Dealing With Binary Options Complaints I Avoiding Binary Options Scams

Best Binary Options Brokers 2020:
  • Binarium

    Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo

    Good Choice For Experienced Traders! 2nd place in the ranking!

Binary Options Complaints

There are situations where scam brokers are complicating the withdrawal process, or traders have trouble logging in or registering. In those cases, and many other, traders normally write complaints to try to get help and work out their issue. In order to minimize your chances of needing to send in a complaint, make sure to familiarize yourself with reviews on binary options brokers and choose the one that is in line with your trading needs.

In order to successfully navigate through the binary options industry, traders need to be aware of a few essential components that will help them achieve that. The most fundamental one is to choose a reliable binary options broker.

Given the fact that there are so many binary brokers you can choose among, it certainly isn’t an easy feat to decide on a right one for you. This gets even more difficult if you are a binary options trading beginner.

We feel that the number one thing to ensure is a trusting relationship between a binary options broker and you as a trader. Being able to be confident in your trading decisions along with your binary broker might have a deep impact on your trading opportunities and results. That confidence can also come from the multitude of features like many trade options, demo accounts and so on, that individual brokers offer on their platforms.

How Regulations Affect Binary Options Brokers?

It is often clarified that reading binary options broker reviews is of the utmost importance when it comes to knowing how to handle any problem you might encounter.

Regulated brokers follow the guidelines and acts of legal documents and laws they are obligated to abide by. Seeing that there are regulated and unregulated binary options brokers, it is clear that there might be differences in the way either category deals with binary options complaints.

Those brokers that are regulated will try to do everything to solve the issue directly with the trader in order to prevent the matter going further up the legal ladder. This makes the process fairly fast and straightforward. Unregulated brokers have a much wider framework under which they operate, which could possibly mean that their individual processes of dealing with complaints can vary greatly.

It is also possible that complaints that are addressed to a regulated binary broker do not make much sense, simply because the broker’s performance was completely in line with the legal framework.

Avoiding Binary Options Complaints

It is pretty obvious that taking into account the size and rate of growth of binary options industry, not all binary brokers are regulated. Knowing which broker to choose to fit your needs is probably the single most important way to avoid scams.

It is indeed a good news that more and more binary brokers are pursuing a goal of high levels of legal protection for both the broker and consequently the traders. In order to accomplish that, many brokers are acquiring a CySEC license.

Best Binary Options Brokers 2020:
  • Binarium

    Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo

    Good Choice For Experienced Traders! 2nd place in the ranking!

Obviously, binary trading, just like any other type of trading, holds no guarantees. However, having a CySEC license informs the prospective traders that this broker has to abide by certain standards and are held responsible for their actions. This, in turn, might help the traders feel more relaxed and safer.

The goal of this article is to help traders recognize the signs that a certain binary options broker is perhaps having issues and why to avoid them.

Allowing Access to your Broker Account

One of the first tell tale signs that a broker might be problematic is the offer to manage their traders accounts. This is completely unacceptable since the trader is the only person that needs and should have access to their own trading account. If someone has access to your account that means that they can place trades in your name and you are effectively giving away your money.

Make sure to never allow any third party to manage your account, regardless of their connection to the binary broker you chose.

Credit Card Information Misuse

Getting a call saying that certain amount of your money has been lost certainly isn’t great. There is always a possibility your payment was processed twice by mistake. In that case, your situation should be resolved rather quickly and without delay.

However, if your personal information was used to make transactions or trades that you weren’t aware of, that constitutes a scam.

Any action that involves your personal information, whether financial or otherwise, that you were not involved in or gave any permission, is considered a privacy breach and as such is very serious. Make sure you always choose secure payment methods when dealing with any payments or withdrawals.

Broker Bonus Policy Complaint Issues

When it comes to bonuses, it is important to highlight the necessity of carefully reading the bonus policy of a chosen broker. Bonuses can be a great thing for traders who are aware of all the obligations and rules pertaining to those situations.

When binary options brokers offer a specific type of bonus to their registered traders, as there are many, traders that accept them need to be aware that they probably will not be able to withdraw their money immediately.

Obviously, traders are not required to accept any bonus offers. Accepting a bonus, usually obligates the trader to trade anywhere from 20 to 50 times the bonus value, before they can request a withdrawal. For this reason, it is important to read and understand all broker terms and conditions that might directly affect the trader.

It is clear, from our arguments, that many broker complaints can be related to bonus policies, that is, if traders do not read or understand them, or if binary brokers do not explain what their procedures are.

Possible issues with a broker withdrawal process

Perhaps, one of the most occurring types of complaint has to do with the withdrawal process. Obviously, it’s not always easy to recognize a great binary broker. Like we said, there are no guarantees in the binary trading industry, but it is important to understand every possible complaint scenario so traders can successfully navigate through them.

Binary options traders have a responsibility of reading and understanding the terms of service and in line with them, they are required to send documents that prove their identity. If some of the documents are not available, or not adequate, then the broker cannot follow through with the process. But, if the broker is delaying or blocking the withdrawal process without a clear reason, then that constitutes a fair basis for a binary options complaint.

There are some instances in which a complaint is connected to a previously sent complaint. Or a complaint can be based on information that is not in line with terms and conditions of the broker. In that case, the broker is not responsible for a trader who has not read the important info.

As a whole, traders need to make sure to do everything in their power to familiarize themselves with all the conditions that the broker imposes as well as how to recognize possible binary options scams.

Binary Options Scams

Ever since humans have been trying to make more money, there have been scammers ready to take advantage. One of the problems, of course, is that naïve consumers and investors, looking to increase their earnings, can lose everything as the result of a scam. Another issue is that a number of perfectly legitimate brokers and businesses end up being tarred with the same brush and labeled scams because of unscrupulous actions of others.

One of the difficulties is related to binary options scams. It’s important to realize that binary options represent a legitimate way to make money (even though some claim that trading them is a scam), but at the same time it’s important to be careful, since there are scammers out there waiting to take advantage of you.

First of All: Binary Options Trading Is Legit

It’s important to realize that binary options trading isn’t some big scam. Binary options have been traded for a long time, and they are a legitimate way to speculate on market outcomes, and are especially popular amongst Forex traders.

The idea that binary options trading is a scam comes from the fact that the speculative nature of this type of trading means that there is a very real chance of loss. And, it’s an proposition. If you’re right, you end up with profits. But, if you’re wrong, you lose the premium you paid in order to buy the options contract. These losses lead many to think that it is a scam. However, binary options trading is no more a scam than stock trading or Forex trading.

What Binary Options Scams Are Out There?

You need to be aware that there are different scams being perpetrated in order to part you from the money you work hard to earn. Some of the scams are more a result of poor quality software, and poor customer service, than overt scams. For example, a broker might use poor software that doesn’t record orders properly, or has other problems. You might think you are purchasing one contract, but the software says you purchased something else. The result is that you lose money.

Another possibility is that you have difficulty working with customer support when something goes wrong. You might be simply told that nothing can be done as your money trickles away. It’s also important to be on the lookout for brokerages that don’t allow you to withdraw your money, instead forcing you through various hoops, or telling you that you’ve forfeited it in some way.

Be on the watch, too, for sites that are scammers, including fraudulent web sites and “brokers” that disappear after a few weeks.

You Do Need to Watch Out for Scammers

However, just because binary options trading itself isn’t a scam doesn’t meant that there aren’t scammers out there. While there are a number of reputable brokerages that can help you trade binary options, there are also scammers trolling the web, looking for susceptible traders. Before you decide to begin trading with a brokerage, you need to make sure that you are dealing with someone reputable.

Look for a few red flags before you sign up as a client and start trading binary options:

  • Guaranteed profits: No one can guarantee your profits. Anyone who insists that you can’t lose money is probably a scammer. There is no “safe” investment, whether you are trading binary options, or investing in the stock market. Stay away from this types of fraud.
  • Loose regulatory environment: Check the country the broker bases its operations in. In some cases, the country has a poor regulatory infrastructure and that makes it easier for fraudsters to set up shop. Be wary of brokerages based in countries without good regulatory practices.
  • Poor reviews: You do need to be careful of relying too much on poor reviews. You can, though, get a good idea of a broker’s legitimacy by spending time on forums, and looking for information about the broker. There are a number legitimate binary options brokers, and you can usually find them with a search of the Internet, or by visiting the forums. Be suspicious of organizations that not many people have heard of, as well as brokers that have nothing but bad reviews.

As long as you do your homework, and you are careful about the brokers you work with, you should be able to avoid binary options scams. Then, all you have to do is worry about whether or not you are making the right calls when it’s time to trade.

Binary options scams

Find out how binary options work, how to avoid scams and what to do if you are scammed.

Update: The sale of all binary options to retail consumers is now banned. If you are offered binary options, it is probably a scam.

Binary options are a form of fixed-odds betting. Typically, a trade involves whether an event will happen or not (for example, will the price of a particular share or asset go up) and the outcome is either yes or no.

If the investor is correct, they ‘win’ and should see a return on their investment; if they’re wrong, they lose their full investment.

From 2 April 2020, we permanently banned firms from selling binary options in the UK.

This follows the European Securities and Markets Authority’s (ESMA) temporary ban on the sale of binary options to retail consumers across the EU, including the UK, since 2 July 2020. Our ban includes certain binary options that were excluded from ESMA’s temporary ban.

How binary options scams work

Binary options fraudsters often advertise on social media – the ads link to websites that are well-designed and professional looking.

The firms operating the scams tend to be based outside the UK but often claim to have a UK presence, often a prestigious City of London address.

Scam firms may manipulate software to distort prices and payouts – they then suddenly close consumers’ trading accounts, refusing to pay back their money.

We are aware that scammers are targeting consumers searching for investments online, in particular through search engines like Google and Bing. Those offering or promoting products or investment opportunities found through search engines are not necessarily authorised or regulated by the FCA. You can check the FCA Warning List for firms to avoid.

How to protect yourself

Be wary of adverts online and on social media promising high returns from binary options trading.

You should only deal with financial services firms that are authorised by us. As the sale of binary options to retail consumers is now banned any firm offering binary options services is probably unauthorised or a scam.

If you have any doubts, check the Register to ensure a firm is authorised. You can also check our Warning List of firms to avoid.

You should check the firm isn’t a clone firm by asking for their firm reference number (FRN) and contact details and then calling them back on the switchboard number on our Register – never use a link in an email or website from the firm offering you an investment.

Always be wary if you’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.

If you have been scammed

You can report the firm or scam to us by contacting our Consumer Helpline on 0800 111 6768 or using our reporting form.

If you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals.

The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.

If you have any concerns at all about a potential scam, contact us immediately.

Best Binary Options Brokers 2020:
  • Binarium

    Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo

    Good Choice For Experienced Traders! 2nd place in the ranking!

Like this post? Please share to your friends:
Guide How To Become Binary Options Trader
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: