Hello traders, Oscar J. is here. I am going to discuss with you about the binary options scams today. It is very unfortunate that binary options scams are very common in the binary options market. You will find many scam and dishonest brokers, automated trading software, reviews, trading robots and trading services. There are many forms of scam in the market which is giving the traders more problem to choose the legit and best binary options brokers or automated software.
Legit Binary Options Review understand the need of a blacklist though previously we published Binary Signal Scams. But it’s only based on the scam automated trading software or scam trading robot. We are still adding scam software in that list, it’s a continuous process. Keep checking for the updates. I am going to discuss with you about both scam brokers and scam auto traders in this binary options scams blacklist article.
How can you identify them and what you should do to choose a legit broker or auto trader by avoiding scams? All the possible matters related to scams, we are going to explore here together. Stick with me and note that if I miss something please let me know.
Why are the Binary Options Scams So Common in the Market?
There are always dishonest people around you. When binary options investment tool hit the market with the huge financial growth possibility some dishonest people take it as a chance to fraud the people. They are using the trustworthiness of binary options to cheat people and lure people with the attractive advertisements. Naturally binary options are such type of investment tool which can change your life with a large amount of profit. The scammers are using this fact also, but they really not giving you anything.
In the early days of binary options trading, brokers and auto traders hadn’t had to license and regulate. So the scammers took that advantage too in that time. But now it is not possible, thanks to the regulatory authorities, to take count binary options. At least now you can identify the legit and scam services by checking regulatory authorities licenses and regulations. It is now a lot easier to identify a scam product.
But scammers still trying to scam people shady marketing in the binary options marketplaces. So you should know how to detect a flag service. You should consider the bellow points to do that.
Are Binary Options Scams?
Are the binary options scams? A legitimate question for the options traders. The term ‘scam’ means to lure you with something attractive and profitable and give you nothing which cost your account balance, it will just vanish. The scams are also given you scam type advice. So you see scams are created by the dishonest people who want your money for free. Scammers are the people who are using binary options trading tool to lure you and to cheat you. They are not able to give you any advantages of binary options trading.
So you see scams are created by the dishonest people who want your money for free. Scammers are the people who are using binary options trading tool to lure you and to cheat you. They are not able to give you any advantages of binary options trading.
Binary options are the investment tools and that cannot be a scam.
You see binary options is not the problem, the problem is the scammers who created the binary options scams broker platforms and scam auto traders. You need to do your homework well to identify scam platforms and to choose a legit platform for your trading. The review of users about a platform can be helpful for you.
You should be careful here too because sometimes scammers are keep posting reviews about their scam product by pretending as a user. Sometimes the binary options traders can be problematic for those scammers. If you monitor closely you can identify them, promoting all time, offering something, and promise you to make rich overnight.
The safest way to check for scams and legit broker and auto traders is to explore independent reviews of major reviewers like Legit Binary Options Review and Binary Options Watchdog. Focus on the independent review sites who gives you the information of a brokers advantages and disadvantages. You can also contact with the real traders to know about the legit trading platforms.
Trusted Binary Options Brokers
From the below list you will find most trusted and our recommended binary options brokers.
License and Regulation
Thankfully many international financial regulatory authorities are now licensing and regulating binary options brokers and auto traders to prevent the scam activity in this industry. CySEC, FCA, CFTC, BaFIN, CONSOB, AFM, and REGAFI etc. are the major regulatory authorities. Now many national regulatory authorities also licensing and regulating binary options according to the business law and affair of their own country. As an example, CFTC is the regulatory authority for binary options and it’s base in the USA.
CySEC is the most famous and trusted regulatory authority in the world. If the broker platforms are licensed and regulated by one of them or multiple authorities you can trust them as legit and trusted binary options broker. They are safe and these regulatory authorities ensure the safety of your investment. License and regulation is a simple but most important indicator to identify a broker platform or auto trader as a legit one or as a scam one. To gain authorization from these financial authorities brokers have to provide a standard quality with traders investment safety. Otherwise, they have to face punishments like a huge amount of fine, legal lawsuit even canceling their license.
Look closely how a broker or auto trader is promoting their service to you. Because legit brokers and auto traders place their offering straightforward. There is no shadow marketing indeed. Legit binary options broker and auto traders never promise you to make you rich overnight, moreover they remind you about the risk policy of this trading type. Remember there is no guaranteed profit in binary options trading.
You have to face both win and lose. Who guarantee you only profit they are scams for sure. To get profit you have to trade wisely with your trading skill, knowledge and strategies according to the market conditions. In a good day, your investment return can be 70%-90% of your investment. Do not fall for attractive advertisements, check carefully before joining any trading platform. A saying “Excess Everything is Bad” is perfectly going in the binary options industry.
Trading Platforms Terms and Conditions
Binary options trading platforms transparency is a very important thing. Always read the terms and conditions of a broker or automated trading software to have the clear idea about their deposit and withdrawal process. It is essential to know about the deposit and withdrawal process. Your money can be tied to the trading platform after your deposit. It happens because your deposit amount can a source of contention. Until you place a certain number of trades you can be denied to access the deposit area.
Most of the time this case is related with the bonuses. CySEC is trying to stop this kind of terms and conditions regarding deposit bonuses. Their licensed brokers are free to form this issue. But the non-CySEC brokers and auto traders still applying this in their terms and conditions. I think you understand why you should check the Terms and Conditions of a binary options trading platform.
Avoid Cold Calling
You will find two categories in cold calling. The first one is called out you to the blue and to a specific platform invite you for joining. The second one tied you with the platform. They give you call or email via a senior broker and to a particular trade, they will point you. Legit and licensed broker do not make a cold call. They don’t need this because they have a good reputation in the market already.
Cold calls can be a call or email. This type of activity is suspicious and considered as the cold calls. Extremely risky and I suggest strongly you avoid cold calls and the platforms who give you cold calls.
Do not fall for nice and attractive advertisements and promotions. Careful with what or who you are dealing. In some cases when you are on a broker platform to sign up and after clicking on the sign-up, it will redirect you to another broker platform. Do not register with them. They are the brokers with a low reputation and they are unlicensed too. Some scam broker will offer you to trade alongside with them. They will also promise to look after your trades. Believe me, if you trust such kind of broker, you are a dead man.
Legit binary options brokers and automated trading systems give the traders full access to the platform. You can access any trading tools to analyze and set up your marketing strategies. This is one of the main positive factors of legit and repudiated platforms. Good brokers are giving you good and helpful trading advice. They don’t try to tie you. You are placing your bets against the house in the Over the Counter brokers. So make your decision yourself. it’s the best practice to reduce your trading risk.
Many major brokers are now providing account managers for the traders. They will help you to manage your account, give you advice, can help you to learn about the platform and binary options trading. But they are not directly trading on behalf of you. Sometimes they may advise you to over trade to win more profit or to reduce your losing amount. You should not over trade because two things can happen then. One, yes you can get more profit on a good day. And two, if it is not your day, you can lose more. Get it! Control your emotion.
You are the decision maker of your trading. Do not allow a broker platform to make the decision for you. Take responsibility for your own trades.
Assets Price Manipulation
Legit binary options brokers and other trading platforms have clear and transparent benchmark which shows that against what the broker placing their asset prices. Actually, this benchmark is the real time price of the assets in the market. It should be accurate. If the brokers set the price according to their own affair then it’s not for you. Choose a broker trading platform who provides the real-time market price of the assets in their list.
Here is the blacklist for you.
Binary Options Scams Blacklist
Scam binary options brokers platform are not recommended for you. After a deep research, I found that the below brokers and auto trader platforms have lots of complaints from the traders and on major trading forums. Maximum complaints are about upselling, over trades, deposit, withdrawals and asset price list. The brokers and auto traders of this list are unregulated. I strongly recommended you to avoid them and choose the best broker for you from legit and licensed binary options brokers. Prefer a broker which is regulated in your country.
Note that some of the brokers and automated trading software in this list may have nothing illegal or don’t did anything dishonest. The complaints may raise against them for their poor services or may be for lack of management. So you see there is a doubt here. Don’t trade with doubt. Choose an honest binary options broker and there are plenty of them in the market.
Binary Options Scams Brokers
Banc de Binary (currently closed)
Scam Auto Traders and Signal Robots
The GCAD Indicator From ITM Financial
Auto Binary Bot Scam
The Green Room
Profit in 60 seconds
Paul Applegarth’s Oneclick Autotrader
Michael Freeman’s Autotrader
Lone Wolf Signals
FB Wealth Group
Legal Insider Bot
Wow! We finished it. Let’s hope for the best. Try to choose your broker considering the scam fact in your mind. If you are already scammed by a scam broker or by a scam auto trader, you can fight against them. How? Check our post what should I do after being scammed? I am Gary Wilson singing out today. See you soon.