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Introduction To Binary Options Broker Reviews


The financial markets have garnered a negative reputation over the years, and one of its latest iterations, binary options trading, has been at the epicentre of numerous financial frauds and scam practices. There are tons of fraud reports and customer testimonials coming out of the market that threatens the integrity of binary options trading as a reliable and genuine investment opportunity. Of course, we are aware that the market has some controversial aspects to it, but binary options trading should be considered as one of the best investment opportunities that are currently available in the market.

Investors are not only concerned about the amount of profits that they can achieve in the financial markets, but a majority of traders are now looking for the most reliable and stable platform that can protect their investments from scams and financial malpractices. There are numerous hurdles that prevent traders from exploiting the full potential of the binary options market.


Dishonest brokers and the risky nature of binary options trading have certainly dented the reputation of binary trading among retail traders.


We consider it our obligation towards our readers to review a vast majority of the popular binary options brokers in the market to come up with the best binary companies that guarantee a secure trading environment. Brokers have different strategies when it comes to their bottom line, but as a trader, it is imperative for you to choose a broker that respects your investment and provides you with the best trading products and services.


The Risk Of Trading With Dishonest Binary Options Brokers

Binary options trading has a tremendous amount of risk, as the odds are stacked heavily in the broker’s favour. In the real world scenario, a winning trade may offer up to 95% returns to a trader, while losing trade results in 100% loss of the invested amount. In rare cases, losing trades may qualify for a refund of up to 25%, but the returns come at the expense of lowered payouts that barely go beyond 70%. Therefore, traders will have to be extremely careful in their trading strategies to be able to make consistent profits in the markets. Several brokers may also limit the payouts to 80%, while the average payouts may be in the region of 60%.



Therefore, binary options trading may be considered as a zero sum game, where the advantage goes to the broker. Traders are already on a back foot, and things may get complicated if brokers indulge in dubious strategies to trick traders further. Trading with a dishonest or scam broker will further add to the risky nature of the investments, as traders not only needs to stay protected from the scam practices, but they have to concentrate on conserving their investments as well. Thus, such a scenario creates a highly stressful environment for traders, which contributes towards the high failure rate experienced in the binary options trading industry.

In several cases, brokers are known to deliberately deny service or access to profitable traders by following illegal means of withholding funds, trading against such investors, blocking traders, and eradicating their account histories.


Several professional traders have reported numerous such activities across the broker spectrum that has generated quite a serious repercussion among genuine investors. There have also been cases where brokers have shut down their business entirely, without compensating their clients in a fair manner.


It is one thing to lose money in the markets, but it is totally unacceptable for brokers to deny payment to successful traders by withholding withdrawals. Yet, fraudulent brokers try hard to hold on to their clients’ money and may state bogus reasons to avoid payments. Traders should be vigilant against the dual-risk of binary options trading, where losses are not only limited to trading but may also include money scammed by broker scams.


Why Do Companies Resort To Scams & Financial Malpractices?

As previously mentioned, binary options trading is a zero sum game, where a binary option contract is facilitated between a broker and the trader. Binary options, although a financial product, works in a similar fashion to a casino or a betting firm. The inherent contract between a trader and the broker at the time of opening a position means that winning trades are paid out of the broker’s pocket while losing trades go straight to the broker’s coffers. Therefore, it is understandable why brokers may want its traders to lose, quite similarly to the way casinos want their gamers to keep on playing until the company is able to capture a fair share of their client’s investments.


For regular traders, the house has the overall edge, where the house odds beat traders’ odds by a fair margin. The house odds are the primary reason why most traders lose their trading capital while trading binary options. It is a well-known fact that binary brokers make money from their losing traders. Binary options trading does not provide any other incentives to the brokers, unlike Forex or Stock trading, where brokers are compensated through spreads and commissions. Hence, brokers ultimately depend on increasing its bottom line through traders’ funds, which requires the majority of traders to lose their investments.


It is common for brokers to create hostile trading conditions to force traders into losing money. Some of the scam broker practices include platform errors, price manipulation, and creating wrong orders, all of which combine to create an overall unfavourable trading condition for traders. Sometimes, brokers may even offer bad trading signals, which may end up more disastrous than profitable. Brokers may also sell incorrect trading programs and strategies, in an attempt to make the trader lose more money. Of course, a majority of traders may not be aware of these scam practices and may succumb to broker greed by losing all of their investments into broker tactics. However, in the case of successful traders, brokers may follow different strategies.

Professional traders usually source data and price feed from multiple feeds, which enables them to be on top of their game at all times. Successful traders are also bound to use better technical analysis of the markets and longer time frames for trading, which may increase their chances of success and avoid broker malpractices. In such cases, scam brokers may choose to deny access to such traders, or even ban them from using the broker’s trading platforms and services. Traders have also reported being completely locked out of their trading accounts, without being able to access their trading capital or profits forever.

A large number of binary broker scams occur due to the lack of regulation. Financial supervision is the key to maintaining a safe and secure environment, as unregulated brokers find it easy to get away with their dishonest practices with relative ease. Regulated brokers, on the other hand, are bound by numerous laws and policies that prevent them from indulging in any financial frauds. Regardless, regulation is not the only factor that may affect the integrity of the traders’ investments. There are cases where even regulated brokers have indulged in financial scams. Therefore, it really depends on the commitment of a broker towards its clients, and how well it expects to capture the market share, with or without regulatory supervision.


How To Spot A Scam Broker?

It may not be easy to spot a binary options scam at first glance, but there are several indicators that may point towards the inclination of a broker to indulge in financial irregularities. Here are some of the factors that may point out to a broker scam:



– Improperly Maintained Website

A website is the primary point of contact between a broker and the trader. It is the responsibility of a broker to maintain an excellent online resource, where traders can gain useful insights about the broker’s products, services, and trading terms and conditions. A professionally maintained website can provide all the information at a single glance, which can enhance trust among traders. Always make sure that the website is protected by a security seal, and that all payment pages are protected by the latest encryption technologies. All reliable binary options companies use HTTPs encryption and state-of-the-art protocols to protect traders’ information.

– No Clear Information On Regulation

If a website is hesitant about its regulatory information, or if the website does not impart any information about its official location or contact address, you should exercise caution while dealing with the company. Genuine companies are not afraid of disclosing their identifying information to their clients, and they are also legally bound to offer all evidence to its traders about the core company specifications. Credible brokers go one step further by offering excellent customer support and unhindered access to important company personnel.

– Abnormal Promises and Huge Marketing Gimmicks

Brokers may make incorrect promises through tall claims and unverifiable guarantees, which are solely intended to trick unsuspecting users. There are no guarantees in binary options trading, and promotional materials that are designed with the sole intention of forcing you into signing up for an account must be clearly ignored. Honest brokerages don’t provide any promises that they are unable to keep, and will not offer any guarantee of unseen profits from binary options trading.

– Over-Eagerness Towards Clients’ Deposits

If a broker is relentless in its efforts into forcing you to make a deposit, you should be apprehensive about the broker’s intentions. Of course, it is normal for regular brokers to ask its clients to make a deposit and start trading, but the degree of pressure is greater in the case of scam brokers. Fraudulent brokers want to create an uncompromising situation for their traders to force them into making a deposit, and no genuine company will put their clients in uncompromising positions. Therefore, if a broker is overly assertive about your deposits, take a moment or two to research about the company in detail before investing.

– Failure To Disclose Risk & Conflict Of Interest Policies

Brokers should mention all the risks and conflict of interest that are associated with binary options trading. Complete transparency is the key to a long-standing relationship. Scam companies often fail to mention the risky aspects of trading to its investors, and may even downplay the risks associated with the industry. Brokers should have a precise risk-disclosure statement that outlines all the risks and trading policies that are associated with a binary options trading account.

– Hidden Trading & Payment Conditions

Brokers often hide their trading terms and conditions in fine print. Not all traders read through the brokers’ usage policies, which gives an incentive for fraudulent companies to include improbable terms and conditions for traders. Some conditions may include trading costs, account maintenance fees, broker charges, and even bonus terms and conditions. Binary options brokers offer some of the largest bonuses in the financial markets, but these bonuses are usually accompanied by severe trading conditions. Recently, the Cyprus Securities and Exchange Commission (CySEC) has banned all regulated binary options brokers from offering a bonus to its clients.


Withdrawing Funds From A Scam Broker

What should traders do when they realise that they have invested their money in a scam broker? Although there are numerous ways by which traders can circumvent scam brokers in the industry, dealing with a scam company is an entirely different proposition. Being a victim of scam most probably means that traders have invested their money with an unregulated broker. In the rare event that a regulated broker has committed the scam, it is quite easy to retrieve your funds.


All you have to do is get in touch with the regulatory agency responsible for regulating the broker, and you can expect to receive expert assistance. However, in most cases, retrieving money from a scam brokerage can be a complicated process.


At first, you should get legal help in your country of residence, just to ensure that binary options trading is indeed legal in your jurisdiction. If so, you should also research on all the possible assistance provided by the Government agencies to aggrieved investors. There are numerous local organisations that work with international bodies for dealing with scam brokers. However, your best bet would be to initiate a complaint with your local authority to understand your options of retrieving your funds.


How Do We Review Binary Options Brokers?

Evaluating a binary options broker involves different criteria, and typically includes a wide number of considerations. We rank binary options brokers according to their reliability, binary options products, and overall effectiveness of their services. Here are some of the most important factors that contribute to our binary options broker rankings:



– Regulation

Regulation and licensing of binary options brokers receive the most points while reviewing companies, as regulation is the most important part of securing investments. Regardless of the profit potential of the binary options markets, you must be able to withdraw your funds, and regulation has its advantages when it comes to withdrawing your money from your brokerage.

– Binary Options Products

Binary options trading enables traders to invest in some of the most varied financial products across different markets. A leading binary options broker should concentrate on providing a wide range of underlying assets, binary options products, and other features. It is also the primary responsibility of the broker to provide free demo accounts, but the availability of binary options demo accounts may vary from broker to broker.

– Payouts

Not all brokers have equal payouts, as the ROI for specific instruments and binary options products may be different for individual brokers. Preferably, brokers must offer the highest payouts, and we rank brokers according to their ROI on winning trades and refunds offered for losing trades. We also pay close attention towards the minimum/maximum deposit options and the minimum investment required to open a trade. Our reviews cover all the payment options, minimum withdrawal options, and the speed of withdrawals, in order to give a better idea about a broker’s speed of financial transactions.

– Trading Platforms

Binary options brokers mostly stick to a proprietary trading platform or a third-party trading platform such as SpotOption and TechFinancials. In the case of third-party platforms, the performance and reliability factors are dependent on the choice of service provider, while proprietary trading interfaces may have varying levels of tools, features, and trading functionalities.  We also pay close attention towards the availability of mobile trading platforms, as most users now access their accounts on dedicated binary options apps on their smartphones or tablets.

– Customer Service

Binary options trading companies should concentrate on providing the best customer support channels, as dealing with investments may lead to risky trading situations. Traders will require access to their account managers, or a broker’s customer service representatives, in order to receive expert assistance or to initiate any complaints. A broker’s customer interaction policies and professionalism also play a fundamental role in our binary broker review rankings.

– Bonuses

Despite all the new laws and regulations that govern binary options bonuses, traders may still require their brokers to provide a nominal bonus on all deposits. Bonuses are not considered to be the absolute criteria for opening an account at a brokerage, but we do analyse all the different bonus and promotional offerings that are provided to traders in exchange for a deposit.


The Qualities Of Genuine And Reliable Binary Options Brokers

  • Well-regulated and licensed by a credible organization.
  • Committed to offering the best binary options products.
  • A good choice of underlying assets.
  • Excellent payouts.
  • No hidden trading conditions.
  • Reduced conflict of interest.
  • Guaranteed safety of trading capital.
  • Transparent terms of use and risk policies.
  • Fast and prompt withdrawals initiated without any hassles.
  • Professional attitude towards clients.


Authenticity Of Online Customer Reviews & Testimonials

There are different types of online customer reviews and testimonials. Although these reviews may provide some sincere insights into the performance of a broker, some broker reviews may be generated by disgruntled former clients, employees, or even competitors. It is normal for beginner traders to lose money in the markets due to a lack of precaution or preparation, which may put them at a disadvantage. These traders may incorrectly assume binary options trading to a fraudulent product, and vent their frustrations through online review forums. In other cases, competing brokers, reviewers, and other users may simply choose to leave negative reviews about a broker, simply to tarnish the reputation of an otherwise credible company.

Traders may also come across overly positive reviews, which may be left by paid reviewers, but in most cases, genuinely positive reviews are always provided by satisfied customers. Since there is a lot of room for abuse, traders must be apprehensive while browsing through online customer reviews. Of course, there may be cases where brokers deserve the negative feedback, but it may be difficult for a trader to differentiate between a good broker review and a bad one.


Therefore, our detailed and honest binary reviews should help you to receive the best information when it comes to the actual authenticity of a company.