Enter the binary trading world

Posted By Christopher Jackson on Sep 15, 2016 |

Earning money with binary options is not something reserved for elites. Every person can enter this market and trade. All you need for a good trading experience is a bit of knowledge about the underlying assets as well as different tools that are at your disposal. The other important thing you need to do is to find a reliable broker, you can find it at http://cybermentors.org.uk/, this website can help you to avoid scams and other problems.

Avoid these scams in binary options

Every exchange market has its share of the scammers. Binary options also have their dark side. The best way to avoid those scammers is to know what to look for. A short research will show you everything you need to know. We hope that this article will give you some pointers and help in that the investigation. We will explain three basic scams that are present in the world of binary trading.

If you stumble on a broker that requires extensive personal data for money transfer, you should be careful. This might end in an identity theft. You do need to provide some limited details about your credit card, as it is used for money transfer. But if a broker asks for copies of your drivers’ license, you should become suspicious. Some scammers will request those things only at the withdrawal, and those are the worst as many people comply with their requests.

6e70a3bf22c15e483abd0d1fd6d18920A common scam that shady brokers do is the denial of the withdrawal request. When you decide to withdraw some money you find your application canceled. Some scams end at that, while other continue. In those other cases, the broker may contact you and ask for larger deposits and continuation of trading until they “resolve” the issue. They may link a part of terms and conditions that are preventing the withdrawal. None of that is true, of course. They got your money, and they are trying to get more.

The third type of scam involved the manipulation of the trades. This is a subtle fraud, and the scammer will do this to people that win a lot of trades. In this instance, the broker turns a winning trade into a loss through the manipulation of the expiry time. The deal ends as a win, but the trader doesn’t receive the notification. After a couple of minutes, they receive the notification of the loss. Once they request an explanation, the broker states that the technical error is at fault and that they can’t do anything about it.

Locating and avoiding these scammers

tips-to-avoid-a-student-loan-scamThe best way to find whether the broker is reliable, or not, is to read reviews and forums. Check whether there are any complaints about the dealer you are researching and then double-check those complaints.

Once you have found a broker, you deem as safe, do a test deposit and withdrawal. If that ends without any problems, then begin trading. Keep an eye on the broker and prices. Compare them with prices from other sources. As soon as you notice an irregularity, and you recognize a scam, withdraw your money and never return to that broker.