Nothing New : how I lost a friend in online trading scam

“The scam that is the binary options trading is by no means new to us”.
Maxime, my friend from moneyonlinethai

It is a demon in the financial sector that is slowly claiming its victims, one after the other. Personally, I have had a pseudo-first-hand experience with this scam having witnessed a very close friend of mine get scammed in broad daylight. When she came to me with her story, I had to get it out there somehow.

Her name is Jane Noon, a very good friend of mine from Bangkok, Thailand. Like the very many victims who fall prey to this scam, Jane was duped into believing that binary options trading would be a profitable short-term investment and encouraged to make more and more investments.

The Lucrative Deal

Back in 2015, Noon was approached by her broker (John Doe) at 23Traders, a binary options trader. John came to Noon with a lucrative proposal that she could not say no to. Convincingly, John told her to invest her entire life savings, and her business worth into binary options. With all the reassurance from John, she found it really hard to say no. Little did she know that she was getting herself into a death trap. Noon was told that her broker was based in the UK but later investigation showed that actually he was based in the US. The only contact they had was Skype.

Initial Profits

At first, Noon was told that she was making some good profit, and if she wanted to make even more, she would have to invest more. With profit in mind, she did not hesitate. She sold part of her business, which was not making too much profit at the time, and invested the money in binary options.

The Bombshell

December 11th 2015. This date will remain forever etched in Noon’s head and heart. She got a call from John, a very shocking call. The news: Noon had lost all her investment. It came as a shock for her, she almost got a heart attack. All her savings, her business, all gone! What was she left to do now? However, the broker was never without an answer and a solution. He told her that he would apply for the insurance bonus and that way maybe they could recover their loss.

Gone! Just the same way he came out of nowhere, he disappeared into the wind, never to be heard from again.

Noon was left devastated, frustrated and suicidal. She had lost everything to binary options trading. However, it is from her story and many others do we get to really know that the whole binary trading is a huge scam, so heed the warning and keep off!

 

 

Eurozone Youth Unemployment Shoots Despite Wider EU Falls

Unemployment in Europe hit an all-time low since February 2009 but the state of youth unemployment sky rocketed. This worsens the already bad situation that is the uneven nature of Europe’s recovery.

Steady decline

According to the European commission, the rate of unemployment in the European Union dropped 0.1 percentage points to 8.3 per cent in November from 8.4 per cent in October. Seasonally adjusted youth unemployment, however, increased by 0.3 percentage points to 21.2 per cent in the Eurozone.

The Eurozone measure of unemployment remained at a constant rate of 9.8 per cent after, for the first time since 2011, falling below the 10 per cent mark. This unemployment measure in the Eurozone is closely monitored by the European Central Bank(ECB).

Unemployment in the Eurozone has been on a steady decline since its peak in 2013. However, the youth unemployment-particularly those aged between 18 and 25 who are not in jobs- still remains very high. For instance, in Spain, the rate of youth unemployment rose to an all-time high of 44.4 per cent in November.

Who is to Blame?

ECB president, Mario Draghi, has been very firm in his vindication that accommodative money policy as one of the key driving elements of the fragile European recovery.

UFX.com managing director, Dennis de Jong, said that, “However much the EU unemployment rate data remains unchanged from November, observers will take heart at the significant rise in investor confidence which follows a string of nascent positive numbers for ECB president Mario Draghi.”

Draghi’s Assertion

Draghi repeated and assured of his commitment to ultra-lose monetary policy-not leaving behind an extension of the duration of quantitative easing-at the very last interest rate-setting meeting of the European Central Bank’s governing council. The ECB is cautious to avoid a re-enactment of the US “taper tantrum”. Bond proceeds surged in 2013 on the information that the Federal Reserve was withdrawing its quantitative easing program.