Why Binary Trading Is a Trap and Crypto Spot Trading Is a Business

[Jankuokm]

There was a time when I was involved in binary trading—a form of gambling. I believed that by doing this I would earn huge amounts of money and be able to do a lot for my family. To be honest, I got into it mainly out of greed. I joined many groups, listened to countless promises, and tried again and again. But in binary trading, there was nothing but loss after loss. Later, through the EKTA community, I entered the world of crypto trading.

 I had always been interested in crypto, but I never actually started. When I finally did, I understood what trading really is. Trading is not gambling—trading is a business. And this business can be done very effectively and more safely through crypto spot trading. Alhamdulillah, today I am in a much better place than before.

To those who are still involved in this so-called binary trading gambling
Brother, leave it.
Learn proper trading.
Save yourself.
Protect your future.

[Oshosondy]

Yes, binary trading is gambling, but why advising people to stop binary trading? Some people are visiting the gambling sites and also the prediction sites often.

I like your post, but I do not like the advise. You have posted that it is risky and that it is gambling, that is enough for people to decide whether to leave it or not.

Trading also is risky, although more good analyses and excellent approach and risk control can help to financially make money from trading.

But people should trade with the amount of money that they can afford to lose.

[dunfida]

Yes, binary trading is gambling, but why advising people to stop binary trading? Some people are visiting the gambling sites and also the prediction sites often.

I like your post, but I do not like the advise. You have posted that it is risky and that it is gambling, that is enough for people to decide whether to leave it or not.

Trading also is risky, although more good analyses and excellent approach and risk control can help to financially make money from trading.

But people should trade with the amount of money that they can afford to lose.

I have that bad experience when it comes to binary options on which i had able to bust up tons of money with that on which i had some experience about making fast money with it but on long term approach on which we know that it cant be just that possible that you would be able to become profitable all the time. Why? you cant be able to put up some analysis with that 10 seconds or 1 minute market session on which it is that considered on the gambling side of things because outcomes and results will definitely be that totally random even if you do say that you do apply some technical analysis but having those movements in a short period of time is definitely that something that you wont be able to find yourself that profitable in longer runs just because applying trading to gambling is definitely that fit out.

Is it a trap? Well its not a trap if you are that having fun on predicting prices when it comes into its movements but make it sure that you would be only spending into the amount that you can afford to lose as always.

[kentrolla]

Anything which has to do with prediction or gambling will be a scam on long term, you may see some success initially but it's a trap to get you risk more money and at some point it becomes like human verses computer and it's obvious that you cannot defeat computer or bot. I would say it's always better to learn and understand the technical analysis and trade rather than attempting for shortcuts and ending up losing money as I have seen so many people losing a fortune in gambling and binary trading. I am also against so called signal channels and groups who do manipulate to show only their winning trade to trap users to buy their premium.

[moneystery]

To those who are still involved in this so-called binary trading gambling
Brother, leave it.
Learn proper trading.
Save yourself.
Protect your future.

Everyone has their own personal thoughts about binary trading; some believe it is trading but with a very short timeframe and everything instant, while others consider it the same as gambling. But it is their personal decision to engage in binary trading, regardless of whether you see it as gambling or a form of high-risk trading, they are the ones who understand it best. Most if they experience severe losses then they realize that what they did was a mistake and then they realize that trading is not as easy as what is offered by binary.

[adultcrypto]

Anything which has to do with prediction or gambling will be a scam on long term, you may see some success initially but it's a trap to get you risk more money and at some point it becomes like human verses computer and it's obvious that you cannot defeat computer or bot.

I don't agree that anything prediction or gambling will be a scam, that shows you don't know how they work. Most people we do in life are predictions, you are never sure of them until after the result that is when you will know if you were right or wrong. Buying stocks, starting up a business, sports betting and even trading in general are all based on predictions and you can call all these scams. As long as you are not sure of the outcome from the beginning, you are proceeding through prediction.

[Franctoshi]

Yes, binary trading is gambling, but why advising people to stop binary trading? Some people are visiting the gambling sites and also the prediction sites often.

I like your post, but I do not like the advise. You have posted that it is risky and that it is gambling, that is enough for people to decide whether to leave it or not.

Trading also is risky, although more good analyses and excellent approach and risk control can help to financially make money from trading.

But people should trade with the amount of money that they can afford to lose.

Even if it isn't working for him, it doesn't mean it's not working for others too, if you haven't found a way to profit from it. I have a very close friend who's into binary option trading, and he's doing well at it. I was into binary option trading, and in fact, that's what I used to start my trading journey before I discovered crypto trading and Forex (gold spot). I left binary for trading crypto and Forex because I more like can control my losses, whereas some people find a way to profit off a system that others don't find that profitable.

[Alphakilo]

Yes, binary trading is gambling, but why advising people to stop binary trading? Some people are visiting the gambling sites and also the prediction sites often.

I like your post, but I do not like the advise. You have posted that it is risky and that it is gambling, that is enough for people to decide whether to leave it or not.

Trading also is risky, although more good analyses and excellent approach and risk control can help to financially make money from trading.

But people should trade with the amount of money that they can afford to lose.

Even if it isn't working for him, it doesn't mean it's not working for others too, if you haven't found a way to profit from it. I have a very close friend who's into binary option trading, and he's doing well at it. I was into binary option trading, and in fact, that's what I used to start my trading journey before I discovered crypto trading and Forex (gold spot). I left binary for trading crypto and Forex because I more like can control my losses, whereas some people find a way to profit off a system that others don't find that profitable.

The difference between binary trading and crypto spot trading is massive if one cares to properly do their research before deciding on which to focus their energy and resources.
I would love an advice that tries to convince a potential investor to instead gamble rather than try to trade binary because a second matters, wherebeit one can win but lose by just that second gap.
Whereas for spot trading one is not under the pressure or control of time because it functions like a real business of which buying and selling of cryptocurrency is the main product.

Binary trading is more of a rigged casino kind of game as compared to spot trading which is recognized as an asset management business and involves real time TA, research, patience and emotional maturity.

[slaman29]

Here's news for you. Even spot trading has gamblers, especially in altcoin markets. Take any big sample of traders and check them for behaviors. Most don't have TA homework, they follow other signals and groups. Many don't use basic seatbelts (stop loss, limits etc). And many deposit continuously. Like gamblers

[jcojci]

Trading without proper knowledge is gambling. I don't know much about binary trading but if do crypto trading without having knowledge, you are still gambling. Trading is not gambling if you have knowledge so you must learn about trading. That will avoids you from just guessing where the market moves.

Learning trading also helps you to choose the coin to trade while you can adjusts your funds to trade. You can still suggest people to leave binary trading but you can't force them. Some people may still trade in binary so let them choose.

[JeffBrad12]

Its really up to you and your knowledge. In fact, if you trade those useless altcoin, you're actually in a worse place. You will be giving free money to scammers and become the exit liquidity, something we don't want.
When trading spot, just choose the top coin, if you're forced to trade altcoin to seek better return which frankly isn't better at all based on YTD returns data, always choose the one that actually got solid fundamental.
What you need is knowledge to avoid yourself from losing all the money.

[Iranus]

Even if it isn't working for him, it doesn't mean it's not working for others too, if you haven't found a way to profit from it. I have a very close friend who's into binary option trading, and he's doing well at it. I was into binary option trading, and in fact, that's what I used to start my trading journey before I discovered crypto trading and Forex (gold spot). I left binary for trading crypto and Forex because I more like can control my losses, whereas some people find a way to profit off a system that others don't find that profitable.

I would be very surprised if anyone actually made money from binary options, let alone succeeded with it. Binary option is even more dangerous than gambling, as it is designed to cause participants to lose money and money

The harsh reality is that most traders can not even make a profit in the spot market, let alone succeed in trading futures or binary option. These are form of disguised gambling, and while you can participate but do not think you will get rich from them. That is no different than trying to get rich through gambling.

[Dechris_08]

I had this same experience when I first started trading.
 
After spending time learning and losing some money I finally realized that  binaries don’t reward patience or skill, only constant participation.

Though I am still learning spot trading, with what I am learning from the community so far I believe the future is bright for me.
 
I'm glad you shared this, a lot of people still confuse the two.

[Jankuokm]

I had this same experience when I first started trading.
 
After spending time learning and losing some money I finally realized that  binaries don’t reward patience or skill, only constant participation.

Though I am still learning spot trading, with what I am learning from the community so far I believe the future is bright for me.
 
I'm glad you shared this, a lot of people still confuse the two.

First, because you traded binary options based on your own limited experience, you ended up facing losses. If you had followed proper guidelines from the beginning, the losses you suffered would have been much smaller. Now, as you are learning spot trading with support and guidance from a community, that is exactly why you are able to build a future for yourself in spot trading.

[tvplus006]

Trading without proper knowledge is gambling. I don't know much about binary trading but if do crypto trading without having knowledge, you are still gambling. Trading is not gambling if you have knowledge so you must learn about trading. That will avoids you from just guessing where the market moves...

Binary trading has a lot of similarities with casinos, since you bet on an event, i.e. you don't buy the asset itself, as it happens with spot trading. In addition, in binary trading, it is not possible to partially sell an asset before the end of the event, and thus record a partial profit.

[bangjoe]

There was a time when I was involved in binary trading—a form of gambling. I believed that by doing this I would earn huge amounts of money and be able to do a lot for my family. To be honest, I got into it mainly out of greed. I joined many groups, listened to countless promises, and tried again and again. But in binary trading, there was nothing but loss after loss. Later, through the EKTA community, I entered the world of crypto trading.

 I had always been interested in crypto, but I never actually started. When I finally did, I understood what trading really is. Trading is not gambling—trading is a business. And this business can be done very effectively and more safely through crypto spot trading. Alhamdulillah, today I am in a much better place than before.

To those who are still involved in this so-called binary trading gambling
Brother, leave it.
Learn proper trading.
Save yourself.
Protect your future.

It has been confirmed long ago that it is a gambling not trading you have made the right decision to leave it, if you know people who introduce to binary they are affiliated and fake mentors that benefit from the trading that members use, this is indeed like that as proven in the country there are those who do it and today the perpetrators are still in prison because it is a guessing activity exactly the same as gambling, if they call it a trading activity it can be said that they are committing fraud, this is different from leverage trading, maybe there are people who think it is the same.

[Fivestar4everMVP]

I've heard and read so much about binary trading but I've never tried it, there was actually a time I was going to try the binary trading out of nothing but curiosity, this was when I was into forex trading, so many people talked much about binary trading that I was so eager to try it out but some how, I ended up not trying it..
From trading forex, I moved into trading crypto and that was how that idea of trying binary trading was forgetton.

As much as I believe what the op has said concerning binary trading to be true, I would honestly still say that trading in general is risky and anyone interested in any type and form of trading should take their time to learn it very well before embarking on the journey..
Some one once told me that it's better for a rich man to remain at the level that they are than take unnecessary risk that could throw him back to financial level he has grown above before.

[bitgolden]

To be fair, by that logic leverage trading is gambling as well, because why would anyone do a 100x leverage and lose all their money if the price goes other way just 100 bucks? That never made sense to me, you put in thousands, and if you are wrong even for a small bit, like even for less than 0.5% change in direction then all of your money is gone.

I understand wanting to make more money, but wanting to make more money shouldn't cause you to lose all your money in a single small dip. bitcoin is not too wild these days so adapting it for trading may build you a business still you need to learn to handle unexpected volatility of bitcoin market to sustain in your business.

[barbara44]

Its really up to you and your knowledge. In fact, if you trade those useless altcoin, you're actually in a worse place. You will be giving free money to scammers and become the exit liquidity, something we don't want.
When trading spot, just choose the top coin, if you're forced to trade altcoin to seek better return which frankly isn't better at all based on YTD returns data, always choose the one that actually got solid fundamental.
What you need is knowledge to avoid yourself from losing all the money.

You said it depends on ones knowledge. But there are highly skilled people that can utilize even a shitcoin. But if we think we are not on that level yet, then we can stay safe and use only good coins. Most of us must be using our own money, so we are free to pick what coin we want to trade.

Be it alt or btc, both can be good on a good trader and then not all alts are bad. As for the title of the thread, binary trading is only another form of trading and not a trap. If we want something quick and less hassle then binary trading should be the way to go. It is like a gambling that we only need to guess if the price will drop or rise. It still can be a form of a business, if we are good at it.