I am Moritz, 22 years old, come from the beach near Kiel and would like to tell you about my experiences with binary options. I had my first contact with binary options at the age of 19. I had already saved a little money at 18 and invested it in Berkshire Hathaway funds and individual stocks. I analyzed stocks all day long, was in various Facebook groups and also inspired my friends with the topic of securities. But over time I wanted to be more active, it wasn’t enough to do two or three trades a month and watch my money work for me the rest of the time. That’s why I quickly got into CFDs. But since I don’t think much of financial products with an obligation to make additional contributions, I only had the option of choosing a portfolio in which the obligation to make additional contributions is excluded. Therefore, I decided on a comdirect custody account, as I could trade here with a lever of 5 and a risk limitation. But there was not much to try with a small bet of less than 1000€, because for stocks like the DAX or the Dow Jones a very high margin was required.

So it was just right that a friend of mine told me about IQ Option. He was very enthusiastic about it and told me not only about short trading times and high potential returns, but also about learning videos and strategy articles. At first I was a little skeptical, because when someone talks so euphorically about a financial product, caution is usually the order of the day. But I let myself explain everything in peace and registered a short time later to have a look at the page. Shortly afterwards I paid 10€ by credit card, because it was worth the fun.

I wasn’t really familiar with the software yet and placed some options worth one Euro each. At the same time I picked out a YouTube video, which explained the basic strategies a little bit. But I quickly realized that these videos are only for absolute beginners and with my little bit of stock market experience I am not the target group at all. That’s why I just started trading and increased the stakes after my first successes. So I was later with a credit of up to 300€ and placed options of 5-10€. Often I also placed several options on the same period, if the course has changed still slightly. Thus I was correctly fixed, because I had already made over 300€ from my first 10€. I immediately told my best buddy that and he, also very interested in the stock market, wanted to learn more. So I installed the Handyapp and also logged in there. Before I started I placed some options, which I even checked at the red traffic lights. When I drove into the driveway at my friend’s place, my account could already record a considerable profit again. I was there and away and saw myself already as a Profitrader, because in my euphoria I lost any measure. With my friend beside me I wanted to prove of course how well I am and placed directly an option of 50€. But that was already the beginning of the end, because when I lost this option I placed another one in the same amount. I also lost this one. Unfortunately I don’t know the exact details anymore, but all in all it doesn’t really take long until I lost all my winnings. In between I had already requested a payout of 100€, but after IQ Option wanted to see a confirmation from my bank, a copy of my credit card and my identity card, I didn’t feel like it and cancelled the payout. Because if I already send all these data, then at least it should be worth it.

But even this amount was quickly lost. I decided to let the binary options rest for a while because I was really disappointed that I had not secured at least part of my profit. Above all, I was excited that the next day I cancelled and gambled away my existing payout. In intervals of some months I deposited a few more times 10€, but I could not repeat this run of luck. Meanwhile it’s certainly been more than a year and I haven’t had much to do with binary options since, as they are not an exciting investment for me. But if you want to experience action and short trading times on the financial markets, you are in very good hands in the area of binary options.

 

Experience report written by Moritz, 22 years old, near Kiel