Shady Binary Option Brokers

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Best Choice For Beginners!
    Big Sign-Up Bonus!
    Free Trading Education!
    Free Demo Account!

  • Binomo
    Binomo

    Only For Experienced Traders!

Shady Brokers

The adage ‘all that glitters is not gold’ fits binary options brokers as well. There would be culprits in any business which involves huge money and binary option is not an exception. There are numerous tales of price manipulation, breach of contract terms, and payout refusals. However, the majority of these problems can be resolved by taking simple measures to identify shady brokers.

GuaiShiba

Registration process

The registration process should be simple and straight forward. The webpage should clearly define the terms and conditions under which a binary broker operates. More importantly, the web page should clearly list the identity documents required by the binary broker to complete a hassle free registration. Furthermore, a trader should be convinced that the binary broker will not call for any other document at a later stage. If there is any doubt in this regard, a trader should contact the binary broker and get a clear confirmation in this regard.

Bonus with unattainable targets

It is not uncommon to see a binary broker offer an attractive bonus. However, what does matter is the terms and conditions behind the bonus offering. A 100% bonus with a maximum of 40x wagering is usually the norm. However, when a broker offers a deposit bonus with a 50x or more wager term, then a trader should think twice before accepting the offer as the condition is hard to achieve. The trader should also compare the success rate of his strategy with the wagering condition. If the success rate is low and the wagering requirement is high, then ultimately the trader may lose his investment as frustration will build up as time passes.

Customer service

After going through the website, a wannabe trader should get in touch with the customer service to get the doubts clarified. If there is too much of a delay or if there is no clarity in response, it is better to avoid proceeding further. If the website does not give a clear idea about the jurisdiction or the place from where the company operates, then it is better to check it out as well. Even though honesty of a binary broker is no way connected with a binary broker’s jurisdiction, still, it is better to have a clear idea about that.

Clear deposit and withdrawal conditions

Finally, the terms of deposit and withdrawal matters the most as everything will go in vain if there is no way to withdraw the profit. In this regard, it is better to check out the list of shady brokers provided here. It will clear most of the doubts you have about a binary broker.

Past track record

It is also better to visit some good forums where binary traders share their trading ideas and best money management practices. The experienced traders would be of great help in avoiding shady brokers, if any, left out in the list provided here.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Best Choice For Beginners!
    Big Sign-Up Bonus!
    Free Trading Education!
    Free Demo Account!

  • Binomo
    Binomo

    Only For Experienced Traders!

IQ Option: Top Binary Options Broker

Ever since the US Securities and Exchange Commission approved binary options in 2008, numerous traders have been interested in expanding their investments and exploring binary options trading. And s ince there’s an expanding list of available brokers today, it’s challenging to narrow down your choices to find the one that suits your preferences. With that, we’ve gathered the popular brokers to help you jumpstart your search.

To help you, we provide the lowdown on the top 15 popular binary options brokers of 2020 that you can consider for trading. Hopefully, the list will let you find the best broker for your investment needs and expectations, and start successfully trading on your own.

Binary options trading may have gotten a bad rap because of its all-or-nothing premise, but the high payouts keep traders coming back for more. This is why binary options markets remain strong in various regions around the world, particularly in Asia.

To avoid fraud in binary options trading, choose a trustworthy broker. These brokers can help minimize your losses and provide a measure of security for your funds. Some traders turn to smart contract-based binary options transactions to fortify their deals using blockchain technology.

Each broker also offers different options in terms of minimum deposit, maximum returns, and supported assets. Some brokers even allow traders to use cryptocurrency to fund their accounts or get payouts. The benefits of blockchain and the advantages that global fintech trends exert significant influence on the binary options trade.

To match you with the best binary options broker for your needs, we’ll take you on a tour of the top binary options brokers today. Our analysis of each broker lays out the most important features, including deposits, returns, bonuses, and supported platforms. This way, you can make an informed decision and get the best protection for your funds.

Top 15 Binary Options Brokers

1. IQ Option

IQ Option was established in 2020 and had since then received favorable reviews on the internet. It uses in-house software for trading. The maximum returns are 95%. However, traders in the USA, Australia, Canada, Russia, Belgium, Japan, Turkey, Israel, Iran, Sudan, and Syria are not accepted. IQOption Europe Ltd. is well-known for reliable broker services, as it is regulated by the CySEC.

It provides a wide array of web-based and mobile features that help make binary trading transparent, reliable, and more efficient. For instance, it offers a speed trading service with up to 5-minute increments and hourly binary options in 15-minute increments. It also offers trading expiration periods of up to a month. Moreover, its Digital Options service allows users to trade gold in over 500 assets.

IQ Option

Try out IQ Option with their free trial

This popular binary options tool offers a free demo account to help you get started. The minimum deposit is just $10 for the Real Account. And for the premium VIP account, the minimum deposit is $3,000. Customer support is currently offered via email, phone, and live chat. Finally, this broker offers multiple convenient deposit and withdrawal methods to help you trade easily.

IQ Option Key Features

  • Minimum deposit: $10
  • Minimum trade size: $1
  • Maximum returns: 95%
  • Supported trading platform: proprietary web, Android, iPhone

Detailed IQ Option Review

2. 365Trading

365Trading is registered with the CySEC and based in Cyprus. It was founded in 2020 and has since traded in the EU without issues. It primarily trades in binary options. As of this writing, US traders are not accepted.

The minimum deposit is at $100, with profits and bonuses reaching 85% and 100%, respectively. You can open a demo without deposit and try their long- and short-term expiries.

The platform, an in-house system, is robust and ideal for veteran traders. It features charts, lines, and candlesticks and provides historical analysis, functioning as a business analytics tool. The platform allows you to set up three assets with quick access shortcuts. Likewise, you can trade four assets simultaneously featuring a main window and three sub-windows.

Support is available via email and phone.

Detailed 365Trading Review

365Trading Key Features

  • Minimum deposit: $100
  • Maximum returns: 85%
  • Bonuses: up to 100%
  • Supported trading platform: proprietary, web, Android and iPhone

3. Ayrex

Ayrex is based in the UK and has a pending application with CySEC. It trades in 70 assets and is focused on binary options. As of today, US traders are not accepted.

The minimum deposit is $25, one of the lowest, while the bonus is up to 10%, 20% and 30%, based on the amount of your deposit for Ayrex account holders.

The broker uses a proprietary trading platform featuring instant withdrawals, which is unique in the niche. The interface is neat and lets you quickly jump to different trades. It’s ideal for short-term trading. High/Low options are also available.

Support includes 24/7 live chat and via email. Likewise, the system is accessible from Android and iPhone apps.

Detailed Ayrex Review

Ayrex Key Features

  • Minimum deposit: $25
  • Minimum trade size – $5
  • Maximum returns: up to 85-90%
  • Bonuses: $30 no-deposit new account, up to 30% on the trade
  • Supported trading platform: proprietary, web, Android and iPhone

4. OptionFair

OptionFair was founded in 2020 and is based in Cyprus. It is regulated by the CySEC and is also listed on the London Stock Exchange, a first among binary options brokers. US traders are not accepted. The broker trades in forex, CFDs, and binary options on 118 underlying assets.

The minimum deposit is $100, with returns up to 100%. However, there are no indicated bonuses, but you can always contact support for possible terms. The expiry time is shorter than average but makes for quick returns over short-term trading.

The broker uses its own platform that allows you to shift trading from forex to binary and to CFDs, from a single interface. It gives you access to myriad assets and instruments and a wide range of expiries. You can, in fact, trade simultaneously on forex and binaries. Mobile apps for Android and iPhone are available.

There is phone support in five international numbers, including English, Spanish, Italian, and French. Email and live chat support are likewise provided.

Detailed OptionFair Review

OptionFair Key Features

  • Minimum deposit: $100
  • Maximum returns: 100%
  • Bonuses: none
  • Supported trading platform: proprietary, web, Android and iPhone

5. BinaryTilt

BinaryTilt is an unregulated broker with headquarters in London, England, but is wholly owned by Cyprus-based Depix Holdings. Although it isn’t overseen, the broker seems to have a clean record with rare warnings from authorities. US traders are not accepted. It trades in stocks, indices, forex, and commodities across 150 underlying assets.

The minimum deposit is $250, with profits of up to 85%. Likewise, bonuses can reach 100%. Trading styles include high/low, one-touch, range, and on-demand. The stocks are also mainly US or EU-based companies.

The trading platform is SpotOption, a standard but increasingly old school tool compared to newer platforms today. The UI is familiar, and the elements are organized, good enough for first-timers to kickstart their trading without a hassle. Support is via chat, while Android and iPhone apps are available.

Detailed BinaryTILT Review

BinaryTilt Key Features

  • Minimum deposit: $250
  • Maximum returns: 85%
  • Bonuses: up to 100%
  • Supported trading platform: SpotOption, web-based, Android and iPhone

6. GTOptions

GTOptions is another Cyprus-based binary options broker. It uses the SpotOption trading platform, which is one of the most dependable web-based solutions in the market today. Its interface is smart and easy to use, with color-coded buttons and tabs arranged per type of trade offerings and asset offerings to be traded.

This binary options platform also offers several intuitive tools to help traders achieve better outcomes. For instance, it has a risk management feature that allows traders to cash in on their live trades before contract expirations. Likewise, it has a binary meta mode that supports high-level trading, specifically designed for professional traders.

Finally, the vendor offers 24/7 customer support and provides an extensive library for education and reference purposes.

Detailed GTOptions Review

GTOptions Key Features

  • Minimum deposit: $250
  • Maximum returns: 81%
  • Bonuses: Below $1000 50% bonus, above $1,000 100% bonus
  • Supported trading platform: proprietary, web, Android, and iPhone

7. OneTwoTrade

OneTwoTrade uses the popular web-based SpotOption trading architecture. The company provides the latest technological advancements for the benefit of its clients. OneTwoTrade has won an award for providing an efficient and safe trading platform that is relatively easy to use.

This fully-licensed binary options brokerage firm is headquartered in London. It is also highly regulated by government agencies, such as the Malta Gaming Authority. Moreover, OneTwoTrade is rigidly tested to ensure precision, stability, and quality.

OneTwoTrade offers two trading accounts; one is free, while the other is paid. The latter, called Privilege Plus, offers more benefits to users, including comprehensive market analysis, special promotions, and anytime access to senior account managers. Privilege Plus members also get either an iPhone or iPad that’s equipped with a special mobile trading app.

Detailed OneTwoTrade Review

OneTwoTrade Key Features

  • Minimum deposit: $200
  • Maximum returns: 65% to 85%
  • Bonuses: not specified.
  • Supported trading platform: proprietary, web, Android and iPhone

8. 99Binary

99Binary operates from Anguilla, a British overseas territory in the Caribbean. Started operations in 2020, this binary options trading company serves clients in the US and worldwide. It has a well-designed, comprehensive online portal that offers numerous features, tools, and trading information.

This HTML-based binary trading solution offers users the convenience of a clean, clutter-free dashboard design. Users will appreciate how the site presents data on the latest success trades of other users, which can be easily copied for later use.

Another notable feature of 99Binary is its trading turnover requirement. To cash out bonuses, customers must achieve a particular turnover quota, which goes down for every tier. This is an effective motivation for traders who love bonuses.

Detailed 99Binary Review

99Binary Key Features

  • Minimum deposit: $250
  • Maximum returns: up to 86% on Standard & 60-Seconds, and up to 350% on One Touch
  • Bonuses: To cash out bonuses, Starter level users must reach 30x turnover. For Premium users, 20x turnover is required.
  • Supported trading platform: proprietary, web, Android and iPhone

9. Binary.com

UK-based Binary.com is a licensed broker regulated in the British Isles, Malta, Ireland, and the UK. However, US, Canada, Japan, Hong Kong, and Costa Rica traders are not accepted. It is one of the more transparent companies in the industry that declares its owning company and market operations. Formerly the BetonMarkets, Binary.com blends gambling and trading but with transparency. It offers CFDs, FX margin, and crypto trading via MT5.

You can start the trading time aside from the expiry date, and the investment amount is based on the payout you set. The minimum deposit is $10, and for e-wallets, it’s even lower, at $5.

Bonuses are not standard; rather, they consist of two types–the Deposit Bonus and Free Bonus. Likewise, percentages are not specified, but you are required to have as much as 25 turnovers to avail yourself of a withdrawal. There’s also a 1.5% payout commission.

The broker supports various trading platforms, such as Binary Webtrader, Binary Bot, and Binary Next-Gen. Furthermore, it can personalize client trading needs all under one roof.

Th e platform is intuitive to the first-time trader and robust for the veteran. It features a lot of visual tools like charts and technical indicators, and the tutorials on binary options are comprehensive. Likewise, it supports 12 languages and provides a virtual money account. Mobile apps are available, with a mobile payment system.

Binary.com Key Features

  • Minimum deposit: $5 for e-wallet and $10 for debit and credit cards
  • Maximum returns: 100-1000% depending on contracts and trades
  • Bonuses: not specified
  • Supported trading platform: proprietary web, Android and iPhone

10. eToro

Tel Aviv, Israel-based eToro is a social trading network and not a broker. It allows you to copy the leading traders in its community and, hopefully, realize the same margins. Conversely, your trading can be copied, which earns you additional income.

In this platform, you invest in people, not currencies. You will have to be mindful of other traders’ behaviors and analyze their patterns or strategies, instead of learning financial charts and indicators.

No worries, eToro provides more than 16 lectures and video courses on how to hone your skills. These include identifying consistent traders, not just one-shot deals. You also get a list of the best traders on currencies, indices, and commodities across a wide range of underlying assets.

On the B side, you can share your trading insights and enroll in the Popular Investor Program as a trade authority. While the minimum deposit is $200, the maximum returns vary. The network uses its in-house trading platform with Android and iPhone apps.

eToro Key Features

  • Minimum deposit: $200-$10,000, depending on the country
  • Maximum returns: varies
  • Bonuses: not specified
  • Supported trading platform: proprietary, web, Android and iPhone

11. 24Option

24Option has been online since 2020 and is a stable and reliable broker as it is regulated by the CySEC. It uses the third-party TechFinancials trading platform. Maximum returns are up to 88%. This broker does not accept traders from the US and Australia.

The minimum deposit amount is $250, and the minimum investment amount is $24. Trade types offered are high/low, one touch and no touch, boundary, and 60 seconds.

A demo account is offered for new traders. You can enroll in Standard, Gold, or Platinum account depending on the amount you deposit and the features you want. 24Option provides customer support via phone, live chat, and email in English and 13 other languages.

24Option Key Features

  • Minimum deposit: $100
  • Maximum returns: 88%
  • Bonuses: up to 100%; 25% or $500 (whichever is lowest) for first-time depositors
  • Supported trading platform: TechFinancials web, Android and iPhone

12. ETX Capital

ETX Capital is headquartered in London, UK, and regulated by the British Financial Conduct Authority (FCA). It trades in forex, equities, indices, and commodities, but note that binary options are unregulated by the FCA. Likewise, US traders are not accepted as of this writing.

The broker takes pains in educating newbie traders, explaining in detail binary options, risk trading, and other key topics.

The minimum deposit is $100, with returns between 75% to 85%. Bonuses are not specified but are available. A call to their support should specify a personalized bonus based on your investment. Likewise, withdrawals above $100 are free of charge.

The broker uses MarketPulse as a platform. It is clean and intuitive for beginners with expiry times easy to locate. However, it only supports English.

ETX Capital Key Features

  • Minimum deposit: £200 (around $260)
  • Maximum returns: 100%
  • Bonuses: varies, personalized
  • Supported trading platform: MarketPulse, web, Android, and iPhone

13. CMC Markets

UK-based CMC Markets has been a forex broker since 1989 but only went into binary options in 2020. Still, that’s a long history of trust and reliable operations compared to most binary options brokers. On top of that, it is regulated in the UK.

Today, it trades in indices, commodities, shares, treasuries, and forex, but US clients are not yet accepted. There is no minimum deposit, and there are no bonuses, too. Returns also vary depending on the product.

Meantime, the platform is customizable and includes charting tools, pattern recognition functionality, various screen layouts, and multiple timeframes. The system is accessible from Android and iOS devices. Support is UK-based and consists of live chat, email, phone, and fax.

CMC Market Key Features

  • Minimum deposit: no minimum deposit
  • Maximum returns: up to 95%
  • Bonuses: none
  • Supported trading platform: proprietary web, Android and iPhone

14. EmpireOption

Founded in 2020, Uruguay-based EmpireOption with a registered address in London, England. As with most brokers, US traders are not accepted. The broker trades in forex and CFDs with a diverse underlying investment portfolio.

The minimum investment is $200 and up to 80% maximum returns. Likewise, bonuses can reach 100%, but terms apply.

The trading platform is SpotOption but minus the SpotOption payment network. EmpireOption also uses its own branding interface and maintains control of most of the trading aspects.

Phone and email support are available.

EmpireOption Key Features

  • Minimum deposit: $200
  • Maximum returns: 82%
  • Bonuses: up to 100%
  • Supported trading platform: SpotOption, web, Android, and iPhone

15. BinaryMate

Binarymate is a UK-registered broker that is reliable as it follows the strict financial regulations of the UK. It accepts US traders. This broker uses a unique in-house platform for trading. You can earn a maximum return of 90%.

Trading accounts start with the basic Bronze package for which the minimum deposit is $250, and you get a 20% welcome bonus. For Silver account, the minimum deposit is $1,000, and you get a 50% welcome bonus. Finally, for the premium Gold account, the minimum deposit is $3,000, and you can choose between risk-free trades or a bonus of $250.

A unique customer support feature offered by Binarymate is live video chat with agents who are available 24/7. Support is offered in English, French, Spanish, and Russian. Last but not least, you can use the demo account to learn the ropes or to improve your skills. Before you decide on a broker, though, it’s always best to make a binary options brokers comparison first to make sure you pick the best service.

BinaryMate Key Features

  • Minimum deposit: $250
  • Maximum returns: 90%
  • Bonuses: up to $250, risk-free trades
  • Supported trading platform: proprietary web, Android and iPhone

How to Succeed in Binary Options Trading?

Many people pursue to trade in binary options even though many fail. This is because of the ease of trading, coupled with the high-profit potentials it offers. However, with thousands worldwide continuing to trade in binary options every single day, is it still possible to succeed in this lucrative trade?

A good place to start is to have an authoritative list of today’s top binary options brokers. So that’s now a check. Likewise, make sure you have the appropriate payment gateway providers for seamless payment transactions. Finally, check out these key elements that will help you succeed in binary options trading:

  • Learn how to interpret historical, current, and predicted charts.
  • Test various trading strategies and use one that works for you.
  • Always consider market indicators.
  • Learn to control your emotions, use them to your advantage.
  • Trade by capitalizing on your strengths and follow your signals.
  • Prepare and stick to a personal, long-term trading plan.

Yes, because of the high stakes involved, trading in binary options is really difficult and high-risk. But if you’d take the time to learn the ropes and sustain your commitment to it, it is realistic to succeed in the binary options trade.

Check out our 2020年最受欢迎的15家二元期权经纪商:哪一家是最好的? article for a Chinese version of this article and 15 nhà môi giới quyền chọn nhị phân phổ biến của năm 2020: Ai mới là tốt nhất? is available for the Vietnamese audience. There is also a Korean version available here: 2020년 최고 인기 바이너리 옵션 브로커 15개사, 누가 최고일까?

Scams and Blacklist

Scams are unfortunately all too common in the field of binary options. Dishonest brokers and reviews, or rigged robots and other auto trading services – the scams can come in many forms. So we feel it’s necessary to create this blacklist and list all known frauds and dishonest techniques in one place. We also go through the steps you can take to identify a potential scam and how to deal with the situation after the fact if you’re already a victim. If you know or suspect something is a scam, and we’re missing it on our blacklist, please let us know and we will look into it!

Why Are Stories of Scams So Common?

When any new financial instrument or form of trading first emerges, a whole range of businesses tend to get involved. It’s a fact of life that some of those product providers are going to be more trustworthy than others. This is certainly true of binary options. It is, after all, an accessible and popular method for individuals to trade the markets. What’s more, at least in their early days, binary options trading platforms tended to operate under the radar of the regulators and from any country over the internet – so it’s hardly surprising that unscrupulous operators seek to take advantage. Thanks to better regulation, a strong online trader community and honest reviews, it’s now a lot easier to tell a scam from a legitimate broker. But as with any international online marketplace, there are still some shady outfits who will leave you with less than you bargained for. So what are red flags to look out for? Here are the points to consider as you go about choosing your binary broker.

MyChargeBack.com are a company who specialise in helping binary fraud victims recover their money. They liaise with bank or credit card firms in order to get charge backs made to reclaim deposits. They will tell you if you have a valid claim via a free consultation.

Are Binary Options A Scam?

The term “scam” covers a wide range of behaviour, from providing misleading information to lure you in, through to vanishing account balances – and even dishonest trading advice. Likewise, a particular broker might not be technically fraudulent in its behaviour; it’s just that the service available on the platform (such as highly unreliable uptime or failure to reimburse funds in a timely manner) means that this is a broker that really ought to be avoided.

In all of these cases, the problem isn’t with binary options as a concept, it’s with the broker.

So it’s a matter of doing your homework before you commit to any particular platform. User reviews can be helpful (if they are genuine), but always treat such reviews with scepticism – and never make a decision on the basis of testimonials published on the broker’s website. Even trader forums can be problematic – look closely and you’ll often find that the forum is an offshoot of a particular broker’s website. Independent, thorough and comparative reviews are the safest way to ‘scam-check’ a broker. Ideally, focus on review sites that allow and encourage real-life users to get in contact and report and problems with particular brokers, so you can be sure that what you are reading is up to date.

Trusted Brokers in Russia

Below is an always up-to-date list of our top 3 trusted brokers. You can find a list of all the brokers we recommend here.

Broker Regulated Min Deposit Payouts Bonus
Binary.com $5 90% » Visit
Binomo $10 90% » Visit
BDSwiss $10 N/A » Visit

Regulation

The UK’s Financial Conduct Authority (FCA) does now regulate binary options. They have already created a list of unauthorised firms. While they are not calling them scams, they are making it clear that these firms are breaking the law by trading with UK visitors – so they are best avoided. The full list can be found here: FCA Unauthorised List

By contrast, the USA along with most other EU countries do regard binary options as financial products. Depending on where they are based, many platforms will, therefore, be subject to oversight from a regulatory body. Examples include the CFTC in the US and CySec in Cyprus. A platform’s regulatory status can be a highly valuable trust-indicator for traders seeking to avoid scams. It shows that the broker has to abide by certain minimum standards when it comes to service and transparency.

Marketing “Too Good To Be True”

Taken in isolation, the act of placing a trade should be a straightforward one; and indeed, the usability of a platform tends to be a big selling point for brokers. Although this aspect of binary options is “easy”, it’s something quite different to claim that profits are guaranteed. Realising a profit through regular trading requires knowledge of how markets behave, the ability to read market conditions and an understanding of strategy. If the risks are downplayed – or outright false assertions are made (along the lines of “95% trades are successful”), these are false assurances. It’s a sign that the broker may be less than scrupulous in other important areas and that the platform ought to be given a wide berth.

Terms and conditions

Transparency is essential. Read the smallprint, and be especially wary of needlessly convoluted procedures for withdrawal of funds. Terms regarding your initial deposit can be another source of contention; for instance, if you are denied access to the deposit until a certain number of trades are made – so your money is tied to the platform from the moment it is handed over. This deposit retention is often part of wider terms associated with a ‘bonus’. CySec have sought to ban these sorts of terms by stopping the use of ‘deposit match’ bonuses. Non-CySec brands are still free to use them however, so T&C’s must always checked.

Cold calling

These tend to fall into two categories. The first is where you are called out of the blue and invited to sign up to a particular platform. The second occurs where you are already tied to the platform and you receive a call (or email) from a “senior broker” pointing you in the direction of particular trades. Reputable brokers do not need to make cold calls. Bear in mind “cold calls” might include emails too – any form of unsolicited approach should be considered a “cold” contact and be treated with extreme suspicion.

Channel sales

You should always be clear about who you are dealing with. In some situations, you might visit what appears to be an actual broker’s site, click the link to sign up only to be redirected to another broker. Alternatively a trading “service” may dictate that you use only their recommended broker. These “funnel” sites are sometimes used as a front by brokers with a poor reputation, or are working alongside them to dupe visitors (often using the misleading marketing mentioned above). A good broker will be upfront about its identity from the outset.

Managed accounts

It’s one thing for a broker to give you access to the data and analysis tools to work out your own strategies (in fact, this is one of the signs of a great platform). It’s quite another for that broker to also offer trading advice. After all, with ‘over the counter’ binary options brokers, you are betting against the house; if the ‘house’ is making the trading decisions for you, it’s hardly likely that those decisions will be in your best interests. This form of “upselling” is often the most lucrative for the broker, and is usually the where traders lose the most. Encouraged by an “account manager”, traders are advised to deposit beyond their means and to over trade. On occasion large accounts will be wiped out in hours. The “advice” goes against any sound money management, and increases risk hugely. Always take responsibility for your own trades. Never allow a broker to make trading decisions for you.

Price Manipulation

There has to be a fair and transparent benchmark against which the broker sets its prices. This benchmark should be what’s happening in the real world; i.e. real-time market prices. If the broker reserves the right to set its own prices, you can assume that those figures will be skewed against you; in other words, a loaded deck.

Blacklist

The brokers listed below have generated a lot of complaints both directly and on the forum. The disputes vary from upselling and encouraging traders to over trade, to non-payment of withdrawals and price manipulation. There is little recourse for traders to raise a dispute with unregulated brokers, so it is generally advised that you look for trusted binary options brokers – preferably regulated in your own country where possible. “Scam” has become widely used as a term to refer to any form of poor service, but it should be noted that many of these brokers may have done nothing dishonest or illegal, but have attracted higher than normal levels of complaints. If in doubt, trade elsewhere. There are plenty of honest brokers out there.

Robot And Signal Scams

These signal providers, or robot services, are either scams or not recommended for other important reasons.

Instagram And Facebook

Beware of scams operating on social media. Again, binaries are not a get rich quick scheme. There are a huge number of accounts promising to trade on your behalf and turn $2k into $8k in a week. If these claims were true, the people behind them would not need to be running ads or signing people up – they would simply trade themselves.

Screenshots of successful trades are exceptionally easy to get – even genuinely. But these operators are unlikely to even bother trading – once you send them money, it is gone and you will not hear from them again (unless they think they can get you to deposit more). Always select your own broker, and always take responsibility for your own trades – dont let someone else trade on your behalf. If you do not understand binary options, or do not have time to trade – then do not trade at all. These scams often prey on people who lack experience.

What To Do If You’ve Been Scammed

Do you think you’ve fallen prey to a binary options scam? Read on to find out what you can do if you’ve been scammed. There are many ways to help ensure that you don’t fall prey to a scam but the reality is that even if you follow all those tips there is still a possibility you will be scammed. If that happens, what do you do? Do you sit back and take it? Do you give up on trading? No, you need to stand tall and look out for yourself. Trading is good, it is rewarding and can lead to a life in which you don’t have to go to a job and punch a clock. You can’t let the actions of one broker, signal service, robot or guru dissuade you from that path. This article is a look at what you can do if you think you’ve been scammed. It’s likely that once an issue arises you won’t be able to get your profits, it is possible to get back your initial deposit but it might take some work.

MyChargeBack.com are a firm specialising in helping victims of binary options fraud. They help claimants to explain the incident to the bank or credit card company, so that they fully understand what has happened. Some banks are unaware of binary trading and are unwilling to listen to claims. MyChargeBack help in this situation. They have a solid record of recovery from genuine claims.

If you are not yet looking for third party help, here are some steps you can take yourself:

  • Document everything. The very first thing to do is to make records of everything you can. This includes the brokers, or SSP’s, terms&conditions, copies of any emails/Skype/live-chat you have had with them, confirmation of your deposit, turnover requirements for bonuses and your trading history. No matter what you do next, this information will be required in order to get satisfaction. What you do next will depend on the type of scam you have fallen prey to.
  • Try to withdraw. Broker won’t let me withdraw. Contact the broker and try to find out why they won’t let you withdraw. The most usual reason is that you’ve not sent in the right ID documentation, something required by international law, and is an issue easy to fix. The next most pressing reason why withdrawals are not allowed is due to bonus terms and turnover requirements. If you haven’t met conditions you will not be allowed to make any form of withdrawal which is why you want to keep track of all your trading volume and turnover. If you didn’t accept a bonus in the first place your documentation will help you prove it. A good broker will try to solve your issues, a shady one will give you the run-around.
  • Make your voice heard. Broker keeps giving me the run-around. If your broker is giving you the run-around and won’t address your issues the next best avenue for satisfaction is to let the community know what is going on. After all, it is the squeaky wheel that gets the grease. You can do this by posting complaints, with details, in forums like the one here at Binaryoptions.net. When you do this be sure to let the broker know and send them a link. They may not care, a sign of a shady broker, but when it comes to reliable brokers they will want to address your problems to avoid poor publicity. When posting complaints give as much detail as possible, just saying that a broker scammed you is not enough, proofs of fraud are what get results.
  • Contact their payments provider. The broker won’t help, now what? At this point the chances that you have been scammed, and not just suffering from miscommunication, are quite high. If you can’t get satisfaction from the broker you will have to take more drastic measures. If you deposited by credit card this may mean calling the card company and requesting a charge-back. Let them know the initial charge was fraudulent and that the company in question is not returning your contact requests for best results. The Times Of Israel reported that a victim of fraud was able to get a full refund of his deposit after contacting the financial institution that processed the brokers payments. They withheld payments until the broker satisfied the claims.
  • Contact the regulator. Time to call out the big guns. The great thing about expanding binary options regulation is that there is an alternative for many traders who think they’ve been scammed, you can contact the regulator. In some cases this can be a challenge as many brokers are located off-shore and hidden behind holding companies and virtual offices so be sure to do your homework. If the broker is regulated contact the agency overseeing them, if they are not regulated contact the agency which oversees financial regulation in your country. If the broker is regulated they will have to address your issue, to the satisfaction of all parties, in order to remain compliant. If they are not regulated at least you can be assured at least they will have a harder time scamming any more people from your country. At best cooperation between regulators could result in the broker being shut down for fraud.
  • Be persistent. Shady brokers like to hire people who are good at deflecting questions and complaints, don’t accept what they are telling you. It may take time but eventually you will talk to the right person, or persons, and your case will be addressed. What is most likely to happen is that the combination of your contact requests, forum complaints and charges with regulators will add up to one thing, the broker giving you your money back to avoid a much bigger hassle.

How to Spot a Trading Strategy Scam

The internet is loaded with ads, articles, companies and individuals trying to provide you with the next big trading strategy that will make you rich overnight. Take pause my friend, here are tips to help you spot the scam.

A System or Only a Strategy?

First and foremost, trading strategies aren’t really going to help you become a good trader. What you actually need is an entire system. When you make a trading plan it needs to cover how you will enter markets, exit markets and how you will manage your money. It also needs to tell you under what market conditions you do all these things. That is a system, it tells you everything you need to know about how you will trade. A strategy on the other hand only tells you when to enter and exit, and may not tell you under what conditions it works best or poorly. It also may not provide guidance on position size or whether you can trade multiple assets at the same time – issues which are very important to address. In other words, a strategy may have missing pieces of information you need to be successful. We need a complete trading system…but marketers are smart, so they can easily just call the product they are selling a “system” to make it sound more complete. But is it? Here are several things to watch for which could tip you off the product is probably a waste of money:

Boxed System

A boxed system is one where you don’t get to know how the strategy works – it’s an opaque “black box”. For example, the product may just be a series of indicators or a service that tells you when to trade, but not why. This isn’t going to make you a better trader, because you don’t know what is happening behind the scenes. If a product or signal service stops operating you are left with nothing. Even if you made money with the product/service you have to start from scratch all over again. Make sure if you buy something it explains how it works, so that eventually you don’t have to rely on the product/service.

Extremely High Win Rates

Is it possible to have a 90% win rate? Absolutely, yet it is also possible to lose money with a 90% win rate. Stats are easily manipulated to tell partial truths or fabricate lies. Other popular tactics are saying things like “Made $500 in one day!” So what? That doesn’t actually tell you anything. If that was on a $1,000,000 account then making $500 isn’t so grand. And if they lost $3000 they day before, then making only $500 today and bragging about it is rather paltry. Read between the lines. What isn’t being said? To understand performance you need several bits of information: Account size (capital), percentage return, amount at risk on each trade, amount of profit per trade, win/loss ratio, biggest winner, biggest loser, average winner, average loser, number of trades and period over which the strategy was tested/profitable.

There are also some other metrics that could help you out, but if you ask the company for these bits of information, and they can’t or won’t give them to you, be suspicious. You can usually get a sense of what vulnerabilities and tendencies a system has by looking at the above stats. One of the main things is that the strategy should be tested over a long period of time, and in all market conditions–up trends, down trends, ranges, volatile and sedate conditions. It doesn’t necessarily have to profitable in each of these environments, but it should have at least been traded through them all so you know that the system is profitable overall. Often marketers will only publish results for a period where strategy did very well. But this doesn’t give you a real idea of how the strategy or system works over the long-term.

  • Related to stats there is something else you need to consider. If a system is profitable, that result is based on all the trades. If you buy the product or the service, are you going to trade them all? On issue many traders face when subscribing to a signal service is that they don’t trade all the signals. If you don’t trade all the signals then your personal results could be dramatically different than the typical results of the service.

Only One Direction

Avoid a system that only trades in one direction, for example only buys assets but won’t short sell them. Markets rise and fall, you want to participate in both trends.

No Trial Period

You should be able to test a product and be able to cancel without a fuss if the service isn’t for you. Usually a quick trading forum search on Google will reveal what others have shares about a product or service. No trial, no deal. Don’t trust anyone, test things out for yourself. If they won’t let you, then be wary.

Final Words on Identifying Scams

A product or service shouldn’t make you reliant on it. It should show you behind the scenes so that eventually you can trade on your own. Good products will always have customers since there are people who don’t want to do the work themselves, and there are always new traders. There is no reason to make every customer totally dependent. Be wary of stats that are thrown out. Ask yourself what the stats aren’t telling you. Also, if the stats they provide are legitimate, then you’ll need to trade all the signals to take advantage and get results typical of the service. Of course remember though, past performance is not indicative of futures results. That is way it pays to do some homework, and make sure the strategy/system/service/product is based on a long history, and has proven itself profitable over all types of market conditions. Test out a product/system/service before buying it. If they won’t let you try, be suspicious.

Case Study – JV Affiliate Marketers

In this section we will look at how you can avoid being scammed by Binary Options JV Affiliate Marketers. Its not so hard, but requires you to let go of your emotions and examine things in a logical manner, as many of the scammers use emotional greed/fear tactics to get your money. Once you understand this you can quickly and simply save your time and money with these unscrupulous dolts. Some scams are simply comical in how stupid they are, while others can be very well done con jobs that lure you in with seemingly genuine people/systems/reviews which later you find are the exact opposite, as you look at your $0 balance wondering “Where did my money go!?”.

As you will see in the numerous scam videos, all you have to do is “NOT DEPOSIT” then these scams no longer work. So next time you see videos that are of a similar nature, just know they are supporting scam systems/marketers. Understand if they require a deposit they are fly by night and even if they were not they are supporting the scammers by the nature of requiring you to deposit with a new broker. So just refuse to deposit and they go away. Not the same stories kind of stories and promises over and over all to get you to sign-up to their “free” system/bots… They are not free you have to deposit and they get paid on those deposits… So remember limited time/fast money/can’t lose!/just fund your account = don’t do it!

In this image above you can see many of the scam systems are connected to each other on the same servers most often. These JV marketers have tons of these turnkey scams as they are very low maintenance. The reason you see so many of them is after a few weeks of the new story line wares off and becomes boring they will start production on another one and keep it all fresh and new thus avoiding the wrath of their old scams being complained about and those complaints shared with others. If they keep it new they avoid this along with the fact most newbies jump from one scam to another hoping one of these will work, which none of them do because trading is a learned skill/job… So again, understand their stories and how they work, and don’t deposit .

Case Study – Scams on Social Media

Social media is a “perfect” platform for scammers and can be even more insidious and convincing, and unlike the JV marketers these people will talk to you directly, but only to a point. Once they figure they can’t get any more from you or you no longer have value to them, they will un-friend you in a heart beat. The one thing they are all after is your money, so be on the look out for them asking for deposits or sign-ups telling you about amazing profits and opportunities, which will have you end up with empty pockets. Videos such as those used with both “The Green Room” and “FB Wealth Group” will pretend to be traders/friends, while they are really just out to get your money through either signups or even trying to have you pay them directly.

Also – if you see them mention anything MLM (Multi Level Marketing) related, they are trained to lure you in, so run the other way. These people don’t play around and will say whatever is needed to get you to sign-up and invest. There is a 45 minute long interview of a person that was scammed by both “The Green Room” and “FB Wealth Group”. We named it Binary Options Horror Story because that is exactly what it is in all its gory details. If you are new to binary options read, and absorb the above warning signs fully to see how they scammed people out of their money so it does not happen to you. Notice also how the worked with the brokers directly, which implies that they can be directly involved as well.

Scammers will repeat the common element of wanting you to deposit or even asking for money directly and from there you can tell them “no thanks” and make sure to unfriend them.

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