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There are two reasons why Fair Binary Options was founded in the first place. First was to promote good brokers that can help our readers to trade in safer manner, and second was to warn them about scam brokers that are, unfortunately, more and more often lurking for traders to deceive. Find out more about binary scams.
Without any delay, we follow regulatory announcements and keep our readers informed about any changes in the status of brokers while giving them a helping hand in case of any problems with scam brokers at the same time. In order to help our readers keep track on blacklisted brokers so they can avoid scams, we created a list that can be found below.
It is a well-known fact that binary options trading is becoming more and more popular each year, and because of that significant number of frauds are attracted to it. Cases with scam brokers happen more often than ever, and ruin the reputation of good brokers and the entire industry. What is most important is that scam brokers are becoming more and more creative when it comes to scams, and it is harder and harder to recognize them at a first glance.
Lack of knowledge, high expectations, naiveté, great promises and well-designed websites can all be reasons why someone got scammed, but sometimes, not even the most educated and experienced traders can’t escape it. Luckily, there are some steps that can be done in order to protect yourself from being scammed like learning about various types of fraud and signing up with recommended brokers.
We at FBO are doing our best to warn readers about scam brokers that can cost traders their nerves, time, and money. FBO doesn’t recommend trading with any of the brokers listed in Black List above, but choosing one from our Top Brokers list instead.
As already stated, scammers are developing new scams every day. Sometimes they are so well packed it is almost impossible to distinguish them from good brokers who offer superb service as everything is there: nice website, tools, assets, graphs, maybe even some user experiences regarding how amazing the broker is.
Customer service is friendly and seems to be well informed and helpful, but soon problems occur and trader doesn’t know how to behave and what to do as there is always a certain amount of money still with the broker. That is why research is very important when it comes to choosing the binary broker. Find out more advice on how to choose the right broker.
One of the most popular tactics scam brokers use is downplaying the risks. The broker simply creates a false advertising promising great success rate or amazing bonuses without mentioning possible risks. It is completely normal to accentuate good sides of your business in advertisements, but not to hold on important information that can cause your clients to fail. Scam similar to this is having unclear terms and conditions that can be buried somewhere on the website and impossible to find. Learn more about binary options scams.
Bad brokers often use various tactics in order to prevent their traders from withdrawing the money and leaving. One of the most popular scams is ignoring the withdrawal requests. The customer service simply doesn’t reply to messages sent by the trader.
Sometimes scam brokers add unauthorized bonuses that are disabling withdrawal as certain (usually extremely high), turnover must be reached before withdrawing. Adding bonuses without prior approval is illegal, and traders should contact services immediately. Similar to this, there is a type of scam that includes managing account without ever requesting it. If you ever notice someone is trading in your name without your approval, try to withdraw the money as soon as possible. Read here more about dangerous binary scams.
Recently there has been a new scam sweeping the market: cold calls. Basically, a bad broker buys stolen data and contacts traders who never even showed interest in trading with them, trying to convince them to register on their platform. We take this unethical practice seriously and we blacklisted one of the brokers who was doing so. Read more about this binary scam.
The easiest way to protect yourself from scam brokers is by choosing a broker from our Top Brokers list. Those brokers are reviewed under serious criteria and have our seal of approval. Many of them won various awards for their good business practice and there is a good selection of regulated brokers as well. Before registering with any broker, read our review on the broker and get familiar with all terms and conditions to avoid any unpleasant surprises.