Master Binary: An Illegal Forex Broker with the Same Web Design As Another Scammer

When it comes to investing, be cautious of investment advice given by strangers, as many scammers are proactive on chat apps, disguising themselves as warm-hearted people who share investment opportunities but lead the victims into a trap. Master Binary has a number of "shills" looking for victims on Telegram and WhatsApp, and you may have become their target without even realizing it.

Master Binary Victim Experience

The victim received a message on Telegram from a stranger named Khalid Abd Hamid, according to his contact information, who enthusiastically shared his investment and trading experience with her. During the conversation, she gradually became interested in the "investment" he was talking about and asked about ways to invest.

From here on, the victim fell into the trap. The crooks said in the "investment rules" that the investor's funds will be under the management of a "professional robot" to "online binary trading" with a 95% probability of profit and 5% probability of loss! The trading process takes only 3 to 6 hours.

In addition, the scammer directly listed the amount of investment and the income accordingly. The requirement for participating in this investment is only RM 300, but the profit can reach a staggering RM 5,000!

From the profit/loss ratio to the investment period to the rate of return, the promises made by the scammers make people feel that this is a very attractive investment. However, despite its many advantages, there is a fatal disadvantage - it is fake.

However, the investor was not aware of the danger and believed in the scammer's fantasy and transferred RM300 to open an account with Master Binary.

After waiting for about 3 hours, the investor received a screenshot showing that her account balance had reached $1,096! The investor was very satisfied with such a high return in just a few hours. However, when she wanted to withdraw her funds, she was confronted by the broker.

The company claimed that it had agreed with the investor before the transaction that she would need to pay a fee before she could withdraw. The victim was puzzled, but she made two transfers totaling RM4,950 as requested by the broker. But even after paying the fees, the victim did not see any profit in her bank account. Then she realized that the other party was a scammer and that she had been cheated.

Master Binary and HSB FOREX's Twin Websites

When we opened the website of Master Binary, we were surprised to find that the design of the website was almost identical to that of HSB FOREX, another fraudulent broker. After comparing the two websites, we believed that if this is not the work of the same group of scammers, then both brokers are using the same web design template. However, in either case, Master Binary is not a secure company, as visitors can't find any regulatory information on the website.

To make it easier for the reader to spot the differences between the two sites, we have highlighted the differences in the images.

In addition, we have found that Master Binary mistakenly writes its name on the homepage as "ITrade Free Income," which may be the name of another scam being used by the scammer.

BrokersView reminds you

Master Binary only shows enthusiasm when a person is about to fall into the trap of investment scams. And once the money is received, the scammer does not say anything about returning the money. Even if the investor wants to withdraw the funds and pays the required "withdrawal fee," it is impossible to get a single penny of profit. Because this scam has nothing to do with trading or the real market, not to mention earning any profit, the liar will not do "lose money trading" to let investors withdraw but use the illusion as bait to lure investors to transfer to the liar.

Once the scam is recognized by the victim, Master Binary runs away and ignores all messages from the victim, let alone return the money to the victim.

That's why wise investors choose to work with a regulated broker and use a regulatory body to keep their money safe and secure. If you would like to know the regulatory status of a broker, search for the broker's name in BrokersView or ask us a question.