Binary Options Scams offer a Short Joyride to Nowhere
October 20, 2015
Life is full of scams and many times these scams come from the most unlikely people. The world of trading has its fair share of binary options scams and you may be wondering how on earth you can identify a binary options scam, particularly when you’re new to the game.
Binary Options Scams – Avoid Brokers who Offer Instant Wealth to Retire On
If you aren’t aware it is so easy to fall into the hands of fraudulent companies who offer all the usual services that regulated binary options brokers offer. The Cyprus Securities and Exchange Commission (CySEC) stipulated that all brokers dealing with binary options have to apply for a CIF License, and many brokers are getting the CIF trading license making them regulated throughout the EU. There are many however who don’t and you want to be able to recognise them.
If you want to recognise fake brokers and also learn how to steer clear of binary options scams only trade with brokers who are realistic about what can be achieved in terms of risk and return. You don’t want to deal with a broker who says that in just a few weeks you’ll be able to get rid of your jog and retire. Look at forums or chat rooms about brokers so that you can identify negative comments or scams about the particular broker. You’ll be able to glean information from other people’s experiences and apply similar steps of caution.
Binary Options Scams – Consult the BlackLists
Of course they make sure that their ‘depositing-of-funds-feature’ works the best of all. Once you’ve signed up with the wrong broker you may never see another cent. Fortunately today there are people who are aware of binary options scams and they keep what is known as a Binary Options Black-List. They know too well that one of the very first signs you see from a fake binary options broker is that they are never available when you call during trading hours. They’re in hiding as they know exactly what you’re calling for.
These regularly updated blacklists provide details on scam brokers who are busy with lawsuits as well as with fraud cases. Before you sign up with any binary options broker, check out these Blacklists carefully. For instance one place to look at these blacklists is at BinaryoptionsWatchDog.com and trading binary online among many others where you can get a complete list of scams. Just some of those you will find on such a scan list are, among many others –
▪ Traders King
▪ VIP Binary
▪ Sycamore Options
▪ Global Trader 365
Binary Options Scams – Know if Your Broker is Regulated or Not
Make sure your broker is regulated by a regulatory body. This will ensure they are abiding by fair-practice rules and that they will have the best interests of their clients in mind. You have to be constantly on your guard because not everything is as it seems on the surface. There are brokers who use deposit bonuses with tiny print terms to lure you into joining their site. The broker will offer a generous sign-up bonus but too late you realise you have to make 3x turnover before you can access your bonus money. This is something many unwary traders are tricked into.
Binary Options Scams – Spare a Few Thoughts
Find out everything you need to know about your binary options trading broker. Don’t just believe everything you read and hear. Many scam brokers conceal certain information and don’t want you to know where they are located or what the name of their company is, if indeed there is a company.
Sign up here with a regulated online broker
All info was correct at time of publishing