Binary Options Scams Online Broker COMLAINTS

Best Binary Options Brokers 2020:
  • Binarium

    The Best Binary Options Broker 2020!
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    Free Demo Account!
    Free Trading Education!
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  • Binomo

    Good Broker For Experienced Traders!

Complaints Against Binary Options Brokers

As I have discussed in several previous articles, binary options are regulated. However, there are many companies and people who are not honest in this market and who take advantage of it to make money dishonestly.

I often receive complaints against binary options brokers, and requests for help in recovering the money that a client can’t withdraw.

These complaints are almost always against binary options brokers that are not regulated.

In order to try to help people who have complaints against binary options brokers, or against any other company related to binary options, I decided to write this article where one can expose their situation so that I can try to help.

With these comments and responses, we also hope to prevent other people from being deceived by the same companies.

Tips from our Professional Trader: 6 reasons to have 2 accounts

Do you know that you should work with more than 1 broker?
Check the 6 reasons why you should have account with at least 2 brokers:
  1. Each platform has its differences. If you try different platforms you may find those more suitable to your trading style.
  2. Each broker has his own payouts that keep changing during the day. If you want to open a trade and one offers 60% and the other 80%, you will choose the one with best payout, no?
  3. Sometimes the brokers close some assets, if you have just one account and you want to trade on that asset and it is closed, you will LOSE that trade, no?
  4. If there is an issue with your Broker’s platform, or they are updating it you’re not able to trade, unless you have another account with other broker.
  5. Deposits and withdraws. Brokers keep changing the deposit and withdraw methods, imagine you need cash fast and your withdraw system is closed at that moment on your broker, what do you do?
  6. Each platform has its owns indicators and trading tools, imagine you found a new stratey and it does not work on your broker because it uses an indicator that your broker does not offer.

Below you can find our main trader suggestions on brokers:

Complaints against binary options brokers – What is it?

The idea is that people can leave in the comments a description of his situations in which they are in need of help in anything related to binary options brokers.

By leaving your complaints against binary options brokers in the comments you will help others who have the same problem. They can see how to get help from someone else who has been through a similar situation and has managed to resolve it.

We will use the comments as if they are a help forum.

Complaints against binary options brokers – How to avoid them?

The simplest way to avoid having complaints against binary options brokers is to choose a good broker. As I have explained in several articles, it is essential to choose a regulated broker.

Not only because they are more reliable, but also because being regulated (preferably in Europe) we have a way to complain to the regulators.

This is the simplest way to avoid problems: always work with regulated brokers.

Check if there are many negative reviews about the broker on the best-known sites and forums. If there are a lot of negative reviews, it is best to not choose this broker.

Check the offers (bonuses and others), if they seem too good to be true, it is because they are usually hiding something.

Best Binary Options Brokers 2020:
  • Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo

    Good Broker For Experienced Traders!

Complaints against binary options brokers – How can I help?

When you leave your complaint, I will try to find out if the broker in question is serious and whether it has had recent problems or complaints.

I will try to help, letting you know where and how you can complain, and how you can place more pressure on the broker to resolve your problem.

Ideally, we should try to resolve the situation directly with the broker. It is necessary to know what to say and how to pressure the broker to look at your problem and try to resolve it before there is an escalation of the situation.

Most brokers don’t like negative reviews, especially when the client has a case and can prove that it is the broker’s fault.

This is a strategy that, if used well, usually has results.

I’ve helped people recover their money simply by knowing how to pressure the broker.

It is easier if the broker is regulated because by knowing where to complain it is easy to apply pressure. In the case of an unregulated broker, the situation is more complicated, but not impossible.

Complaints against binary options brokers – Step 1

If you have a complaint, just leave your comment below explaining your problem. After reading it and investigating the problem, I will communicate directly in the comments to try to help in the resolution of your problem.

Don’t forget to include the name of the broker and explain the problem clearly and succinctly.

Binary Options Scams: Online Broker COMLAINTS

What is Binary Option and how to trade them?

Find out who are Binary Options Scams, how they work and how to avoid falling into a trap?

While the main aim of scammers is to get clients funds or personal details, everyone likely to fall under unlikely actions of scams, that is why you should know how to protect yourself and spot fake offering.

Introduction into Binary Trading

Binary Options is a financial instrument in which trading is performed by a fixed amount of cash and time. Options trading allows investors to buy a stock or other investment, or bet set to an underlying asset above a certain price with a particular expiry date. The potential loss or gain is limited to the difference between the market price and the option price itself. In binary option case the set amount of time is much shorter and in fact, is a short-term bet on the asset direction. The Means, if the trader’s guess is right, you get set amount of money from the other, while in case of opposite “guess” or if you are wrong you lose it all.

Since the binary and options trading appeared as an attractive offering among financial investments, the whole business got involved in its discussion of trustworthy operation or not. Its popularity explained by open access to anyone who seeking for an investment opportunity and allegedly allows to enjoy high incomes in a very short time. Yet, let us look closer to the opportunity itself.

How Forex Trading scam work

The binary brokers as a typical mean locate their offices primarily in offshore zones and other jurisdictions that did not imply the strictest regulation to financial investment firms. Therefore, the company will enable their operation with a very low requirement and capitals while as a general rule will claim its presence in prestigious jurisdiction alike UK, Hong Kong, US or another European country. The phone number may appear to be a local line, but eventually to have the end user in the option trading hub somewhere in the world. Therefore, binary scam gear towards investors and promote fake binary trading software through easy for unscrupulous providers to take the advance.

Most often binary frauds use heavy advertising tactics through a social media, advertising on websites and emails with a redirection to a very-well developed websites with an allegedly professional offering and a very attractive opportunity of gains available to everyone. The majority of binary option scams lure traders with a very small initial deposit and “free bonuses”, and most often it is enough to get interested in. Further on an options broker will ask for credit card information and eventually, that’s where the positive side finishes. Then, the trader puts his life savings into “potential investment and gains”, but faces the loss of everything. The attempts to get money back turns out to be unsuccessful with further stress from understanding what happened.

The main trap in binary options trading is that firm may easily manipulate software and distort price which will lead to sudden loss of the trading account and balance. Furthermore, the scam brokers may use credit information to withdraw funds from the cards, therefore you should be extremely cautious about giving the credit details.

As the nature of Binary Options trading allows company providers to operate the “business” easily as well to enjoy high incomes to their pockets, the industry shows its growing tendency constantly. However, the situation has now changed due to better regulations and observance that keeps track on scams. Securities and markets regulators across international jurisdictions received thousands of complaints as the binary options providers’ target investors aggressively, yet, the truth of victims is far beyond the received number of complaints. While Binary Option is often categorized as a sort of gambling by the authorities the binary options broker may be a registered firm in particular or offshore place, yet the firm is not allowed to sell its offering to residents of other jurisdictions.

The authorities and international trading industry regulators regularly check on the trends and actions performed or offered by various brokers with a purpose to protect clients and maintain a trustable or smooth market operation. In regards to binary options trading sites, the most trusted regulators issued an Investor Alert, with an advice not to involve in binary trading at all and even banned binary options to retail traders. The agencies mention that numerous complaints received and relatively easy way to manipulate software or to generate losing trades during the binary options trading delivery involves significant risk to be involved in fraudulent activity. The authorities then identified thefts through a fixed-odds betting nature of the binary options trading and try to educate the population and warn about fraudulent promotional schemes.

In 2020 US regulators CFTC and SEC officially joined and published an alert to investors along with a ban on binary options trading to the residents. The Canadian authority mentions binary option fraud is a leading investment fraud that facing potential investors, while there are no registered firms permitted to trade these products in Canada. The European ESMA along with the respected EU authorities followed by series of warnings and from 2 July 2020 banned firms from selling binary options across the EU. While the ban is for a three month period, a further extend took place from 2 October and continues.

Recently, on November 2020, German Federal Financial Supervisory Authority BaFin announced that it is planning to prohibit the marketing, distribution, and sale of binary options to retail clients at a national level. Overall, mostly all respected regulators confirm a fact of an extreme risk involved in binary trading, therefore the majority of authorities alerts if you are offered binary options it is probably a scam.

After all, there are too many tragic stories about binary options victims, it became so common that the authorities try their best in order to prevent a population from fraudulent.

How to protect yourself

However, the regulators are not able to power each and every offering or specific jurisdiction where most of the scammers based. In many instances, you should protect yourself and be aware of an interaction, that takes place with a purpose to take your money.

There is no any guarantee on a statement made at the broker’s website, thus do not believe on every statement, specifically about its registration status, but carefully check on through official regulatory sources. Scams often present themselves as a reputable firm with professional data, an allured attractive possibilities of high gains and fast outcomes. Yet, often its all faked, always remember because information looks official, it does not mean it is.

Always verify the broker’s registers before dealing with them and check on the reputation, as well read Forex Brokers reviews. Probably, if the firm is not authorized it is a high risk to be a scam. You can always check Warning lists issued by the industry authorities and of course, you should consider strongly any issues, as well review the List of Brokers to Avoid.

If you got scammed

In case you fall, a victim of Binary Option scams, at first you should immediately recall the credit card and try to withdraw funds from an account. Because scams are likely located overseas, there is almost no way to get any money back or to receive any sort of support.

The typical traders complain included refusal to credit accounts or return funds and in fact, are not able to be supported further, as simply the company is not regulated or compensated by anyone. However, you should report a scam to specified authorities and better to access a specialist to advise on your following steps. The regulators like UK’s FCA, Australian ASIC, Cyprus CySEC or others provide an open and well-guided complaint procedure, therefore you should contact authority immediately in case there are any concerns.

Submit your complaint about Australian Broker to ASIC:

If you invested with a non-regulated entity, there is no investment protection applied, as well as there is no established compensation, unlike the Regulated Forex Brokers status provides.


The sad truth is that scams among the binary options trading market are something that dominates among the offering. While the broker may provide a robotic software or to act as a broker, the trader should always keep caution against scams.

Overall, it is very high risk, noting facts and issues happened to thousands of investors around the world, to engage in Binary Options trading. We can not recommend trading with binary option brokers due to the revealed facts and numerous warning issued by the trusted authorities around the world. We value a transparent operation and investment service, therefore both reliable and trusted brokers will be always regulated and authorities in terms of their offering and performance. On the contrary, we offer to check out a list of Regulated Brokers and description of their investment proposal, which is available by the link.


Forex and Binary Options Broker Complaints

Nowadays, complaints regarding Forex, Crypto and Binary Option brokers are increasingly common and can be for many reasons. South African investors that choose to trade with licensed or regulated brokers rarely face such issues.

However, if you have invested in a non-regulated or unlicensed broker, there is no government agency that can help you get your money back.

MyChargeBack is a service created especially for cases such as these – their job is to hunt down the broker and help you get your money back if possible.

Complaints to Regulated Brokers

If your broker is authorized by the Financial Sector Conduct Authority (FSCA), referred to as the new Financial Services Board (FSB) in South Africa, follow the instructions below:

The Financial Sector Conduct Authority (FSCA)

If you have any complaint regarding the entities regulated by the FSCA, you can fill in the form on their website that asks for your details, the type of complaint you want to file, the name of the regulated entity and a description of the issue.

Finally, the FSCA asks you to attach any supporting documentation that is relevant to your complaint like your policy document, any correspondence with the entity etc. These documents all get submitted along with your complaint form.

The smartest way to invest would be with the licensed broker IQ Option.

Withdrawal Complaints – If You Cannot Get Your Money Back

If you are having problems withdrawing your money from your broker, we suggest using, a service which helps you get your money back.

MyChargeBack is a company whose mission is to assist investors who have lost over $1.000. They urge victims to not give up if they are scammed by a broker and “fight back” to get their funds back. In order to use their services, you will be charged an upfront fee as well as a percentage of the funds that they manage to recover for you.

These are a few points to keep in mind when a broker is not processing your request to withdraw:

  • Withdrawing money is, in many ways, a more complicated process than depositing money.

To withdraw your funds from your broker, you will be asked to verify your identity with several different documents. The most common of these are: National ID/ Passport/ Driver’s License, Proof of Residence, Utility bill, credit card/bank statement and local authority tax bill. Finally, deposits made by Credit or Debit card always require a front and back scan of your card.

  • When you request a withdrawal from your broker, never rely on a simple phone conversation or Skype message. Alwaysmake sure to contact the compliance department via email or the customer support.
  • If your withdrawal request is not processed in a timely manner, you can contact your bank and ask for a charge back.When people are facing issues withdrawing their funds from a broker, in most cases it is because they are dealing with non-regulated companies often associated with fraud.

Managed Accounts Issues

The situation is increasingly common: a Forex broker calls you offering to invest your money and trade on your behalf. The only problem is that trading Forex and Cryptocurrencies, no matter your level or experience, can be incredibly risky. You essentially risk losing all the funds in your account, and when you authorize a broker to trade for you, in reality you are giving away all that money.

Instead, if you have decided to invest in Forex, do the research and discover what it takes to be a real trader. Never trust that someone else is going to help you get money. As a matter of fact, most brokers make money through your own losses – so helping you make a buck is not even slightly in their interest.

Think about it: If a broker is such a professional in investing money, why are they not out there trading their own money? Why are they so keen on trading yours?

Trading Software Scams

Investors often see advertisements for “secret systems” that magically generate money and open brokerage accounts. Some examples of these are Bitcoin Code, Crypto Trader and Tesler app, among many others.

These systems, often referred to as “automated trading”, create you an account at a scam broker, convince you to make a deposit, and reassure you that now, with absolutely zero effort on your side, the money will start flowing into your bank account. Now, even though many like to believe this to be the perfect “money generating system”, it is in fact a scam and uses unregulated and unlicensed brokers to take advantage of users.If you take a look at a broker’s terms and conditions, you will see a specific clause that prohibits the use of automated trading software.

This does not mean that all auto-trading robots you see are scams. You should just always make sure to use a robot that works with regulated and licensed brokers.

Bonus Policy Complaints

Another main reason that traders have problems withdrawing their funds from a broker is because, more often than not, they received a bonus.

Always think carefully before and if you decide to accept a bonus. Before anything else, you should closely read the broker’s bonus policy. Unregulated companies often require investors to trade 30 – 60 times more than the bonus value. There is a reason why you will never see regulated brokers offering investors bonuses.

Allow us to paint you a picture to help you understand how this works. Say you deposit R5.000 and receive a bonus of R2.000. This may appear generous at first, but what it actually means is that you will now have to generate the trading volume R5.000 x 200 = R100.000. Take a minute and think about this – it is a lot of money. The catch is that when you decided to accept the bonus, the R5.000 that you deposited can only be withdrawn if the trading volume above is met. In the scenario we just suggested, you will now have R7.000 in your account (R5.000 + R2.000 bonus). Now let’s say you decide to place a trade and profit R850, which automatically makes your account balance R7.850. This amount will not be eligible for withdrawal.

In the worst case scenario, which, unfortunately, can be more common than you think, brokers automatically give bonuses with each account and without asking for any permission from the trader. Cases like this are exactly why many unlicensed brokers receive such a high number of complaints and bad reviews on a daily basis. People all around the world want to spread the word and warn potential victims to look out for these scams – it could happen to you.

Unauthorized Credit Card Charges

If you have received an unauthorized credit card charge from your broker, there could be two explanations:

  1. Your payment was processed twice and it was an honest mistake.
  2. The broker that claimed to double your invested money, lost it all. They often call you after this to convince you to make a second investment and give them more of your money to trade with.

Whatever the case may be, the moment you see an unauthorized charge to your credit card, you should contact the credit card fraud department immediately and try to dispute the charges.

In conclusion, it is important to always remember that trading is a huge risk and before you decide to invest your money with a broker, do the research and always be aware of the types of scams out there and exactly how to avoid becoming a victim yourself. On the other hand, if it is “too late” and you have already been scammed by a broker, make sure to carefully read and follow the steps outlined above according to each case.

Binary options scams

Find out how binary options work, how to avoid scams and what to do if you are scammed.

Update: The sale of all binary options to retail consumers is now banned. If you are offered binary options, it is probably a scam.

Binary options are a form of fixed-odds betting. Typically, a trade involves whether an event will happen or not (for example, will the price of a particular share or asset go up) and the outcome is either yes or no.

If the investor is correct, they ‘win’ and should see a return on their investment; if they’re wrong, they lose their full investment.

From 2 April 2020, we permanently banned firms from selling binary options in the UK.

This follows the European Securities and Markets Authority’s (ESMA) temporary ban on the sale of binary options to retail consumers across the EU, including the UK, since 2 July 2020. Our ban includes certain binary options that were excluded from ESMA’s temporary ban.

How binary options scams work

Binary options fraudsters often advertise on social media – the ads link to websites that are well-designed and professional looking.

The firms operating the scams tend to be based outside the UK but often claim to have a UK presence, often a prestigious City of London address.

Scam firms may manipulate software to distort prices and payouts – they then suddenly close consumers’ trading accounts, refusing to pay back their money.

We are aware that scammers are targeting consumers searching for investments online, in particular through search engines like Google and Bing. Those offering or promoting products or investment opportunities found through search engines are not necessarily authorised or regulated by the FCA. You can check the FCA Warning List for firms to avoid.

How to protect yourself

Be wary of adverts online and on social media promising high returns from binary options trading.

You should only deal with financial services firms that are authorised by us. As the sale of binary options to retail consumers is now banned any firm offering binary options services is probably unauthorised or a scam.

If you have any doubts, check the Register to ensure a firm is authorised. You can also check our Warning List of firms to avoid.

You should check the firm isn’t a clone firm by asking for their firm reference number (FRN) and contact details and then calling them back on the switchboard number on our Register – never use a link in an email or website from the firm offering you an investment.

Always be wary if you’re contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.

If you have been scammed

You can report the firm or scam to us by contacting our Consumer Helpline on 0800 111 6768 or using our reporting form.

If you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals.

The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.

If you have any concerns at all about a potential scam, contact us immediately.

Best Binary Options Brokers 2020:
  • Binarium

    The Best Binary Options Broker 2020!
    Perfect For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Get Your Sign-Up Bonus Now!

  • Binomo

    Good Broker For Experienced Traders!

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Binary Options Trading: Brokers Reviews
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