
The Wolves of Tel Aviv: Israel’s vast, amoral binary options scam exposed - saycheese
http://www.timesofisrael.com/the-wolves-of-tel-aviv-israels-vast-amoral-binary-options-scam-exposed/
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mikestew
This is the second article in a week I've seen on binary options. The earlier
one I read called it a scam, but never described the scammy part. I mean,
seems fair enough to me: financial instrument either hits the mark or it
doesn't, if I think AAPL's going to hit $120 and my stock platform of choice
says it did, pretty straight forward, right?

This articles takes pages to get to the point: the scammy part. But it gets
there, and I'll save you the scrolling. That part above where I just look up
AAPL on Yahoo! Finance? Yeah, that doesn't work because the "brokerage" has
it's own algorithm, and (big surprise here) turns out NASDAQ might say AAPL
hit $120, but the "brokerage"'s platform says, aw shucks, it only hit $119.84
that day. Tooooo bad.

That and, much like trying to unsubscribe from AOL, they'll block you on
getting your money out of the account, complete with retention agents.

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wodenokoto
Even without that the house is against you. You can only win about 70% on a
bet, but will always lose 100%

That's worse than the roulette.

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CalRobert
I used to have a company like this as my clients. They got pretty irritated
when I kept calling them a gambling app (they were not entirely above board.
to say the least).

A call: "Wait, so no securities actually change hands? Or derivatives? What is
the user buying exactly?"

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CalRobert
Also, should that not be "immoral"? "Amoral" makes it seem like morals are not
relevant to the description of the activity taking place.

A rock falling down a hill is amoral. Throwing a rock at someone's head is
immoral (usually).

