Binary options trading offers a potential for profit no doubt unmatched in the world of finance and stock market investments. But it is necessary to keep your eyes open to guard you from scams. Scams are not intrinsically linked to binary options or to robots as powerful as it is, as in all sectors of activity you must know how to separate the wheat from the chaff and this is the purpose of this guide.
1 – Only communicate with regulated brokers
The first step is to trade ONLY on regulated brokers. We advise you the following 3 brokers whose customer service is excellent and on which withdrawals are fast:
OptionWeb: Click here to register and discover their training
AnyOption: Download their video training by clicking here
24Option: Click here to download their ebook
The regulator will frequently check the level of professionalism of your broker. It is the assurance that your financial intermediary obeys a code of good practices and that the interest of the customer is at the heart of its activity. The regulation also ensures the segregation of the client’s funds and the company’s own funds. If your broker goes bankrupt, your money can then be returned to you in full.
2 – Review the terms and conditions
Of course, the terms and conditions are long and daunting texts, but they are worth the cost of being read. First, they check the seriousness of the broker (spelling, grammar, text consistency, etc.). They also allow you to spot some abusive conditions such as hidden fees or complicated withdrawal conditions. They also often contain methods for releasing bonuses or promotions. In any case we do not advise you to accept bonuses but we recommend the training offered by OptionWeb and AnyOption
3 – Learn from the experience of others
You may not be the only one who wants to use the best binary options broker. What will make the difference is the positions you take at this broker. Check out the websites specializing in binary options trading and user reviews, look for thoughtful advice that weighs the pros and cons. Attention some promotional sites only contain positive opinions written by the brokers themselves, while other traders scream at the scam when they simply did not properly manage their limits and positions. Accumulate information from several trusted sources to avoid bad shots and find the best broker. We offer you on our site reviews and tests on the best regulated brokers like Optionweb.
4 – Check the functionality of the bonus
The bonus is often an important asset that virtually all binary options brokers offer. You have to understand that to get this attractive condition, there is a counterpart. You will often have to trade 10 to 50 times the amount of your initial deposit and the bonus before you can unlock all or part of the funds placed on the platform. Read the terms of the bonus allocation and withdrawal to avoid any unpleasant surprise when you want to collect your money.
We recommend that you NEVER accept bonuses
5 – Know who your contact is
Do not give blind confidence from the outset to commercial binary options sites, you should not feel in a hurry to make a decision. If you are asked for your credit card number with insistence, first ask to test on a free account. Try to verify that your broker has a physical address and office (no PO Box) and call their support department to verify that it really exists and that it is proficient.
If you follow these tips, you should be able to avoid the vast majority of scams revolving around binary options. These tips are for their vast majority also for forex brokers and they should always be followed without experiencing bad experiences.