9 Frequently Asked Questions about binary options

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9 Frequently Asked Questions About Short Selling

Short-selling, or “shorting a stock,” is an advanced trading strategy that involves potentially unlimited risks. But traders who know what to look for can still use it to their advantage. Here, we’ll take a look at the basics of short selling , when you might consider it and nine frequently asked questions.

2. What is short selling?

Short selling is the sale of borrowed stock. Generally, traders sell short when they expect a stock’s price to decline. This is also called a “directional short.” People also sell short to facilitate hedging and arbitrage, but we’ll focus on directional shorts.

To start a short sale, you must have a margin account with a brokerage firm, which allows you to borrow stocks from either Schwab’s own inventory or from an outside custodian bank or broker-dealer , using your own eligible securities as collateral. Then, you sell the borrowed security, which leaves a negative share balance that is then maintained in your margin account as a “short position.” To close the short position , you must buy back the security. If the price drops, you can buy back the stock at the lower price and make a profit on the difference. However, if the price of the stock rises, you might have to buy back the security at a higher price for a loss.

Here are two examples of how profit or loss is calculated on a directional short sale. (Trade commissions, margin interest, and fees are not included in these calculations, but can affect final outcomes and should be considered.)


  • Short 100 shares XYZ @ $20, total proceeds = $2,000
  • Stock price drops to $15, client buys back the 100 shares XYZ @ $15, total cost $1,500
  • Total profit = $2,000 – $1,500 = $500

Example—loss :
The maximum loss on a short is unlimited : The short seller’s losses accumulate as the price goes up, and the stock price could theoretically increase infinitely.

  • Short 100 shares of XYZ at $20: total proceeds = $2,000
  • Stock price increases and remains at $30 until expiration date
  • Client buys back the 100 shares of XYZ at $30: total cost = $3,000
  • Total loss: $2,000 – $3,000 = -$1000

2. What does it mean if a stock is hard-to-borrow (HTB)?

  • Easy-to-borrow (ETB) means that there’s a supply of a stock and generally would be available for short selling.
  • Hard-to-borrow (HTB) means that there’s limited supply of a stock for short selling. In this case, you’ll have to pay a daily stock borrow fee, which changes based on a stock’s price and its availability.

3. How does a short sale work?

Let’s take a look at how a short sale of an ETB stock might work, keeping in mind that the borrowed stocks are made available from other Schwab customers or from outside sources.

Short selling in practice – Source: Schwab Center for Financial Research. These examples are hypothetical and do not account for dividend and interest payments, taxes, trade commissions or other fees or expenses that could reduce returns or increase losses.

  • Long holder, Mr. Armstrong, believes the XYZ stock will increase over time and buys 300 shares of XYZ in his margin account. He receives a dividend payment on the stock.
  • Short seller, Ms. Bourne believes the price of XYZ stock will soon decrease and enters an order to sell short 100 shares XYZ.
  • Schwab borrows the 100 shares from Mr. Armstrong to lend to Ms. Bourne to sell.
  • When the short sale is executed, Mr. Armstrong’s account and positions remain unchanged, but Ms. Bourne’s account will show a short position (-100 shares XYZ).

4. What happens if dividends are paid on borrowed shares?

Now, let’s assume that a dividend is paid on XYZ while the shares are being borrowed. Schwab will typically allocate a substitute dividend payment to the lender, Mr. Armstrong, in lieu of the dividend, and will debit the substitute dividend payment amount from the borrower, Ms. Bourne. The payment in lieu of the dividend may not be entitled to the same tax treatment as may have been applied to the receipt of the actual dividend.

However, Schwab typically makes efforts to compensate lenders for any differential tax treatment. Schwab clients may refer to their Schwab Account Agreement for more information on payments in lieu of dividends.

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5. What happens if the lender wants to sell the shares that have been borrowed?

Next, let’s assume Mr. Armstrong wants to sell all 300 shares of XYZ.

  • Mr. Armstrong simply places the sell order for 300 XYZ as usual. He is free to do this as he is the rightful owner of the shares.
  • If there are additional shares available for shorting, Ms. Bourne may continue holding her short position using those additional shares. If these shares are ETB, Ms. Bourne would continue to short without any additional fees. However, if the shares are HTB, she would pay a fee to continue to borrow the shares.
  • If the sale results in unavailable shares, Ms. Bourne’s short position will be closed out via a purchase at the current market price by Schwab, at Ms. Bourne’s expense, and potentially without notice. This enables proper delivery of the shares to Mr. Armstrong.

6. How do you know if there are shares available to borrow at Schwab?

When you are placing an order on Schwab.com, you will see a note on the order entry verification screen if the security is hard-to-borrow.

Source: All-In-One Trade Ticket, Schwab.com

StreetSmart Edge ® has a HTB indicator to let clients know that shares of a security are HTB for shorting. However, the absence of the indicator for a particular security does not guarantee that it will be available to sell short. If you have further questions about the availability of a particular security to sell short, please contact a Schwab representative.

In StreetSmart Edge ® , the indicator a ppears in the top right of the All in One Trade Tool.

1. Open StreetSmart Edge.

2. Click Launch Tools.

3. Select All in One Trade Tool.

Source: StreetSmart Edge®

4. Click the Stock/ETF tab.

5. Navigate to the top-right of the stock trade ticket.

You will see the words “Hard to Borrow.”

HTB indicator in StreetSmart Edge
Source: All in One Trade Tool, StreetSmart Edge.

For more information on securing shares to borrow, clients can contact the Securities Lending Department at 800-355-2448.

7. When do you have to buy the shares back?

There are no regulations that limit the amount of time a short position can stay open; however, the following conditions may cause a short position to be closed out (bought back):

  • Shares are no longer available to borrow: When a client borrows shares to short sell, the margin lender retains the right to recall the securities at any time and without notice. If the shares are recalled by the margin lender, Schwab will try to re-borrow the securities on the client’s behalf. However, if shares cannot be obtained, Schwab is then forced to close out (buy back) the short position at the current market price, at the borrowing client’s expense, and potentially without notice.
  • There is an existing margin call on the account: Just as ‘long positions’ in accounts with margin calls are subject to liquidation at the discretion of the Margin Department (the department in a brokerage firm that monitors customers’ margin accounts), a short position is also subject to possible closure when a margin call exists.

8. What are the margin requirements?

Short selling is subject to the initial minimum $2,000 account equity requirement for using margin , which is an account-level requirement. See Schwab’s initial and margin maintenance requirements on short sales .
Schwab’s initial and margin maintenance requirements on short sales

Security price Schwab initial requirements (prior to settlement) Schwab maintenance requirements
(subsequent to settlement)
> $16.67 per share 50% of proceeds 30% of market value
$5 – $16.67 per share 50% of proceeds $5 per share
$2.50 – $4.99 per share 50% of proceeds 100% of market value
50% of proceeds $2.50 per share

Source: Charles Schwab & Co., Inc.

Here’s a basic example of an initial margin requirement: If you sold short 1000 shares of XYZ stock at $20, for a value of $20,000, you would need to have $10,000 in your margin account—that is, 50% of the value.

  • Number of shares: 1000
  • Price: $20
  • Value: $20,000
  • Margin %: 50%
  • Requirement: $10,000

It’s important to note that this table is just a guideline. The above figures assume a margin equity requirement of 30%; however, if the margin maintenance requirement on a stock is higher, then the maintenance requirement on the short will be higher. It’s also important to note that these requirements can change at any time and without prior notice from Schwab.

9. How can you try to manage risk on a short sale?

The potentially unlimited loss associated with a short sale makes it important to proactively manage the risk.

A buy stop order can help manage loss on a short sale, in case the stock price goes up.

For a short sale, buy-stop orders trigger a market order to buy back when the stock trades at, or above, the designated stop price.

An alternative order to consider is the trailing buy-stop. With this order, the trader can specify a percentage or dollar amount from the securities low trade price to cover their short trade. If the ask price only moves upward (against you), the trailing stop will track the ask price until it reaches or surpasses your entered trailing amount. However, unlike the standard buy-stop order, when the price moves downward (in your favor), a trailing buy-stop will readjust the trigger price from the new low trade price.

Once you submit a trailing buy-stop order, it remains in force until it’s triggered by a specific price change in the inside ask price. Once triggered, it becomes a market order that’s submitted for immediate execution; however , there’s no guarantee that you’ll get any specific execution price or price range. The resulting execution price may be above, at, or below the trailing stop’s trigger price itself.

Let’s take a look at an example of how these order types can help to control loss on a short sale.

Example: (Trade commissions and fees are not included in these calculations.)

Mr. Armstrong shorts 100 shares of XYZ stock at $30. Initially, the stock price moves down to $27, but then builds back up and ends the day at $33.

  • If Mr. Armstrong had no exit strategy on his trade and closed the position at the end of the day, he would end the day with a loss of $3 per share ($300).
  • If Mr. Armstrong had set a buy-stop on this order for $32 ($2 above sale price), the stop would have triggered when it traded at $32, and the Mr. Armstrong would incur a loss of approximately $2 per share ($200) assuming the order was filled at $32.
  • If Mr. Armstrong had set a trailing buy-stop on this order for $2, the initial trigger would take place at $32. However, as the price moved downward, the trailing stop would have readjusted with each new low, settling to $2 above $27, or $29.
  • As the price changed directions, the trailing buy-stop would have tracked the upward movement until $29, at which point the market order to buy would have triggered, resulting in approximately a $1 per share ($100) gain for Mr. Armstrong.

Keep in mind that there is no guarantee that a stop order will execute at or near the stop price.

9.9 Frequently Asked Questions

This section addresses some commonly encountered problems with UNIX printing.

Reports Server uses rwlpr for submitting a print job. For rwlpr logging for Windows, when you enable tracing for Reports Server using either traceModule=all or traceModule=server , a printing diagnostic log ( server_name -rwlpr- jobid .log ) is created in the log directory ( $ORACLE_INSTANCE/diagnostics/logs/ReportsServerComponent/ ) for destype=printer . This log file will contain information regarding the messages that can be used to diagnose any printing issues, such as spooler problem.

9.9.1 Common Printing Error Messages

REP-00177 – Error while running in remote server

REP-1800 – Formatter error

REP-3300 – Fatal error in component name

UI-9 – This function call is out of context.

REP-3002: Internal error initializing printer information

These errors generally indicate a printer configuration issue.

Check the printer queues that have been defined at the operating system level in your setup. You can use:

If a valid printer queue is installed, check for the following:

uiprint.txt must have a valid entry for the printer.

Oracle Reports must be able to open and read the uiprint.txt file:

The person running the report must have operating system level read permissions on uiprint.txt . Oracle Reports must be able to open the uiprint.txt . UNIX operating systems do have an open file limit. If you are over that limit, Oracle Reports might not be able to open uiprint.txt .

The printer description files specified in uiprint.txt must exist in your installation in:

The printer specified in uiprint.txt must be enabled at the operating system level. A quick test is to try printing any file from the command line using lp or lpr . If you can print using one of these commands and get the output on the printer, then the printer is enabled.

The printer queue and uiprint.txt entry syntax must be valid.

If the printer validation fails, refer to the environment variables TK_PRINT_STATUS and REPORTS_NO_DUMMY_PRINTER in Appendix B, “Environment Variables”.

REP-00826 – Invalid printer driver xxx specified by parameter desformat.

REP-00177 – Error while running in remote server (When run through CGI)

An invalid value was specified for DESFORMAT for the specified report execution mode.

The DESFORMAT parameter specifies which output format is needed. Valid formats are:

For bitmapped reports, any of the output formats supported by Oracle Reports (PostScript, PCL, PDF, HTML, XML, HTMLCSS, ENHANCEDSPREADSHEET, SPREADSHEET) is valid for DESFORMAT . You should not give the PRT file names here. While running to a file, the DESFORMAT parameter needs to be set to a valid printer queue. Oracle Reports uses the printer definition file associated with the printer to format the output.

For character mode reports, DESFORMAT sets up the output for ASCII printers and passes escape characters. For running character mode reports, ensure that you change the MODE parameter to Character and use any valid .PRT file.

Table 9-7 maps the command line options ( DESTYPE , DESNAME , and DESFORMAT ) to the printer by what you are trying to achieve.

Table 9-7 DESTYPE , DESNAME , and DESFORMAT Settings By Case

Generating to a file

REP-01800 – Formatter error.

REP-00177 – Error while running in remote server

(When run through CGI)

The error indicates that a printer configuration issue has occurred on a UNIX server. Even if there is not a physical printer available on the system, you have to set it up as if there was one.

Verify that there is a valid entry in uiprint.txt .

If you have multiple printer queue entries in uiprint.txt and you need to set the default printer, verify that the environment variable is set to a printer that is listed in uiprint.txt . If the related environment variable is not set, then the first entry in uiprint.txt is used. For more information on printer-related environment variables, refer to Appendix B, “Environment Variables”.

If there is no printer available for your system, refer to Section 9.3, “Configuring the Printing Environment” for alternatives.

Error while printing to a printer with spaces in its name

If you are on Solaris 2.8 and have printers that have spaces in the names, you may encounter a bug that causes an error resulting from the lpr / lp command including quotes around the printer name.

To resolve this issue, you must do either one of the following:

Remove the spaces in the printer’s name.

Install the Solaris 2.8 patch from Sun Microsystems that fixes the lpr / lp command so that quotes can be used in printers names.

Modify the section of rwlpr.sh that provides the workaround for including quotes, in order to make accessible any printer that has a space in the name. The rwlpr.sh file is located in the $ORACLE_INSTANCE/config/reports/bin directory.

Specifically, make the following changes:

Printing on Solaris 2.9

If you print a report using the DESTYPE=PRINTER and the DESNAME = printer_name command line options on Solaris 2.9, you will encounter the following errors:

To resolve this issue, you must do the following:

Create a backup of the rwlpr.sh file before proceeding. On Solaris, rwlpr.sh is the printing script file located in the $ORACLE_INSTANCE/config/reports/bin directory. This script file supports lp and lpr commands by default.

Navigate to the following line at the end of the file:

Add an OR operator to the existing if. else condition.

The if. else if condition checks for the Solaris Release version. Based on the version number, it strips the quotes from the printer name and passes it to the print command.

9.9.2 PCL Printing Issues

Why do fields that appear as gray on my PC print as white on a UNIX PCL printer?

PCL color printing is not supported. When the pattern is set to transparent, PCL printing uses the white pen (in PCL language) to draw. When the pattern is set to a solid pattern, it uses the black pen. This behavior occurs irrespective of what color is set for the foreground or background. PostScript printing logic is different. It uses the foreground color set when the pattern is solid and the background color set when the pattern is transparent.

What PCL level is supported in Oracle Reports?

The Oracle Reports PCL driver currently supports the features of PCL Level 3. It does support HPD files for later PCL versions, but it will not honor the additional features introduced since PCL Level 3.

9.9.3 PostScript Printing Issues

What is the work around for duplex printing on PostScript printers?

You should have a printer with a duplex option and an appropriate PPD file. The example that follows was tested with a PPD file for the Kyocera FS-9000 printer. You also need the UNIX sed tool named to filter the output file.

The problem with duplexing is that it is enabled at the job level, but it gets reset in the page setup because the paper size and printer tray information are generated for every page. To work around this problem, you need a script that removes the page level setup information to avoid resetting the duplex setting. A side effect of this work around is that you cannot switch the printer tray between pages.

Write a sed script with the following three lines:

Save the script to a file named duplexsed .

Copy duplexsed to an appropriate directory, such as ORACLE_HOME /bin .

Set the environment variable TK_PRINT as follows:

Print commands differ for various kinds of UNIX. Check your installation guide and man pages for your platform. Refer to Appendix B, “Environment Variables” for a description of TK_PRINT .

The command stored in TK_PRINT is only executed if DESTYPE=PRINTER . If DESTYPE=FILE , you still get a PostScript file with page level setup information. You can run the duplexsed script against the PostScript file to correct it.

What PostScript level is supported in Oracle Reports?

Oracle Reports supports PostScript Level 1 and 2.

How do you dynamically change the printer tray setting in the midst of a print job?

In some cases, you may want to switch printer trays in the middle of a report. For example, you might want the first page of a report printed on letterhead stationary and subsequent pages printed on plain white paper. For character mode reports, you can achieve this result through a combination of editing the .prt file and changing the report’s properties. For bit-mapped reports, you use the SRW.SET_PRINTER_TRAY built-in procedure. On UNIX, this functionality is supported for PostScript output but not PCL output. For PCL, Oracle Reports ignores the commands for changing orientation and paper tray. Although dynamically changing the orientation and printer tray for PCL is not supported on UNIX, you can change them at runtime through the print dialog box for PCL.

By using the Before Report, Between Pages, or format triggers you can switch to different printer trays as your report formats. This enables you to easily print pages of the same report on different sheets of paper.

For a description of the SRW built-in package, including the SRW.SET_PRINTER_TRAY built-in procedure, see the Oracle Reports online Help .

From the BEFORE REPORT trigger, you can set the printer tray for the very first page:

To set the printer tray dynamically for subsequent pages, add a format Trigger to an item that prints on each page of the report. The following code checks for even pages and sets the page number accordingly:

Why does the external print command ignore the tray select option while trying to print the PostScript output generated by Oracle Reports?

Suppose that you enter the following print command:

In this case, the -oupper option in the lp command is ignored. The reason for this behavior is that Oracle Reports generates tray information in its PostScript output. The tray selection in the PostScript overrides the specification on the command line. If you want the tray information on the command line to be respected, you need to remove the tray information from the PostScript file. You can do this by searching for and removing the following from your PostScript file:

How do you check whether a font is used in Oracle Reports printing?

PostScript files have a list of fonts, which is created after reading the PPD file. If you examine the PostScript file, you can check the fonts by looking for the following tags:

DocumentNeededResource has the list of fonts referenced in the PPD file.

DocumentSuppliedResource has the list of fonts for which the PostScript driver was able to find corresponding AFM files.

%%Page before the field’s %IncludeResource:font has the font name that will be used for the field.

For PCL output files, you can check whether a particular font was used. Depending on this information, the font settings in Oracle Reports or the printer can be modified.

What is the real difference between running reports to Screen and Preview?

Formatting a report to Screen, for screen fonts, guarantees that the report will look good in the Paper Design view of the Report Editor. If an attempt is made to print a report formatted with screen fonts, though, it is likely to come out with some differences because screen fonts typically map very poorly to printer fonts. If Preview is selected instead of Screen, the report is formatted with printer fonts and the output on the screen is almost certain to match the printed output.

Will there be any font issues if I do not have a valid printer installed?

Prior to Oracle Reports 10 g on UNIX, you had to set the DISPLAY environment variable in order for Reports Server to use the windowing system display surface for creating images and getting pixel resolution. This dependency is removed with Oracle Reports 10 g .

Additionally, earlier releases required a valid printer on UNIX for fonts. When no valid printer was available, Oracle Reports Services used the screen fonts, which again required setting the DISPLAY environment variable. Now, Oracle Reports Services includes a default screen printer surface, ScreenPrinter, that emulates a screen or printer for fonts in the absence of an available printer. As a result, Oracle Reports Services no longer requires a printer on UNIX.

9.9.5 Printed Output Issues

Why does my report look okay on the screen but have truncated data when printed?

Any one of a number of possible causes may account for the truncation of fields.

Check the field and determine if it is allowed to expand.

In Oracle Reports Builder, double-click the field in the Paper Design or Paper Layout view to display the Property Inspector.

Find the Horizontal Elasticity property.

If it is set to Fixed, you should change it to Variable or Expand.

Run the report to the printer.

If it still truncates, it could be that the field requires multiple lines.

Return to the Property Inspector for the field and check its Vertical Elasticity.

If it is set to Fixed, you should change it to Variable or Expand.

Run the report to the printer again.

If the right most fields on the page are always the ones truncating, it could be an issue with the printable area of the printer. If you are using a PCL printer, then you will have to estimate the size of the printable area and resize your margins accordingly:

Open the report in Oracle Reports Builder.

Go to the Paper Layout view.

Click the Margin tool on the top tool bar. A thick black line appears indicating where the body of your report ends and the margin begins.

Click and drag the black line to the left approximately 0.5 inches.

Save and run the report to the printer again.

If necessary, repeat steps 4 and 5 to determine approximately where the printable area boundary is located and then ensure that your report body fits within that area.

If you are using a PostScript printer, you can get the printable area boundary to appear in the Paper Layout view as follows:

Open the report in Oracle Reports Builder.

Choose File > Page Setup .

Verify that the margins are small and that the orientation is correct.

Click OK . The Paper Layout view should now be able to read the boundary.

Go to the Paper Layout view.

Click the Margin tool on the top tool bar. A thick black line appears indicating where the body of your report ends and the margin begins. A black hashed line also appears indicating the boundary of the printable area.

Ensure that the thick black line is inside of the black hashed line. If it is not, click and drag the black line inside the printable area.

Click the Margin tool to leave margin mode.

If necessary, reposition your fields to fit within the new body boundaries.

Save and run the report to the printer.

For PCL, if it is still truncating, try using a fixed space font instead of a proportional font. Sometimes PCL printers have problems interpreting proportional space fonts and it leads to truncation. You should try using a fixed space font, such as Courier, and possibly font aliasing.

Default layouts are built against a generic printer. Each printer has its own printable area. As a result, you may have to reset the report to fit the printer. Ideally, if you know the various printers you will be using, you can design the report from the start to fit the printer with the smallest printable area.

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Frequently Updated *Black-List* of Binary Options Scams


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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:


  • Lack of good customer support
  • Low quality website design
  • Suspicious video testimonials
  • Non-secured website (i.e. Absence of SSL certified website)
  • Not Regulated by well-known Organizations
  • Mouth-Watering Bonuses
  • New Domain Name
  • Alexa Ranking
  • Domain Age

Brief Explanations of the Above Points:

  • Many times, scam brokers and signal services do not offer professional and dedicative customer service as a real one would do. This stands to reason because they are just online to fight and gain your hard-earned cash without giving you anything valuable in return.

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.

  • Fake Companies often post fake video tutorials of people talking about how they made thousands of dollars with a particular software. This is very common with most binary options signal service provider scams.
  • Hey! We are dealing with Money here and Clients’ funds should be protected . Although rare, some wretched scammers may not be able to secure their Company website by purchasing costly SSL certificates for the site.

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.

  • Check if the Broker is regulated by bodies like CySec, CFTC, FSA, ASIC e.t.c. If any binary options broker is not regulated, it is a strong sign that you could be dealing with a fake one.
  • Bonuses are good but to some extent. Usually, these fake brokers use incentives like 200% deposit bonus, 500% bonus and other “too good to be true” bonuses to attract new clients into their platform. Watch out for these kind of incentives as they look very suspicious. When you find these kind of bonuses, please conduct further thorough online research about the Company in order to fully verify the legitimacy of the program.
  • Though very rare, some scam companies in the binary options industry may use a very poorly built website to represent their Company. This should make you research further about the program.

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.

Best Recommendations:

  • Don’t Deposit more than you can afford to lose with any broker. Always start with the minimum amount the broker recommends so as not to lose much assuming they were to be scam.
  • Always research online for a particular broker or signal service before joining.
  • Even if your trading is good and you’re making nice profits, always do a test withdrawal before depositing more funds. This is to verify the credibility of the broker.
  • Do not buy any binary options signal software without being confident that the product actually works. Please always visit this page to find the updated list of scam products in the market.
  • If a program looks too good to be true, conduct further research to verify the authenticity of the program.
  • Do not give out your social security number or any other sensitive information like PayPal email and password to unknown persons even if they were requested by the Company itself.
  • Logically, you should run away from sites claiming you could make up to $1 Million per day trading binary options
  • If you’ve been scammed and you have proofs to show that you you didn’t receive the services promised by the vendor, you can file a dispute against them with either PayPal or your Credit Card Company depending on the method of Payment.

If you know of any Binary Options Scam Product, Broker or Software, Kindly let us know about it in the comment section below.

If You’d Like to Get Notified When This Blog is Updated, Subscribe Below.

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113 Replies to “Frequently Updated *Black-List* of Binary Options Scams”

On this page you have listed Cedar Finance as scam BUT you have listed Cedar Finance on the Huge List Of All Accredited and Fully Regulated Binary Options Brokers as well.

So which one is true?

Thanks for identifying such an expensive error. That article was last edited by my co-author. All fake brokers have been removed now. You are free to check again and thanks for leaving a feedback ��

What’s your review/feedback for BossCapital? Is it a good platform to trade on?

Yes. BossCapital is a good broker to trade on with lots of features on their platform. They also accept US clients. You can read more about BossCapital and their bonus offers here.

As a Rookie, could I ask you where I should start learning about Binary Options and the like to make a profit? I see it as making an educated guess according to the patterns seen in the trend lines…

We were once rookies in this field �� . Many brokers offer educational resources for those who don’t know how to trade binary options or for rookies as you said.

Once you’re registered with BossCapital, you can ask for a free educational resource from your personal account manager and it will be gladly given to you.

Even without asking, they know it’s their job to grab your hand and show you step by step method of trading binary options successfully. Also, you are free to attend their free weekly/monthly webinars to learn how to maximize your profits with the broker. Hope this helps!

whats your review regarding royal binary? Im thinking of investing with them

Thanks for your question.

As Royal Binary is still a new company, i can’t speak for them now because they haven’t got enough reputation and/or popularity meaning that one can hardly tell their intentions of coming into the market because they don’t have enough clients at the moment who can show their testimonials about Royal-Binary company.

My advice is, to be on the safer side, you have to avoid such new brands till they attain enough credibility and trust from traders. While this is on ground, i suggest you register and trade with only well-known brokers who can make your trading experience a good one, a broker that won’t hesitate to provide all the support you need with their platform and will readily process your withdrawal when you ask for it. Example of such brokers is binary.com or OptionTime both of which are regulated and well known in the binary options industry.

Scam Alert!!
This email is to inform “traders globally, do not trade with http://CVCOption.com(CVCOptionBuildingcapital). This unregulated broker: will scam you out of your profits, if even you didn’t take a sign up bonus. Most recently, they changed their telephone number, and they are nothing more than a boiler room operation targeting newbies to steal their money. So once again, do not trade with CVC Option.com, as they are a big…fraud!

also beware of these CVCOptions scammers that are calling pa**ed client with active accounts stating they need to send the remaining balance to you. They want you to pay a $1500 fee to have them transfer your balance to your bank account. Every time they call me, I request to have the transaction done legally by having they attorney call my attorney to resolve. They will not do things the legal way. They had the nerves to tell me my attorney couldn’t do the legal transaction. At that point, I told them until they have my attorney speak with their attorney to not call me any more. Can you believe this? They are persistent and I will persistent.

How about 24option? Are they reliable? appreciate if you can commend. I have opened an acc with them but not funded yet.

Yes, they are reliable. You can safely trade with them here

What about EZTrader and Global option?Thank you.

Both are not reliable. They’ve scammed many traders in the past. Thanks for the reminder. I’ve now updated the list.

It’s good to see someone else in this market keeping track of binary scams. I write long articles every day about each new system and I’m tired of it. At least I know there are other people out there with the same approach as me and that helps.

What do you know about binaryoptionbrokers.net and germanbinaryrobot.com? Are they legit or scams?

Both Germanbinaryrobot and Binaryoptionbrokers.net are scams. You can as well find them in our list above. There are many of these type of scams out there as they are not limited to those two. Always check the list in this article to make sure you don’t fall for any of them.

Great work you’re doin Val. keep it up! Just came across a sales page for a binary signal app called PROFIT BOOSTER APP. Please what is your take on it? is it genuine or a scam? Your opinion will be much appreciated. thanks.

Personally, I have not tried this Profit booster app but I think it has the same scam technique adopted by the more popular “fashion method” trading system. They said it’s free and easy to setup, promises a specific return on investments and is also linked with Opteck!
Please i suggest you avoid at all costs or try the app at your own risk!

Tradersking website is a scam they took a lot of money from and now they don’t want to pay me back even after having an insured trade

Tradersking is a big scam

Please this is the worst scam stole 22,500.00 for software (Binary options 2020 kelly church hill) never got.
he wont give me my money back. Beware total scam.

Hi, could you please mention the name of the fake binary options service you’re talking about or their website so we can add them to our list and save others from being scammed?

very nice information you shared.Very good list of binary option scams.thanx for this useful information sharing.

Many of you might have gone bankrupt because of binary trading I also lost a lot of money trading binary option, but thank God for the strategy and system am using now which is fetching me a lot of money and am able to make over 25 people rich, making up to 97%signals daily, while i can also get up to 7-8 wins daily if you want this amazing strategy feel free to contact me on my personal mail::[email protected], remember the best just have to prove him self not say much

Big Option offers payouts as high as 85% per standard trade as well as industry leading 74% on short term options. You can manage positions with trade features such as Sell Early, Double Up and Roll Over.They have a complete trading academy with videos on demand, a special binary video course and a free eBook for download. You can also receive personalized one on one training. The advanced platform has many different trading views and charts to enhance trading experience. BigOption offers an exclusive Auto Trading Robot that produces a win rate of over 80%. Open an account at Big Option and get a bonus of up to 200% or up to 20 Risk Free trades.Binary trading is easy if you know how to read the trends or have a very good strategy,today i thank God that i have been able to get the best strategy and have taught so many individuals who have benefited from my trade.Teaching others to be successful is my joy Still ,i thank you guys for the gifts of appreciation and also am a living testimony i really appreciate it,thanks to all of you who still need my help Contact me on my personal mail;[email protected]

Hi George , I’m sorry to say but what you said about big option it’s not true . The robot doesn’t produce a winning rate of 80% . I got an account with them and the robot lost most of my money.

Wonderful article. Congratulations. the best part of it is what you say about success. It most be focused in “serving people” by solving their needs.. Let me add that there is no other way to success than this one.
With regards

your site very good. this is helpful site.

Need an expert binary trader to trade with or work with ? It not a fluke you must first understand the trends in trading binary perfectly Feel free to contact me i might just be able to share with you my profitable system that has been able to get me accurates trades of 97% signals while i also make wins of 7-8 daily acquiring up to 390$ daily.. My trading records are also there for proofs contact me.

I have being trading with 24Options. I deposited 120,000 USD with them. I also made a lot and then had some losses, but it was easily recovered, when they upgraded me to a better trading group. I now have 460,000 in my account and I continue to trade with them. I would suggest that if you need to be sucessful in trade you can contact me.

I was scammed by “Armchair Millionaire” and its broker,
“Binary Book”. I deposited my borrowed $300 and waited
for “autopilot” results. Since nothing was happening, I called
the broker, “Binary Book”. Gabriel called me back, telling me
that I need to deposit $50,000 — so that he can help me profit.

I told him the “promotional video” said the $250 deposit can
product 2K to 3K per day profit. He said, he can NOT do anythinbg
about “video promotion”. Since I did NOT have $50,000, I asked
for my REFUND. I requested MANY times –to both “Armchair
Millionaire” and “Binary Book” , but NO REPLY. I was totally
ignored — repeatedly.

Is there any way YOU can help me get my REFUND? Since this
$300 was borrowed money, I am in trouble. HELP ME.

Would YOU recommend legitimate “Trading App” and
a trustworthy ‘broker’? Since I would like to make
“supplementary income” (I am a Missionary to many
nations” and have ONLY about a few hours per week
to spare. This is the reason I thought “Binary Option
Trading” would be suitable for my life.

I appreciate your HELP.

you can file your complaint on disputezone.org

what about zulu trader. Is it safe to join them.

They are certainly safe to join but I can’t say the same for their binary options social trading.

Hi val,
Good Job on that, i can see you like to write a huge long detailed review against scam brokers/softwareds, keep it up!

I have a withdrawal request with AA Option that has been pending for almost 3 months. They really don’t look like a scam broker and I haven’t seen a lot of bad reviews, but I have done everything in my power so far to try and get this withdrawal request approved, but without luck. My account is verified and my previous broker even acknowledged that there I should be able to withdraw. Support keeps telling me that they have escalated my request to the accounts department but to this day nobody has phoned me back (even after a was promised to receive a phone call by a broker). Surely, three months for a withdrawal request (and still pending), cannot be normal. Is there anything I can do? Do you know anything of this broker? Are they legitimate and licensed? They say they are, but how can I be sure?

Hi Val,
A few months ago (started in January/February) I placed $4,000 into Binary Uno and have received a few losing and winning trades.
My personal circumstances have now changed and I have requested for the account to be closed and my account balance to be withdrawn.
The trader has told me that I cannot withdraw any funds because I need to turnover an additional $100,000 before this can be done. Presently I have only turned over $19,000.
I was not aware of any of this and the original trader (now no longer with the company) even said that money would be able to start being returned to me in a couple of months. The new trader a**igned to me appeared to infer that because bonus money had been given to me, this is the reason I cannot take out my account balance.
Is there some way that I can withdraw the funds or at least withdraw the funds that I initially placed into the account without doing anymore trading?
Kind regards

Hi Leonie have you tried telling your broker to take the bonus back , just them you never asked for it and you don’t want it

Hi Unfortunately i signed up to the software ,, 5 minute experiment,, i just want to inform
everyone it is a complete and utterly scam. I tried to contact them but no response , they just want you to sign up to the broker , after that nothing . Or in my case the auto trader signals 5 trades , BUT the trades expire in 2020 . So my advise ,stay away.

Hi Val. Thank you so much for your guide. Please advise if 555daily legal or a scam. Really appreciate your honest opinion on this.

It’s obviously a scam. Hang on to this blog for the next few days as i’ll be publishing a detailed review on their scam tactics. Thanks

Hi Val. Thanks for your reply for my queries earlier. Can I get your review on The 50K Mission. Are they legal or scam?
I am interested to trade with one of these brokers, 24Option, Binary Option Robot or BossCapital. But how about withdrawals? Is there any regulations on withdrawals? And which broker is the best?

It’s obviously a scam software. Read the full review and know why they are scam.
Those brokers you mentioned are among the most credible ones in the industry and will definitely process your withdrawals anytime you ask for them. There’s nothing like the best broker per se as broker selection is also dependent on individual factors. However, 24Options is definitely ranked among the best. You can use binary option robot for trading which will link you with ONLY the legit brokers.


I can’t recommend insiders information because it’s a scam as well. We are different binary watchdog as we test the services we recommend before pushing it out to the public.

Can you give feedback on fastcash biz? is it a scam?

Yes, it’s a scam. It got popular so quickly. I will review them soon.

My first hand experience with a scam broker, UK Options:
(1) Pay some signals providers and software vendors a referral fee to prompt people to make deposits with them.
(2) Once a deposit is made (be careful not to be tricked into making the same deposit twice), they’ll hype up the 20% of your deposit on a daily basis until your account is cleaned out, without any trading record, only straightforward deductions from your account,robot with grossly exaggerated claims of success rates, which in actual fact does nothing more than taking about
(3) If you stop the bot, some big-shot broker, in my case, the big boss Sean Park himself, will come out to apply high pressure on you to make large deposits, like 20k,50k or 100k, promising you to double it overnight. If you succumb to his high pressure coercion, he will, without you prior knowledge and consent, reset your pa**w*** and take out all the money to trade for you. Next day, no prize for guessing it right, he will tell you that you have lost all you money on a bad trade, again without any evidence or record of the trade made on my behalf.
(4) If you are sturdy enough to decline his help and insist on making your own trade to recoup your losses, and if you are lucky enough to succeed in getting most of your deposits back, you can’t withdraw your deposit or part thereof, because you have to turn over 40 times the bonus amount in trades before you can withdraw “YOUR OWN MONEY”!
So there you are. If you don’t believe me, you can try it out with your own hard-earned money. I can a**ure you that you will be lead by the nose to Sean Park and his swineherd, who will s*** you dry!

The latest scam binary signals: Mike’s Auto Trader, which is not automatic in the loosest sense of the w***, and there are no signals AT ALL, only some vague general advice on the commodities you select to trade in. Beside, though it is newly launched, there’s nothing new about it; it has been around for donkey’s years under different names. It is really the handy work of a devious scammer.

I fully agree. I tried the predecessor of Mike’s Auto Trader, namely Michael Freeman’s Binary Options Signals, and lost a fair bit of money, because they were dud signals that didn’t work the way they were cracked up to. Some of my friends have tried his revamped version launched recently, and they told me it was more or less the same piece of junk!

Fully agreed. I have the misfortune of having tried both, and can’t conspicuous difference between the two: Mike’s Auto Trader and Michael Freeman’s Binary Options Signals.

I give you here a revelation of the scoundrel behind the respectable mask of Michael Freeman. (1) He is without a doubt a conman and crook, who flog the same piece of garbage under different names, such as Michael Freeman’s Binary Options Signals, and none of them works. (2) He is a fake watchdog, in which role he attacks gratuitously the products of his rivals, some of which are much better than the scam c*** he is offering. (3) He has several websites using different accounts, in which he conduct conversation with himself, for instance, between the Watchdog and Michael Freeman with the duel purposes of trashing rival products and peddling his own trash. (4) He employs a lot of false witnesses to sing his praise, including you yourself in the video. If you post negative comments about him, he’ll resort to blackmail and criminal intimidation. He has sent two of such emails to me and thereby signed his own death warrant, which I will put to good use in the destruction of this gutter rat. What a devious sick mind! Be warned: keep a clear berth from this despicable swindler and imposter, unless you like to donate money to thieves!

This guy can trick us one time, however, not all the time.
soon it falls from the horse

Ill make sure he does!

Be aware Sean Park is “brokering” under Vision Binary exactly same site a UK Options. VB is also on Roy Tribble’s scamwatchdog site as one of his trusted sites. Agreed totally with previous comments regarding this low life. Luckily not much was put his way but he doesn’t like to be questioned on his bogus trading and funnily a trade I made and lost miraculously turned into a win the next day. He automatically puts bonus amounts on and will not respond when asked to take them off. These bonus amounts are fictitious breakdowns of monies invested but when totted up add up to the total invested amount.

I have warned people on many review and watchdog sites about this scoundrel Sean Park and his pack of thieves, but some people don’t choose to listen and pay a high price for it!

Total scam, lost 25,000.00
Buying signals never got
software. Just asked for more, and more
Money. Then stops emails
please beware

Hi can you please email me johnnancy5456 [at] gmail.com I know of someone that maybe can help to recover your money

Can anyone give any comment as to the absolute best binary option signal or bot that is the most consistent winner of all.

Please check out the best signal services here

Hi any comments on Cash Camp, it looks good but so do the c***py ones

Yes, Brian. It’s also among the c***py scam products. Will add it to this list. Please avoid it.

Hi Val
I made trade with No1option and I lost $6000 with them and now I could not get my money refund.
Even when I made the trade was under their instruction but I lost all my money and I did not make any profit
Now they ask me to deposit $ 1000 more and they will add $5000 bonus to recover my money..
Please I need your advice.

Don’t deposit any longer. They are scam if that’s what they asked you to do. It’s very typical of scam brokers to ask clients to deposit more funds even after losing following their trade advice.

Is the broke iseebinary a scam or is it legit

It’s a new broker and therefore I suggest you avoid it. All new brokers need time to prove their reliability and trust before we can recommend them to users.

Thank you for your advice Val

I have some money in Bigoptions is this a good site? I have lost so much with Banc DeBinary, Big Option and OptionsFM it is crazy. they all go through the same story line with you to get you to put money in, then they win some for you and then they loose it all and ask for more and they do that as many times as they can get you to give all you have.
I have had no luck at all to get a broker to trade for me. I don’t want to trade i want someone to trade for me like a real broker. Do you know any I can trust and who has actual clients he is making money for and i could speak with>

H***o Val, I want ask you if you know the Dow Jones Focus Group from Equinox (www.dowfocusgroup.com), because i read very possitive comments for this Robot. Is it another scam ? I appreciate very much your opinion!! Thank you.

Yes, we know about the new product. We’re still testing the product now – if it works, we will release a positive review on it but if it doesn’t,’we’ll valforex readers to avoid the software. Thanks.

The methodology of a d**** little scammer, Michael Scumbag Freeman: It is quite simple, really. He’ll hype his junk with grossly exaggerated claims in order to lure you to deposit with one of his recommended brokers, from whom he’ll get a fat commission; afterwards, you’ll all your money trading with his dud signals. This method is used by almost all scammers. However, unlike the others, this one is more cunning and devious. He has set up many websites under different names, such as Watchdog, Reviewer, etc. to talk to himself and sing his own praise; he has even gone so far as changing the contents of unfavorable comments to favorable ones. Just how low can a scoundrel sink? It makes one wonder!

I would love an answer to my question if you could. I have been researching the web alot and still not sure who to trust.

What was your question please?

Could you test Master Sniper Trading?

Hi, we’ve tested it and it’s also a scam. Please avoid it.

Plz don’t buy any thing from kelly churchill total thief …

The methodology of a d**** little scammer, Michael Scumbag Freeman: It is quite simple, really. He’ll hype his junk with grossly exaggerated claims in order to lure you to deposit with one of his recommended brokers, from whom he’ll get a fat commission; afterwards, you’ll all your money trading with his dud signals. This method is used by almost all scammers. However, unlike the others, this one is more cunning and devious. He has set up many websites under different names, such as Watchdog, Reviewer, etc. to talk to himself and sing his own praise; he has even gone so far as changing the contents of unfavorable comments to favorable ones. Just how low can a scoundrel sink? It makes one wonder!

There are so many good signal providers appearing on the horizon lately, together with some very bad scams like Mike’s Auto Trader, which has a miserable success rate of 30-50%; at that rate your account will be cleaned up in no time

The creator of the junk software Mike’s Auto Trader must be desperate by now, finding it harder and harder to find s***ers to take advantage of; in desperation, he has become an affiliate of some binary trading systems, which he previously accused gratuitously as scams: two of these well-received signals providers come instantly to mind, and they are Gold Digger and Virtnext.

Sometimes a new signal provider or robot has caught the binary industry by storm, but, when you scratch deeper, you’ll find the rot inside and discover the scammer behind the mask. Gold Digger is a case in point. Despite all the glowing comments posted by traders, most of whom now I suspect are either false comments or posted by their cronies, employees or affiliates. This is how the scam is perpetrated. Their registration form shows you three simple steps to activate your software license , but I could never got past the third simple step of “funding your account” with one of their recommended brokers (in actual fact there is usually only one broker, take or leave it). My own experience is that after a deposit was made with their recommended broker, I didn’t receive any email from them containing login details to get into their members’ area, as promised. After I made the third deposit with a third broker recommend by them, at last I received the long-awaited email containing the login details. However, when I tried to login with those details, a window pops up, urging me to activate my account by making a deposit with another of their recommend brokers. Now my suspicion grew; why after my account was activated and the login details provided, I was asked to open another account with another broker? Then the penny dropped: what they are doing is to lead you by the nose to open as many accounts as possible with as many brokers as possible, so that they can get as many affiliate commissions as possible! I am even more convinced about their fraudulent tricks, because I have sent over a dozen emails to their many email addresses, seeking an explanation and asking for help, but so far I haven’t heard a single w*** from them. So much for their excellent support team! Further, they have now teamed up with a notorious, shameless scoundrel and fake watchdog, Michael Freeman, using him is an infallible authority to give credibility to their own junk software. As the saying goes, birds of the same feather flock together! So traders beware; don’t be f***ed by the numerous and ubiquitous favorable comments posted all over the internet!

Thanks for this comment and exposing both the Michael Freeman and the d**** activities of Gold digger software.

The Gold Digger team was simply naïve and impressionable, thinking they got an honorable binary guru in Michael Freeman, who has turned out to be one of the lowest and most shameless scammers in the industry. From this fake guru and conman, Gold Digger has learnt a bagful of d**** tricks, with which they deceive the public with false promises and grossly exaggerated claims, something their mentor specialized in!

H***o i am intrested in learning how to trade. I am a total newbie and curious about how to get started. I stumbled across a site called traderssuperstore.com and i am interested in taking his courses. I would like to know what you think of traderssuperstore.com is it legit or just another scam?

We’ll look into that soon.

An update on fake signals provider Gold Digger. After a lot of ha**les and ado, I eventually got access to the promised land of their Members Area, and, to my disappointment, I found their signals the worst of all trading signals I have ever tested. I had only three successful trades out of well over a dozen trades! The results match those of Mike’s Auto Trader; the two could be in a photo finish for the worst signals providers’ race. As I mentioned before,these two scammers seemed to have formed a partnership in crime: Gold Digger used Michael Freeman’s fake recommendation as a seal of approval from the most revered watchdog, who happens to be one of the lowest crook and fraud, and the latter blatantly displays Gold Digger’s membership subscription link in his reviews, with a view to get some affiliate commissions. Somehow, now I no longer think it is simply an marriage of convenience, but, rather, a preconceived plot to deceive and rob the vulnerable, credulous and naïve. Let’s go back to the beginning of this alliance of scoundrels. Shortly after Gold Digger was launched, the Watchdog gratuitously accused it as a scam, and a comment complained that the dog should not have made such a judgment without having tested it first; then the dog apologized and promised to test it to get a clearer picture. Such fictional dialogues seem to be one of the d**** tricks frequently used by Michael Freeman, alias the Watchdog . Soon afterwards, the dog set up a website specifically about Gold Digger: “Gold Digger is a scam: unless proven otherwise”, in which all you can find is a chorus of praise without a single negative comment; this in itself bears the hallmark of Michael Freeman: the elimination of any slightly negative comment. To all likelihood, this is a carefully and elaborately plot developed by two crooks to seduce the public to make deposits with their recommended brokers, some of whom are blacklisted in many review sites, in order to get commissions from them. No wonder even their brokers warned that Gold Digger won’t work. In hindsight there is certainly an element of truth in it. I decided to post this revelation for the benefit of traders in general, so they don’t have to waste their hard-earned money to uncover this fraud for themselves.

I want to report Eurotrader.co for being a poor signal service.

Thanks, added to the list.

please what about stockpair.com, is it advisable to trade with them?

Yes, they are reliable.

The latest update on the scam activities perpetrated by Michael Freeman: He has recently released a number of new videos on YouTube, with the same old chorus of praises posted by the same old motley mob of paid lackeys, affiliates and mostly his own aliases. It is the same snake oil packaged in different gaudy bottles. Anyone, except the purblind halfwits, can see through the fraud at a glance. Just ask him a simple question: If his fake signals are doing so well, making all his followers hundreds of thousands of dollars a week, why did he bother to peddle other scammers’ scams, notably Gold Digger, which has a success rate of less than 20%, as I have paid to find out for myself? It makes one wonder. This conman and fraudster will stop at nothing to steal money from honest, hard-working and trusting people.

Hi, Is Binaryuno a scam too? Thanks for any feedback.

can u pls find me a true trader pls

Hi, please look into this list and find the best auto trader for you. Thanks.

Please tell me something about Binary trading Experts. Are they real, are they trusted?
They have no reviews or proven record. Are they scammers or real?
I deposited £500 with them and they traded my account to over 21800. Dollars. But when it came to withdrawing they started playing the usual scamming tricks, not picking up calls or not returning my calls.

Hi, Sure. We will look into that for you but could you please provide their full website URL?

Please investigate binarytrading experts

Hi, could you please provide their website Url?

What a long list of blacklists! Thanks for the information. I should start avoiding those from now on.

What do you think of Nuvo Finance Software?

And also John Kane from binary today and his suggested binary 5 autotrader?

Nuvo finance software is a scam. Please avoid it. I can’t say the same for binary 5 auto trader as we’ve not yet tested it.

yes that is avery long list of scammers. I would like to addf another one of these blood s***ers to your list and that is Binary trading experts. I was originally contacted by a John Watson. he lives in Mason Ohio I believe. I was told to deposit into 3 brokers the sum of USD$250 each. they then traded me up to USD$3333.00. when I made a withdrawal of USD$1000 everything changed and I haven’t been able to make contact since from 3 weeks ago. so I have obviously been scammed. any suggestions as to how to get my money back.

Best regards. Alex Patrick.

Hallo even een vraagke over midasglobe? Is deze te vertrouwen? En primecfd wat is dat voor trader? Ook vals?

Hi, Please do not trust Midasgoble with your money, you will regret it if you do. Please find our recommended signal ad auto trading services here – https://www.valforex.com/2020/05/list-of-best-binary-options-signal-service-providers.html

I have been scammed and scammed and scammed again. I invested with four binary companies and lost all of my investments totalling 290,000GBP. Then I was contacted by someone offering help – a company who specializes in binary recovery. I was scammed by them again. By the end of it all I had lost all of my savings and I was in serious debt. I was desperate for help and that made me vulnerable to recovery scams. My husband is not around anymore and I have an 8 year old son with learning difficulties. The pressure of being a single, working mother with a child who needs so much additional attention and support became overwhelming for me. I also felt too traumatized to trust anyone else and I was very afraid. I really hope that others do not have to go through what I did, and I wish that I had realized before things were so bad that I was being scammed.

Hoi, is Plusoption een scam of is het legit?

Frequently Asked Questions About I-9 Compliance

    Howard Chase 4 years ago Views:

1 Frequently Asked Questins Abut I-9 Cmpliance What is required t verify wrk authrizatin? The basic requirement t verify wrk authrizatin is the Frm I-9. This frm is available n the HR website: The back f the frm lists the types f dcuments that a new hire must prvide t verify his r her identity and that he r she is authrized t wrk in the United States. The purpse f the I-9 frm is t verify identity and authrizatin t wrk in the United States. What are the current civil penalties? Vilatins f I-9 requirements: fines range frm $110 – $1,100 per I-9. Knwingly hiring r cntinuing t emply: fines range frm $375 – $3,200 per alien Pattern r practice: $3,300 – $11,000 Debarment frm gvernment cntracts fr knwingly emplying an unauthrized wrker Criminal penalties: fines and/r imprisnment What are the basic Frm I-9 requirements? Emplyers must cmplete fr every new hire after Nvember 6, Emplyers may nt knwingly hire r cntinue t emply a persn wh is nt authrized t wrk in the United States. Knwingly means actual knwledge r cnstructive knwledge. Physical presence f the emplyee is required. Must see riginal dcuments, nt cpies. Hwever will accept a certified cpy f birth certificate. Attach phtcpies f dcuments t I-9. N exceptin fr temprary r part-time emplyment. Wh shuld fill ut Frm I-9? Frm I-9 must be cmpleted fr all new hires, including temprary r part-time emplyment Frm I-9 must be cmpleted fr all emplyees wrking in the U.S., even if n payrll abrad Frm I-9 is nt required fr independent cntractrs Frm I-9 is nt required fr pre-11/07/86 hires (grandfathered emplyees) Frm I-9 is nt required fr emplyees wrking utside the U.S. r utside its territries Hw shuld Frm I-9 be cmpleted? Physical presence f emplyee is required (Smene has t see persn and his/her dcuments) Must see riginal dcuments, nt cpies. Hwever, will accept a certified cpy f birth certificate. Attach phtcpies f dcuments N exceptin fr temprary r part-time emplyment

2 When must the Frm I-9 be cmpleted? The Frm I-9 must be cmpleted within three business days f the date emplyment begins. If the new hire claims that the necessary dcuments were lst, stlen r destryed, the persn must prvide a receipt fr replacement dcuments within the three days. May nt accept receipt fr extensin f emplyee authrizatin dcument. If an emplyee has presented a receipt fr a replacement dcument, he r she must prduce the actual dcument within 90 days f the date emplyment begins. Is cmpletin f an I-9 required fr a persn wh is being rehired? N I-9 is needed if an emplyee is cntinuing t be emplyed. Fr example: Leave f absence, disability, vacatin, etc. Prmtin r demtin Strike, temprarily laid ff Disciplinary suspensin Transfer between ne distinct unit f emplyer t anther I-9s may be reused if cmpleted within 3 years f date f rehire (new I-9 recmmended) Is an I-9 needed fr cntractrs and temprary agencies? N I-9 frm is needed fr true independent cntractrs If yu cntract with a temprary agency fr persnnel, fllw the fllwing guidelines: Clearly identify the agency as the emplyer Indicate the agency will cmply with State and Federal requirements including, but nt limited t, prper I-9 cmpletin and maintenance Include an indemnificatin clause Entering int a cntract with knwledge f unlawful status can remve the independent cntractr prtectin Re-verificatin will be cnducted by the Office f Human Resurces. What are an emplyer s retentin bligatins? Emplyer must have a Frm I-9 fr every current emplyee (unless they were hired prir t Nvember 7, 1986) Emplyer cannt destry I-9 fr current emplyee Fllwing emplyee s terminatin, emplyer must retain I-9 fr the later f: 3 years after the persn began wrk: OR 1 year after the persn departs the cmpany Ideally centralize I-9 strage in ne lcatin Keep separate frm immigratin (including PAFs) and persnnel files What are basic Frm I-9 discriminatin vilatins? Dcument Abuse

3 Occurs when certain emplyees r applicants are subject t mre stringent verificatin measures than necessary t verify that they are eligible t wrk in the United States Citizenship Status Discriminatin Occurs when individuals are nt hired r are fired because f their real r perceived immigratin r citizenship status, r because f their type f wrk authrizatin Natinal Origin Discriminatin Emplyer treats an emplyee r applicant differently during the hiring and firing prcess because f his r her place f birth, cuntry f rigin, ancestry, native language, accent r because the individual is perceived as lking r sunding freign Retaliatin Example: emplyee terminated fr filing cmplaint What is dcument abuse? May nt ask fr mre r different dcuments May nt refuse t accept valid dcuments presented Shuld nt specify which dcuments will be acceptable Wh is in the I-9 prtected class? U.S. citizens r natinals Permanent residents Refugees Asylees Temprary residents under the legalizatin prgram (Special agricultural wrker r amnesty applicant under 1986 law) Wh is nt in the I-9 Prtected Class? Nn-immigrants such as: F-1 J-1 H-1 Asylum applicants Illegal aliens Hw shuld an I-9 be cmpleted? SECTION 1 must be cmpleted by emplyee n, r befre, the first day f hire. Ensure that emplyee checks bx, signs and dates the frm. SECTION 2 must be cmpleted within three business days f the date emplyment begins. SECTION 3 must be cmpleted n, r befre, temprary emplyment authrizatin expires. TIPS fr SECTION 1: SECTION 1 must be cmpleted by emplyee n r befre first day f hire. Ensure that emplyee checks bx, and signs and dates the frm. If emplyee checks Bx 2 (new frm Bx 3), A # must be entered. If emplyee checks Bx 3 (new frm Bx 4), expiratin date and A # r I-94 must be entered.

4 Mst cmmn errrs in SECTION 1: 1. Name in wrng rder 2. Address incmplete 3. Scial security number field blank (required fr emplyees wrking n cntract with FAR E- Verify clause.) 4. Attestatin bx nt checked r is incmplete 5. Signature missing 6. Date missing 7. Date f birth instead f current date TIPS fr SECTION 2: SECTION 2 must be cmpleted by cmpany representative within 3 business days f hire Verificatin f IDENTITY and WORK AUTHORIZATION Cmpany representative must review ORIGINAL DOCUMENTS Attach cpies f presented dcuments t the I-9 Mst cmmn errrs in SECTION 2: 1. Clumns A, B, r C left blank with cpies attached 2. Clumn B & C dcuments reversed 3. Dcument number missing 4. Dcument expiratin date missing 5. Date f hire missing 6. Certificatin nt signed Mst cmmn errrs in SECTION 3: 1. Re-verificatin nt cmpleted in a timely manner 2. Dcument prvided was nt acceptable r inadequately described 3. Over-dcumentatin (d nt re-verify identity) 4. Emplyer signature r date missing Dcument TIPS U.S. passprt CANNOT be expired (effective April 3, 2009 all dcuments must be valid at time f presentatin) Freign passprt must be unexpired ID card must be issued by a federal/state/lcal gvernment agency. (Schl IDs acceptable fr students/minrs) Vter s registratin card need nt have pht t cnfirm identity. Fr E-Verify candidates, a pht ID is required. Scial security card nt acceptable fr wrk authrizatin if it cntains ntatins Nt Valid fr Emplyment. Scial security card will NEVER say Valid fr Emplyment. Birth certificate must be issued by state r lcal gvernment authrity. (Nt church, nt hspital.)

5 Why must United States citizens fill ut the Frm I-9? The Frm I-9 is designed t determine wh is authrized t wrk in the United States. Its purpse is nt t determine wh is and wh is nt a citizen. While all citizens are authrized t wrk here, it is nt always easy t recgnize wh is and is nt a citizen because f the diverse heritage f ur cuntry. Emplyers must d an I-9 frm fr every emplyee, nt just thse wh appear t be nn-citizens. D I need t cmplete a Frm I-9 fr everyne wh applies fr a jb with my cmpany? N. Yu need t cmplete Frm I-9 nly fr peple yu actually hire. Fr purpses f the I-9 rules, a persn is hired when he r she begins t wrk fr yu fr wages r ther cmpensatin. Can I terminate an emplyee wh fails t prduce the required dcuments within three business days? Yes. Yu may terminate an emplyee wh fails t prduce the required dcuments, r a receipt fr replacement dcuments (in the case f lst, stlen r destryed dcuments), within three business days f the date emplyment begins. Hwever, yu must apply these practices unifrmly t all emplyees and nt just t thse wh d nt appear t be citizens. What are the legally acceptable dcuments that a new hire can shw fr I-9 purpses? The emplyer is required t verify bth identity and authrizatin t wrk in the United States. The back f the I-9 Frm describes which dcuments establish a new hire s identity and wrk authrizatin. Dcuments listed in List A establish bth identity and authrizatin t wrk in the United States List B dcuments nly establish identity List C dcuments nly establish emplyment eligibility, meaning the persn is authrized t wrk in the United States. Can I refuse t hire a persn wh des nt have a U.S. birth certificate r a Green Card but has ther papers? The emplyer must lk at the ther dcument papers t determine whether they prve identity and wrk authrizatin. An emplyer cannt require that the new hire prvide specific dcuments, such as a U.S. birth certificate r a Green Card. A new hire may shw any f the dcuments listed n the I-9 frm. The dcuments shwn in List A n the back f the I-9 Frm prve bth identity and authrizatin t wrk. If a new hire prvides a dcument in List A, nly ne dcument is needed. If the dcument prvided is nt in List A, the emplyee must prvide a dcument frm List B and a dcument frm List C. If I believe a new hire is an alien, can I ask the persn t prduce a Green Card when filling ut the I-9 Frm? N. Emplyers cannt specify which dcument r dcuments are acceptable frm an emplyee. If the persn prvides a dcument frm List A, r a dcument frm List B and a dcument frm List C, the emplyer may nt request any ther dcument t verify emplyment eligibility. When filling ut the I-9 Frm, can I accept a scial security card frm an alien as prf f wrk authrizatin? Yes, s lng as the scial security card des nt state NOT VALID FOR EMPLOYMENT r VALID FOR WORK ONLY WITH INS AUTHORIZATION. NO ONE WORKS UNTIL THE I-9 and W-4 FORMS ARE COMPLETED.

6 Frm I-9 Checklist SECTION 1. Emplyee Infrmatin and Verificatin: T be cmpleted n the first day f wrk. Earlier is acceptable, but the frm cannt be cmpleted befre the emplyee has been hired. Give the emplyee a Frm I-9 (all pages including instructins). Ask him/her t cmplete Sectin 1 and bring an acceptable cmbinatin f dcuments t yu n later than their third wrk day. NOTE: Let the emplyee chse the dcuments! Never request specific dcuments. Check that the emplyee has cmpleted all fields: Name: The emplyee must use his/her legal name in crrect rder Address, date f birth, scial security number Citizenship Attestatin a. A lawful permanent resident must prvide an 8- r 9- digit Alien Number b. An Alien Authrized t wrk must prvide the date wrk authrizatin expires and an Alien number r an 11-digit admissin number frm the frm I-94. Sign and Date: The frm is nt valid withut a signature Preparer and/r Translatr Certificatin: If smene ther than the emplyee cmpleted Sectin 1. SECTION 2. Emplyer Review and Verificatin: T be cmpleted n later than the emplyee s third day f wrk by an authrized representative f the hiring department. (Cntact yur supervisr r HR cntact in yur department t find ut if yu are authrized t sign this sectin.) Accept the first valid dcument r cmbinatin f dcuments presented. Accept nly riginals and d nt ask fr r accept mre than is required. Valid dcumentatin is ne f the fllwing: Once dcument frm List A, OR ne frm List B AND ne frm List C. Be sure the emplyee has signed the dcuments Nte that Freign Passprt with an I-94 Arrival/Departure Recrd requires an additinal wrk authrizatin dcument, such as I-20 r DS Make a readable cpy f each dcument. Recrd each dcument title, issuing authrity, dcument number, and expiratin date (if applicable). Use the crrect lines accrding t the key at the far left f the page. Be sure t use the crrect clumn fr List A, B, r C. Enter the emplyment begin date (mnth/day/year). Use the current date, if yu are cmpleting the frm befre the actual first day f wrk. D nt leave this space blank! SECTION 3. Updating and Re-verificatin: Only use this sectin when the emplyee s wrk authrizatin has changed r has a new expiratin date. Handling the Cmpleted I-9: Frward the riginal I-9 with all supprting dcuments t the Office f Human Resurces.

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