Category Archives: Binary Options

CFTC Orders New York Man to Pay More than $1 Million for Role in Fraudulent Binary Options Scheme

The Commodity Futures Trading Commission (CFTC) today issued an order filing and settling charges against Glenn Olson formerly of Brooklyn, New York, for his role in a binary options fraud that harmed U.S. customers involving Blue Bit Banc, a United Kingdom company, and Blue Bit Analytics, Ltd, located in Turks and Caicos.

The order requires Olson to disgorge all of his ill-gotten gains, totaling $241,070. He is also ordered to pay restitution of $846,405, a joint obligation with others found liable and enjoined by a federal court in a prior CFTC enforcement action. [See CFTC v. Kantor, No. 18-cv-2247-SJF-ARL (E.D.N.Y. Oct. 23, 2019) and CFTC Press Release No. 8069-19] Olson is also ordered to cease and desist from further violating the Commodity Exchange Act and CFTC regulations, from trading on or subject to the rules of any CFTC-registered entity, and from engaging in any activities requiring registration with the CFTC. 

Case Background

The order finds—and Olson admitted—that from approximately April 2014 through March 2018, he was affiliated with Blue Bit Banc and related entities, selling binary options to customers for Blue Bit using alias names and also supervising other sales staff at Blue Bit’s Manhattan office. Olson also admitted that, as part of the scheme, he and others misrepresented the profitability of trading through Blue Bit, manipulated or fabricated purported trades in their customers’ accounts to the customers’ disadvantage, prevented customers from withdrawing funds, and misappropriated customer funds.

The order states that Olson also admitted he knowingly made false statements, omitted statements of material fact, and took other actions to defraud customers, while receiving disbursements totaling $241,070.30. In addition, Olson was involved in the conversion of some customers’ Blue Bit account holdings into ATM Coin, a worthless cryptocurrency that was represented as being worth substantial money. According to the order, at least 27 customers lost a total of $846,405 as a result of the fraudulent scheme.  

The CFTC cautions victims that restitution orders may not result in the recovery of money lost, because wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

The Division of Enforcement staff members responsible for this case are Susan Padove, Joseph Patrick, David Terrell, Scott Williamson, and Robert Howell.

CFTC’s Binary Options Fraud Advisories

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Binary Options and Fraud Advisory, which alerts customers to this type of fraud and list simple ways to spot it.

The CFTC also strongly urges the public to verify a company’s registration with the Commission before committing funds. If unregistered, a customer should be wary of providing funds to that entity. A company’s registration status can be found using NFA BASIC.

Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the CFTC Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

ASIC bans the sale of binary options to retail clients

ASIC has made a product intervention order banning the issue and distribution of binary options to retail clients.

The ban will take effect from Monday 3 May 2021 after ASIC found that binary options have resulted in and are likely to result in significant detriment to retail clients.

ASIC reviews in 2017 and 2019 found that approximately 80% of retail clients lost money trading binary options. ASIC found that binary options are likely to result in cumulative losses to retail clients over time because of their product characteristics:

  • the ‘all or nothing’ payoff structure, where one of the two possible outcomes for a binary option contract is that the retail client will lose their entire investment amount;
  • short contract duration (the average contract duration of binary options traded with one provider was less than six minutes); and
  • negative expected returns (that is, the present value of the expected payoff for a binary option contract is lower than the initial investment).

Commissioner Armour said, ‘Binary options’ product characteristics make them incompatible with investment or risk management use by retail clients. ASIC’s product intervention order will protect retail investors from these harmful products at a time of heightened vulnerability.’

ASIC estimates that retail clients’ net losses from trading binary options were around $490 million in 2018. The size of the market in Australia has since reduced significantly after ASIC issued a warning in April 2019 against providing unlicensed or unauthorised services to clients located in several foreign jurisdictions. Australian retail clients are estimated to have made net losses of more than $6.7 million in 2019.

ASIC’s binary options ban brings Australian requirements into line with prohibitions in force in comparable markets and follows the commencement on 29 March 2021 of ASIC’s product intervention order imposing conditions on contracts for difference offered to retail clients.

The order will remain in force for 18 months, after which it may be extended or made permanent. Civil and criminal penalties apply to contraventions of the product intervention order.


A binary option is a cash-settled, over-the-counter (OTC) derivative entered into by two counterparties—the binary option issuer and the client. The ‘all-or-nothing’ payout under a binary option contract is determined by the occurrence or non-occurrence of a specified event in a defined timeframe. This can include an event related to movements in the price of a financial product or a market index (for example, the price of gold increasing in 30 seconds) or an economic event (such as a central bank interest-rate decision).

Regulatory Guide 272 Product intervention power provides an overview of ASIC’s product intervention power, when and how ASIC may exercise the power and how a product intervention order is made.

On 22 August 2019, ASIC released CP 322, seeking feedback on proposals to use its product intervention power to address significant detriment to retail clients resulting from binary options and CFDs (refer 19-220MR). CP 322 attracted more than 400 responses from consumers, consumer groups, CFD issuers, industry bodies and other stakeholders.

On 23 October 2020, ASIC made a product intervention order imposing conditions on the issue and distribution of contracts for difference (CFDs) to retail clients (refer 20-254MR). From 29 March 2021, ASIC’s order strengthens consumer protections by reducing CFD leverage available to retail clients and by targeting CFD product features and sales practices that amplify retail clients’ CFD losses.

In addition to the product intervention orders, ASIC’s actions to address concerns about binary options and CFDs include:

  • enforcement action to address misconduct
  • public warning notices and other statements
  • surveillance projects and thematic reviews
  • stronger regulations
  • extensive retail client education campaigns and guidance for binary option issuers.

More information about ASIC’s supervision and enforcement work is available on our website. ASIC’s Moneysmart website has further information about binary options.

Canadian securities regulators warn public about Crypto trading scam using fake accreditation

The Canadian Securities Administrators (CSA) is warning the public about a trading scam advertised under the name of Mercury Crypto Invest (Mercury). Mercury posted a series of online advertisements, primarily on Kijiji, offering an investment opportunity to people across Canada.

Mercury represented itself as an “accredited trader” with the Investment Industry Regulatory Organization of Canada (IIROC) and the CSA. There is no such thing as a CSA-accredited trader and Mercury is not registered to trade in, or advise on, securities or derivatives with any securities regulator in Canada.

The online advertisements promised a guaranteed return and a 95 per cent “win rate” through investments in binary options and cryptocurrencies. In 2017, the CSA announced a ban on binary options, making it illegal to advertise, offer, sell or otherwise trade binary options shorter than 30 days with any individual.

Members of the CSA’s Enforcement Committee collaborated, through its Investment Fraud Task Force, to identify the scam and quickly take steps to reduce the risk to Canadian investors. The Task Force worked with Kijiji to have the online advertisements removed. This alert is being issued due to the concern that the same advertisements, or variations on them, may reappear on Kijiji or other online platforms.

The CSA encourages investors to watch out for the following red flags in order to avoid investment scams:

  • Ignore promises of “guaranteed” high returns with little or no risk: Generally, the higher the return, the higher the level of risk, and no investment can guarantee a 95 per cent return. Make sure the opportunity is suitable for your investment goals before investing your money.
  • Be wary of the latest trends and feeling pressured to buy: Trading scam artists use the latest trends in the news such as cryptocurrencies to entice investors into their schemes. If you don’t understand what the investment is about, get clarification as part of your research into the opportunity.
  • Do not trust claims of insider information: A scam artist may claim to have information that nobody else knows about a company. You have no way of knowing if this information is true. Even if it is, trading on inside information is illegal in Canada.
  • Check registration: Before working with any adviser or investment firm, find out if they are registered. Individuals and firms selling securities are required to be registered by securities regulators to sell you any investment. Check registration and any disciplinary history through the CSA website.
  • Get independent, professional advice: Take some time to consult with a person who is not participating in the investment, such as a lawyer, banker, accountant, financial adviser or someone else with financial expertise before investing. Don’t feel pressured to hand over your money until you’ve had some time to carefully consider the investment.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

ASIC takes action against Union Standard International Group and its former corporate authorised representatives

ASIC has commenced civil penalty proceedings in the Federal Court against Union Standard International Group Pty Ltd (Union Standard) (in liquidation) (trading as usgfx) and its former corporate authorised representatives, Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred) (in liquidation).

ASIC alleges Union Standard provided financial services including trading in margin FX products to clients in China in circumstances where it was illegal for Chinese residents to deal or trade in those foreign exchange contracts. ASIC alleges Union Standard’s conduct placed its China-based clients at risk of contravening Chinese law, and thereby exposed them to potential administrative and criminal penalties under Chinese law.

ASIC alleges that Union Standard failed to comply with its obligation to do all things necessary to ensure that the financial services covered by its licence were provided efficiently, honestly and fairly (s912A(1)(a) of the Corporations Act).

ASIC also alleges that each of EuropeFX and TradeFred:

  • provided personal advice to clients when not licensed to do so;
  • made false or misleading representations to clients including about the level of risk to which clients’ funds were exposed and the profits which clients could expect to generate; and
  • engaged in unconscionable conduct, including by:
    • using high-pressure sales tactics to encourage clients to deposit more money, open more positions or discourage clients from withdrawing funds;
    • facilitating trading by clients who were at a disadvantage, for example, by virtue of the client’s trading inexperience, low level of income and lack of understanding of the complex products issued by Union Standard; and
    • failing to adequately explain or disclose to clients the risks involved in investing in its financial products.

ASIC also alleges Union Standard:

  • as the Australian financial services licensee, is liable for the above conduct of its corporate authorised representatives by operation of the general responsibility provisions of the Corporations Act and ASIC Act; and
  • made false or misleading representations to potential clients.

ASIC is seeking a range of relief including declarations of contraventions and pecuniary penalties.

A case management hearing is set for 8 March 2021.


Amended Originating Process (PDF 355 KB)

Prohibition on retail OTC products by overseas regulators

Regulators in many jurisdictions have restricted or prohibited the provision to retail investors of certain OTC derivatives, such as binary options, margin foreign exchange and other contracts for difference (CFDs).

In April 2019, ASIC put AFS licensees on notice that in addition to overseas consequences of potential breaches of overseas law, ASIC will consider whether breaching overseas law is consistent with obligations under Australian law to provide services ‘efficiently, honestly and fairly’ (19-088MR).

Product Intervention Order

ASIC has made a product intervention order imposing conditions on the issue and distribution of contracts for difference (CFDs) to retail clients.

ASIC’s order strengthens consumer protections by reducing CFD leverage available to retail clients and by targeting CFD product features and sales practices that amplify retail clients’ CFD losses. It also brings Australian practice into line with protections in force in comparable markets elsewhere (20-254MR).

Union Standard Background

Union Standard was a Sydney-based retail over-the-counter (OTC) derivatives issuer offering clients opportunities to trade in margin foreign exchange contracts and contracts-for-difference (CFDs). Union Standard and its former corporate authorised representatives, EuropeFX and TradeFred operated under Union Standard’s Australian financial services (AFS) licence 302792.

In December 2019, ASIC obtained asset restraint orders in the Federal Court against EuropeFX and TradeFred to protect customers’ funds while an investigation was underway. Union Standard gave an undertaking to the Court to keep specified monetary amounts in a separate bank account (19-373MR). On 8 July 2020, Union Standard entered into voluntary administration; liquidators were appointed on 3 September 2020. On 10 March 2020, TradeFred went into liquidation.

In July 2020, ASIC suspended the AFS licence of Union Standard and in September 2020, ASIC cancelled its AFS licence (20-216MR).

CFTC Files Charges in $20 Million International Binary Options and Digital Asset Fraud Scheme

Washington, D.C. — The Commodity Futures Trading Commission today announced the filing of a multi-million dollar fraud action in the U.S. District Court for the Southern District of Florida, charging three individuals and three companies with fraudulently soliciting tens of millions of customers and prospective customers to open and fund off-exchange binary options and digital asset trading accounts. These accounts traded foreign exchange currency pairs, metals, and digital assets through websites operated by unregistered binary options and digital asset brokers.

The complaint charges defendants Daniel Fingerhut of Miami, Florida, and three companies that he worked with, Digital Platinum, Inc. (DPI), a Florida corporation, Digital Platinum, Ltd. (DPL), an Israeli company, and Huf Mediya Ltd. (Huf) a Bulgarian company, as well as the control persons of all three entities, Tal Valariola and Itay Barak of Israel. According to the complaint, beginning in at least October 2013 and continuing through August 2018, the defendants allegedly created fraudulent marketing materials which promised astronomical profits with no risk of loss and disseminated them via email spam and by making videos available online. Over 59,000 customers opened and funded trading accounts as a result of these fraudulent marketing campaigns, which generated payments of over $20 million in commissions to the defendants.

According to the complaint, the marketing materials touted fake trading performance using advertised binary options and digital asset trading software and systems. The marketing videos typically featured actors—often posing in front of props such as mansions and private jets—who falsely claimed they had become rich trading.

The complaint also charges Fingerhut with making materially false or misleading statements to CFTC staff, including while under oath, in an apparent effort to conceal the extent of his role in the fraud and to avoid producing documents. The complaint is related to a previously filed multi-million dollar retail binary options fraud action [See CFTC Press Release No. 7807-18].

In its continuing litigation against the defendants, the CFTC seeks full restitution to defrauded individuals, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and permanent injunctions against further violations of the Commodity Exchange Act and CFTC regulations, as charged.

The CFTC cautions victims that restitution orders may not result in the recovery of money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously to protect customers and ensure wrongdoers are held accountable.

The CFTC thanks the Israel Securities Authority, the Federal Bureau of Investigation, the Securities and Exchange Commission, and the Department of Justice for their assistance in this matter.

The Division of Enforcement staff members responsible for this case are Candice Haan, Allison V. Passman, Joseph Patrick, Susan J. Gradman, and Scott R. Williamson.

5 Best Binary Options Trading Advice

In this world of high living cost, everyone is searching for side-sources of income to mitigate their everyday living expenses. Thus, Binary Options trading is getting popularity day by day, as it is apparent as a simple money-making source. 

While it is a relatively easy way to make money, it also takes a lot of practice, understanding, and a certain amount of responsibility. From this aspect, the binary options trading site Binoption is the best platform to learn every ins and outs of this trading type.

How To Reach Your Goal:

Many successful traders replace their past job with binary trading as they found it more profitable. Whereas some others often struggle with their trade because of some common mistakes and misconceptions. 

So, the first thing is to figure out those recurrent mistakes and clarify all misconceptions. Now, the question is how to reach the goal by avoiding all these hindrances.

Continuous Learning Process:

Successful options trading requires a continuous learning process. Though binary trading looks easy, don’t be fooled by its apparent ease.

However, you Should start from what is a binary options if you are just a beginner. And to stay up to date and gather more and more practical knowledge, you must have to study continually about the industry and the market.

For instance, Without the proper knowledge, a trading tool is just a trading tool for you with no use. But when you know how to utilize it, it’s no less than a powerful weapon in the trading field that is of great use. 

Yes, as simple as that.

Additionally, by using world news, you will have a better chance of making an accurate prediction. So, do not underestimate the importance of reading through a newspaper each day.

Moreover, you have to stay connected with other traders and professionals to increase your practical knowledge. And surely they will also advise you to start with little investment and grow your career little by little.

Market Analysis:

If you want to trade binary options with success, know that it’s all about predicting the directions and behavior of an underlying asset. And so you need to know how to analyze the market. 

With Fundamental analysis, you will know the macro factors, industry analysis, and other qualitative factors. And technical analysis is more about charts and charts patterns. Almost all technical analysis tools have a great impact on sound decision making of any trader. It helps to understand the market trends and trade more accurately.

On top of that, the performance of any financial asset is affected by the traders. This prevailing attitude of traders is known as market sentiment or market psychology. There is no way a trend is created by itself. Rather it is created by many deals that carried out by a huge number of traders.

Your trading strategy and selection of trading asset will be highly influenced by your market analysis. So, you can hardly avoid analyzing the market if you want to see the binary option as a successful attempt.

Besides, you may be forced to make swift decisions sometimes. So, you need to understand when to act fast and when to loss the bridle of your trade based on fundamental and technical analysis.

Trading Plan:

Without a proper trading plan, your trading career is nothing but a way to lose all your investment rather than a side income source. It’s a comprehensive decision-making tool for your trading activity that helps to decide what, when, and how much to trade.

On top of that, it will include strategies, personal risk management rules, trading goals, information on available capital, your attitude toward risk and other related information. Even, you can add your motivations for trading which help you to drag you forward. Also keeping all trading records on a trading journal is a must.

All of these are for easier trading and to make more objective decisions. By this, you will have more room for improvement.

Money Management:

Options trading is highly unpredictable. So, you should plan for a proper risk management strategy to avoid losing money. It paints a broader picture which encompasses your whole trading strategy for all trades.

Proper money management prevents traders from extra trading loss. It also increases the opportunity of the investment amount. As how you spend your money impacts your credit score and the amount of debt you end up carrying.

Set realistic Expectations:

As compared to other forms of trading such as Forex trading, binary options may seem incredibly easy. It is quite a bit simpler to understand than many other avenues.

That’s why most novice traders tend to set unrealistic expectations of getting rich overnight by trade options and become frustrated at the end. There are no shortcut methods of getting rich. You have to put your knowledge and hard work to become successful in trading.

Final Thoughts:

Trading requires lots of efforts. Never risk too much as it will make you quit trading just after starting. Try using all the available tools to improve your binary options strategy.

It’s never too late to learn a new skill. Maybe you are about to get the key to fulfilling your dreams. Make yourself a knowledgeable and skilled person, and that will automatically lead you to reach your ultimate goal. 

24option review

24option review

24option is providing an intuitive trading platform designed with the latest technological advancements that’s geared towards new traders as well as professionals. The company place great emphasis on education, providing a well-rounded library of V.O.D. seminars, webinars, daily news, analysis and more. The customer service and support is always available to meet your needs, and the account managers know that your success is their success.

The primary regulator of the firm is CySEC in Cyprus

The firm has been in business since 2010

Payments: Visa, Master Card, Discover, Diners, Switch, JCB, Wire Transfer, Skrill, Neteller, PaySafeCard,

The minimum deposit to start trading is $250/€250/£250/¥25,000/ RUB 10,000

You can find more about 24option here


60 Seconds Strategy Binary Options

60 Seconds Strategy Binary Options

60 seconds strategy binary options is options, which have expiry time is one minute. It means, that you purchase option and already after one minute will have result.


Trade by 60 seconds turbo-options became so popular – and experienced traders and beginners work with it. Precisely this options allow to get ultrafast profit, and it size limited only by size of bet, that you made. For one minute you can win until 90 % from invest.


Minute binary options have their undeniable advantages: it’s possibility to trade in any time (session), carry out a lot of transactions for short time (increasing chance to win), unreal big selection of platform-brokers, which offer rather advantageous conditions (bonuses, big selection of assets, absence of commission).


You can use many strategies in trade by 60 seconds binary options, because they available for many methods. But approach, in any case, is a little bit different: you need to take decisions too fast, and instantly react on situation on market.


More information: –


Why You Should Trade With GLoption

Binary trading is the fastest growing trading market of the world. The binary market has a very simple concept of trading with huge profit margins in a very short period of time. These features of the binary trading create the attractions for the investors. The credit goes to the makers through the brokers whose role is very important in relation to the creation of trader’s confidence and balanced market.

In the same way as Binary options trading market going up the name of the GLoption trading platform lead in the binary brokerage market. GLoption has gained this success by setting up the trader focused strategy.
GL-option binary trading platform has been designed by keeping in mind the thinkingof a trader e.g. what a trader or investor want?What are the trading information requirements of an investor? Which knowledge and terminology necessary to absorb for binary trading? How profit payouts conveniently received by the traders? Is the platform meets all the security parameters? Is the binary trading platform providing the maximum trading options? What are the advancement levels of the platform?
Why You Should Trade With GLoption.

GLoption is a web based binary trading platform that offers Asset Index, Currency Pairs, commodities, Stocks, and Indices trading options. GLoption believes in the policy of sharing the facts rather than hiding it. GLoption trading platform clearly defined the percentage of profit a trader will earn in the course of a selected particular trading option and without a doubt gives an indication of the risk involved in the trading transaction. GLoption trading platform also provides the data regarding the trading options selected by the other traders in respect of a particular selected asset. So a trader can get help during the decision-making process by taking into account the trend of the majority of traders while selecting the put or call option for selected asset.

GLoption has a very simple procedure of registration as well as trading. GLoption has defined the each step of trading with clear explanations and also makes sure the real-time query solution by inaugurating 24/7 customer support for traders.
GLoption binary trading platform is fully equipped with latest analytical tools like Relative strength Index (RSI), Moving Average (MV) and Bollinger Bands (BB) that provide real-time support to investors for assessing the trend of the market. GLoption binary trading platform provides free automated live trading signals for forecasting the market trends by employing the advanced technology in the field of automated trading signals system.

GLoption has devised the speedy and secure treasury management system by partnering with the treasury and risk management specialist professionals. A trader can make payments and received the funds by the mode of Credit cards, Wire Transfer (personal bank account to binary trading account) and E-Wallets.

GL-option is the best starting point for binary trading. It provides everything that is required for doing a fruitful binary trading with up to 100% first deposit bonus for new customers.
In short, GLoption binary trading is the platform where you find the highly professional binary trading services that prove to be your competitive edge over others and ultimately contribute to your success.

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Relative Strength Indicator – RSI

Relative Strength Indicator – RSI

Relative Strength Index is a so called momentum indicator that is very popular to use in technical analysis of financial instruments.

Relative Strength Indicator is a momentum indicator that compares the number of days with price increases in relation to the number of days with decrease. This indicator indicates whether a stock is overbought or oversold. RSI analyzes the recent performance of a security in relation to its own price history. RSI is a valuable tool to determine overbought/oversold levels.

Values above 70 are considered to indicate an overbought situation where the price increased over time and perhaps will correct downwards. Opposite, values below 30 indicate an oversold situation where the stock has fallen a lot over time, and perhaps will correct upwards.

A trader might buy when the RSI crosses above the oversold line (30).

A trader might sell when the RSI crosses below the overbought line (70).

RSI is used for analysis of momentum and potential trend reversal


Read More about technical analysis:

How to Draw Trend Lines

Support and Resistance Lines

Forex Trend Trading