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    Alty's Avatar
    Alty Posts: 28,318, Reputation: 5972
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    #1

    Jul 21, 2016, 12:08 PM
    Binary trading. Anyone have any experience with this?
    I've been looking for a way to make some money at home, and came across a company called Magnum Options. They're a binary options broker, and from what I've looked into online, I've found nothing to suggest that they're a scam.

    I talked to one of their brokers today, asked a lot of questions, and they sound legit, but I sometimes am easily persuaded to trust people, so I'm not entirely sure that my opinion is valid in this case.

    The minimum amount needed to start trading is $260CDN, that would activate the account I've already made. It may not sound like a lot of money, but we're not rich by any means, and really can't spare that kind of money in one shot, especially not this time of year with kids birthdays, school supplies and school fees, coming up. So if I'm going to invest this money, I have to know for sure that this is a legitimate company, and a legitimate way to make money.

    My husband has wanted to get into trading for a while now, and so have I, but I will say, neither of us has any idea what we're doing in that regard. This company offers a free ebook explaining how to trade successfully, and they have 24/7 support line you can call, and you're assigned a broker that will help with any questions you have, and help you to make good deals. That broker gets a small percentage (you get 81%) of whatever money you make, so it's in their best interest to make sure you make good deals.

    Is this too good to be true, or do you think I should consider spending this money and hoping it works out?

    My sister in law made quite a bit of money in trading, so I know it can be done, but can it be done by someone with no knowledge about any of this, or am I going to lose the $260CDN if I go forward with this?

    Any advice?
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #2

    Jul 21, 2016, 12:38 PM
    Binary options are the deep end of the ocean. They are unregulated (usually) and prone to scams.
    This is not a good time to start any kind of investing, unless you want to get into a managed fund by a well know company, or want a few shares of stock in a company you know well, and will hold on to.
    It's not only a US presidential election year, but a wild one. Then there's the EU, China, and all of oil.

    A fund like an ETF with a low fee and a huge base of subscribers does your world intelligence gathering for you. They know that every little knee-jerk keyword in the news gets entered by day traders who do nothing else all day except move the markets with their vast sums of money, buying and selling within minutes, based on nothing real. It doesn't even do much good anymore to know what's going on in the news.
    J_9's Avatar
    J_9 Posts: 40,250, Reputation: 5641
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    #3

    Jul 21, 2016, 02:21 PM
    Ally, you need to read the reviews here.

    Scam Broker Investigator • Magnum Options Review

    Knowing your situation as I do, you should hold on to your money. The current global economy does not sit well for beginning investments right now.
    Alty's Avatar
    Alty Posts: 28,318, Reputation: 5972
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    #4

    Jul 21, 2016, 03:13 PM
    Thanks guys. I appreciate your input. J, you know me and internet stuff, I don't always find the info I need online, but this place and all of you, you've always given be the best advice, which is why I decided to ask all of you instead of relying on the info I found online. :)
    J_9's Avatar
    J_9 Posts: 40,250, Reputation: 5641
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    #5

    Jul 21, 2016, 03:15 PM
    I read those reviews and had to get you that link. Not one person got their money back.
    ma0641's Avatar
    ma0641 Posts: 15,680, Reputation: 1012
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    #6

    Jul 21, 2016, 03:21 PM
    Any type of binary trading, particularly boosted online, is suspicious.
    ma0641's Avatar
    ma0641 Posts: 15,680, Reputation: 1012
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    #7

    Jul 21, 2016, 05:40 PM
    Alty, you placed this under Investing. Better placed under Gambling. Want investment returns? Look into Vanguard and T Rowe Price. Vanguard Wellington for example, 8+% average annual return since July, 1929!! T. Rowe Price Equity Income fund, since 1985, average annual return, 10+%. Lots of my IRA money is in these 2 funds.
    Alty's Avatar
    Alty Posts: 28,318, Reputation: 5972
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    #8

    Jul 22, 2016, 06:06 PM
    Thanks ma. Ill look into that. Appreciate the advice. I figured it sounded to good to be true, but man, it would have been nice if it were.

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