Amazon binary option illegal

Police yesterday advised the public to be careful when trading online in binary options, noting that there has been a sharp rise in complaints involving such trading. In binary options trading, investors try to predict if the price of a financial product - shares or currencies, for instance - will be above or below a specified price at a specified point in time, ranging from a few minutes to a few months in the future.

They receive a fixed amount of money if the prediction is correct, or lose the investment otherwise. Police said most investors, encouraged by initial profits or promises of more bonuses, found it difficult to stop at investing a small amount and would continue investing more.

They either lost all their money or could not withdraw the money in their accounts. Some also had unauthorised withdrawals made on their debit or credit cards after giving their card details for payment.

Police said that most binary options trading platforms are unregulated entities that claim to be based in places such as Britain, Cyprus and Hong Kong. Victims faced difficulties contacting the foreign operators when things went wrong.

Due to the short timeframe, it is very likely that you cannot change your prediction or re-sell your option once you make your investment," it said. Investors can check these lists to find out which players are regulated. When in doubt, check with the regulated entity before investing in binary options that it offers.

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The Straits Times Singapore Toggle navigation. The police have advised the public to be careful when trading online in binary options. A version of this article appeared in the print edition of The Straits Times on December 15, , with the headline 'Police advise caution on binary options trading'.

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