Binary Option Scams, Ripoffs, & Bad Trading Sites
Every day, there are new binary options brokers hitting the scene. With so many new brokers offering their services, it can be hard to decide which broker you can trust with your money. At Binary Scam Sniffer, we personally review brokers in order to decide which are trustworthy and which are binary options scams. This means that not only do we read online reviews from both businesses and traders, but we actually trade with the brokers to measure the validity of the overall opinion of the online community. In the end, we rate brokers; offering traders a fast and easy way to decide which brokers to work with. Our ratings are as follows…
Scam Sniffer Rating Scale
Trusted Broker – When a broker is marked with a Green badge, it means that we completely trust this broker. That means that with either currently trade with or would trade with these brokers today. Not only do that have a positive reputation in the binary options community, but through our detailed examination of their operations, we feel most confident trading with these brokers because they have a record of integrity, fairness and providing competitive returns.
Use Caution – If you notice a yellow badge it means that you should use caution if you're considering trading with the broker. While we have started the research and review process on these brokers, we haven't quite gathered enough information to feel justified in telling traders to or not to work with them. We strive to provide definitive answers with regard to whether or not to trade with brokers; so, if you notice a use caution badge, come back periodically as we will continually work to find more information and provide a definitive answer with regard to whether or not these brokers offer legitimate opportunities or scams.
BlackListed – Blacklisted brokers are brokers marked with a red badge. If the broker is on our blacklist, it means that we do not, nor would we trade with the broker. Not only is there several pieces of negative information about these brokers on the web, we have done our own thorough review of their services; finding that there is a high level of validity to the negative remarks we found in the online trading community. If we're not willing to trade with the broker, you shouldn't be either; and we make that very clear in our reviews of these brokers.
The Types of Scams We Look For
- Unregulated Brokers – Unregulated brokers are known to play by their own rules; and unfortunately, this means that they often do what they can to take your money. Therefore, one of the first things we look for is regulation.
- Integrity – Even some regulated brokers have a tarnished reputation because they have found ways to navigate the system in a way that allows them to cheat honest traders out of their hard earned money.
- Strike Price Manipulators – Strike price manipulation can make it nearly impossible to come out in the money on a trade.
- Bonus Scams – Often times, brokers will drive new traders in by offering extravagant bonuses. However, in many cases, these bonuses are surrounded by stringent rules that make it impossible to actually withdrawal the money you earn from them.
- Withdrawals – Some brokers make it very easy to deposit money but they make it hard or sometime impossible to withdraw your funds. This is very prevalent and the last thing you want to face as a trader.
- Push Button Scams – This is what we consider to be one of the worst. These scams tell honest consumers that all they need to do is deposit money and push a button to profit. However, when the money is deposited, profits never come. Instead, traders only realize losses.
Report Scams to Help Strengthen The Online Communities Awareness
Because new scams are popping up every day, it's impossible for our team to catch them all. With that said, if you've found a scam that's not listed on our website, please report it by sending an email to ScamAlert@ScamSniffer.com! We will promptly look into the scam and get the word out in order to help avoid others from being victimized