Nowadays it becomes more and more difficult to find reliable Binary Options Broker and much easier to get into the hands of the binary options scams. Some of the brokers will offer 200% deposit bonuses for newcomers and one hundred risk-free trades and most of them will be worst binary options brokers. But in the end of the day most of such brokers are scams and have really nothing to do with honest binary options brokers. Also, at this time, a lot of big Forex Brokers are trying to bring their own binary options trading solutions and sometimes they provide quite decent services. Sometimes, their services are of such low quality that binary options best brokers are laughing from them.
Market of binary options brokers has some decent candidates for being number one. But our current best binary options broker brings all other binary options brokers to their knees. 24option was chosen due to its highly qualified stuff and customer support. We were impressed by the abilities of SpotOption trading platform and the upgrades that were made to it specifically for 24option. Binary Options Hub believes that every binary options broker should offer 24option quality in order to be the best.
Min. Deposit: $200Demo:No
Binary Options Scams Comparison
Binary Options Hub wants you to have a choice. For this reason we do not show you the winner, we also give you the comparison of best binary options brokers, so you can choose one of them if you want. Every broker that is shown in comparison has proven himself as a reliable one and offers services that should definitely grab your attention.
If you want to search your self for a great broker start with our full list of binary options brokers.
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Why Trade Binary Options?
Binary Options Trading is certainly a great way to make money online. It requires less experience compared to forex trading, yet binary options trading also involves a significant degree of risk. Among the benefits of binary options, ease of access is the main one. Also binary options provide higher payouts within the lower timeframe. Another advantage of binary options trading is web platforms, no installation required. It is fun and exciting process, yet you need to have a decent binary options trading strategy – get one at Binary Options Hub.
Best Binary Trading Platforms
Binary Brokers vs Platforms
Many traders mislead the definition of binary options brokers and binary options platforms, Binary Options Hub is here to make it clear. Binary Options Brokers are the ones that supply you with services like customer support, help with deposits and withdrawals, various client benefits and so on. Binary Options Brokers are servicing you. Binary Options Platforms are the trading software providers, most of the Binary Options Brokers have a third-party Binary Options Platform. In other words, a Binary Options Platform is simply an options trading platform.
Best Binary Options Brokers 2020:
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Most of the Binary Options Brokers offer countless binary options bonus promotions. Binary Options Hub is here to guide you and make sure you only settle for the trusted binary options brokers. While deposit bonus at binary brokers tends to be from 20% to 200%, there are a lot of binary options scams. Do not settle for any offer before you found it verified at Binary Options Hub. In addition to this, Binary Options Hub always recommends to settle for smaller deposit bonuses, as they are easier to withdraw. Only best binary bonuses here!
Binary Options Hub is a website dedicated to making binary options trading industry more transparent, honest and reliable. Our mission is to supply binary options traders with honest binary options reviews and also to provide a detailed reivew of the binary options trading platforms. Note that binary options trading involves a high level of risk itself and it is much risker when you trade with unregulated binary options brokers. Also there are a lot of binary options scams in this industry. Binary Options Hub is here to guide your through the available offers on the market and assure that you are always making a right choice when it comes to selecting the best binary options broker or top binary options trading platform. Trading binary options is quite fun and exciting process that may also result in financial gains, however it is also very risky. Please note that Binary Options Hub does not take any responsibility for your investment decisions. Binary Options Hub also recommends you to consult with an expert before engaging into binary options trading activity. Please read our full disclaimer and risk warning to understand the risks of binary options trading better. Do not deposit more than you are willing to risk.
You don’t know whether a broker is reliable until you have signed up and trade with them. When doing research on a broker, it is important to always check for negative reviews on sites like this one. Avoid scam brokers, because unfortunately there are many of them, The negative reviews can tell you whether traders are facing any issue with the broker. The following is a list of the top 5 worst binary options brokers that you should stay away and never deal with.
But first, here are some of the most trusted and best binary options brokers:
Top 5 of the worst binary options brokers (scam brokers)
EZ Trader EZTrader binary options broker is run by the WGM Services Ltd., which belongs to the EZTD Inc. The broker was founded in 2008 and earn up to a maximum profits of 70% – 80%. They offer a bonus trading system that requires you to generate at least 40 times of the bonus if you want to withdraw all the amount in your account’s balance. They will deduct a fee if you did not meet the 40 times trading volume minimum requirement. This means that you won’t be able to withdraw your full deposit amount after minus the loss. Hence, the total loss is about double the initial amount you lose through trading. The trading platform is not user friendly as its interface is not well organized and it is difficult to access the features. There is also a loading problem on the platform and it constantly crash from time to time. Because the platform keeps crashing, the outcome of your trades will not updated properly.
PWRTrade PWRTrade is a new broker owned by GN Capital Ltd that entered into the binary trading market in 2020. PWRTRade offers the SpotOption platform that features a variety of trade options such as one touch, up/down options, and ladders. PWRTrade has a tremendous amount of negative reviews from customers. Some customers claim that the customer support is not responsive and that they are having problems withdrawing the funds from their accounts. The customer representative will approve the your withdrawal but you can wait and wait and they won’t approve your withdrawal request for a long time. The live chat support is likewise not responsive just like the telephone support. If you call them, they will ask you to deposit more money even if you are earning zero profit on your investment.
Porter Finance Porter Finance binary options broker was founded in 2020 and they have a headquarter in London Porter Finance offers about 200 types of asset and the return rate is in between 60% – 87%, Their customer support is available for 24/7 and they handle most of the customers’ queries and complaints through telephone, live chat and Skype. Many traders are complaining that the trading signals that come with their accounts are leading them to a lot of losses. They complained that the broker has done some tricks for example implementing a delay signal. There are also complaints that they try to withdraw the money in the clients’ accounts without their permission. Porter Finance no longer accept USA traders.
TraderXP TraderXP binary options broker was established in the latter part of 2009 and their headquarter is located in the British Virgins Islands. TraderXP is not a scam broker but the level of customer support they provide is unimpressive. Many customers complained that their withdrawal requests have been constantly canceled even though all the documents they submitted were verified and approved. There are also customers who complain that they kept on receiving phone calls from different countries but all the phone calls are actually from the same company in Cyprus. TraderXP is not regulated yet although they claimed they are regulated.
EZ Binary EZ Binary is another scam binary options broker of which their site do not exist anymore. The broker has a very small customer base and not much reviews are available on the web. There have been complaints from customers that they are unable to perform a withdrawal request on EZ Binary. The customer support at EZ Binary is totally unresponsive and you won’t get any reply from them in anyway.
Conclusion In conclusion, many scam brokers will try to come up with excuses to prevent you from withdrawing the earnings so you should always read reviews. There are a lot more scam brokers than the ones listed above so always do research carefully before signing up and depositing your money in the trading account.
Binary Options Scams List – See Which Brokers are Scams
Updated on: 6 January 2020
The harsh reality is that there are multiple binary options brokers that are running a scam. There are various ways in which a binary options broker could be doing this, including non-payment of legitimately earned money, fraudulently awarded bonuses and claims made by the broker that are simply not true.
Below you’ll find a list of binary options scams that you should 100% avoid when you come across them:
Update: Currently the most trusted broker in the business is IQ Option. It’s in the business for several years now and has multiple licenses in various reputable jurisdictions. So, if you want to go safe, then go IQ Option.
New: Cryptocurrencies are the market that makes most of the money today. For this reason we have looked into completely legitimate and safe crypto trading bots and have found that VideForex is the most reputable one where you can make profits up to even 20% per day.
However, since IQ Option does not accept US traders, US traders can check out VideForex instead, which is an equally reputable broker with great services and fast withdrawals.
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GlobalTrader365 – You can usually know if a broker is suspicious just by their unprofessional name. GlobalTrader365 is a name one would choose randomly and quickly when creating a new get-rich-quick scheme and scam.
Based on several real trader reviews on multiple forums the modus operandi of this broker is to manipulate people into depositing very large sums of money above $5,000+ claiming that they will then reveal some magic winning secrets. Once the money is deposited, no one will reply to your emails anymore or answer your phone calls. Your money will be gone.
GlobalTrader365 is a SCAM.
Safe24Options – This broker appears to be ripping off the trust and name of the broker 24Option, which is a legitimate broker licensed in the European Union. Safe24Options and 24Option are NOT the same company.
The most common complaint about this broker is complete non-payment regardless of the amount. Usually once you register a customer service representative will approach you and make all kinds of wild claims and promises that if you deposit a very large amount he’ll show you an unknown winning secret. Once you deposit, you’ll never hear from him again.
Safe24Options is a SCAM.
Sycamore Options – There are rumors according to which Sycamore Options is being run by the same company as TraderXP, another binary options scam. It appears that after the large negative publicity, TraderXP simply decided to change its name and operate under a new scam.
Sycamore Options is in our opinion one of the worst binary options scams as there have been reports of the broker fraudulently charging people’s credit cards. One trader reported on a popular binary options forum that after a deposit of $200 the broker ninja-withdrew an additional $800 in 4 incremental payments without the trader’s permission. The trader was refused any compensation.
Do NOT register at Sycamore Options it’s a SCAM.
Binary International – There is not much information available about this binary options broker. This does not necessarily mean that this broker is a scam however the fact that it’s extremely hard to find any information about the company running this broker is suspicious.
The general rule of thumb when registering at binary options brokers is that you should avoid anything that appears suspicious. You should trust your gut feeling if something appears off. You might be wrong in certain cases but it’s not worth taking the risk of registering at a potential scam.
Binary International might not be a scam but it looks suspicious as it’s difficult to see what company runs this broker.
Cedar Finance – Cedar Finance might not necessarily be a scam however the way the company owners promoted this broker in the past resulted in them being blacklisted by multiple online trading websites and forums.
Cedar Finance is perhaps known as one of the largest spammers in the business. In the past, they were ranking for a huge number of “make money online” keywords in Google and promoted a massive number of fake video testimonials from supposed “clients”.
While they might not be scamming people directly (not paying out winnings etc.) they do seem to be very happy about misleading random people into believing that with binary options “you can turn $200 into $1,000 in 60 seconds”.
Due to their predatory nature and aggressive and dishonest marketing we do not recommend Cedar Finance as a suitable binary options broker even though they don’t seem to be a scam.
VIPBinary – VIP Binary is another broker that does not necessarily appear to be a scam but still managed to generate a lot of negative feedback from losing traders. While the broker might be legit, we believe you should not risk and register there considering that there are plenty of reliable alternatives out there.
VIPBinary also engages in dishonest and manipulative advertisement tactics promising traders massive winnings if they just deposit $1,000 more into their accounts. While traders doing this might appear to be dumb (I mean, why would you listen to a BROKER telling you to invest MORE money?) it’s sneaky and shady to manipulate these people into losing their money.
VIPBinary is a suspicious broker you should avoid.
EZ Binary – EZ Binary is a broker that appears to be piggybacking the brand and trademark of EZTrader. EZTrader is a legit and fully EU regulated binary options broker that should not be confused by EZ Binary. The two brokers are owned by two completely different companies not related to each other.
The fact that EZ Binary is stealing the brand value of another broker in order to fool people into believing that they are trading at a different broker means that EZ Binary is a scam.
EZ Binary is a SCAM.
How do we Decide if a Binary Options Broker is a Scam?
One of the best ways to decide if a binary options broker is a scam or not is to look out for real trader reviews at reputable Forex or binary options websites. One of the most important forums to look for such information is ForexPeaceArmy.com that regularly has real user feedback posted on brokers.
If a binary options broker gets too much negative feedback related to issues such as non-payment of withdrawals, fraudulent claims and aggressive marketing practices then the broker will automatically land on our scam list.
Something that we genuinely don’t like is brokers that outright manipulate and fool their clients into depositing massive amounts of money claiming that after they do so the broker will tell them some hidden secret about making money online.
Binary options is not magic and you cannot make money using binary options in just 60 seconds by making random trades. You can only make money in binary options if you put in a great deal of effort into research and execution.
Anyone, be it a broker or an informational website, who promises you “guaranteed wins in 60 seconds” is lying and profiting from you being stupid if you buy into it. So, any brokers that promise “massive wins without effort” will land in our scam list even though they aren’t necessarily doing anything flat out scammy.
We are also suspicious towards binary options brokers that are completely new and appear to be mysterious and obscure. If you see a broker and can’t verify the company behind it and genuinely have no clue who the people running it are then you better stay away.
Our binary options scams list is constantly growing based on the feedback and experiences we get. Check back later if you want to find out more information about scam binary options brokers.
If you want to trade at genuine brokers then check out our legit binary options brokers page. On that page we listed the broker we now for sure are legitimate and have no history of scamming their traders.
Right now the broker with the most licenses and the best reputation in the business is 24Option. Check out the linked review in order to find out exactly why this broker is legit.
Best Binary Options Brokers 2020:
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