Ways To Recognize Fraudulent Binary Options Brokers

| October 31, 2014 | 0 Comments

Finance Forex Banking

Recognizing a fraudulent online binary option broker is not an easy task but with a little effort anyone can identify fake brokers. As such anybody interested in trading binary options online must learn ways to differentiate legitimate brokers from those who are out to scam you. Read what Options Bee said on binary options scam; and never again get tricked by any fraudulent binary option scheme.

Listed below are some of the ways to recognize fraudulent Binary Option Brokers

SECURITY AND EFFICIENCY:

The importance of the security and efficiency of a Broker’s trading platform cannot be over-emphasized. An insecure and faulty platform is a clear evidence of the inadequacy of a trading company. Moreover, such a platform can easily be manipulated to hide fraudulent activities by the broker.

LICENSE:

Presently, many online brokers have valid practicing license issued by the regulatory bodies of different countries. This is due to the fact that binary trading is duly recognized and regulated by most national governments. Licenses are only granted to brokers that scale security and safety test of individual countries that they wish to operate in. So if a binary broker is not in possession of any license, it means such a company is not genuine. The regulated binary options brokers list has been put together as a shortcut for you, but we strongly encourage to do an independent research before signing up to any binary option broker’s website.

ADDRESS:

It is very important to find out the base of an online binary trading company. Some brokers have perfected the act of establishing or operating from countries with inadequate regulatory structure because of their lax rule and inability to prosecute offending companies. Any broker that is not based in a recognized country with stringent laws to penalize fraudulent activities should be avoided.

METHOOD OF PAYMENT:

Any online binary trading broker that does not include online mainstream payment methods, such as Mastercard, Visa, PayPal, Skrill and others on its platform is not really serious about its business. This is because mainstream payment processors only relates and do businesses with registered and legitimate trading organizations that had been subjected to rigorous background test.

METHOD OF TRADING:

Everybody is conscious of the fact that the future of any online transaction, especially binary trading, is on mobile systems. In this regard most online binary option brokers are making efforts to ensure that their platform is suitable for iPhone, iPad, Android and Blackberry for clients to trade on. So a broker who is yet to adopt the use of necessary web applications and ideal web design for mobile devices on its platform is deceitful.

CUSTOMER SERVICE:

A good binary option broker can easily be recognized by the efficiency of its customer service. A reputable online broking company must have an efficient and prompt customer service system that uses different means, such as E-Mail, Live Chat and Telephone Calls, to communicate with its numerous clients in more than one language.

Concluding, it is very important that any would-be trader who needs the assistance of a professional binary option trader must first carry out an investigation of his preferred brokerage company before enlisting. However, it must be noted that most online binary option brokers are legitimate. It is only a negligible few among them that are fraudulent.

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