Legal information notice: this article provides general information and isn't a substitute for advice from a qualified lawyer.
“Predict whether the price goes up or down in 60 seconds and win 80% — or lose your stake.” That is binary trading: an all-or-nothing bet on a price move in a very short time, usually on an offshore website or app. It looks like trading but works more like betting, and on many platforms the operator controls the price feed you see. For Indian residents, most binary platforms are unauthorised, and many are simply scams.
“Recovering” losses by trading more is exactly how these platforms keep taking money.
Download or screenshot trade history, deposits, withdrawal attempts, emails, and chats with any “manager” or support agent.
Report each payment, giving dates, amounts and the merchant or account details. If you paid by card, ask about a chargeback or dispute; if by UPI or transfer, ask for the receiving account to be flagged.
Use cybercrime.gov.in or call 1930 with the platform’s details and payment proof.
Dealing with an unauthorised platform can raise regulatory questions of its own. A lawyer can advise how to report the fraud while protecting your position.
Do not respond to “recovery agents” who message you after a loss offering to retrieve your deposit for an advance fee. That is a second scam aimed at people who have already lost money.
| Regulated Trading | Binary Platform |
|---|---|
| SEBI-registered broker on a recognised exchange | Offshore site or app with no Indian registration |
| Market prices set by exchanges | Prices and payouts set or controlled by the platform |
| Complaint routes such as SEBI SCORES | No regulator to complain to |
| No fixed 'win 80%' style payouts | Fixed win-or-lose payouts in seconds or minutes |
No. Reporting to your bank and the cyber crime portal is free.
You can file the report yourself, but legal advice is sensible because unauthorised platforms can raise regulatory issues for users as well.
Need professional legal help with this?
Find a Lawyer on VidyodaySee related guides on forex trading scams, online betting app fraud, and fake trading apps.
It is a fixed-payout bet on whether a price will rise or fall within a very short time. You either win a fixed amount or lose your stake.
Indian residents may trade currencies only through authorised, regulated routes. Binary platforms are typically unauthorised, and the RBI’s Alert List includes entities of this kind.
SEBI’s complaint system covers registered intermediaries and listed companies. For unauthorised platforms, the main route is a cyber crime complaint.
It is difficult, especially from offshore operators. Report to your bank and 1930 immediately; recovery is not guaranteed.
A common tactic is to demand new fees, taxes or deposits before withdrawal. Paying them does not release funds.
It can raise FEMA or other regulatory issues. Take legal advice on how to report the fraud while protecting yourself.
This article is for general information only and does not constitute legal or financial advice. Trading rules can change — check current RBI and SEBI communications.
