What is a binary options scam?

A binary options scam takes money through a supposed fixed-odds investment platform. The FCA says these trades depend on whether a specified event happens. 1

It warns about manipulated prices and blocked withdrawals. The FCA banned firms from selling binary options to consumers in the UK in April 2019. 1

By Secordit. Last checked: 7 November 2026.

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How does it work?

  1. An advert leads you to a convincing trading website. 1
  2. The platform takes your money for supposed binary options. 1
  3. The operator can manipulate displayed results or close your account. 1

What the FCA describes

The FCA describes social-media adverts linking to professional-looking websites. Scam firms may fake prices and payouts, then refuse to return customers’ money. 1

What are the warning signs?

  • An advert offers binary options to a UK consumer. 1
  • A supposed trading firm cannot be verified through the FCA. 1
  • The platform blocks access to your money. 1

What to do now

  1. Do not add money to an unverified binary options platform. 1
  2. Report the offer through the FCA’s published contact route. 1

UK reporting and support

  • If you paid a suspected scam, contact your bank using the number on your card. 23
  • Report fraud in England, Wales or Northern Ireland to Report Fraud. In Scotland, call Police Scotland on 101. 34
  • If someone is in danger, call 999. 4
  • Forward suspicious emails to [email protected]. Forward suspicious texts to 7726. 5

How can you protect yourself?

  • Check financial offers against the FCA’s consumer guidance. 1
  • Verify the firm and the relevant service permission independently. 13

Frequently asked questions

What are binary options?

They are fixed-odds bets on whether an event happens, such as an asset price rising or falling. 1

Can a professional-looking platform be fraudulent?

Yes. The FCA describes convincing websites and software used to fake results. 1

Why is a UK binary options offer a warning sign?

The FCA banned sales to consumers in the UK from 2 April 2019. It says such offers are probably scams. 1

Matching kit

After a Scam: What to Do First · £7 · Digital download.

A printable UK checklist for money, account and reporting steps. It is general information, not a recovery service.

General information, not legal, financial or personalised security advice. Secordit is not a police or bank reporting service.

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Sources

  1. FCA, Binary options scams. Accessed 7 November 2026 (Europe/London).
  2. Report Fraud, Ticket fraud. Accessed 7 November 2026 (Europe/London).
  3. Report Fraud, Police impersonation alert and reporting routes. Accessed 7 November 2026 (Europe/London).
  4. Police Scotland, How to report a crime. Accessed 7 November 2026 (Europe/London).
  5. GOV.UK, Avoid and report internet scams and phishing. Accessed 7 November 2026 (Europe/London).