Woman lost $7000 on ‘binary options’

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“Diana” lost $7000 on an online trading scheme. She warns others not to be so trusting (file photo).

“Diana” lost $7000 by trying to trade the markets through an organisation she found online.

The money was her $5000 “deposit” and her $2000 “gains” from trading binary options, though she couldn’t say for sure whether any trading ever took place.

The numbers on the screen could all have been part of an elaborate ruse to gull her into a false sense of security while her money was stolen.

The Bay of Plenty nurse, who was too ashamed to use her real name, was encouraged to share her story by the Financial Markets Authority (FMA), the government’s financial services watchdog, for the start of World Investor Week.

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The watchdog urged investors not to “invest” with off-shore, un-licensed providers of financial services, though it also warns against ordinary investors dabbling in high-risk binary options trading.

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Paul Gregory from the Financial Markets Authority warned people not to trust the slick online advertising of unregulated financial service providers.

When Diana started trading binary options, she hadn’t heard of the…

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