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

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 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

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 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.