How Does Binary Options Trading Work

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What Are Binary Options?

Their ads are everywhere and they are constantly hiring. Get The Times of Israel's Daily Edition by email and never miss our top stories Free Sign Up Since my byline had appeared in The Times of Israel, I introduced myself as Paulo Izico an anagram of my nameand said I was a year-old Italian waiter who had moved to Tel Aviv for love and was desperately seeking a job in order to remain in Israel with his girlfriend.

They took the bait. What swung it, I think, was the five minutes when I sat face-to-face with the CTO, Joseph, in his bare-walled, almost empty office, and he asked me to try to persuade him to bet on the result of a soccer game. Those five minutes tested my selling skills — the trait these companies most look for, the office manager told me later.

The best candidates have excellent English and the gift of persuasion. They need to be able to sell refrigerators to Inuits.

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I was invited to come and try out for a day. One morning soon after, I showed up at the office, in a shabby building in Ramat Gan. They sat me in a large room with about 12 people, full of computers and phones, next to some of their best sales agents. Three big television screens were booming Bloomberg TV. For similar reasons, all the employees speak only in English, including to each other, and they all call each other by the fake Anglo Saxon names they use in their calls.

Many of the sales agents are not native English speakers; if they lapse into Hebrew, they immediately get yelled at by the office manager. There was a shifty blue-eyed guy with a strong Russian accent, a partially disabled army veteran, a guy who looked like he was in his teens, and a hipster with a long beard and tattoos.

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All different, yet all driven by the binary options with whom to work to earn lots of money, even if it was by allegedly cheating people if necessary. Of the dozen people in the room, about nine were doing sales — persuading clients on the phone to deposit money in binary options trading, and doing so by lying about their own identities and experience and the likely profits. The sales agents drink a lot of coffee and energy drinks, and the sense of urgent tension is palpable in the room.

A whiteboard lists the names of all the employees. Columns detail the deposits each of them has brought in. On the day I was there, most of the calls went to potential clients in the United States. Watching them work, I felt I was in a sea full of sharks waiting for their next prey.

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Even though I had made my mind up ahead of time that I would not scam anyone, I knew I would have to make calls. I got lucky. I was safe. And so was he, for the moment. Before and after almost every phone call, the sales agents frenziedly insulted customers, apparently psyching themselves up The clients we called did not appear to be cold leads, but people who had provided their details after seeing some kind of get rich quick ad or video on the internet.

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Others may have responded to email pitches. Each sales agent had a long list of clients whose personal information could be seen on their individual computer screens — first name, last name, country of origin, phone number, address, even social security number.

The Magazine for Career-minded Professionals in the Anti-Money Laundering Field

The computer systems also often enable the company to see whether existing customers are logged on to its trading platform, trying to trade.

They make calls according to the time zone. Asia and Australia in the morning, Europe and America in the afternoon and evening. Illustrative photo of a woman giving credit card details over binary options with whom to work phone Istock Highway-starz photography Once clients have made an initial deposit, a senior broker is put in charge of them — to oversee their trading and convince them to put in further funds.

My goal is that they deposit.

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The worst part of watching these sales agents work with clients was seeing and hearing how they persuade people to start trading: their manner is mainly friendly, but insistent — persuasive and promising, but also threatening at times. Sometimes customers just gave in, agreeing to put in money because they were exhausted by the dogged persistence.

To me, hearing both sides of the conversation, it seemed like a kind of psychological violence that works especially well with desperate and poor people.

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During my time next to the sales agents, I heard something like 70 calls and only a few times did the target hang up without actually depositing funds or at least promising to do so. Almost everyone listened to what the sales agent had to say, probably because it was exactly what they wanted to hear.

In more than one call, when they saw how to realistically and legally make money in clients had an account that was blocked for international transactions, binary options with whom to work told them to call their bank and unlock the payment. Patrick contacted an year-old boy from Macedonia.

The teen simply would not agree to put in money. I personally can testify to the misrepresentation and the lying about identities and location. During my day, they asked me several times to make calls to leads. Some went unanswered. When I finally got a Mexican client named Gutierrez on the phone, he and I again binary options with trading robots lucky.

I spent hours trying to learn the system, watching the sales agents work, which is the usual way the recruits are trained. Away from the phones, they appeared to be nice, normal people; they joked and laughed like a group of good mates.

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With my heart beating hard, while the sales agent was away from his computer, I took down her email. At midnight, I asked Michael, the office manager, if I could leave.

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Is Binary St a regulated firm? If so, regulated where? What is the nature of the relationship between Binary St and Metamorpha Management?

Binary Options Brokers in Russia

Are the sales agents of Binary St told to lie about their names, professional experience, and location when speaking to clients and potential clients? What are Binary St sales agents told to tell clients about their likely profits? Is it true that Binary St uses a system that fakes the phone number sales agents call from? We did not receive a response.

Binary Options, Fraud and Money Laundering

These firms lure their victims into making what they are duped into believing will be profitable short-term investments, but in the overwhelming majority of cases the clients wind up losing all or almost all of their money. Thousands of Israelis work in the field, which is estimated to have fleeced billions of dollars from victims all over the world in the past decade.

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Israel Securities Authority chairman Shmuel Hauser subsequently told The Times of Israel that consultations had begun on the framing of legislation to bar all Israel-based binary options operations from targeting anybody, anywhere. Israeli firms are already banned from targeting Israelis. The consultations have extended to Attorney General Avichai Mandelblit and to the government, he said. The committee chair, MK Karin Elharar Yesh Atiddemanded that the police begin enforcement activity against fraudulent binary options firms in the next month and that the Israel Securities Authority urgently advance legislation to shut down the entire industry.

A follow-up hearing will be held on February The FBI told The Times of Israel this month that it was investigating binary options fraud worldwideand invited victims and informants to contact it. We appreciate that! So now we have a request. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.