Estimated reading time: 7 minutes
There’s no harm done when we (legit binary options traders) expose those who are trying to make the market filthy and unbearable for all.
Newbies in the industry easily give in for these kinds of scams and our aim is to totally eliminate and possibly wipe them out by exposing their dark sides so that every level of trader will have first hand information on how these binary options scams operate.
There are many legitimate binary options brokers out there as well as a hand full of scam brokers and fake signal services.
These fake brokers and signal services are just trying to ruin the good reputation people have about the industry by promising mouth-watering bonuses (for brokers) and unimaginable profits and returns (for signal services) when you join their train.
As the Binary Options method of trading is still fairly new, it has become a fertile ground for scammers to thrive.
This is because many people have little or no prior knowledge on how trading binary options works and so easily fall for scam products.
Being more in number than the real brokers and signal services, it is also relatively simple for any newbie to fall for these scams.
Binary Options is gaining popularity day by day and it’s opposition, the Forex market is dwindling as time goes by (See images below).
So, this is why we can see more scams pop-up every day in binary options niche rather than Forex.
Many traders have unknowingly fallen into the hands of either scam brokers or signal services all in the name of “trading binary options profitably”.
No matter the type of broker, all of them would require you deposit in order to start trading but only legitimate brokers will allow you to withdraw your funds without any stress.
The scam broker does almost everything a legitimate broker would do in order to satisfy their clients except of course, during withdrawal of funds.
You Can Also Read: Option Bot 2.0 Reviews
One sure way to detect binary options scams is to conduct a search online on any search engine with the keywords “Company name + scam” or “Company name + reviews” without quotes.
Read as many reviews and testimonials as possible from various clients expressing their views about the Company on different review sites before buying any binary software or depositing funds into any broker.
Other minor qualities that may help you suspect the Company in question are:
However, sometimes, in a few occasions, other scam brokers may be hyperactive in customer related questions and issues and try to solve them so as to get the confidence of the trader which will later result in the trader depositing funds for trading.
Customer service may be through phone calls, live chat or ticket systems.
This means that Clients’ funds and personal information are not secure and therefore cyber criminals can easily have access to them without any restrictions.
To know if a particular site is secure, look in the address bar and make sure the url of the site begins with “https” and not “http” as you would see for https://www.google.com. Not only this, sites dealing with money should have an additional green bar in the address field in addition to the “https”. This ensures maximum security and great user experience.
Domain related issues are in the minority of cases, therefore you shouldn’t use this to fully judge if a Company is scam or not. I mentioned them to let you know that factors like very low Alexa Rankings, new domain name and age should make you being suspicious of that site.
If you know of any Binary Options Scam Product, Broker or Software, Kindly let us know about it in the comment section below.
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