Binary Options Scams
The current market offers more than 100 binary options trading platforms that may include both the legitimate brokers and scams. If you want to discover a regulated platform, we recommend checking out the list of legal brokers that has been compiled on the basis of the profound research. Moreover, you can also participate in the development of the list by adding the brokers that you have tested personally and are sure of their reliability.
All the trading platforms that may be found on the market are split in three categories: trusted, neutral, and scam. Trusted platforms possess the biggest number of positive reviews and there is no smallest evidence that they can be fraudulent. Neutral brokers have, usually, relatively little or no reviews, due to their recent appearance on the market or may be even, sometimes, described as scams, according to certain negative features such as unfavorable depositing terms. Concerning binary options scams, these are the platforms aiming at feasting on users’ accounts and stealing money from them.
Fraudulent Signal Providers
If you want your funds being protected, you have to consider a number of aspects prior to signing up the specific trading platform. Sometimes, binary options scams can promise unbelievable bonuses and returns, which do not always coincide with the reality. Typically, the websites that guarantee you getting high earnings from home are binary options signal platforms. Such robots, usually, do not even have any relation to the broker you use, so do not trust them.
The scheme of fraudulent robots’ functioning is the following:
- The video, as well as a signup form, are generated and placed on the website, which usually does not involve any further information.
- The videos are usually quite long and may last up to 45 minutes. In these videos, you are told about the marvelous features of the software that almost always guarantees winning results.
- The fraudulent positive reviews or fake testimonials are placed on the homepage as well.
- You are offered free services of the robot but are asked to sign up with the certain broker in return. Accordingly, these scam signal providers get paid by the brokers for bringing new traders to them.
The Regulation of US Brokers
While the non-US traders can enjoy the assets of regulated trading platforms, the US users do not have such an opportunity and must select the unlicensed ones. Still, you should not think that all unregulated US brokers are bad; you can find many with true promises and positive features.
The Other Features of Fraudulent Binary Options Brokers
Binary options scams have, usually, a short history of functioning. They simply steal money from the users and disappear as quickly as possible. Accordingly, we recommend signing up only with the brokers that have a long record.
The second point to consider is that binary options scams often earn on unethical practices. They just offer the services similar to the ones available on legitimate platforms and steal your money the moment you make a deposit.
Finally, be attentive with accepting the bonuses since many scams earn on imposing strict restrictions on such offers. Accordingly, after agreeing to a bonus, the traders often get their balances lock and can not withdraw their money for a long period.
The Safety of Personality Identification on Binary Options Brokers
It is a normal practice for a legitimate broker to verify the identity of users they cooperate with. This security measure serves for avoiding money laundering, hacks or credit card frauds. Thus, it should not surprise you when the broker requires the copy of your ID. However, never provide any sensitive data like credit card information or a social security number on the platforms of trading.
The Features of Binary Options Scams
You can not make any judgments about the trustworthiness of a broker based on bad reviews. We often witness the cases, in which the traders, who lose trades, claim that the platforms they work with are fraudulent. In order to make such a conclusion you have to check all sources certifying the scam nature of a broker. Thus, we recommend checking the reviews of the platform on multiple forums and websites, the emails from users, the information on sites offering scam reports. Moreover, the pretexts for considering broker a scam may be the loss of a license and the absence of payment transfers from the broker to affiliates or traders.
What to Do If You Get into a Trap of a Scam
The first thing to do is contacting the bank and asking if it is possible to receive a charge-back or open a dispute, in case you use PayPal. Secondly, address us and we will post your review on the website so that to warn the other traders about the spotted scam.