The Cash Diaries

My experiments investing and copytrading

Alternatives to Binary Options

Binary options are a scam.  Simple as that.  The platforms are designed so that you deposit a lot of money and over time it all goes to the broker.    So in an effort to point you in the right direction I’m going to show you some alternatives that aren’t rigged to make you lose your money…

Why Binary Options aren’t profitable

It’s simple maths.  When you “win” a trade on a binary options platform, you’ll get a payout of around 50% of what you invested.  But if you lose, you lose everything.  This means you need to win twice as much – over time you’ll eventually lose your money.  And even if the payout is higher than 50%, it’s still always lower than 100%.  This means the broker will always have an edge – just like a casino.  And that’s pretty much all that binary options are – gambling.

Binary options are simply a way to trick people into parting with their cash under the guise of “trading”.  You may as well waste your money in a casino.

Binary options Robots?

If these actually worked, don’t you think every trader, investor, bank etc would be using an automated robot to make trades??  Again these are just a scam.  Many of them built by marketers, who earn a commission when you sign up through them with a binary options platform.  These sites are again just designed to make you put down a deposit and part with your money.

Legitimate Alternatives to Binary Options

There are obviously a lot of different ways to invest and trade.  So I thought I would try and list some options that will appeal to the type of person who’s looking into binary options.  I’m guessing they are looking for alternative investments and are willing to take on a higher degree of risk than the average person.  So with that in mind here are some options:

Cryptocurrency

For those looking for a high risk, but potentially high profit investment, then you can’t ignore cryptocurrency.  Even with the recent downturn, cryptos are still way way up compared to last year.  In fact, I don’t think I could find a similar investment that would have grown as much.

Getting into crypto is pretty easy these days.  I use Coinbase – but there are a ton of other exchanges and ways to purchase bitcoin and other cryptos.

For those looking for even more risk and potentially higher returns, you could also invest in alt-coins.  These are some of the lesser known coins.  These are super high risk investments but people are hoping that some of them will go to the moon and double XXX times.

Automated Investing

This is probably the lowest risk investment.    Platforms such as Acorns or Weathfront will automatically invest small amounts of your money across a wide range of traditional investments.  None of these are super high risk.  Obviously this will also have the lowest rate of return.  But that could be a great thing because you’re also not going to lose your money.  You can also get started with very little cash.  Acorns has a minimum starting amount of just $5!

So there you have three legit alternatives to binary options.  Please please stop wasting your money on Binary options – it’s just a scam.  Hopefully you’ll find better returns with these alternatives.

 

1 Comment

  1. I am Ugandan.
    Is it possible and is there a way to use any authentic/legit website similar but different to binary options to make profit, earn money and wire transfer (wireless internet transfer money thing) from Binary Options/Etoro or whatever to MTN Mobile Money account without bank card number and credit card number?

    I am asking because I don’t have those things Binary Options/Binlatex is asking for whenever I have to access/withdraw/wire transfer.
    I have only have MTN Mobile Money account and the PIN number to access my account.

    https://www.mtn.co.ug/en/mobile-money/how-to-use/Pages/Mobile-Money-FAQs.aspx

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