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How to Minimize the Risk of Being Scammed by a Binary Options Broker?

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As a binary options trader and contributor since 2010, I feel I've seen it all. Scam is not a common word when it comes to BO trading, especially among the service providers aka Brokers or brands.

I sure hope the next presentation will help you avoid possible scams and stay clear out of fraud. After all, BO trading should be fun and potentially returning!

Published in: Economy & Finance
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How to Minimize the Risk of Being Scammed by a Binary Options Broker?

  1. 1. BinaryOptionsThatSuck.com Presents: How to Minimize the Risk of Being Scammed by a Binary Options Broker?
  2. 2. Who is this Binary Options Broker? • Search the Web for the Broker’s Name including the words Scam, Fraud, Complaints, Comments • Dig inside forums and comment sections. Real complaints are usually more detailed • Positive feedback is hard to find. Do NOT believe to “This Broker Rocks!” • Lots of Withdrawal Issue: Run AWAY!
  3. 3. Is this Broker Regulated? • CySec Regulation is a great advantage. Broker with CySec Regulation are much more safe for you than non-regulated brokers • Make sure you check the broker on CySec’s website as well: http://www.cysec.gov.cy/en- GB/entities/investment-firms/cypriot/
  4. 4. Check the Terms and Conditions • Well, you don’t have to check the entire document. • It is extremely important to look for Bonus and Withdrawal clauses. • An average bonus wager should be around 30 times the bonus • Withdrawal should be handled via the same method as depositing or by wire transfer
  5. 5. Make Sure You’ve Complete Documents • The problem is, brokers let you deposit quickly but when you ask for withdrawal, they suddenly remember to ask for proper identification. • Make sure you have a color copy of you ID • Proof of Address • Last 4 Digits of your credit card
  6. 6. Use Software to Document your Trades • It is important to keep track of your trading! 2 good reasons why: • Keep “Trading Diary” for your own learning experience • Record your trading incase you’re suspecting Price Manipulation
  7. 7. Software to Record your Trades • LightShot app helps you take quick pictures of your screen and save them on cloud or on your own PC - http://prntscr.com/ • ScreenCast-O-Matic app helps you record your activity and save it on your PC - http://www.screencast-o-matic.com/ • Keep a dedicated folder on your front desk, with all documentation, including emails!
  8. 8. Make Your First Withdrawal • Even if you’re not yet profitable, it is a good time to test your broker when it comes to withdrawal. Try to withdraw a part of your account and remember: • Some Brokers have a minimum withdrawal amount. Make sure you’re above the minimum • You’ll probably get a call from your account manager. Tell them politely you’re testing their withdrawal availability • Withdrawal should take up to 7 days. Do not lose your head and trade more over this period!
  9. 9. Stay Away from Signal Sellers and Bots! • Most Signal Sellers / AutoTrader / Bots / Signal Software are plain crap. They’ll offer you mind blowing returns. Eventually, they’ll whip your account. • Do NOT deposit into a broker because a signal sellers told you to. The broker won’t help you incase you’re having issue with the Signal provider • Put faith in your own knowledge or learn to trade
  10. 10. Be a Part of a Community • Remember: You shouldn’t trade all alone! There are plenty of traders just like you on Binary Options Trading Communities. • Being a part of a community helps you stay up to date with the latest scams, strategies and risk management issues. • We recommend CommuniTraders, Forums and Social Trading Platform
  11. 11. Trade Smart! • Above all, Trade Smart. Do NOT invest what you cannot afford, do not gamble and do not think you’ve nothing new to learn! • Check out the Complete Binary Options Anti- Scam Guide • Have Fun!

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