We get hundreds of people contact us each week about binary options trading, and they generally fall in to one of three categories:
- They are completely new to binary options.
- They have tried trading on their own without any education and have failed miserably.
- They have been with a binary options company or broker promising them the world and lost almost all of their money.
In reality, trading binary options is one of the most affordable kinds of trading that you can get into and quite easily get a fantastic payout at the end of the trading period if you are successful. Many people are a bit wary of binary options, mainly because of ugly stories regarding scams – which have less to do with the actualities of binary options trading, and are more about the negative features of a company or broker.
While it’s true that there can be large risks involved in trading, the risk really just comes with the nature of the transaction, such as unpredictable market movement, and these risks are not what constitutes a scam.
A scam can be identified by various features and indicators. It’s best to know what to look for so you won’t get duped should you decide trading binary options is an ideal way to add to your current income.
The first you should be looking for is below-standard trading software. As a rule, fairly large amounts of money are involved, and the software should be effective and well-developed enough to manage a relatively simple online transaction. Some cunning brokers will use poor quality trading software to disguise their motives. You might think that your trade didn’t go through because of a “service error” so you try one or two more times, only to learn that your trade did in fact get processed the first time. If the trade was a losing one, you would lose two or three times the amount you provided for the trade.
Experts offer this advice: “Use a demo version of the software before using real money in the account. A demo trading software that works usually means that the actual trading software is safe to use.” If the demo version seems to be faulty, the best course of action may be to cut that broker loose and continue looking for one that uses reliable trading software.
Here at The Binary Options Experts, we only use real, live analysts, and educate you in how to trade for yourself.
Another indicator will be difficulty in withdrawing your funds – particularly if you have gathered a good amount of money in your trading account. If this is consistent for large withdrawals, it can mean that the broker is withholding it.
The third thing you want to look for is little to no customer support. If you don’t get a response to your queries within a reasonable length of time (bearing in mind any time differences you might be dealing with), you might want to rethink your dealings with them.
The last clue is “over the top” promises of success. Most of the time, this is nothing more than a marketing strategy. They sweet talk you with incredible results and when you fail to replicate them, it’s because you “didn’t do things right”. Look for a company or broker who are upfront about their trade results.
By being aware and doing due diligence, you can effectively defend yourself against dodgy binary options brokers. That means you have a better chance of protecting your hard-earned money and secure profits as well.