What Is Binary Options About?

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Binary Options is nothing more than a guessing game, throwing darts and flipping coins. All these methods just depend on luck to win. How lucky do you think you'll be with any of those 3 outcomes when it comes to trying to make money online with a program? Can you always flip the coin in your favour? Will you be able to hit the bullseye with every dart throw? Will you guess right every time on what is under the shell, in the shell game?

This is how simply put the binary options game works. It is gambling away your money. The house always wins when you gamble as we hear so many times.

Read one of my in-depth Binary Options reviews here.

How Do Binary Options Work?

You are betting whether the price of the stock, currency or commodity will go up or down in a selected time period. You buy the option to bet whether it is going to go up or down.

It is almost impossible to predict where these prices are going to move in the short term. You are betting against and with professionals who do this for a living. Can you win sometimes? Sure, just like buying a lottery ticket. Sometimes you win a free ticket and other times you get skunked. The other thing working against you is the market, prices are way to unpredictable to lay money down and bet on what the future direction will be.

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What's It Cost To Get In?

Most of the programs I've studied want $250 to open an account and then try and get you to immediately pump that up to anywhere from another $500-$1000.

The more this broker gets you to finance your account the higher commission they earn. This is how the whole financial services industry is run. The people making the money are brokers and account representatives. The more you deposit the more trades are executed, the more commissions for them.

In the binary options world they just call themselves brokers, what they really are is reps for a bucket shop. This bucket shop collects the money and bets it right away. The program affiliate collects the winnings, only you never win much. 

How Do You Make Money?

The claims they make are outrageous. This really attracts the 'Get Rich Quick' crowd but it's virtually impossible to make the kinds of money they claim you can make.

buy sell chart points for JPY/US trade

This is a screenshot of the Japanese Yen vs US Dollar trade. On a $50 bet where do you think it's going? Up or Down. Look at the profit potential and you can see the attraction. This is a completely auto-pilot system that does the trading for you, you just bet the direction and then watch (most of the time) your money vaporize.

The program creator makes money, the broker/bucket shop affiliate makes a commission and you lose most of the time. Don't worry you will receive a ton of calls asking you to keep depositing money or to even upgrade your account to try and collect profits at a much higher rate.

Your broker's primary concern is his profit along with draining and squeezing you of any and all monies you have left for betting with their automated system. It's set on auto-pilot to rip you off.

My Final Take on Binary Options

Only use play money or money you can afford to lose. There have been an onslaught of these programs hitting the online marketplace with all kinds of unreal promises of making you money.

Don't fall for their claims of instant riches. They just don't deliver and will never deliver a ​consistent monthly cash flow you crave for yourself. You will find nothing but broken promises with a binary options trading platform. Just stay away from them all.

If you took the time earlier to read through how I got started online, then you know I think that Wealthy Affiliate is the #1 place to go. You can start your very own website for ZERO DOLLARS and be up and running in minutes. It's that easy and no recruiting and spending enormous wads of cash on products and people you don't understand or know. Give Wealthy Affiliate a try I think you will enjoy the community and the experience. Now, that is something I can recommend to anyone!

Have you ever been a member of any Binary Options trading platform? I would love to hear about your experience with Binary Options. If you have any questions, comments or feedback for me just drop them in the box below. Thanks for stopping by and reading my article.


 Hi there, my name is Peter, it's so great to meet you. I started this website back in 2015 to help educate and inform people on the many ways to make money online. There are so many scams out there that need to be revealed. I also explore ways on how we can turn our time into dollars working from home.

I hope you find some of the tips and suggestions that I've experienced helpful on your own online journey.

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  1. Neil

    I get it now! Binary is gambling, where you’re either lucky or unlucky. I could never quite work out what it was, but it sure is an expensive game.

    I certainly agree that the get rich quick money making claims are ridiculous because I’ve also come across scammy type programs like The Brit Method and the Quick Cash System, just to name a couple of examples. They promise you 6-figure monthly incomes, but as soon as you invest your money into a broker program, it’s gone. I’ve heard numerous complaints on the web about Binary options, and I think the authorities are trying to close down unregulated brokers.

    Personally, I don’t trust any binary options program. But I’ll certainly look into Wealthy Affiliate. 🙂


    • Peter

      I agree with all that Neil. As a matter of fact if you are domiciled in Israel as a binary broker you can’t take foreign money. So it’s starting to close in on these guys.

  2. Eric Cantu

    Isn’t it crazy how there are so many schemes like this that promise such high returns? Don’t people realize that if these kinds of returns were really possible then EVERYONE would be walking around rich.

    You can’t take shortcuts to success. You have to research, find training, and then make educated decisions. Thanks for posting this 🙂

  3. I agree that the Binary Options biz is a virtual money giveaway for those who fork out the cash on these trades. I really like your approach in comparing how Binary Options stacks up against the Wealthy Affiliate. It serves as a much-needed warning and should help a lot of folks avoid making a huge mistake by investing in those programs.

  4. leonard

    Hi, Peter. Now I understand what binary options are. A little while back a close friend approached me with this idea and when I told him that something wasn’t adding up, he asked me to take through some training because people make millions in this business over a very short period of time.

    My friend has lost close to 40k in the last 2 years and it doesn’t seem to bother him. Gambling is a terrible addiction.

  5. JohnE52

    Wow… this sentence in your post echoed my thoughts I have had in the last year or so “You are betting against and with professionals who do this for a living'”
    I have been scammed so many times it gave me every reason to quit. Then I came across WA and feel I have finally came across something that works. Good to see someone else who agrees and understands that this is serious work and not a “get rich quick” quest.

  6. Riaz Shah

    Hey Peter,

    I always get confused between options and forex because they look almost the same, thank you for clearing this up! No wonder I always lose, I’m very bad at gambling.

    Out of curiosity, is there a scam going on though? Are they reducing the probability of winning more than losing so that they can earn more money?

    • Peter

      If they don’t provide you with value for the money then it’s a scam, yes. Also they are never up front about the cost of a trade, well some are but most don’t. So why not deposit $200? because the cost of the option is $100 and they take the other $50 in commission most of the time. It will cost you big time to play and the house always wins.

  7. Jesus

    I actually tried something like this recently. They claimed it was difficult to lose the money and all I had to do was start with $250 and I was fine with that. Then they said I couldn’t do anything until I deposited another $250! I was very upset but I had already deposited $250 and I had a little extra so I gave it a shot.

    The amount of money I was left with jumped a lot from $100 -$500. I ended up withdrawing $400, but they ended up charging me almost $100 to make the withdrawal! It was absolutely ridiculous.

    • Peter

      Hi Jesus, that’s because they charge a $100 for most trades. I can trade stocks for $4.99and also trade options for the same price just with an account at my bank. You don’t need a robot doing it for you. That’s what your paying for.

  8. Trent

    This is phenomenal. I’m in finance and I couldn’t agree more. Options in general are a guessing game and binary options are probably the worst of them all. I add my caution to yours. Stay away from them! Thanks for the explanation to help people understand.

  9. Stisse

    Hi Peter,
    Thanks for a great article and for saving me another headache. I trust your word and will not invest energy and time trying the binary options. I never win the lottery so those models are not for me;)

    I will check out Wealthy Affiliate instead. Thanks for this good advice to learn how to make money online!

  10. Steve

    Hmmm… VERY timely that i found this article. I’ve been looking into various online options to start another residual income stream; and binary options was one…. not anymore!

  11. Brittany

    That was a very informative page. I did not know anything about binary options, but I did want to start looking into investment opportunities. Now I know to stay away from binary options.
    It seems like you have experience with making money online. In addition to wealth affiliate that you mentioned would you recommend other ways to make money online?

    • Peter

      I like to invest in stocks and create passive income by collecting dividends. You could also look into promoting Amazon products through their associate program.

  12. isaac

    Thanks for this Peter. I’ve heard about binary options many times but never really understand what it really is. Yep, by only clicking up or down, that’s akin to being alright. You’re a better off going to a casino if you really wanna gamble lol!

    By the way, how about those blogs that claim they made tons of money from binary option and wanting visitor to sign up? I’m guessing they’re are affiliates to the program am I right?

  13. Matt

    Thanks for this great information on binary options…I’ve heard the term but never fully understood what it was. Your post explained it well so I feel like I’ve got a solid basic understanding.

    It can be so tempting to try it, but you nailed it on the head…Everyone makes money except for you

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