign up for the full course they of course have to pay for.

The Upsell and Broker Connection

Once they have your contact information, the high-pressure sales tactics begin. Salespeople posing as trading experts will start contacting you with exclusive offers and promises that you will be making money faster than you know it.

And once they sell you the course, they don’t stop there. Their primary goal is to get you to deposit your money with a specific broker. These brokers are going to push you to trade frequently, increase your trade sizes, and block you from withdrawing any money.

At the end of the day, the only people making money from your investment will be the academy and the fake broker they work with. And while you keep losing your money to investments, they will use every manipulation tactic in the book to keep you investing more and more until you have nothing left.

Final Thoughts

Learning how to trade and invest your money properly is a smart thing to do if you want to secure yourself and your financial future, but this is not the way to do that. Fake binary academies are everywhere and they prey on unsuspecting people who don’t know much about this world. So keep your guard up.