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

[taufik123]

Instead of doing Binary trading which is indeed the same mechanism as gambling, it is better to just gamble and be clearer.
Gambling can be varied, but binary trading is just really guessing the price and nothing really provides entertainment like gambling, with a lot of games and some betting that is quite exciting.

In my opinion, binary trading is more emotionally and mentally draining,
betting only on the final outcome of an event that only guesses up or down without having an asset like happens in spot trading.

[EarnOnVictor]

Your advice could be considered good, but not absolutely perfect because some people might be interested in binary option, and still get to make their money from it. And yes, binary option is a form of gambling itself as people bet on the market direction ,with respect to a certain time. This is cool for some people though, especially if they maintain a low risk and it's not affecting them negatively, just as we see in casino betting and sportsbook betting. For me, it's a choice, and I prefer it if people try it with a very low amount, to know if it's good for them or not, instead of outrightly concluding that it's bad for everyone.

By the way, what binary option broker were you using that time? I asked because my issue with binary option is not about winning, but the right broker to use. Almost all of them, if not all, are fraudulent.

[Gozie51]

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

Which trading is not risky?

All kinds of trading is risky and you have to trade according to the professional way which is to mitigate your risk and loses. If you don't do that that you will still lose in the trading that you are involved in. Just like gambling, a trade that is not taken in the right direction must result in loses. So it is better trading with caution and not to gamble in the name of trading. If we choose a particular price direction then we have to do that with amount of money we can lose except the trader is consistently losing in all his order chosen then quiting is the best option.

[JeffBrad12]

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.

Utilizing shitcoin to profit is a thing, but rare occurences. There were dune analytics published where 60% of people lose money and another 30% barely make $100. I just searched it up.
The remaning 10% who make more than $100 possibly the one who make the meme coin and rug it to the ground.

Even trading altcoin feels like trading shitcoin with no fundamental because market reek of manipulation, if you understand.

[YOSHIE]

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

Yes, that's why many crypto users often avoid binary trading, apart from having very high risks, sometimes binary trading is often used as an option for user manipulation. What's more, if the prediction mechanism is wrong, even though the time difference is one second, all the money will be lost.

It could be said that binary trading is almost the same in nature as gambling, I also see those who are experienced and expert in trading if binary options activities are carried out, not escape from unfair market mechanisms and end up losing funds, for that reason, if you trade, you should just choose the spot option, I think that is better.

[Mpamaegbu]

I believed that by doing this I would earn huge amounts of money and be able to do a lot for my family.

Why do people get to talk about hustling to better the lot of their families financially but when they get that breakthrough a lot of them don't care about families anymore?

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.

You're spot on there. Trading isn't gambling. Both work on different modalities and principles. I talked about that difference in a recent post I made.

Alhamdulillah, today I am in a much better place than before.

From your use of "Alhamdulillah", I guess you're a Muslim. Are Muslims allowed to engage in cryptos? I thought they considered it haram?

[shawonngp]

Binary is another trading platform that cannot be directly called a gambling site. Because it is not a casino or sports gambling site. You have repeatedly lost money here because you started without doing proper research on Binary trading, and considering it as a gambling site. If this is a gambling site, how did you expect to earn a lot of money from here? Gambling is very risky. Never treat trading as a business; there is no guarantee of sure profit. Be it binary or spot trading, if you start spot trading, you have to learn a lot and analyze the market, or it may seem like gambling to you.

[TheUltraElite]

OP came to this forum to being visibility to his community name, mentioned in their post.

When it comes to binary trading, it is gambling and I dont advise newbies to do it, because I see influencers everywhere promoting it like an easy way to double their money. It is not so.

Spot trading is essentially the most legit trading out there and requires the maximum level of patience and skill. Hence people dont like it much. Spot will take time to multiply the capital and if you are willing to work on it you can work wonders once you learn to read the charts and keep your calm during ups and downs.

[shinratensei_]

Binary option is outright illegal in many countries. EU, UK, and some other countries banned it even including Canada. It's an illegal activity because several risk factors such as manipulated price data.
Crypto spot trading is legal and regulated by the government. The government warned you through regulation, should've understood that binary option is a trap the first second you're in.

[justdimin]

Crypto spot trading is legal and regulated by the government. The government warned you through regulation, should've understood that binary option is a trap the first second you're in.

Even derivative trading is allowed and legal in many countries as most governments are just looking for taxes and not minding individual's concerns. In my opinion, binary trading also can be a business and support you to live off it if know how to do it. I have seen some people who are living out of option trading explaining how trading may support everyone.

One of the key aspect that they follow to trade safe is, not using all their available capital for trading at a time. They do use only 5% or 10% of total capital for a trade and wait for either target or stoploss to hit and then may go for another 5% of capital utilization.

[crwth]

Well, there are reasons why binary options are banned or heavily regulated in some countries. If users know this, it's already a red flag that binary trading is scammy or a trap. It's already a thing to look out for.

If I remember correctly, it's like a casino where, when you lose, the company profits. So, of course, as a company, you want users to stay and lose all your money to them rather than to another trader, as on any other exchange.

IMO, it shouldn't be used, and I agree it's a trap.

[Hamza2424]

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.

I think binary is not Shariah compliant as well, I said this because I assumed you are muslim hehe, bro are you into spot or future trading because according to many scholars the future trading is also not shariah compliant if you care about it, just giving you an idea to keep an eye on before getting into it.

Well, no pressure at all.

Trading is risky but with proper learning, and a little experience at first, which can also be obtained by trading with small funds as more funds can be extra risky for us. This way we can make more money but not for sure because luck also plays a role here.

[fuguebtc]

Instead of doing Binary trading which is indeed the same mechanism as gambling, it is better to just gamble and be clearer.
Gambling can be varied, but binary trading is just really guessing the price and nothing really provides entertainment like gambling, with a lot of games and some betting that is quite exciting.

In my opinion, binary trading is more emotionally and mentally draining,
betting only on the final outcome of an event that only guesses up or down without having an asset like happens in spot trading.

Binary options trading is a form of disguised gambling and often leads to more serious consequence. Because it gives player the virtual feeling that they are participating in a financial market and that they are trader, not gambler. Gradually, that illusion drew them deeper into the trap, making them think that by analyzing more carefully, they would have a chance to win. It can even turn them into addict without them even realizing it.

Indeed, between binary trading and gambling. I would also choose to gamble. Because with gambling, we will also lose money, but in return we will gain joy and entertainment instead of stress and frustration.

[SquallLeonhart]

Binary option is outright illegal in many countries. EU, UK, and some other countries banned it even including Canada. It's an illegal activity because several risk factors such as manipulated price data.
Crypto spot trading is legal and regulated by the government. The government warned you through regulation, should've understood that binary option is a trap the first second you're in.

While I am against things like this getting banned because it is not some scam, and it is up to people to make their decisions like gambling for example, it is going to lose you money but you make that decision.

However, I also do understand why it's illegal as well, 90%+ of the people who do binary trading ends up losing money because it's such a hard concept to make money and the few that does make profit ends up making a lot and that is why the yare doing it. Sort of like lottery, you buy tickets, you lose, but enough people buy it, so one person wins a lot.