Apple and Google block hundreds of financial trading apps as seniors lose their life savings

Apple and Google block hundreds of financial trading apps as seniors lose their life savings
Financial trading apps are cool - you have your stock or options portfolio right underneath your thumb wherever you go, and can react within seconds with a buy or sell order. Unless you are a senior, lulled into binary options trading by apps called Tradorax or Binary Uno, and lose your entire life savings in the process.

That's exactly what happened to a number of people, prompting a UK newspaper investigation, and a subsequent request by the financial regulators there and in Australia that the 330 or so such apps they found in the App and Play stores be shut down. Google and Apple responded swiftly, and are pulling the listed binary option trading apps, after the scale of the problem has been revealed fully. There are new such sites springing up every day, apparently, so just check one of the stories, as words to the wise:



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11 Comments

1. PhoneCritic

Posts: 1354; Member since: Oct 05, 2011

Oh Why, oh Why? Do seniors who are wise enough to know that if it is too good to be true -then it is. Especially when it comes to the stock market and broker apps. Its better to invest with one of the more reputable trading houses like Swab or Merrill Lynch etc.. even then you can lose your shirt. To me the old generation of seniors had it right - its better to just save your money under your mattress or buried out back than to go to wall street with it. Most of those fast talking clowns are no better then chimps at guessing what stock will go up or down.

2. trojan_horse

Posts: 5868; Member since: May 06, 2016

"To me the old generation of seniors had it right - its better to just save your money under your mattress or buried out back" But you get no profit by doing that. These guys just fell unlucky to deal with con broker apps. Too bad.

6. airoid

Posts: 128; Member since: Dec 13, 2016

Yes there are profit. Most people in southeast Asia use their saving to buy gold then hide it under the tree in back yard hahaha. 10-15 yrs later bam big profit. A lot of people make a fortune when gold is selling at $2000/ounce. They bought for $300-500/ounce since 10-15 yrs ago.

9. audibot

Posts: 634; Member since: Jan 26, 2017

binary stocks are great cant do them in the usa yet only nadex is allowed and its like 5 mins trades sucks cant really make money on that like 15 and 30 sec still why would old people give people their money they know better

3. plsnoregforcomments

Posts: 26; Member since: Mar 29, 2017

However you want to get to know trading stuff - the first word is always "be careful" - I mean even banks don't let new people trade all kinds of risky stuff - at least in europe. In Example: government bonds only after a specific number of stock-trades or so... How can this be missed? I mean - in all apps I know so far there's a big warning you have to accept regularily and before every trade. - I mean - purchasing oil or so is only possible in the EU when you have been personally warned by a person at the bank - or at the digital banks if you accepted and signed it on a sheet of paper sent to this bank...

4. plsnoregforcomments

Posts: 26; Member since: Mar 29, 2017

Just realised I could have missed the topic... Is this about apps that use social engineering techniques under the cloak of trading to gather money for the app-dev? I mean - you can loose more than two lifesums of money if you trade wrong - even on the real markets...

5. BearHug

Posts: 24; Member since: Jan 27, 2017

No, this is about apps with shady characters behind them holed up in some shared office space typically in Tel Aviv convincing (scratch that, sweet-talking) regular folks into “investing” in their SHINY, EASY, GET-RICH-QUICK Binary Options market. Except that these folks aren’t investing but depositing money in what is for all intents and purpose a casino, but way worse. Because unlike a casino, where YOU chase the thrill/carrot of the next big win with uncalculated stakes yourself, these guys would assign you a “BROKER” as a financial advisor of sorts who is supposed to help you make money on the market. However, they are the market as it’s a closed system, and they certainly wouldn’t employ a guy and then have him make you money which comes off their pocket. So, the real deal is that the assigned “BROKER” is an assigned “LEECH” whose job description is to suck up as much money as possible from the user and then leave you high and dry using a trailer-load of psychological manipulations and the likes. These poor seniors don’t stand a chance against these operators. The moment you drop your first $500 in, the timer starts counting until they’ve had their fill. AFAIK, the local Tel Aviv population detests these schemes and their actors, but it’s a multi-million dollar industry in the country and the Knesset has not done enough to curb it. Most of them don’t accept US citizens as SEC and the CFTC threw the wrench in their works. Online Binary Options is barely legal in the US. But they’re having a huge fest in Europe, Australia (until recently), South America, Asia, and Africa.

8. 14545

Posts: 1835; Member since: Nov 22, 2011

I doubt there is much talking to convince stupid senior citizens who can't manage money that they can "get rich" in a week trading options. Just look at all the nigerian scammers that rip grandmama off when they tell them they won the "email lottery". Don't get me wrong, I'm not an options fan, but it is legitimate.

10. BearHug

Posts: 24; Member since: Jan 27, 2017

You aren't noting the difference. There are multiple financial products with varying levels of risk. As long as the provider or broker provides a fair-playing field (with a disclaimer of course), where you get to take decisions without coercion or direction, then yes it is legitimate. But these apps and the crew behind them assign "brokers" (or advisors or account managers. Whatever they go by the job description is the same) that manage the account and "advice" the user on what positions to take. Knowing fully well, that when the user loses, the house (they) gain(s). Not a percentage, mind you, but every cent. That is anything but legitimate. Many jurisdictions ban options companies from this practice, and most of the big names no longer adopt this practice. But many fly-by-night outfits remain for which this practice is the top earner, and they're the primary target of this shutdown.

11. 14545

Posts: 1835; Member since: Nov 22, 2011

I'll admit, I'm not noting a difference. However, if these people didn't get scammed by this, they would get scammed by everything fly-by-night email scam that comes along. At some point you can't help stupid people make smart decisions. If they will learn through failure, or they won't learn at all.

7. deewinc

Posts: 455; Member since: Feb 21, 2013

These scams have existed in Africa for a very long time. Unfortunately, there is no quicker way of getting rich. Some promise to double your amount in less than a week, others promise to pay you back with crazy interests. At some point, they convince you double or triple your stakes. For the first few weeks or months, they will pay you what others are blindly investing so that you a can preach to other people to join and then sh!t happens. You wake up one day and realize it was all a scam.

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