A binary options trader in his 20s from Tokyo, Japan recently took an interest in binary options trading. His investment experience did not turn out well, leading the Tokyo Consumer Affairs Center to take action.
We are interested in sharing this binary options trading-related report with our followers. We believe it will educate them regarding this kind of financial activity and how to engage with it securely.
According to the report posted online by Japanese news agency Kyodo News, college seniors and his classmates convinced the young binary options trader to delve into the exotic financial product in which he would forecast exchange rate fluctuations.
His 500,000 yen initial investment, which is about US$4,103.68 at the time of writing, covered a security system and a USB memory stick comprising programming tools claimed to be capable of analyzing trades.
The group that convinced the young binary options trader to engage in the “all-or-nothing options,” in which the payoff is nothing at all or a fixed sum, even advised that he could borrow funds from a consumer credit service and his student loan.
Then, the unsuspecting victim took out two such loans while making up the difference through credit card installment payments. Nevertheless, he witnessed zero profits despite the group’s claims of a massive payout.
The young binary options trader informed the group, who then told him he would get a referral fee worth 100,000 yen, or US$820.74 at the time of writing, if he made sales and sold the USB memory stick.
As a result, the young binary options trader arranged a subcontract to invite his friends to invest. At this point, he has leftover debts worth about 400,000 yen, or US$3,282.94, despite the fact that he is not investing in the plan anymore.
The victim cited that he would like to be paid back, even if it is just a tiny amount. Upon learning about this young binary options trader’s harrowing experience, the Tokyo Consumer Affairs Center responded.
The agency’s representative remarked that they aim to share important details and work together with related organizations to prevent the kind of victimization or crime that targeted the young binary options trader.
Additionally, the Tokyo Consumer Affairs Center spokesperson relayed that educating the youth about fraudulent business practices is crucial.
They pointed out that malicious businesses target young people, making it necessary to take measures and improve public awareness.
We are glad to learn about the Tokyo Consumer Affairs Center personnel doing their important job of safeguarding young people engaging in binary options trading.
We understand that the youth are curious people, interested in trying out financial products and instruments they feel convinced would make them big sums of money fast.
With the help of caring government agencies like the Tokyo Consumer Affairs Center, we believe the youth can find the right and lawful paths to financial independence with their hard-earned savings intact.