As a binary options trader and contributor since 2010, I feel I've seen it all. Scam is not a common word when it comes to BO trading, especially among the service providers aka Brokers or brands.
I sure hope the next presentation will help you avoid possible scams and stay clear out of fraud. After all, BO trading should be fun and potentially returning!
2. Who is this Binary Options Broker?
โข Search the Web for the Brokerโs Name
including the words Scam, Fraud, Complaints,
Comments
โข Dig inside forums and comment sections. Real
complaints are usually more detailed
โข Positive feedback is hard to find. Do NOT
believe to โThis Broker Rocks!โ
โข Lots of Withdrawal Issue: Run AWAY!
3.
4. Is this Broker Regulated?
โข CySec Regulation is a great advantage. Broker
with CySec Regulation are much more safe for
you than non-regulated brokers
โข Make sure you check the broker on CySecโs
website as well: http://www.cysec.gov.cy/en-
GB/entities/investment-firms/cypriot/
5.
6. Check the Terms and Conditions
โข Well, you donโt have to check the entire
document.
โข It is extremely important to look for Bonus
and Withdrawal clauses.
โข An average bonus wager should be around 30
times the bonus
โข Withdrawal should be handled via the same
method as depositing or by wire transfer
7. Make Sure Youโve Complete Documents
โข The problem is, brokers let you deposit quickly
but when you ask for withdrawal, they
suddenly remember to ask for proper
identification.
โข Make sure you have a color copy of you ID
โข Proof of Address
โข Last 4 Digits of your credit card
8.
9. Use Software to Document your Trades
โข It is important to keep track of your trading! 2
good reasons why:
โข Keep โTrading Diaryโ for your own learning
experience
โข Record your trading incase youโre suspecting
Price Manipulation
10. Software to Record your Trades
โข LightShot app helps you take quick pictures of
your screen and save them on cloud or on
your own PC - http://prntscr.com/
โข ScreenCast-O-Matic app helps you record your
activity and save it on your PC -
http://www.screencast-o-matic.com/
โข Keep a dedicated folder on your front desk,
with all documentation, including emails!
11.
12. Make Your First Withdrawal
โข Even if youโre 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:
โข Some Brokers have a minimum withdrawal amount.
Make sure youโre above the minimum
โข Youโll probably get a call from your account manager.
Tell them politely youโre testing their withdrawal
availability
โข Withdrawal should take up to 7 days. Do not lose
your head and trade more over this period!
13. Stay Away from Signal Sellers and Bots!
โข Most Signal Sellers / AutoTrader / Bots / Signal
Software are plain crap. Theyโll offer you mind
blowing returns. Eventually, theyโll whip your
account.
โข Do NOT deposit into a broker because a signal sellers
told you to. The broker wonโt help you incase youโre
having issue with the Signal provider
โข Put faith in your own knowledge or learn to trade
14.
15. Be a Part of a Community
โข Remember: You shouldnโt trade all alone!
There are plenty of traders just like you on
Binary Options Trading Communities.
โข Being a part of a community helps you stay up
to date with the latest scams, strategies and
risk management issues.
โข We recommend CommuniTraders, Forums and
Social Trading Platform
16. Trade Smart!
โข Above all, Trade Smart. Do NOT invest what you
cannot afford, do not gamble and do not think
youโve nothing new to learn!
โข Check out the Complete Binary Options Anti-
Scam Guide
โข Have Fun!