Scam Brokers – Worst Binary Options Brokers

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

Contents

Binary Options Brokers – How To Choose The Right Broker

Choosing the right broker is vital to your success as a trader.

However, in binary options this task can become very difficult, since you are essentially trading against the broker.

Unfortunately for the binary options market, it has been infected with scams and dishonest brokers that have used their unregulated position to steal money from customers.

There are many things a trader can do to improve, but unfortunately one of the things he can not influence and control, is his broker.

Brokers play a number of roles.

  • They provide operational trading platforms.
  • They store traders’ funds until they are withdrawn.
  • They control the available liquidity pool.
  • They process and sync all trading activity in the market.
  • They provide support to their clients (traders).

The role of brokers in the binary options market is too important to be taken lightly. This is why traders have to be very careful where they choose to deposit their money.

Brokers can also function as market makers, providing liquidity which enables traders with very small amounts of money to still have the chance at participating in the market.

Is the broker regulated?

Regulation in the binary options market is still an issue in many countries. At the moment, the US, UK, Japan, Australia, Cyprus and Malta can claim to have solid regulatory frameworks for the binary options brokers. In many countries, binary options is seen as a gaming activity or put under regulatory oversight of gaming commissions which have no rules on segregation of client funds.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

If you want to trade binary options, you may start to look at the issue of regulation of brokers a lot more seriously than before.

You can no longer afford to keep your money in brokerages which are not regulated or which have no obligations as required by laws to segregate your money. Putting your funds in such brokerages is a very risky business.

So when choosing a broker on the basis of regulation, you must get answers to these questions:

  • Does the broker have a license number issued from the country’s regulators. You must confirm this information from the regulators.
  • Does the broker actually segregate the funds of its traders, and do the regulators that oversee their operations enforce this function?
  • Can you be sure that the broker is actually based in the country where it claims to be domiciled?

Some brokers have been blacklisted recently for infractions bordering on these points. Do your due diligence and ensure you have accurate information in this regard.

Trading conditions

When it comes to trading binary options, the trading conditions matter immensely.

This has to do with the structure of the market and how brokers in this market actually make money.

Apart from the US where binary options are exchange-traded, in many other countries this is not the case.

Binary brokers do not make their money from commissions, but from losses of traders on the wrong side of the market.

Most binary options brokers are trade counter parties. Some of them skew their online platforms to increase profits. However, it is a lot harder for them to do this on medium and long term contract expiry times than on the short term trades.

Furthermore, there is talk about brokers having risk management teams that bookmark accounts of traders who make too much money at the broker’s expense. Some are more honest about this than others.

Customer service

Customer service departments came into existence to enable clients ask questions or get solutions to some issues bothering them about the service of the company.

In binary options, there will be lots of issues to talk to the customer service about.

You will therefore need a responsive customer support service from your broker, which can be reached at all times (at least on trading days) and also via Live Chat.

In addition to a quick response time the customer service should also be able to answer most of your questions about the broker’s conditions as well as the trading platform. Some brokers offer outstanding customer support and it is actually one of their biggest pull factors.

Certain issues need to be dealt with quickly and the best way to do that is by direct communication. Choose a broker with a responsive live chat.

Prompt withdrawal settlement

It is only good that when a trader makes money from the market, he is allowed to enjoy the proceeds of such an investment via prompt fulfilment of withdrawals from the broker. Many brokers for reasons best known to them have come up with all manner of obstacles to prevent this from happening. This is usually a fine line and many scam brokers do this because profits for traders mean losses for them.

How do scam brokers operate in this regard?

  • By putting unreasonable withdrawal caps,
  • by applying hefty charges on withdrawals,
  • by tying withdrawal ability to high trade volumes meant to cover a bonus.

You need to be very careful of brokers that change their withdrawal policies randomly, as this is one of the early signals that a broker is starting to have cash flow problems.

Policy on bonuses

Because online binary options brokers are often in direct competition, they will often offer promotions, perks, and bonuses to get more people interested in their service. Generally speaking, the perks they offer increase with the amount that you deposit, and you can find a number of promotions specifically for first-time traders. These special offers can greatly benefit you, particularly when you’re just starting out.

However, beware of brokers who place very heavy trade volumes as a prerequisite for making withdrawals on accounts which have been awarded bonuses.

Bonuses are a good thing, but they have been widely abused. It is simply not right for a broker to expect to make from a trader more than 100 times what has been awarded as a bonus.

Choose a broker with a responsible bonus policy.

Bonuses are supposed to work in a symbiosis, but where one party starts to profit heavily at the expense of the other, the arrangement loses its core values.

This is partly why Japanese regulators have issued laws regarding how bonuses are to be managed, and also why Australian regulator ASIC is planning to introduce regulation to have them stopped altogether.

Choice of contract types and assets

Use brokers who give a generous offer of the kinds of trade contracts which can be traded on their platform.

Some traders will find they are much better at trading certain options and markets than others. For such traders, choosing a broker with a lot of flexibility in how to trade assets, will be a major benefit.

All binary options brokers will offer different assets within the categories of stocks, commodities, currency pairs, and indices and some will also offer cruptocurrencies.

Expiry times offered

Because there are different trading strategies and risks associated with the various expiry times, it is important that you find a broker that has the right expiry times that will work for you. Even though who offer high speed training have different ideas of what high speed is.

Some have high speed expiry times of 60 seconds while others offer just 15 second expiry times for these trades. Some binary options brokers offer much longer expiry times of a month or more while others consider the end of the day to be a longer expiry time.

If you are new to binary options and don’t yet know which you prefer, it may be best to go with a broker that has a wider variety of expiry time options to choose from so you can find one that fits you best.

Ease of transactions

Many payment options have evolved over the years which give traders plenty of flexibility in how they can deposit and withdraw funds.

So unless your country is under a financial blacklist just as the US recently blacklisted Crimea, you should choose a binary options broker which offers you a variety of transaction methods such as credit/debit cards and various e-wallet options such as Skrill, CashU, Ukash, Sofort, etc.

Conclusion

In the EU today, binary option brokers can only open trading accounts to licensed and professional traders. In many countries binary options are classed as gambling, which is not necessarily a bad thing in itself. In some countries it is illegal to trade or operate binary option platforms.

Today, the best option for new or existing binary option traders is to trade with a regulated CFD and Forex broker.

Although it is important to take your time while choosing your broker, it is also vital to understand that brokers are not the only determining factor when it comes to making money in trading online.

The most important thing is to learn how to trade and manage your risk.

Many readers ask which brokers are the best. It is difficult to point to one specific broker because it’s often a matter of preference.

Due to new regulations many of the biggest and most known binary brokers have closed or modified their operation to fill a different market demand.

To trade safely and with a peace of mind, look for regulated brokers with the best user reviews and various international awards.

EasyMarkets is a good example of a fully regulated, time-tested, reliable broker. Over the years, it has won 37 international awards and gained a lot of loyal customers.

Scam Brokers – Worst Binary Options Brokers

The Worst Forex Brokers List of 2020 – Scam brokers, Liars, Cheats, Bucket Shops & Swindlers

It’s time to name and shame the bad brokers we’ve dealt with and brokers who have made the news for all the wrong reasons.
Please contribute your experiences here so we can help other traders steer clear from those dodgy firms.

If you’d like to remain anonymous please send us a PM and we’ll update the list from there.

So far the list of Forex brokers you need to stay away from:

Binary Options Broker Scams

Do you want to check whether a broker is scam or legit? Currently there are over 100 binary options brokers and many of them are scam. We took the time, to do some research and test the most popular binary options brokers and here is the list.

We add new brokers in a daily basis, but if you have a suggestions or you have been scammed, please let us know and we will try to help you.

This is currently the biggest list of this kind on the internet. Please help us by sharing the list on your website and blog or social bookmark the page.

List of Legit and Scam Binary Options Brokers (Last Update: April, 2020)

Broker Name US Trusted/Scam CYSEC/ASIC Regulated Status
HighLow Trusted Yes Online
IQOption Trusted Yes Online
365Trading Trusted Yes Online
BDswiss Trusted Yes Online
24Option Trusted Yes 1st July, 2020 – removed binary options completely
Nadex Trusted Yes The only regulated US brand. Accepts US clients only.
Finpari Neutral No Online
No1Options Neutral No Stopped accepting new traders
BigOption Neutral No Stopped accepting new traders (August 2020)
CedarFinance SCAM No Online
10Trade Neutral No Online
365BinaryOption Neutral No Online
99Binary Neutral No Online
AnyOption Neutral No 28th June, 2020 – stopped accepting new customers
BancDeBinary Neutral No Out of business. Fined by CYSEC Jan2020 / Not accepting new traders 2020
Bloombex Neutral No Stopped all marketing activities
BossCapital Neutral No Online
CherryTrade Neutral No Online
CToption Neutral No Online
EZTrader Neutral No Online
FMTrader Neutral No Online
GOptions Neutral No Online
GrandOption Neutral No Online
InteractiveOption SCAM No Suspended license (April 2020)
LBinary Neutral No Online
MagnumOptions SCAM No Closed (2020). One of our readers reported it as scam.
MarketsKing SCAM No Out of business. Not paying affiliates (November 2020)
MarketsWorld Neutral No Online
Opteck Neutral No ASIC Warning | Most countries are not accepted anymore (July 2020)
OptionFair Neutral No Online
OptionRally Neutral No Online
OptionWeb Neutral No Temporary traffic suspension (September 2020)
PorterFinance Neutral No Online
RBOptions Neutral No Online
RedwoodOptions Neutral No Online
StockPair Neutral No Online
TitanTrade Neutral No Online
TradeThunder Neutral No Online
Tradorax Neutral No Online
TropicalTrade Neutral No Online
ZoomTrader Neutral No Online
OptionTime Neutral No Broker is out of business
EveryOption Neutral No Broker is out of business
GlobalTrader365 SCAM No Broker is out of business
EZBinary Neutral No Broker is out of business

Link to this list. Copy paste this code into your website:

Trusted – These are the best binary options brokers. We consider these to be the safest brokers, meaning that there is no evidence that this broker is a scam.

Neutral – These brokers are either too new with little to no reviews or they have mixed user reviews. Some of these brokers have almost impossible first deposit bonus conditions, therefor some users report them as scam, even if they aren’t.

Scam – Do not sign up with these brokers. Scam brokers are known for stealing money from the traders (ex. not allowing withdrawals).

Binary Options Signals Scams and Fraud

Unfortunately there are more and more binary options scams nowadays and there are a few things you should take into consideration before signing up.
Maybe you saw some ‘make money from home’ video that sounded too good to be true, but you still signed up? Most of the time these are binary trading signal websites (also called binary options robots).

Most of these kind of websites are scam and not the binary options brokers you sign up with. Don’t fall for these false promises of making thousands of dollars overnight with ‘little known, secret software’ giving you over 90% accuracy.

This is how these binary options trading signal sites work:

  • They make a website with a video and a signup form. Most of the time that’s all they have on their homepage.
  • They make a long 20-30 or even 45 minute video, where they tell you how good their software is and how few spots are left on their website.
  • They add fake testimonials on form of text on the homepage or video reviews (such reviews can be bought for $5 on another website)
  • They tell you that the software is free, but they require you to sign up and deposit to one of their recommended brokers. This is how they get paid: the lure you with a fake software and get paid by the brokers for referring you.

List of Binary Options Signal Scams

Following signal providers are considered to be scam and are not recommended: 1K Daily Profit, The Millionaires Club, Daily Trader Club, The Italian Method, Profit Magnet, Rock The Stock, Zulander Hack, Binary Matrix Pro, The London System, Elite Millionaire Society, My First Online Payday, Trade Fusion Exposed, Free Money Guaranteed System, Magic Money Machine.

US Brokers And Regulations

If you are a non-US trader, it’s advisable to pick one of the regulated brokers. If you are a US trader, you have no choice but to pick one of the unregulated brokers, because regulating firms like Cysec do not allow US traders. As a consequence, there are not US brokers that are regulated, but keep in mind that no all of them are bad, they are just not regulated.

Binary Options Scams – What Else To Look For

We cannot guarantee for any of these brokers. Unfortunately there are many brokers (especially new ones) that simply disappear, not paying traders.

Don’t choose brokers that haven’t been around for at least a year.

On this page we also inform our users about any unethical business practices. The truth is, these unethical brokers are capitalizing on the legit brokers, by offering similar services, bonuses and platform. However, once you deposit money at the wrong broker, you will most probably lose it. There are many legit brokers out there, so make sure to choose wisely.

Most new traders don’t know about the sign up bonus tricks of the brokers. If you sign up and accept a sign up bonus, without reading the terms and conditions, you will most likely lock your funds. These bonuses have a restriction that is very hard to fulfil, therefore you will not be able to withdraw your money. Always read the terms or ask your manager to explain the bonus for you.

Identity Check On Deposits And Withdrawals – Are They Safe?

Most binary options brokers want to (or are obliged to) know who their are getting the money from or they want to check whether the person withdrawing the money is the same as the depositor. This is necessary to avoid credit card fraud, money laundering and possible account hacks. You shouldn’t wonder if the broker asks for a copy of your ID or utility bill, however if a broker asks for your credit card info for social security number then be alerted. You should never, under any circumstances give this sensitive information away.

When Is A Broker Considered Scam

Nowadays you will find negative reviews about really everything. Even the best and most respected brands in the world have negative reviews. We’ve even seen cases where losing traders claimed that the broker they were trading on was scam, only because they lose all their money. It’s not always easy to have a clear overlook on these things.

When we a broker as scam, we always have evidence from multiple sources including:

  • user reviews on multiple websites and forums
  • user who email us
  • user reviews on scam report sites
  • brokers that lose their regulation status
  • brokers that do not pay traders or affiliates

I’ve Been Scammed – What Can I Do?

First of all call your bank and explain your situation. Ask for a charge-back because there is a slight chance that you get your money back. If you use PayPal, you will be able to open a dispute and get a chargeback.
Also make sure to contact us, and let us know exactly what happened. All we can do is to publish your negative review on our website and warn other traders.

Warning: Be extra careful with brokers that accept US traders. Usually these brokers are not regulated, this means that your money is not as safe with them as with regulated brokers. If we find enough evidence that these brokers are scams, we will list them on this page.

13 February 2020 – Opteck gets ASIC warning. Australian traders should avoid this broker. Opteck does not have a valid license to operate in Australia. See the list below for more warnings and scams.

27 September 2020 – Optionweb temporary traffic suspension.

Don’t forget to share this list with others and social bookmark it.

Binary Options Brokers

Binary Options Brokers in the USA – Trusted Binary Options Brokers

Constantly challenging ourselves to deliver more to our clients

What are binary options brokers

We review the best binary options brokers worldwide. Hi, this is BinarySignalsPro, and today we will discuss how to choose a binary option broker and what is the best broker for binary options for you, whether you are in the US or Australia, or elsewhere.

Currently, there are more than 450 trading platforms or brokers. This was not the case in 2008, when binary options trading began, as there were about 10 trading platforms that were good, as they created High Competition.
The emergence of many brokers, which is beneficial for investors in terms of more bonuses and higher profits.

Best Brokers and Investment Companies 2020

Trade with the best binary options brokers on the market:

If anyone does not know: a binary option is an “all or nothing” option; This option with a fixed price, which, depending on the pre-agreed condition, either provides a fixed income, or does not bring anything.

Brokers Rating

Brokers, rating of investment companies – All brokers and investment companies. The broker rating is an intuitive, functional and convenient tool for a trader who chooses an exchange broker.

The main purpose of the rating is to compare brokers and choose the best investment companies. Each visitor to the site, regardless of whether he is a novice or a professional, is invited to vote for the best brokerage company from his point of view. We also recommend that you review our Binary Options Brokers rating.

The rating of brokers is not responsible for errors in the information provided. To get the latest information, visit the website of the broker or investment company.

TeleTrade-DJ Ltd Sharp ECN Forex Account

IQ Option – CFDs on stocks, Forex, Cryptocurrencies

24option Broker Access the financial markets all in one place

WHY AMARKETS? 11 years of successful trading

Broker HighLow Markets Get a $50 cashback sign-up bonus

Online Trading with Binary com Broker

Most Innovative Multi-Asset Broker 2020 “Best Retail Forex Broker“

At Binomo you can invest in transactions starting at $1 with returns of up to 70%.

Get More than a Forex and CFD Trading Account at XM

easyMarkets® technology breaks not only the administrative barriers, but also the minimum monetary entry level. With our system the user can open a position for as little as 25 USD.

EuropeFX Personal Client Area Broker

Prestige Financial Markets. Why Should You Choose to Trade with Us?

For many traders, US brokers are the benchmark for reliable and high-quality trading in binary options. This is due to the fact that regulators closely monitor the investment activities of the United States, and the requirements for investment companies are very strict.

Thus, the choice of a broker in the US market is an additional guarantee of the security of the invested funds. It is from these considerations that large investors prefer US brokers with extensive experience in the market. As far as this is true, everyone must decide for themselves, but the US regulatory bodies, such as the CFTC, which are subject to US brokerage funds in the stock market, are already a guarantee of the company’s reliability.

The following list of binary options brokers in the US contains the most significant brokers that can provide services to traders from the United States. Choosing DC, you should consider all options, and if the broker is trustworthy, but territorially located and registered in the US, this is not an excuse to refuse to cooperate. Many brokers have sites in different languages ​​and are happy to see customers from all countries, so they provide quality technical support in all languages.

The rating of American brokers, presented in the list below, contains the most respected companies with a good reputation.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners!
    Free Demo Account!
    Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

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How To Make Money on Binary Options Trading
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