There are thousands of sites online that are there to deceive any that use them with the aim to steal their funds. This is why it is important that every investor check up the background of the business before investing. This review of Binary Arena would give us insight on what some sites do to lure users into their schemes.
What is Binary Arena?
This is an investment site that is purportedly based in the UK with branches in places like Australia and Texas. The site is backed by a company which claims that it helps investors to realize their financial goals through investment plans that employ good strategies.
The site claims that it is challenging established methods and driving transformation. This has resulted in innovations that have seen the company make success of its calling.
With a vision to maximize profit, it claims that it has already generated profits of $5.7 million for its 12,760 members.
Should You trust This Site?
One of the risky aspects of investment is not just that the value of your investment may fall due to market forces. The main challenge is handing your funds over to fraudsters causing you to lose them all.
This is why you must not adopt a casual approach towards investment. We conducted a background check on Binary Arena and do not recommend that you risk your funds with this company. The rest of the post would show you why.
Using Another Company’s Certificate
The company claims that it is licensed and registered. It further gave a download link for the user to check up the certificate. However, the certificate in the link belongs to another company, Lunoforex PTY Limited. It was registered by the Australian agency, ASIC.
It is common practice among fraud sites to make claims that are false because the fraudsters are aware that many investors are in a hurry to invest that they fail to research the information provided.
Where Would They Get The Money?
Binary arena has weekly and monthly plans with all the options offering unimaginable returns. The Security and Exchange commission on their site warned that sites that promise you profits that are not in tune with reality are most likely fraudulent.
The intention of the fraudsters is to lure the investor in with mouth-watering promises just to steal their money. The SEC recently indicted some individuals for wire fraud, their offences are similar to what is seen in many HYIP sites.
According to SEC website:
“The indictment alleges that the defendants engaged in a scheme to defraud whereby they solicited investments of bitcoin through certain websites that promised investors a 20-50 percent return on investments, “zero risk” and instant withdrawals. The indictment further alleges that, despite the claims on the websites, the defendants told victims to deposit more bitcoins in order to receive the proceeds of their investments and never returned any funds to the victims.”
With Binary Arena promising between 55 and 70 percent daily, there is no doubt that you’re dealing with a fraud that would steal your funds because no investment is capable of giving you such returns at such duration.
Fake Board of Directors
One of the easiest ways to identify a scam investment site is by checking the identity of the people behind it. This is the main reason why scam sites do not reveal the true identity of the people behind it. Also, they wouldn’t want to be caught by law enforcement after they turn exit scam and pull down their site.
Binary Arena listed four team members tagged Board of Directors, but these are stolen identities of other individuals. For instance, Shirley Hancook who was listed as Head of Customer Relations is the photo of Anna Petrova, the founder of BTL Group. All the identities of the other team members were also stolen.
A Cloned Site
One recurring issue about scammers is that they perpetually move from scam to scam. In the case of Binary Arena, it is possible that the owner is another serial fraudster since what we have seen is that the site was cloned from known scam sites with little changes.
It is possible that we have situation in which one fraudster is actively launching many sites targeting the uninformed.
Operational Address of Another Known Scam
The site claims that its London office is located at 142 Blackfriars Road, London, SE1 8EQ. A background check of this address shows that it was used by another scam project, GlobalFX Investments. It could be that one individual or group is behind both scams.
Irrespective of the reason why one address points to the two fraud sites, what is clear is that dealing with these sites would result in regret.
The reason scams thrive is that many investors are not willing to conduct due diligence. This shouldn’t be so. We always advise that you never send your funds to a random site.
That a site is registered by a government agency does not make its operations legitimate. There are many scam sites that are duly registered. In fact, many businesses are registered by scammers and used to steal people’s funds.
Only regulated sites give you a measure of protection. You can check our top recommendation and learn how to copy experts to grow your assets.
If you have experience with Binary Arena, please share them using the comment box below.