Binary Options Scams

With trading platforms becoming more easily available over the internet, it has now become harder than ever to tell a legitimate brokerage from a scammer.

What is a scam and how can I identify it?

The most important thing to thing to do before putting your money into binary options is to know the most attributes that tell it apart from a scam. Here’s our top tips for spotting a scammer.

1.  A scam or the ‘facilitator’ of the scam will not provide proof of regulation by any authority in the country where it operates. Trading binary options is illegal in quite a number of countries therefore it is important to first find out the policies around the country you wish to trade from.
2.  The scammer will promise unrealistic returns and will in most cases assure you that you will make these returns within a ridiculously short amount of time; and of course with very little effort on the ‘investors’ part.
3.  Scammers will often ask for upfront payment of unnecessary fees and sometimes even go as far as asking for private financial information. So it is also important to know where to draw the line between a broker requesting for KYC (know you customer) information and phishing which could ultimately result in identity theft.