Binary Options Broker Scams

binary options scamsDo you want to check whether a broker is scam or legit? Currently there are over 100 binary options brokers and many of them are scam. We took the time, to do some research and test the most popular binary options brokers and here is the list.

We add new brokers in a daily basis, but if you have a suggestions or you have been scammed, please let us know and we will try to help you.

This is currently the biggest list of this kind on the internet. Please help us by sharing the list on your website and blog or social bookmark the page.

List of Legit and Scam Binary Options Brokers (Last Update: December, 2016)

Broker Name
US
Trusted/Scam
Regulated
Status
24option
24OptionTrusted
Yes
Online
iqoption
IQOptionTrusted
Yes
Online
finpari
FinpariNeutral
No
Online
no1options
No1OptionsTrusted
Yes
Stopped accepting new traders
bigoption
BigOptionNeutral
No
Stopped accepting new traders (August 2016)
cedarfinance
CedarFinanceScam
Yes
Online
10trade
10TradeTrusted
Yes
Online
365binaryoption
365BinaryOptionNeutral
No
Online
globaltrader365
GlobalTrader365Scam
No
Broker is out of business
ezbinary
EZBinaryScam
No
Broker is out of business
365trading
365TradingTrusted
Yes
Online
99binary
99BinaryNeutral
No
Online
anyoption
AnyOptionTrusted
Yes
Online
bancdebinary
BancDeBinaryTrusted
Yes
Online
bdswiss
BDswissTrusted
Yes
Online
bloombex
BloombexNeutral
No
Stopped all marketing activities
bosscapital
BossCapitalTrusted
No
Online
cherrytrade
CherryTradeTrusted
No
Online
ctoption
CToptionTrusted
No
Online
eztrader
EZTraderTrusted
Yes
Online
fmtrader
FMTraderTrusted
No
Online
goptions
GOptionsNeutral
No
Online
grandoption
GrandOptionTrusted
Yes
Online
highlow
HighLowTrusted
Yes
Online
interactiveoption
InteractiveOptionScam
Yes
Suspended license (April 2016)
lbinary
LBinaryNeutral
No
Online
magnumoptions
MagnumOptionsTrusted
No
Online
marketsking
MarketsKingScam
No
Not paying affiliates (November 2015)
marketsworld
MarketsWorldTrusted
No
Online
opteck
OpteckTrusted
No
ASIC Warning
optionfair
OptionFairTrusted
Yes
Online
optionrally
OptionRallyTrusted
Yes
Online
optiontime
OptionTimeNeutral
No
Broker is out of business
optionweb
OptionWebNeutral
Yes
Temporary traffic suspension (September 2016)
porterfinance
PorterFinanceNeutral
No
Online
rboptions
RBOptionsNeutral
No
Online
redwoodoptions
RedwoodOptionsTrusted
No
Online
stockpair
StockPairTrusted
No
Online
titantrade
TitanTradeTrusted
No
Online
tradethunder
TradeThunderTrusted
No
Online
tradorax
TradoraxTrusted
No
Online
tropicaltrade
TropicalTradeTrusted
Yes
Online
zoomtrader
ZoomTraderTrusted
Yes
Online
everyoption
EveryOptionScam
No
Broker is out of business

Link to this list. Copy paste this code into your website:

Trusted – These are the best binary options brokers. We consider these to be the safest brokers, meaning that there is no evidence that this broker is a scam.

Neutral – These brokers are either too new with little to no reviews or they have mixed user reviews. Some of these brokers have almost impossible first deposit bonus conditions, therefor some users report them as scam, even if they aren’t.

Scam – Do not sign up with these brokers. Scam brokers are known for stealing money from the traders (ex. not allowing withdrawals).


Binary Options Signals Scams and Fraud

Unfortunately there are more and more binary options scams nowadays and there are a few things you should take into consideration before signing up.
Maybe you saw some ‘make money from home’ video that sounded too good to be true, but you still signed up? Most of the time these are binary trading signal websites (also called binary options robots).

Most of these kind of websites are scam and not the binary options brokers you sign up with. Don’t fall for these false promises of making thousands of dollars overnight with ‘little known, secret software’ giving you over 90% accuracy.

This is how these binary options trading signal sites work:

  • They make a website with a video and a signup form. Most of the time that’s all they have on their homepage.
  • They make a long 20-30 or even 45 minute video, where they tell you how good their software is and how few spots are left on their website.
  • They add fake testimonials on form of text on the homepage or video reviews (such reviews can be bought for $5 on another website)
  • They tell you that the software is free, but they require you to sign up and deposit to one of their recommended brokers. This is how they get paid: the lure you with a fake software and get paid by the brokers for referring you.

List of Binary Options Signal Scams

Following signal providers are considered to be scam and are not recommended: 1K Daily Profit, The Millionaires Club, Daily Trader Club, The Italian Method, Profit Magnet, Rock The Stock, Zulander Hack, Binary Matrix Pro, The London System, Elite Millionaire Society, My First Online Payday, Trade Fusion Exposed, Free Money Guaranteed System, Magic Money Machine.

US Brokers And Regulations

If you are a non-US trader, it’s advisable to pick one of the regulated brokers. If you are a US trader, you have no choice but to pick one of the unregulated brokers, because regulating firms like Cysec do not allow US traders. As a consequence, there are not US brokers that are regulated, but keep in mind that no all of them are bad, they are just not regulated.

Binary Options Scams – What Else To Look For

We cannot guarantee for any of these brokers. Unfortunately there are many brokers (especially new ones) that simply disappear, not paying traders.

Don’t choose brokers that haven’t been around for at least a year.

On this page we also inform our users about any unethical business practices. The truth is, these unethical brokers are capitalizing on the legit brokers, by offering similar services, bonuses and platform. However, once you deposit money at the wrong broker, you will most probably lose it. There are many legit brokers out there, so make sure to choose wisely.

Most new traders don’t know about the sign up bonus tricks of the brokers. If you sign up and accept a sign up bonus, without reading the terms and conditions, you will most likely lock your funds. These bonuses have a restriction that is very hard to fulfil, therefore you will not be able to withdraw your money. Always read the terms or ask your manager to explain the bonus for you.

Identity Check On Deposits And Withdrawals – Are They Safe?

Most binary options brokers want to (or are obliged to) know who their are getting the money from or they want to check whether the person withdrawing the money is the same as the depositor. This is necessary to avoid credit card fraud, money laundering and possible account hacks. You shouldn’t wonder if the broker asks for a copy of your ID or utility bill, however if a broker asks for your credit card info for social security number then be alerted. You should never, under any circumstances give this sensitive information away.

When Is A Broker Considered Scam

Nowadays you will find negative reviews about really everything. Even the best and most respected brands in the world have negative reviews. We’ve even seen cases where losing traders claimed that the broker they were trading on was scam, only because they lose all their money. It’s not always easy to have a clear overlook on these things.

When we a broker as scam, we always have evidence from multiple sources including:

  • user reviews on multiple websites and forums
  • user who email us
  • user reviews on scam report sites
  • brokers that lose their regulation status
  • brokers that do not pay traders or affiliates

I’ve Been Scammed – What Can I Do?

First of all call your bank and explain your situation. Ask for a charge-back because there is a slight chance that you get your money back. If you use PayPal, you will be able to open a dispute and get a chargeback.
Also make sure to contact us, and let us know exactly what happened. All we can do is to publish your negative review on our website and warn other traders.


Latest updates:

13 February 2015 – Opteck gets ASIC warning. Australian traders should avoid this broker. Opteck does not have a valid license to operate in Australia. See the list below for more warnings and scams.

27 September 2016 – Optionweb temporary traffic suspension.


Don’t forget to share this list with others and social bookmark it.

Related External Resources

10 thoughts on “Binary Options Broker Scams

    1. Yes. EZBinary has been reported multiple times and it is on our scam list. I hope you found a good brokers in the meantime.

    1. Welcome to our website Kleinerkrokodil. IQ Option is one of the best binary options brokers because they are CYSEC regulated and the minimum deposit is only $10. They even have free demo accounts for all traders, whereas the competition doesn’t always offer free accounts. Sometimes you have to make a deposit first at other brokers.

  1. I have just been scammed by LM Swiss. I was under the impression from a number of comments on their reviews that I would be entitled to make withdrawal after trading for 180 days. I am just about at the 180 days mark. At one stage I had over $10 000 in the account. At first everything was going along excellently and they were winning 30 out of 32 small trades. Suddenly he lost first $5000 and later $7000 in 60 day trades. This left me with nearly $3000 which I was intending to withdraw at the 180 days mark.
    There have been no trades made in over a month despite my trying to phone and leaving message every other day. I received an e-mail yesterday that Andrew Baron would be contacting me that day and surprise surprise (I must say I was suspicious he was going to do what he did yesterday). Opened up the account last night and all but $70 had been lost. I hope these people get their just deserts and karma comes around.
    I have been scammed by Options Area, Banc de Binary and LM Swiss. I am now trading with Alphabinary with the little I have been able to invest and I feel confident that I can make withdrawals at my request and that they are licensed in Australia with ASIC.

  2. Thanks for this comprehensive list of brokers and their current status. I am currently dealing with FMTrader and having a good experience with them. Had to learn a lot about trading and have sessions with my personal broker but it was awesome. Saw EZBinary is on the list I was called by them before good thing I didn’t do business with them. Thank you for this list and information.

  3. I knew it! Thank goodness with this site,through this I was able to feel secured with my broker (FMTrader) because it is a trusted one.

  4. Seeing that FMtrader is under those trusted brokers, I feel I am secured with it. I would love to continue dealing with this broker, knowing that I got the 80-90% of my investment.

  5. Hi has anyone ever traded with Glenridge Capital? I’ve been trading with them for about 9 months. I have been able to withdraw, my own deposits, but none of the money I have earned through trading, because of bonuses they added to my account. it’s a hefty bonus, that I am almost finished with, 80% trading on my own. I have a personal manager, who I have never had a losing day with. I am doing very very well, and starting to wonder if it is for real. It’s a lot of work, with 60 second trades can be very lucrative. Question, I guess is, when I get through the bonus, have I REALLY done as well as my account says and will Glenridge, let me withdraw from it?
    Thanks in advance for any advice you might have.

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