Would be good if CySec focussed on the behaviour of brokers, rather than the product itself.
If account managers are busy emptying accounts, whether they use 30 second options or 5 minute options is largely irrelevant. Tiny steps in the right direction, but lets see some action against specific brands, where people are being openly ripped off.
I assume, as Okane has, that this means you signed up via some "get rich quick" marketing or signal service. These are to be avoided at all costs.
Binary options are a high risk / high return investment vehicle, not a get rich quick scheme. Anyone selling them as an easy way to make money is already being dishonest, and I would suggest are not the sort of people to deposit money with.
Nadex offer exchange traded options which mean they generate income via their spread. Over the counter brokers operate more like a bookmaker, where you are trading "against the house". As someone with a background in sports betting, you will realise the "overround" you need to make up will be much smaller with an exchange than with an OTC broker offering 80% (for example).
Misleading marketing is one of binary options biggest problems - another is the brokers encouraging and exploiting it. People are being misled, plain and simple.
As for the emotional side of trading, again I agree. But this is not restricted to binary options. How many people buy stocks and shares? How many of them researched the fundamentals?!! And in the same way, if an investor was faced with a defensive stock offering a 5% dividend and low volatility - or a biotech startup that *might* have a cancer cure that will make gazillions - they pile into the biotech.
"get rich quick" is normally a phrase you hear before you are about to do the complete opposite....