Although Binary options are a great way for you to earn money, they also leave a lot of space for many scammers and hustlers to take your money.
The internet is so big that you cannot keep track of it and there are a lot of people offering you easy ways to get rich which usually end up being fake. Binary options trading is a business which in some ways offers these dishonest people to fool you and scam you out of your money. But this does not mean that all of the brokers are scammers and that all every binary options broker is a scam waiting to happen.
Believe it or not, there are some legitimate binary option brokers. The difficulty is knowing how to recognize them and how not to be fooled by people who are just in it for your money.
Here are some ways which may help you realize a scam broker opposed to the real ones. Also here is the list of reliable binary option brokers.
Scammers always encourage their clients to invest more. Be on the lookout for the brokers who are pushy and who are encouraging you to invest more because it will pay off more. Deals which look too good to be true often are, and can be in most cases regarded as scams.
When a broker promises you a regular pay off per month and assures you that there are no risks involved, you should immediately cut all ties with this broker. It is impossible to double let alone triple your account balance in a short time and the promises offered are similar to that. Be wary and do not get involved with these brokers.
Whenever a withdrawal takes too long to happen, there is usually something fishy going on. The brokers who delay too much and try to stretch the withdrawal period as long as possible are just doing so to scam you. The regular withdrawal period with regular and honest brokers takes 48 hours. The ones who are honest follow this rule, but whenever the withdrawal of funds starts taking longer than this, there is an illegal note to it. The brokers who have a 7 day waiting period for the withdrawals to go through should not be trusted and you should stay away from them immediately.
Do your research and check for complaints. Whenever you start getting involved with a certain broker considering binary options you should check the number of complaints they gotten. You can do that simply by Googling the broker and check if the number of complaints is big or small. The ones which have a larger number of complaints are often shady characters and can immediately be red-flagged.
Brokers who are unlicensed and not regulated should not be trusted. Brokers can get a license from various agencies and there is no reason to use an unlicensed broker. The agencies licensing brokers make sure that everything goes according to the law and that all transactions are done by the book or legally. That way the traders stay safe while the brokers gain credibility. Brokers who are unlicensed are very often times scammers, but this does not mean that all of them are.
Follow these simple rules and your binary option trades will be safe. We cannot stop the scammers, but we can make their work harder for them and in order to help yourself and everyone else, follow the given rules and stay away from shady brokers.