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Tips On How To Know A Binary Options Scam
If you are a trader or a person who is doing research to see whether binary options trading is for you or which is the best trading platform that is available in the market today, the term ‘binary options scam‘ must be familiar to you. This term may be used to mean many things such as the negative features of a platform, poor customer service and problems related to withdrawal of money, among many others. These types of brokers can create a lot of problems for the trading community and they should be completely avoided. It is a known fact that there are some troublemakers in the binary options market, as is common in any area of business, and it is, therefore, very important that you remain vigilant all the time.
Some of the negative aspects that the term binary options scam may refer to are as follows:
Poor quality of the trading software
The trading platform software offered by some of the brokers who have bad intentions is likely to be of very poor quality. Therefore, you must first try the demo software offered by the broker before opening an account and depositing money with them. If you find that the demo software is working well, then you can assume that the trading platform may also be safe. On the other hand, if the demo software itself has a lot of problems, then it is better that you avoid the broker.
Poor Customer Service
A binary options broker whose customer service is not up to the expected levels can also be classified as a binary options scam. In order to save yourself from being sucked in by such brokers, you must do some background check on them. You can ask others who have used or are using the trading platforms of such brokers to understand as to how their customer service is. If their opinion is that the customer services offered by those brokers are of poor quality, then it is better to stay from such brokers.
Difficulty in Withdrawing Money from Your Account
If you find that you are not able to withdraw money from your account as and when you want, then it is an indication that the broker may be a binary options scam. Typically, you will face problems in withdrawing money from your account, if you happen to make huge sums of profits by trading. It is, therefore, important to research and understand the methodologies of such brokers before deciding to do binary options trading on the platforms offered by them. Before opening an account in any trading platform and depositing money, you must check whether it is possible to withdraw any amount as per your wish.
A Binary options scam has to be identified and avoided by all means. Here are some tips on how to understand certain signs which will make it easier for you to know whether a broker is a scam or not.
1. You can find out in which country the headquarters of the broker is located. If the broker belongs to a country where the infrastructure available for regulation is poor, then you must avoid working with such a broker. However, if some real and good reviews about the broker come your way, you can consider them but it is very important to do a proper research before opening an account with them.
2. You can visit the website of a binary options broker to see if it is a real company or a scam.
3. Another thing that you can do is a Google search by typing in “BROKER NAME scam” in the search bar and looking at the search engine listings that you find. However, you must be aware that the competitors can do whatever they want to tarnish the reputation of good brokers. Therefore, you must read through all the complaints to see if there is any reply directly from the broker. If there is no reply from the broker for any of the complaints, then it is not good. It shows that the broker is not actively trying to straighten the negative remarks against the company.
4) You can also talk to binary options brokers over telephone, chat and email to them for some time before becoming their client. It is your money and you have every right to test their services before you decide to invest with them. You will know from the responses you receive from the brokers and the speed at which they attend to your issues whether they are legitimate brokers or not.
5) You can talk to many people, join some chat rooms or forums and get the opinion of others about the particular broker that you are planning to work with and see if any of them has dealt with them and what their experience has been. You can also ask them to provide proof if they say that the broker is reliable.
The best way to avoid a binary options scam is to conduct a thorough research. It is always better to use the services of a binary options broker who has had a good track record in all respects including quality of software, ease of withdrawal of money and customer service. You must not hesitate to talk to your relatives, friends and experts in the field in order to have a better understanding of the market nuances. You must also make use of the potential of the Internet and the resources available to take an informed decision.
In conclusion, you may feel that the various points discussed in this article are very basic points that you may already know. However, you must understand that it is easy to forget the basics fast, especially by the beginners in the field of binary options. This can land them into various problems. In fact, it is a good idea to talk to some people who have been scam victims. You can go ahead and enjoy your binary options trading experience, but do make sure that you don’t become a victim of a binary options scam.