My name is Austine Ikeru, I am a Blogger, a YouTuber, a Journalist and a Motivational Speaker. I want to share my personal experience with Binary Option and why people should avoid it. I am a full time Blogger and YouTuber which has been my main stream of income for years. I have been in the business of Blogging and YouTube for the past 7 years. In 2020 I made the worst mistake of my life which cost me $50,000 (N25 million). This is the money I accumulated in 7 years through my Blogging and YouTube business. But I lost all that money in just 2 years from 2020 to 2022 through binary option trading, which I call the worst investment platform that has rendered so many people useless.
Binary Option trading is like Forex but very much risky. You place $10 and predict that EURUSD for example will go Up in 5 minutes. If your prediction is correct you earn $8 (80%) but if your prediction is incorrect you loss $10 (100%). The business is just like gambling and casino. They will tell you to use technical analysis which is not helpful at all. Those who claim they won many trades in a row did that out of luck and not through whatever technical analysis they claim they adopt (Because you can’t predict the direction of price with time). And if you are not lucky enough you will loss everything.
I have traded with Olymptrade, Quotex, Pocket Option, Binomo, IQ Option, and all this binary option companies have one agenda and that is to take away your hard earned money. Be wise and use your money for physical investment that you have confidence in and don’t waste it in online binary option trading because you will regret it for the rest of your life.
It all started in 2020 when I saw an advert of Olymptrade where a lady standing in front of a Lamborghini reveals how she is making $60,000 monthly. After reading the whole story, I became convinced that this is a business that can give me financial freedom.
So I invested $50 and started from there. To my greatest surprise I increased that money to $500 because almost all my trades was in profit. Then I became convinced to trade higher amount and that was when the manipulation started. First I started with demo account and kept on winning. Sometimes I will even place trades expecting it to be a loss and it earned up becoming a winning trade, but when I went into live account I started losing.
When I make technical analysis and predict that price will go Up, price will go up as I predicted and in just 20 seconds to end the trade Price will head straight down and I lose my money, and immediately I lost my money, just 20 seconds later the price will reverse and continue heading up. How they do it I don’t understand. That is what I call “Manipulation of Price”.
I have been trading binary option for the past 2 years and gave it all the attention that it needed to the extent that I gave less attention to my blog and YouTube channel. If I followed money management I will win and loss, after one month I will still be left with my capital. But if I double my trade amount I will get a profit or loss everything including my profit and capital if I keep on doubling. I have been making deposit every week (This is what binary option company love most) and they kept given me bonus which will not be touched until I exhausts all my money. Infact the essence of that bonus is for you to exhaust your money and then use bonus. You cannot withdraw the bonus.
Let me illustrate what I mean, I will deposit $1000 on Sunday evening to use for trading the next day been Monday, then from Monday to Thursday I will make a profit of $500 making my total balance to be $1,500. This happened because I was lucky those four days and on Friday the market became bad and I loss all the $500 because I am following money management. And I will be left with my $1000 capital I deposited on Sunday. This is how it has been going on, from Monday to Friday I will still be left with my capital, no profit and I will just be beating around the bush, earn today and loss tomorrow, that is how it has been, I win and I loss and at the end I still have my capital because I was following money management.
But the only way to win is when you double your amount after losing your previous trade, but the worst part is you will lose that amount you double and when you double again you loss and if you keep doubling you end up wiping your entire account. The main fact here is that you can never ever win against them. And if you try to play smart by using Martingale strategy, they will make you loss all your trades and you end up with a $0 account balance.
This is how the business works. If you have a family and you are doing this kind of business, just one bad loss and you end up losing your family savings. Be wise and run for your life when you hear of Binary Option. Forex is more preferable, but I wouldn’t advise you to go into Forex because it is also a risky investment platform. Use your money and invest it in a physical business that you have control over and don’t waste your money in online corporate scam like binary option.
It took me two years to realize that this business module is a scam, and I paid the supreme price of losing $50,000 (N25 million) I earned through my YouTube channel and blog for the past 7 years. Learn from my personal experience and don’t try it. Prevention is better that cure. I am still strong and happy because I understand life, many people in my shoe have already committed suicide. A lot people I know have committed suicide after losing so much money in this binary option scam.
They will allow you to withdraw your money that you earn, but if you are wise, once you withdraw your money, run for your life, because if you deposit it back again to earn more money you may end up losing the money and you will regret your life. This loss has taught me a powerful lesson to always research a business module before going into it.
I went through financial torture after losing that huge amount of money, I went through the pain of regret, I cried my eyes out, I went through severe depression, I almost committed suicide, but by the special grace of God I am still strong and alive. I was able to move on with life and decided to focus on my real business which is YouTube and Blogging.
Right now I am happy that I have learnt from my mistake and decide to focus my 100% attention on my YouTube Channel and Blog which has been given me steady income since 2016 till date through adverts. I have made up my mind never to invest in anything called Binary Option, Forex and other similar high risk business module. I have learnt to be contented with what I have and I have learnt to mind my business.
I am given you these pieces of information because I know some people are naïve about this binary option scam and risk their hard earned money. It is just like chasing a butterfly you quite can’t catch. If you want peace of mind, don’t invest in Binary Option or Forex, instead go and learn YouTube or Blogging. Through this business module you make money through adverts and you don’t risk your money.
Obedient is better than sacrifice, prevention is better than cure. Those who have ears let them hear. Some people I know have lost as much as $100,000 (N50 million) in this binary option scam. So think of what you would have used this money for. Think of the pain of regret you go through if you loss this kind of money.