How Binary Options Brokers Scam People?
The Internet is a great way to buy/sell products and services; however, there are dishonest individuals and companies who scam people. They offer an amazing product with a minimum price. Just remember, if it is too good to be true, that is mostly right. Binary Options are not different. There are many regulated and honest brokers, but there are also some who steal the client’s money. You find out the most of the scam cases that dishonest brokers use against their clients in this article. Those brokers damage this industry’s reputation. Our teams researched the current market and picked the top 10 binary options brokers, which offer the best service and support to their clients. They are trusted and reputable financial companies.
Someone calls you and offer a great opportunity to make X money in no time. You got excited and open an account without a second thought. However, once you deposit the money, you never see them again. Your money is gone. It is important to read reviews before deposit your money. However, never rely on forum comments, they mostly written by fake people (competitors). We review binary options brokers, which help you to make a difference and choose the best one for your trading.
The second most popular scam is withdrawal rejection. You make X profits and decided to withdraw funds and enjoy your earning. However, the broker rejects your payment. They find a million ways to tell you why they cannot process this payment. There will be calls, emails, complaints but finally, they simply stop answering all your contact. We advise opening an account with regulated binary brokers because your money is protected. It is worth mentioning that, always read withdrawal terms, because it is a general rule that the deposit and withdrawal method must be same to avoid any money laundering issues under the regulations. It is not a scam if the broker insists on using the same method to withdraw your funds.
The broker has access to trading platforms and they may use them to manipulate their prices. For example, your predict the EUR/USD will go up in the next 15 minutes and enter into the trade at 1.0940 prices, but the platform executed price shows 1.0980. There is a chance of slippage when the volatility is high but if the price difference happens almost all the time, it raises a red flag. It is a scam because those few pips may be crucial for your trading. Even a pip matters in this business. We took into account the platform execution speed when we reviewing the binary options brokers.
Terms & Conditions
We recommend reading broker’s terms and conditions. Legally, there should be the balance between two parties, but the broker may use dishonest conduct and include terms that give him more protection and power. Always read conditions carefully and if there is some ambiguity ask for an explanation. When the client agrees to terms, it became legally bound. If you do not agree on some of their terms and they would not take your claim seriously and push you to accept the contract, then move on and find another broker.