Decoding the fraud behind binary trading options

Heavily regulated or banned in much of the developed world, shady binary trading companies are targeting developing economies. And making a killing.

An advertisement starts playing the moment you launch the Facebook app on your mobile phone. A story plays out, of a boy making it big with a simple investment, filled with over the top visuals and screechy voiceovers.

Nine times out of ten, businessman Sikander Khan would have ignored the ad and moved on. But that day in February, sitting in his office in Abuja, Nigeria, he clicked on the ad and downloaded the app it was raving about.

Eight months later, that split-second decision has set him back by over Rs 6 lakh and has forced him to spend …


Nikhil Varma

Nikhil used to a writer at The Morning Context. He is a graduate of the Asian College of Journalism, and has worked with several publications including the Deccan Herald, The Hindu and The Indian Express. He has reported on a wide range of topics, from technology to automotives to books.