MSE News: Martin Lewis slams 'con' linking him to binary trading

Legacy_user

An advert is falsely claiming Martin made money from a type of investment which he would never use or recommend...

Read the full story:
'Martin Lewis slams 'con' linking him to binary trading - don't be tempted by risky investment'

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jimjames

I've also seen other adverts linking him to Solar Panel firms, I assume they are fake too?

mollycat

He phoned me up saying he was in Nigeria and needed my bank account details asap.

Please don't tell me I've been had?!

Reaper

I'm curious as to which binary trading platform it is in case it's one that has featured on this forum before. Does anybody know?

phillw

Reaper wrote: »

I'm curious as to which binary trading platform it is in case it's one that has featured on this forum before. Does anybody know?

Maybe Martin has been offering customer reviews on fiverr like dave did for the brit method http://www.salespodder.com/internet-scammer-made-up-testimonial/

I think it's this episode if you want the full run down https://uktvplay.uktv.co.uk/shows/dave-gormans-modern-life-is-goodish/watch-online/?video=5192906000001

ChesterDog

I wrote a comment on the blog post but it didn't appear.

In a nutshell, I feel that MSE (and many other ostensibly critical commentators) are inadvertently dignifying and legitimising these companies by repeatedly referring to Binary Options as 'trading' and 'investment', when they are nothing of the sort.

Mobeer

Found a site advertising that someone in London has just made some large amount of dollars (in cash) and bought a left hand drive BMW. It must be true.

ChesterDog

Just to add to my previous post, I also feel that this labelling of this straightforward gambling as investment creates a harmful impact on the genuine investment world.

Investment is a sensible and entirely justifiable thing to do, and should be encouraged.

But associating it with this dangerous rubbish soils its image and can give the uninformed the idea that investment means dabbling in this sea of con artists and sharks.

phillw

ChesterDog wrote: »

Just to add to my previous post, I also feel that this labelling of this straightforward gambling as investment creates a harmful impact on the genuine investment world.

Investment is a sensible and entirely justifiable thing to do, and should be encouraged.

But associating it with this dangerous rubbish soils its image and can give the uninformed the idea that investment means dabbling in this sea of con artists and sharks.

I don't know what type of investment you are thinking of, but these are investments.

"To invest is to allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future."

You can invest in a lottery ticket, but it's not a particularly safe investment as the value of most lottery tickets falls to zero after the draw date.

You can go long on frozen concentrated orange juice futures, but that can be risky if you haven't seen the real crop report.

All investment is gambling, even buying shares in your bank. If you don't know how to deal with that risk then find a decent wealth management firm. Don't rely on cold calls, emails or popups as they are either going to be riskier than the advertising makes out, or they are going to be fraudulent.

I think it's just as dangerous to vilify the binary options and say that all the other traditional investment opportunities are a good idea. A large number of people have lost everything using justifiable investments.

But binary options are like betting on a coin toss. You only win if you predict the future exactly right & the way shares and commodities prices are calculate mean that they can randomly change direction at any time.

Malthusian

Still can't see your comment on the article, ChesterDog. Maybe MSE have their own sponsorship arrangement coming up with a binary options firm and don't want someone who's not paid their thirty pieces of silver diluting the value of their brand.

When a well-known football club like Liverpool FC are happy to take money from a certain binary options provider with a faux-Swiss-bank-style name we are clearly seeing another scam insinuating itself as a legitimate part of the UK gambling industry.

ColdIron

phillw wrote: »

I don't know what type of investment you are thinking of, but these are investments

I suppose so, in the sense that flipping a coin is an investment