As the binary options industry grows, scammers find new ways to trick beginners. In my opinion there are three types of scammers in this industry. The first ones are of course all of these scam brokers that keep popping up out of nowhere. The second type are usually those who just want to sell you some “foolproof” system and they often need to change names and websites when they get exposed. The third type however, is a whole new story. This one requires a sociopath to pull off and I have placed Julian Wong and his BinaryLab.net in this category.
This is why I choose to call this guy a sociopath. According to wikiHow: “If the person is a true sociopath, then he or she will feel no remorse about hurting others, lying, manipulating people, or just generally acting in an unacceptable way.” or this one; “Some sociopaths will go to great lengths to make you believe their lies. For example, a sociopath may pretend to leave “to go to work” every single day even if that person is unemployed.” and this one; “the person is completely comfortable deceiving people and blatantly telling lies to get what he or she wants.”
TheBinaryLab.net Scam – Where The Worst Brokers are Recommended
The Binary Lab is a service provided by Julian Wong. It is supposed to be, as he claims himself, a very transparent community. He offers live trades and wants newbies to join him. Julian is also quite big on YouTube where he talks on and on about his “trusted” brokers and indicators. The first major sign of fraud is the list of his recommended brokers, and how you gain access to his site. In order to get access to his “transparent and honest community” you need to sign up with a known scam broker via thebinarylab.net’s website! What a nice guy huh!
GOptions, OptionRally and TitanTrade are all pretty famous… for not paying out and totally scamming clients for their money that is! The worst part is that Julian tells us time and time again we can trust them. Don’t take my word for it though, you can read pages and pages of complaints about these brokers either here on ThatSucks.com (former BinaryOptionsThatSuck.com), CommuniTraders and many other forums. If you are too lazy to do your own research here are some links, enjoy.
Ok, so now you may understand why Mr. Julian W(r)ong has been charming you for such a long time, making it seem like he cares for you. The true goal was to make you deposit a hefty sum with any scam broker that pays him the most, basically taking advantage of you. Again, don’t just take my words for it! Here below are some other websites and people complaining and giving their own arguments on this matter. You can and should come to your own conclusion after reading them:
Moneywithsumit – Julian Wong Exposed
BinaryOptionsAnonymous – Julian Wong is a SCAM!!
Rippoffreport.com Complaint against TheBinarylab.net
Update 2017, recently, the promoted broker’s list has changed slightly:
You now have at least one decent broker you can sign up with, 24Option. The rest are absolutely not recommended and hold a bad reputation. For example, Julian Wong recommends US traders to sign up with CTOption and you will most likely not get your money out! I have personally had chats with people in forums or on Skype who were sent to CTOption thanks to Julian and they either had their accounts wiped by account managers or have issues getting their funds out.
To be honest, I never trusted this guy. If you are a member in CommuniTraders you probably know that I think he is just another self-proclaimed “Guru” who is not interested in helping traders, only himself. Some newbies didn’t agree with me but now that the fraud complaints have started to pop up all I can say is “I told you so!”
On YouTube, Julian speaks highly of GOption, another scam broker with many complaints which Julian seems to be closely tied too.
Here are a few comments we found from people who tried his service at thebinarylab.net and his followers:
And what does he teach?
A former student at thebinarylab.net saved the above quote from Julian Wong where he was promoting the very dangerous Martingale method which is something that usually brokers promote in order to make you lose money faster.
Another change we found recently is that you now can also pay to join instead of making a deposit with his shady brokers to gain access to thebinarylab.net. But don’t get too excited, it’s almost a 500$ fee or 2000$ for “Naked Trading” and it’s not worth depositing money to join someone who clearly scams people. 2000$ for learning how to draw support and resistance lines? You can learn that for free here or on our YouTube channel plus a whole lot more! I suppose it’s called “thebinarylab” because you are the one getting experimented on!
Do Your Homework, Don’t get Wrong with TheBinaryLab!
I know it can be hard to believe, that there can be people out there who’s only goal is to hurt you but this is not the first case. Remember Michael Freeman, the guy who took advantage of people putting their trust in him and his so called auto-trader. Many traders got ripped off big time and now they feel stupid for trusting him. Unfortunately, these types of scammers exist whether you like it or not. They come off as helpful and nice and it’s often impossible to tell if they want you to help or not.
It all comes down to simple research. If you want to stay safe you have to find out the scammers before you make a deposit. Is he sending you to bad brokers? Is he selling you a non-working autotrader that has thousands of bad reviews? Does he promise foolproof strategies and impossible win rates? There is always something there that is a big giveaway so pay attention! A few minutes of research can save you thousands of dollars. If you’ve been scammed you can help by leaving a comment so others can benefit from your experience.