The rising of Binary Options and its risks
From the beginning of 2020, resonating with the entire human race facing the COVID-19 epidemic, people can only sit at home and communicate with their mobile phones or laptops. Other forms of making money online develop strongly. These include participating in lending packages to receive interest, trading and exchanging tokens (typically with the YFI coin up to the time of writing, the value has reached $ 22,368.00 — more valuable than the currency that once stormed Bitcoin in 2017), or play online exchange like Forex.
In this article, the author will share the most basic form of making money in Binary Options (BO). With the game’s straightforward rules, you choose either up or down for the next price, and you can get an average return of 50–95% (https://www.binaryoptions.net/brokers/). With this form, a series of products with a variety of rules.
“Binary Option is a gambling game” — This is what I have heard the most recently. If saying BO is a gambling game, then perhaps that person has never entered this market. Exactly it is a gambling game when you do not have a bit of knowledge and engage in trading subconsciously. Players have a full chance of winning more significant than 50% IF they comply with the conditions offered by this game, which are:
- Discipline: The most commonly mentioned saying for beginners. They have to learn that they play only 1–2% of the capital they invest. They must stop playing if their psychology is not stable or has enough profit or loss to the allowed level.
- Analysis: For those who are more capable of market sentiment, analyzing charts and numbers, they can fully predict a price up / down trend — no luck any here.
BO is also a lucrative market for scammers, the most recent of which is Yokef.
With the trick of using sketchy code (we will analyze it carefully in the next article), they use the media to build their name quickly. But as soon as they “think” they have fully recovered, they immediately close the official website at the end of November. Up to the present time, we have recorded the website didn’t point to any IP.
According to the source, another name in Vietnam that mentions a lot when it comes to BO is Wefinex.
With the infrastructure used on the Aruze platform (a Microsoft product), using C #, NodeJS, VueJS as the leading technologies, they have a pretty solid security foundation. Not only opening one product, but Wefinex is also having a large-scale strategy with the establishment of a series of websites similar to Raidenbo, Bitono, Fttrading. We have reviewed their code, and they use the same technology and the style of the code to confirm the relevance of the exchanges, as mentioned earlier, sharing the same source code.
Wefinex, however, probably went a bit faster than the creation of security layers. According to our source, they have revealed their entire user roster, the product development members’ identities.
The source also confirmed an utterly different team developed Bioptions from Wefinex. With PHP, the more secure Linux platform, and continuously updated technologies, they can closed all the vulnerabilities in less than 12 hours. We will continue to monitor the exchange for the time being, but it looks like they have done a great job focusing on technology, developing features, and fixing vulnerabilities. They are an exchange that we believe will boom strongly soon.
The next articles will continue to analyze other industries with potentials related to user information disclosure and security-related errors. We invite you to join us in contributing your news to a world where there are no more security vulnerabilities.
