How to Minimize the Risk of Being Scammed by a Binary Options Broker?
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The document provides guidance on minimizing the risk of scams when dealing with binary options brokers. Key suggestions include researching the broker's reputation, checking for regulatory compliance, and maintaining thorough documentation of trades and withdrawals. It emphasizes the importance of a community for support and discourages reliance on signal sellers or automated trading systems.
How to Minimize the Risk of Being Scammed by a Binary Options Broker?
- 1. BinaryOptionsThatSuck.com Presents: How to Minimize the Risk of Being Scammed by a Binary Options Broker?
- 2. Who is this Binary Options Broker? • Search the Web for the Broker’s Name including the words Scam, Fraud, Complaints, Comments • 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!
- 4. 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- GB/entities/investment-firms/cypriot/
- 6. Check the Terms and Conditions • Well, you don’t have to check the entire document. • 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
- 7. 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 identification. • Make sure you have a color copy of you ID • Proof of Address • Last 4 Digits of your credit card
- 9. 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 experience • Record your trading incase you’re suspecting Price Manipulation
- 10. 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 - http://www.screencast-o-matic.com/ • Keep a dedicated folder on your front desk, with all documentation, including emails!
- 12. 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 availability • 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! • Most Signal Sellers / AutoTrader / Bots / Signal Software are plain crap. They’ll offer you mind blowing returns. Eventually, they’ll whip your account. • 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
- 15. 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
- 16. Trade Smart! • 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- Scam Guide • Have Fun!