Binary Options create a lot of unfounded myths

Binary Options trading is becoming one of the most profitable trading methodologies in today’s market, and that’s why the practice is becoming so increasingly popular – this amazing profit potential makes it so that a lot of myths surged and started spreading through the credible masses.

binary options myths

Throughout this small article we will get some common myths debunked and talk about them to let you know just why they are false.

Binary Options are an Illegal Practice:

This is totally false. Of course they can be illegal in some countries, but they are legal in the vast majority of them, including in the US. What’s more is that they are heavily regulated by independent and governmental agencies, which make the activity not only legal but legitimate as well.

Binary Brokers are actually scammers:

This is one of the most common myths out there, especially because most brokers started advertising their services the wrong way. It was common to see ads on binary brokers that would talk about winning thousands of dollars with no effort from trading and made it seem too easy – people joined in and got upset when they would start losing money, so they dubbed it as scam when they figured out there was no magic bullet to turn your account into a money-printer.

Make $10000 an hour with no effort:

Part of the bad advertising the brokers would do when the practice began – we don’t believe they did it out to lure people into losing their money, but we believe that the amazing profit potential fogged the companies’ judgment.

This myth stays healthy because there are a lot of scammers out there that justify their need of cash with “binary options investments”, saying they’ll even pay back 200% of what you borrow them – just play it safe and if it seems too good to be true then it probably is.

Practice Accounts aren’t important:

This is wrong again since practice accounts, or demo accounts, are what make you able to practice and improve before starting to trade with real and live cash. We highly advise any newbie out there o try and trade with a practice account before hand, or you risk losing vast amounts of money until you get the drill and start winning trades.

Rely on your gut and win – most do:

This is actually a sentence that holds two different myths.

The first myth is that you can win most of your trades just by guessing and trusting luck – well, if you want to become a profitable trader with this approach in mind, then we have a lot of bad news, as you’ll never make it.

Trading isn’t gambling, and you shouldn’t confuse both variables – so we hope you are a trader and not a gambler, or you’ll lose it all.

So, now you know about the most prolific myths when it comes to the exciting new market of binary trading – a trading method that can net you thousands of dollars in profit and yet can’t be considered a money making panacea. Your success always comes down to your skill, your experience and your willpower to succeed!

We hope you found this little article interesting and that we debunked some myths for you – don’t fear this new world, but don’t be reckless as well since a bit of everything is good, but too much of everything is always a bad thing.

Play safe, train hard, bank extra cash!