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Binary Options Scam
It’s sad, but it’s true. Scams are something that dominates the binary options trading market. They can be in any form – robot services or scam brokers. You have to be always prepared and cautious against all sorts of binary options scams. For your convenience, we have prepared a scam list along with highlighting the name of scam brokers.
On this page, you can find the list of non-recommended binary options brokers. Anyway, it doesn’t mean that all the brokers on this list are fraudulent and steal money. We can just not recommend them for another reason. After a click on the brokers‘ logo, you can see the detailed information and the review. In the case you see a mistake, do not hesitate and sen dus a comment. We really value your help. Our aim is to be constantly adding new and new brokers, both reliable and on the other hand also the brokers, who have lost our trust.
|Broker||Status||Withdrawals problem||Scam phone calls||Still in business||More information|
|Not recommended||No||No||Yes||NOT RECOMMENDED
|SCAM Software||Yes||Yes||Yes||NOT RECOMMENDED
|Unfavourable offer||Yes||No||Yes||NOT RECOMMENDED
Some, however, are not worth anything and eventhough they seem nice, we don’t recommend them. It migh even happen, that they will never pay out your earned money. That’s why you should always check, whether a broker you chose, is not on this list.
Avoid binary option scams
Do not get hooked and do not trade with brokers listed above. On the contrary we recommend that you look at our list of recommended brokers https://xbinop.com/binary-options-brokers/ to which you don’t have to be afraid to entrust your money. All brokers on this list are reviewed by us and they comply with all the rules and regulations of regulatory organs as is FCA or CySEC.
Binary Trading Scams
When something new launches, such as any new financial instrument, a whole lot of businesses try to get involved. Some of the businesses may be trustworthy but some may not be. This holds true in a case of binary options too. Being widely popular and famous, binary trading can be accessed by anyone. In the past, there were no ground rules indicating who can trade and who cannot. Also, it was not under any particular regulatory authority, thus making it easy for unscrupulous operators to take advantage of.
However, now the situation has changed. Better regulations are being observed now, which helps in revealing scams easily. Frequent online reviews and strong feedback systems ensure transparency. But you also have to be alert in case any shady outfit wants to trade with you. You can read more about binary options regulations here.
There are several red flags to watch out for. And some of them are highlighted below that will help you choose a reliable binary options broker platform:
What Exactly Does A Scam Mean?
From giving false information with the intent of luring into something to eloping away with all your account balances, the meaning of scam can be varied. There is no particular meaning of scam as such. It might be the binary options broker with whom you are trading is not unscrupulous but the service that he provides is fraudulent. Like, their firm doesn’t let you withdraw funds on its due date or his advice are dishonest. So, at any cost, you should always avoid these kinds of binary brokers for your own safety and security.
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A scam that should be avoided, too, is when people call you and tell you they will manage your funds for you. You should never trust anyone with your funds, be the master of your own destiny!
From what was said above, the main issue doesn’t lie with the concept of binary options trading but with the principles of binary options brokers and other providers. So, what you need to do is chalk out a proper plan and do the needful homework before choosing any respective platform. Go through the reviews, provided they are reliable. Fake brokers reviews are also quite common; therefore you should not entirely make any decision based on the reviews. Testimonials and reviews published on a broker’s website are often compromised, so don’t form an opinion based on that. In fact, trader forums can also be manipulated by a particular binary broker or his website.
The best way to choose a brokerage firm is by relying up on independent, personal and comparative reviews. Select review sites that only allow real-life users to directly contact and file a problem with a particular broker, thus guaranteeing credibility and transparency to the issue. Have a look at the list of our recommended brokers for example. There’s a discussion beneath every single review.
The US recognize binary options instruments as financial instruments. So do European courts. Depending on the locations and the countries, binary trading falls or not falls under any particular regulatory authority. Some of the authorities are CFTC in the US and CySec in Cyprus.
To inspect a broker’s reliability quotient, regulatory status can serve as a good indicator for those who want to avoid scams. When a brokerage firm falls under a particular standard or regulatory authority, he is bound to maintain transparency.
Don’t Believe In ‘Too Good To Be True’ News
The trading on binary options should be done in a straightforward way. For this, the platform of trading should be reliable and quick. The profits can be predicted by carefully analyzing the market and reading the future market conditions while understanding future strategies. However, if a somebody with a binary options strategy comes to you and assures you 95% success rates then that can turn out to be a false assurance. No one can say whether you are going to strike profit or loss, as everything depends on speculation.
Read the Terms and Conditions Carefully
Having a good idea about binary trading options makes thing easy and simple. In any kind of trading, transparency is an important constituent. Read the documents carefully and give special importance to the needlessly complicated portions about a withdrawal of funds. When you are denied access to your deposits up to a certain number of trades, you need to know your position well. Guidelines regarding initial deposits should be understood fully; after all, you are investing your hard earned cash, so you deserve to know about what you are getting into.
Bonuses are also given from time to time and are widely associated with deposit retention. Though CySec has banned these kinds of deposit match bonuses, non CySec firms are at liberty to use them. However, you should always check the binary broker’s terms and conditions thoroughly.
A fair and transparent benchmark should be followed by the brokers to set up prices. This benchmark should be based on real world market situation. If by any chance broker decides to set their own prices then you must assume that those figures have been tampered with. These unscrupulous brokers will try their level best to force you to pay higher prices, hence you must be well-guarded.
For more guidance and information on regulations and features, you can anytime read our independent reviews.
Disputes of varying kinds are reported in several online forums about trading. The complaints can be filed against the brokers directly or through online forums (Such as 24 option forum). The issues can be myriad, from encouraging poor traders to over trade to giving faulty information to price manipulation. Now, if you are dealing with unregulated brokers then little help can be provided. For all these factors, it is always advisable to establish relations with trusted binary options brokers from a country in which you reside.
Though scams have become synonymous with poor services yet you cannot ignore dishonest trading practices committed by some of the unreliable brokers. And if you have any doubts, don’t trade with that particular broker. There are many honest brokers, just find one for yourself from here.
Robot and Signal Scams
Robotic services are mostly either scams or not at all recommended.
How to find out a trading strategy scam?
The Internet is flooded with handsome deals of doubling your money. You will find numerous ads, posts, and articles on how to make you rich overnight. But your conscience and think is that really possible. With such deals, obviously, there might be some hidden factors and issues which need to be considered.
Here are some tips that might help you identify a scam:
Being good in strategies doesn’t mean you have the ability to be a good trader. To become a proficient trader, you need a proper system. When you plan something, you have to devise a plan of how to enter the market as well as exit the market along with managing your money. You also have to consider the present market condition and in accordance to that, you have to do everything. In a case of a strategy, the above said things will hold true except the thing said about market conditions. Binary option strategies may not be right for trading as it includes many missing information.
As marketers are sharp and shrewd, they can easily name a product as a system and give it a complete structure. Hence, you need to watch out for several factors that can make your product a complete waste of money.
Also known as the opaque black box, a boxed system is something that fails to make you understand how a strategy works. Suppose you have bought a product or system that says when you should trade but it doesn’t specify any underlying reasons.
If a trader doesn’t know the reasons behind some happenings then it is pointless to buy such products. And if such products fail to operate then you have nothing to do. Though you may gain with this product preliminary but in the long run it may sound too effective.
Think Wisely Before Going For 90% Win Rates
Some ask whether 90% win rates are possible or not. Well, the answer is you can enjoy 90% win rates but at the same time, you can also lose money with 90% win rates. However, stats can easily be manipulated with tampered figures. Some says that you can make $500 per day but in reality, they hardly make any sense.
Before investing in anything, make sure you read between the lines. What is highlighted and what is not. To understand how well you will perform you need to gather few pieces of information, like account size or capital invested, amount of profit per trade, amount at risk on each trade, percentage return, win/loss ratio, biggest loser, biggest winner, average loser, average winner, number of trades and time period during which the strategy was tested.
Apart from all these, there are some other metrics which can help you. Now, if the company from which you ask for these bits of information doesn’t help, it is time to be suspicious.
Avoid Single Direction Trading Systems
Never choose trading platforms that operates only in one direction. As markets rise and fall, you will obviously want to be a part in both the trends.
A Clear Chalked Out Conclusion
A good product or service should not only satisfy you by fulfilling the desired purpose but should also make you understand behind-the-scene modules. By having clear glimpses of the reasons, people can start trading on their own. There is no point in making customers dependent on the product itself throughout.
Don’t believe in the statistics that are presented to you. Ask yourself some questions. Use your conscience to make powerful decisions. Never base your judgments on a broker’s past performance. Do your necessary homework and research before buying a particular product. Also, don’t forget to try out a product or service or system before you purchase it.
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How To Avoid A Binary Options Scam?
Is it a secret that the Binary Options industry is pestered by scammers? I don’t think so. Even if you are new to this, you’ve probably heard about some guy wanting to share an “extremely profitable” way of making money or a special trading bot that will make you thousands per day – on autopilot of course – or a guy who wants you to follow his signals that will supposedly make you rich. And if you’re old to this… oh, then you surely know all about the brokers’ tactics to get a hold of your money and never let it go: here, take this highly “experienced” Account Manager and let him bust (*ahem* I mean “trade”) your account. When you are getting close to zero balance, don’t worry, we will give you a huge bonus so you can trade some more… you’ll get your money out by the year 2057, but they’ll leave out that part. Unfortunately, scam is present in this industry and we cannot eradicate it completely, but we can find ways to decrease the risks considerably.
A History of Scam – Where It All Began
Two hundred thousand years ago, two Homo Sapiens talking:
“Give me a piece of your meat now and I will share my mammoth with you. I have it in a cave nearby but I am too hungry to get there.”
“Ok, I will trust you. Have a piece”
“Now let’s go get that mammoth”
“Oh, you actually believed me? What a fool. There’s no mammoth.”
That’s how scam was invented (don’t take my word for it, I wasn’t there) and believe it or not, the structure remains the same to this day: a wild promise is made and something is asked in return. The scammed party foolishly believes the promise and agrees to pay the price. The finality is always the same: the promise is not honored. Unfortunately people still believe too easily that a mammoth is stored in the next cave or that someone will share their money making secret in exchange of a measly sum of money or even for free.
Now let’s take a look at modern times: ever since Binary Options were introduced to the large public in 2008, scammers made wild promises and people believed them. The reason why so many scammers roam this industry is because it’s easy for regular people to get into Binary Options (you can open an account in minutes), so there are a lot of traders (aka prey). Whenever there’s lots of prey, predators will flock to the scene, trying to get a piece of the action. Whether you are a gambler, a trader or someone who never had anything to do with the financial industry, you can get into Binary Options with ease but there’s one thing everybody needs: a broker. This is where it all begins: they will offer you an account manager, a bonus, insured trades, maybe signals, maybe this, maybe that. If you are dealing with a scam broker, accepting anything from them is a really bad idea. Here’s why:
Beware Of Account Managers and Managed Accounts
So as I said, once you register with a broker, you will be offered an account manager. He will try to give you all kind of stuff in exchange for a bigger deposit from your part. He will give you the classic speech “If you deposit more you can make more and you can manage risk better”. He will probably throw in a bigger bonus incentive too, but everything you are offered comes with strings attached: a bonus requires a turnover (you need to reach a certain trading volume until you can withdraw your money) so your money will be tied to that brokerage. He will say he is a trader for 20 years, tons of experience, tons of money made, tons of happy clients and that he will teach you how to trade. Heck he will trade for you, forget about teaching anything…
My basic advice to all of this is: don’t accept a high bonus (or at least go for one of our Recommended Brokers because their bonus conditions are fair), never deposit more than you want because your account manager promised you something and more importantly – never invest more than you can afford to lose. I’ve heard of people loaning money just to deposit more so they could get the VIP package and then the account manager traded the account into the ground. Don’t be that guy! And don’t allow your account manager to trade for you. If you don’t know how to trade, don’t trade. Learn first, trade after and never forget that your account manager works for the broker, not for you. Most of the times when you win the broker loses so why would the employee want to harm his employer?
Even if you’ve managed to escape the trap of the market-master-guru account manager who offers you bonuses and sells you dreams, you’re not out of the woods yet because sometimes that account manager will offer you another thing: a managed account. Yes, a twist of words and sometimes a way to twist your arm and make you do what they want. They will say something the lines of: “you sit back and relax while we trade your account, make lots of money and we will give you a monthly return”. In this case you don’t have to know anything about trading because they will not only give you trading advice, but place all the trades. It’s just like the Blackjack dilemma: you don’t know how to play so you let the dealer play for you… will he have your best interest in mind? Even if that means directly losing money from the casino’s (his employer) pocket? Hmm, let me think about it: NO! If you want to find out more reasons why going managed is not a healthy option for your money, read: Risks of Managed Binary Options Accounts Revealed.
Let’s dwell a bit longer into the realm of managed accounts and talk about 3 rd party managed accounts. This one is the most terrifying in my opinion because this 3 rd party can very well be a scam. A brokerage has a reputation to maintain (well, some of them do) so they will not just wipe your account in a week and then shrug their shoulders. Now when it comes to 3 rd parties, you have to be extra careful who you are dealing with; they don’t have to be regulated, they don’t have to have a physical address, they don’t have to give you their real name, so double and triple check whether you can trust or not that service. Most importantly, never use wire transfers if you are dealing with an unverified service. A credit card can be charged back (sometimes) but a wire doesn’t. Be extra careful when dealing with 3 rd party managed accounts.
The Signal Provider / AutoTraders Shuffle
When binary options as we know them today were born, along came a great evil: the scam of the signal providers, autotraders and all sorts of trading bots. These guys will tell you to trust them because they will give you super-extremely-magnificently accurate trading signals or even software that trades for you and does all the hard work. Sounds too good to be true? Maybe because it’s not. Sure, among these service providers and software sellers you will find a few good guys, but you have to choose wisely who you trust because most of them promise you the world, saying they have found a secret formula to trade and make millions, they have a mammoth in the next cave… you get the picture. I ask you one question: why would they sell a money making machine? Out of the kindness of their heart (yea, sure) or because they need money? But they have the Holy Grail of trading – why would they need money? The reason is much simpler than that: what they are selling is not as good as they want you to believe, so simply don’t buy it. We’ve covered this subject in more detail in the articles Signal Service Providers – Know How to Avoid Scams and Resentments and Binary Options Robots – Is it a Scam or Should I Choose the Robot. Read them and avoid getting scammed.
You want to decrease the risk of Scam – you have to deal with regulated brokers. Trading with a broker that is not regulated by a financial authority is like going outside when it’s cloudy without an umbrella. Does it mean it will rain? Nope, but if it rains you will surely get wet. Your broker’s regulation is your umbrella; it protects you against scam but hey, if the summer rain turns into a storm, that umbrella won’t do you much good anyway. In other words, regulation decreases the risk of scam but is not 100% bulletproof. A good trader is an informed trader and that’s why I urge you to read this complex article that covers many of the questions you might have regarding regulation: Binary Options Regulation – Everything you need to know.
I am not saying that you won’t run into any problems if dealing with a regulated broker, but the risk is decreased and besides, if something happens, at least you know who you are dealing with and you have the option to file a complaint with the regulator. If your broker is not regulated, you don’t know their address and not even their company name, who are you going to complain to? Who are you going to sue? To avoid scam, you need to know who you are dealing with. It’s common sense. If they don’t give information about themselves, why would you give them money? However, the lack of transparency is likely to come to an end because recently we’ve seen a lot more activity coming from the regulator’s part: in the past CySEC was more like a rubber stamp but lately it starts to be more active, issuing warnings and even fines. Moreover, other regulators step in and nowadays we are seeing more than one authority working to make Binary Options safe: CFTC and American authorities have radically improved the safety of US citizens with strong warnings, FCA UK has already started dealing with binary options regulation and I believe we’ll see even stronger UK rules in the future. Local agencies (France, Italy, Germany, and more) have already started working on local rules and regulation. Bottom line is: the authorities recognize the problem and are working on fixing it. Things can only get better from now on.
Don’t Give Trust Lightly
Before investing in a signal provider, bot/autotrader or depositing with a broker, it’s wise to read reviews online. But be careful because not all websites have the reader’s best interest in mind. I don’t want to point fingers or anything but when you see stellar reviews of brokers that are known scams, you have to wonder if that review website doesn’t have a hidden agenda. So my advice is to read more than one review and if one website says broker X is the best while others give bad reviews, just beware and turn to real traders for advice. And if you don’t know where to turn to real traders, I have the perfect place: our Forum. Open a thread if one doesn’t already exist and simply ask the crowd.
Totally Eradicating Scam – Is It Possible?
As much as I would like to see a binary options world without any type of scam, I know that’s not possible. As long as money will be involved, scammers will try to profit from gullible traders. Tune in to our monthly binary options scam watch for evidence. Question everything, don’t accept free lunches or things that sound too good to be true. Learn to decrease the risk of being scammed because trading the market is tough enough on its own. I don’t like losing money trading but I prefer it to being scammed; at least I lost it because of me not because of a scam broker or a black box trading software. On the bright side, comparing things now with how they were 2 or 3 years ago, I can tell you that we’ve seen a decrease in broker scam and also some very reliable brokers have risen. Regulatory authorities are really starting to make their presence known and this of course drives the scammers away from the industry. The biggest problem in my opinion remains the fake autotraders, scam signal sellers and shady unregulated brokers with funny names which should be avoided at all costs. We’re expecting a brighter future and you can be a part of it, especially if you stop feeding money to the scammers
Are Binary Options a >SCAM? We don’t think so, because …
December 15, 2020
You can’t read an investment blog without coming across posts about binary options. There’s a lot of money in binary options – for users, brokers, and advertisers – so this won’t change overnight. Binary options trading is legitimate, but incredibly risky. You’ve got to understand the the industry and the risks involved – and you might be better served staying away entirely.
Don’t believe reviewers who pitch binary options as a quick fix for your financial problems. In reality, nothing can be farther from the truth.
How does Binary Options Trading work?
Binary options traders “invest” in the future movement of certain assets, such as gold, stocks, markets, etc. Simply put, binary traders try to predict whether the value of such assets will increase or decrease during a certain time frame.
If your prediction comes true, you will win and earn a commission on your investment. If the value doesn’t change as you predicted, you will lose all the money invested to lock in your prediction.
Presented this way it becomes obvious that binary options trading is more like sports betting than real investing. Binary options is nothing more than betting on financial assets, much like you would bet on the outcome of a sports game.
So, is it a scam?
This doesn’t make binary options a scam. It’s just not an investment.
The majority of binary options brokers are legit businesses. As legitimate brokerage houses, your money will not be stolen and you won’t be defrauded.
The problem is that the majority of brokers promise unrealistic expectations. The average user does not get results like these.
The most common way binary brokers attract new traders is to show them cases where simple people managed to win huge amounts of money by just trading low amounts on gold and other popular assets.
Sure, cases like that do exist, but they are the exception not the rule. The same way some sports gamblers manage to win extremely large sums, skilled/lucky binary options traders occasionally make bank. However, this happens extremely rarely.
Not knowing this, a lot of people sign up with binary options brokers that offer unrealistic winning promises. In the end, lots of people end up losing all of the money they put into the system.
But can you really win?
The biggest factor in winning at binary options is LUCK. But yes, you can really win.
The thing brokers will not tell you is that you will have to put in a lot of effort and research if you want to win consistently. And even then, luck is the most powerful variable.
Like in sports betting, if you want to win you will have to have a great knowledge about the sport in question and about the teams that are playing. You will have to understand the game, the strengths and weaknesses of the teams, and the skills of the players. You will have to know about historical performance, fitness levels, injuries, and dozens of other variables. Even then, things might not go your way.
If you factor in all these variables then you probably will win in the long run. It’s exactly the same in binary options trading. There are countless variables and risks that you will have to consider in order to accurately predict the future development of an asset.
Issues like time of the year, state of the economy, political developments, economic performance of key market makers, recent business news and events are constantly influencing the movement of stock prices and commodities.
In order to be able to accurately predict the movement of an asset, you will have to be up to date with all of this info. Also, in order to be successful you will have to understand a variety of technical data as well, such as being able to read charts, use technical indicators, understand statistic calculations, and much more.
As you can see, binary options is much more than just investing $100 on gold and then getting $300 back 10 minutes later. If this is your approach, then you will lose 100% of your investment sooner than later.
But that sounds hard!
Yes indeed! That’s exactly what solid binary trading requires. I know most entities advertising binary options make a lot of bold promises, but in reality it’s much more complicated. In order to really make money you will have to invest significant amounts of time in market research and learning about the technical aspects of this business.
No matter what anyone promises, you will never be able to make easy money by placing random bets here and there. Brokers count on you doing exactly this because they know that this way, you will be paying the price of becoming a losing trader (meaning brokers will be making money off of you).
So, this is the truth behind the binary option business. There isn’t anything inherently wrong with this form of online trading (or, better said, betting), except that brokers are artificially hyped up and are dishonestly presented as something they’re not.
So one more time, is Binary Options Trading a Scam?
Binary Options trading isn’t a scam, but it’s financial gambling that will only work well in the long term for the most devoted and knowledgeable users.
2020 Update: Binary Options Industry Changes
If you read our thoughts from 2020, you know that binary options is legit, but extremely risky and difficult to take part in profitably. But that was back in 2020. Things have changed quite a bit since then.
As mentioned above, there is still no easy shortcut to binary options trading success – you will still need to learn the basics of this trading form and do lots of market research to make real money. That said, some new developments have appeared in the industry which might make it easier for you to make a living through binary options trading.
More Welcoming To New Traders
For one, social trading has finally become a major aspect of binary options trading. Newbies who would like to start making money without having to fight against a gnarly learning curve can look to the practices of seasoned veterans. Some brokers even offer in-house social trading platforms that let you profit from the trading experience of highly successful binary option traders within the company.
Of course, there is the risk that the trader is going to fail, in which case you risk losing money just the same. So, you will have to choose your signal providers very carefully to avoid disappointment.
We now have binary options robots as well, which purport to automate winning trades for users. Unfortunately, many of these bots are scams, which is why you would be better off avoiding them altogether (unless in cases where your broker is offering their own auto trading services).
Even then, you cannot really count on a broker to give you a highly profitable automated trading tool. Why would a broker give you the tools to take their money? You will have to do your own research first to see if the auto trading system is worth its salt. And should you choose to use an independent binary trading robot company, you will have to be extra vigilant to avoid getting scammed.
More Tools For Advanced Traders
It is easier to access quality financial information needed to make intelligent trading decisions than it was two years ago. Premium binary option brokers now have great platforms that provide excellent data for comprehensive technical analysis on the assets you are trading, helping you to make better trades.
Additionally, there have been cases of brokers introducing robots that scour financial newswires, giving you the latest events so you can anticipate market fluctuations. All these advancements make binary options trading easier (for people willing to put in the time to learn the system inside and out).
Yes, binary options is legit, and growing. But you will still have to jump through lots of hoops to make it in the industry as a beginner. There are also plenty of scams to take advantage of helpless new binary options traders who don’t know how the industry works. At the same time, we now have a broader selection of trustworthy brokers and signal providers than we had a few years ago.
Furthermore, better information and technical analysis makes the industry more lucrative for dedicated users. Even so, you will have to be a lot more watchful of who you get into bed with when entering the industry to keep your money from falling into the wrong hands. If you are willing to put in the work, learn through trial and error, and develop better methods than the average binary options trader, you can actually make money with binary options in 2020.
Best Binary Options Broker 2020!
Ideal for beginners!
Free Demo Account + Free Trading Education!
Get a Sign-up Bonus:
2nd place in the ranking!