WARNING! Stay away from Binary Scam Brokers

Stay away from Binary Scam Brokers

Stay away from Binary Scam Brokers

With the development of the binary options market, scammers started appearing among professional brokers. This is not unheard of in any type of trade, but the problem here is that the binary options trade is still trying to make a name for itself as a serious business and the scammers harmed the industry’s reputation. These people have caused a lot of problems not just for traders, but also for the whole binary options industry as people slowly began to lose trust and professionals had to put in extra effort to prove that this is a legit business. The scammers would, and still use, the fact that it is very hard to supervise them as the trades are done online and once you confirm that you agree with their Terms and Conditions it can become very difficult for you to withdraw your money. At that point, you and your money are pretty much at their mercy. Damage inflicted by these people often amounts to tens of thousands of dollars, so the binary options scam brokers are not to be taken lightly. Luckily, some of these brokers and their methods have become very well known among traders and once you know what to look for, it is easy to protect yourself from this type of trouble.

Stay away from Binary Scam Brokers | Scammers

We have received a number of complaints and warnings about the scam brokers and we are happy to share some of them here with you. There are records of GlobalTrader365, for example, matching traders’ initial deposit in the form of a bonus, allowing them to trade for a while to reach 10000$ or more in their account and then simply taking the money as a Joe Freeman testifies to us. We have even issued a special GlobalTrader365 Scam Warning because of them. Sycamore Options is also a good example because they have denied withdrawals of 32000$ or more to several people and then even continued to charge their credit cards. Mark Wilson wrote to us about Golden Binary refusing to let him withdraw more than 14000$ and the list goes on and on. Some of the more infamous scammers include: Four Markets, Royal De Bank, OptioNow, Trader’s Room and Markets World, but there are many more whose name will often pop up if you are searching for known scammers, so do your research thoroughly. The cases mentioned here are all genuine and we would like to thank all the people who wrote to us in hope that it will prevent future scams and help other traders save their money. Because of them, the rest of us can trade in a safer environment.

Stay away from Binary Scam Brokers | Methods

The methods used by the scammers are numerous, but can still be noticed pretty easily. We have already mentioned that some of them will continue to charge your credit card even after your demand to leave the broker, others may manipulate Terms and Conditions Agreement which you are required to accept, but some of them will even manipulate their platforms to provide you with false information and make sure that you end up out of the money. They will all enable you to deposit money to them as simply as possible and you won’t be able to deduce anything through this process, so be very careful when you are making your deposit. To see how legitimate, professional brokers should operate, you can read our Boss Capital Scam Inspection, our IQ Option Scam Inspection, our CherryTrade Scam Test 2015 or any other scam investigations focusing on some of the biggest names in the industry. There are plenty of reviews and all are very easy to find.

Stay away from Binary Scam Brokers | Protection

So what do you have to look for if you are not sure whether or not your broker is a scam? Well, first you can check some regulatory institutions, if the country in which the broker is located has this kind of trading under strict control. If not, look for a demo account which should enable you to fully explore everything the company has to offer – from assets to types of contracts. Trading platforms should be checked as well because they, too, are sometimes manipulated with. They can show wrong prices, be late or even have no actual connection to the real market whatsoever. If a trader does not offer a demo account, you should become more careful. If the customer support is very slow or non-responsive, you should also think about changing your broker. Another good advice is to only use credit cards and not debit cards because with the credit cards you still have time to act if you suffer a scam, while in the case when debit cards are directly connected to your bank account, it can already be too late for any steps to take and the money will be gone.

Stay away from Binary Scam Brokers | Conclusion

Scammers are, unfortunately, a fact when we are talking about binary options trading and you have to be very careful when choosing your new broker. A wrong one can cost you tens of thousands of dollars. These false brokers operate in many ways, but over time some of their methods have become well known and are now relatively easy to avoid. Yet, even now they manage to trick some uninformed trader who will not realize he/she is dealing with a scam broker until it becomes too late. To counter this, you have to research every company that seem interesting to you. When choosing a new broker, you must always come prepared with a very good idea about how the company operates and what to expect. Because everything is done online, it is very difficult to seek help after you have been wronged. Be very careful!


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Author: Ben Prescott

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