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How to Minimize the Risk of Being Scammed by a Binary Options Broker?
How to Minimize the Risk
of Being Scammed by a
Binary Options Broker?
Who is this Binary Options Broker?
• Search the Web for the Broker’s Name
including the words Scam, Fraud, Complaints,
• Dig inside forums and comment sections. Real
complaints are usually more detailed
• Positive feedback is hard to find. Do NOT
believe to “This Broker Rocks!”
• Lots of Withdrawal Issue: Run AWAY!
Is this Broker Regulated?
• CySec Regulation is a great advantage. Broker
with CySec Regulation are much more safe for
you than non-regulated brokers
• Make sure you check the broker on CySec’s
website as well: http://www.cysec.gov.cy/en-
Check the Terms and Conditions
• Well, you don’t have to check the entire
• It is extremely important to look for Bonus
and Withdrawal clauses.
• An average bonus wager should be around 30
times the bonus
• Withdrawal should be handled via the same
method as depositing or by wire transfer
Make Sure You’ve Complete Documents
• The problem is, brokers let you deposit quickly
but when you ask for withdrawal, they
suddenly remember to ask for proper
• Make sure you have a color copy of you ID
• Proof of Address
• Last 4 Digits of your credit card
Use Software to Document your Trades
• It is important to keep track of your trading! 2
good reasons why:
• Keep “Trading Diary” for your own learning
• Record your trading incase you’re suspecting
Software to Record your Trades
• LightShot app helps you take quick pictures of
your screen and save them on cloud or on
your own PC - http://prntscr.com/
• ScreenCast-O-Matic app helps you record your
activity and save it on your PC -
• Keep a dedicated folder on your front desk,
with all documentation, including emails!
Make Your First Withdrawal
• Even if you’re not yet profitable, it is a good time to
test your broker when it comes to withdrawal. Try to
withdraw a part of your account and remember:
• Some Brokers have a minimum withdrawal amount.
Make sure you’re above the minimum
• You’ll probably get a call from your account manager.
Tell them politely you’re testing their withdrawal
• Withdrawal should take up to 7 days. Do not lose
your head and trade more over this period!
Stay Away from Signal Sellers and Bots!
• Most Signal Sellers / AutoTrader / Bots / Signal
Software are plain crap. They’ll offer you mind
blowing returns. Eventually, they’ll whip your
• Do NOT deposit into a broker because a signal sellers
told you to. The broker won’t help you incase you’re
having issue with the Signal provider
• Put faith in your own knowledge or learn to trade
Be a Part of a Community
• Remember: You shouldn’t trade all alone!
There are plenty of traders just like you on
Binary Options Trading Communities.
• Being a part of a community helps you stay up
to date with the latest scams, strategies and
risk management issues.
• We recommend CommuniTraders, Forums and
Social Trading Platform
• Above all, Trade Smart. Do NOT invest what you
cannot afford, do not gamble and do not think
you’ve nothing new to learn!
• Check out the Complete Binary Options Anti-
• Have Fun!