Binary Scam

Is it a binary scam or not?

Posted by on Sep 16, 2016 in Binary Options, Binary Scam | Comments Off on Is it a binary scam or not?

Is it a binary scam or not?

The question might sound stupid, but it isn’t, and there are good reasons behind it. We all know some basic ways to recognize a scam, but many people mark legitimate business as frauds as well.  This goes both ways, as people may get scammed by a broker that they thought was OK. We won’t do a review or advertise companies. We will just give you some advice on how to recognize a fraud that might not be obvious at first glance.

Common ways to recognize a scam

You might already be aware of several steps that can unveil a scam. It won’t hurt to mention them once again. Checking reviews and blacklists are first things a beginner should do. Through those texts, they can see whether a broker is legit or not.

common-showbiz-scams-and-how-to-avoid-themOne common form of a fraud is the prevention of withdrawal. If all other things fail to detect a scammer, you should deposit the minimum amount of cash and then withdraw it immediately. Some brokers have very low minim deposits (10 dollars) while the majority of first payments range between 100 and 200 dollars. To find out who are the brokers click here. It’s better to lose that amount than one or two thousand dollars.

Another very common form of a scam is the account manager scheme. The broker assigns you a manager that will give you advice and help you earn money. The person will call you and ask for additional deposits. They will also send you trades that have very high risk. If you don’t comply, then they will trade in your stead and waste your money on trades that are preposterous.

Phishing credit card for informationThe lack of demo account is another red flag you should watch for. If a broker doesn’t have a demo account that that is a clear indicator that something is wrong. They don’t have time or money to invest in the demo account that will help traders. This means that they want your money, not your business.

Some lesser known ways to recognize a fraud

Does the broker offer too many bonuses that are simply too good to be true? If they do, then stay away from them. This is a clear indicator of a shady business. They want you and your deposit, and they will promise you anything to get it. Legitimate brokers have standard bonuses, and you should stick with those dealers.

Every fraudulent broker exists for a year or two after which they mysteriously disappear. After a few days, a new dealer emerges, and its owners are same people. You can find out whether that is the case, with a broker you want to trade, by checking the domain name. Several sites will allow you to find out who is the owner of the domain as well as all activity on that domain since its creation. This makes it very easy to find whether the broker is a legit business or just another scam. If you don’t know how to do it, then search for forums and blacklists that perform this type of search.

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