Detecting binary options scams is not an easy task, but it is a noble idea to do since people are being robbed daily of their money in binary options trade. BestBinaryOptionsWatch.com is dedicated to fishing out those scammers that come in sheep’s clothing just to rip you off your money. One question that traders ask, especially those that have been conned is, -How to know binary options scam? Of-course, if you have once been scammed its enough reason to know that that binary option broker or signal provider is not legitimate. Prevention is better than cure, so it is better to avoid the paths of these scammers than learn your lessons after you have lost your money. So we are going to reveal to you some ways you can identify them:
Ways in which scammers work
- Enticing bonuses: Who doesn’t want to make a huge profit, more especially within a short period? These brokers feed on this human psychology and present huge tempting bonuses to make you invest your money.This is just a bait to lure you in. Now don’t get it twisted, legitimate and good brokers also give bonuses but scam brokers present theirs telling you that you will always win.This are fake guarantees.
- Fake testimonials and reviews: They go ahead and put up jaw-breaking testimonials on their website and other websites of how people have been making huge profits with them and how their method is the best you can ever come across, they also go ahead and write fake reviews recommending them. Be careful because the people you see on those testimonials are non-existent and are fake.
- Refusal to withdraw your money: After you have started making profits and you want to withdraw your money, they come up with stories, then they stop picking your calls and replying your mails, making it impossible for you to get back your money.
How to detect binary options scam brokers or signal providers
- Check if the their website has an SSL certificate, you can know this by checking if their website has (https://), note the ‘s’. Since you are going to put your card details in,this would be very important. The https:// shows that your information and card details are encrypted and safe .
- Ensure that the broker is regulated: This is very important, check to see if they are regulated by a reputable financial body, note their license number and go ahead to verify it. This is very important because when things start going bad you can always report them to the regulating body and your money could be refunded.
- Check to see if their platform is easy to use and their website is properly designed.
NB: The presence of all of these does not mean that a broker or signal provider is not a scam. However when you notice these things then be suspicious.
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- Start little, then when you make some profit try withdrawing it. This is to enable you test the waters and notice any suspicious activities.
- Always read the Terms and Conditions, sometimes some things are hidden there that might not be in your favour.
- Always keep a record of your earnings so that if any changes or irregularities happen you would quickly detect them.
- Don’t keep your money for long with a broker.
- Don’t accept bonus offers from brokers because their terms are stringent, However if you wish to accept their bonuses make sure you read the terms and conditions to know if you are satisfied with it.
- If you think you have been scammed, file a complaint to the regulatory body.
NOTE: Don’t always say when you lose that the broker is a scam , like every other business you could win or lose and finding a good broker does not guarantee your success.
If you have been scammed, you can inform us so that we would put it up and blacklist that broker or signal provider. This will help warn other potential traders to avoid been scammed. This way, we all would help sanitize the binary options industry.