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: July, 2020)

Broker Name
CYSEC/ASIC Regulated
HighLow Trusted
IQOption Trusted
365Trading Trusted
BDswiss Trusted
24Option Trusted
1st July, 2017 – removed binary options completely
Nadex Trusted
The only regulated US brand. Accepts US clients only.
Finpari Neutral
No1Options Neutral
Stopped accepting new traders
BigOption Neutral
Stopped accepting new traders (August 2016)
CedarFinance SCAM
10Trade Neutral
365BinaryOption Neutral
99Binary Neutral
AnyOption Neutral
28th June, 2017 – stopped accepting new customers
BancDeBinary Neutral
Out of business. Fined by CYSEC Jan2016 / Not accepting new traders 2017
Bloombex Neutral
Stopped all marketing activities
BossCapital Neutral
CherryTrade Neutral
CToption Neutral
EZTrader Neutral
FMTrader Neutral
GOptions Neutral
GrandOption Neutral
InteractiveOption SCAM
Suspended license (April 2016)
LBinary Neutral
MagnumOptions SCAM
Closed (2017). One of our readers reported it as scam.
MarketsKing SCAM
Out of business. Not paying affiliates (November 2015)
MarketsWorld Neutral
Opteck Neutral
ASIC Warning | Most countries are not accepted anymore (July 2017)
OptionFair Neutral
OptionRally Neutral
OptionWeb Neutral
Temporary traffic suspension (September 2016)
PorterFinance Neutral
RBOptions Neutral
RedwoodOptions Neutral
StockPair Neutral
TitanTrade Neutral
TradeThunder Neutral
Tradorax Neutral
TropicalTrade Neutral
ZoomTrader Neutral
OptionTime Neutral
Broker is out of business
EveryOption Neutral
Broker is out of business
GlobalTrader365 SCAM
Broker is out of business
EZBinary Neutral
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.

Warning: Be extra careful with brokers that accept US traders. Usually these brokers are not regulated, this means that your money is not as safe with them as with regulated brokers. If we find enough evidence that these brokers are scams, we will list them on this page.

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.

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34 thoughts on “Binary Options Broker Scams

  1. For a very long time i was not able to have a good sleep without thinking about my loss. I was a victim of Binary option trading scam which has totally ruined many without a bit any form of pity from these fraudulent souls. I can only be thankful to a refund professional for guiding me to a swift recovery of my lost funds after so many trial on getting a refund of my money back from these scam brokers. Best advice i will pass to victims like me is to get on your feet and also get yours back!

  2. I was conned into taking a bonus matching my original $500 investment made over the phone. According to CToptions policy, I cannot withdraw any funds until $30,000 worth of trades has been executed. This was not explained to me and when I wanted to withdraw $3000 from my $17000 balance, the request sat pending for 6 weeks, and after several requests over 6 weeks made to account managers who ignored my requests, I finally got a request denied. I eventually was able to get in contact with -above- who recovered my lost funds from CToptions within a week. I would advice the contact if you are looking to have your own funds recovered

  3. Hello. Scammers take advantage of people who seem low risk and fragile. It sucks when all you wanted to do was to invest your money into something that secures a better future for yourself and your family only to get ripped off. I can recommend a solution to anyone whose in this situation and interested.

  4. Hi!
    I joined SignalsBinary and they referred me to two brokerage companies.1 Prestigeoption and 2. Tradorax

    I deposited $1705.00 with tradorax and $1900.00 with Prestige option.
    All of a sudden they add Bonus to my account. I never asked them to add bonus into my account.

    They trade on my behalf without my permission. Tradorax promised me that they will pay me Zar300.00 every month.
    All of a sudden the brokers trade with all of my money at once. They always tell me to deposit and to go on SKYPE.
    Iwarned them not to trade with more than 5% of my capital but they were adamant and could not listen to me.

    Now when i login to Tradorax they have blocked me without informing me.

    Prestigeoption website blocked me also there appears a message that says – the company ceased its operations thank you for your understanding.

    Most of the brokers in UK targets clients from South Africa.

    Can anyone help me to get a refund


    Langa LL

  5. My advise out there is for you to be wise before you invest in any binary option broker I was scammed 53k by online broker but at last I found someone who help me to recovered all my lost funds back from a scam broker that stocked my capital with an unregulated broker, If you need assistance with regards of your lost funds from your broker or may be your broker manager asking you to make more deposit before you could make a withdrawal or your account has been manipulated by your broker manager or your broker has blocked your account just because they need you to make more deposit to your account. If you’re interested in getting all your lost funds back Kindly get in contact with m and I will guide you on the steps it took in getting all my refunds. Glad I could be of help

  6. Most of these BO traders are scammers, I was a victim but I found a way to get back my money. If you have a problem accessing your account or making withdrawals, contact me to get the means on how to solve it

  7. i was once a victim of scam to this unregulated broker that took my funds and refused to return it, i sent several emails and phone calls yet the ignored i all till i found this easy steps that i took to get all my funds back within a few days, we must join hands to expose all this unregulated brokers.

  8. Ever lost money trading binary options contact the email to get your lost funds retrieved in three days . Recommend contact if your seeking to get your binary option investment back from your broker

  9. There’s no point in having the best binary options strategy if the broker you are working with is not carefully regulated.
    I got scammed by “500options”, lost over $50k, I tried every legal means but all went to nothing, just ended up spending money on unnecessary fees.
    I ended up having to hire a hacker, his contact is the email address above
    He got me results within 48hrs.
    You should reach out to him if you’ve been scammed, it was really depressing for me initially when I found out I had been scammed so I know the feeling.

  10. Hi first

    Thanks for the information ,but this list doesnt include a binary trader that i saw the other day is call TradeXtra is that a scam ? it could help to make me a decision about this

    thanks a lot

    best regards

  11. PWRTrade is a very big scam. I more or less deceived to invest more money than I wanted to do. Got som profit in the beginning. But when I wich to withdraw was I persuaded to make new trades to make more money. Who doesent? After that all trades where loss. And now all my money is gone and I cant no longer do any withdrawal. Im sure that this is there strategy to embezzle your money.

  12. Do not take any Bonuses offer from your broker or your manager, do not allow your broker manager trade on your behalf. That is how they manipulate traders funds. If you need assistance with retrieving your lost fund from your broker or Your account has been manipulated by your broker manager, maybe you are having problems with withdrawals due to your account been manipulated. Kindly get in touch with me and I will guide you on simple and effective steps to take in getting your entire fund back within a week.

  13. Have you heard of City Brokers. I had $9000 in my account and they just closed doors. Are you able to assist with info on this trader Tks Kevin

  14. I Am Usually Very Careful But I Cant Imagine How I Fell Victim To The Binary Option Scam. I Had Invested 250 And I Made Profit And That Encourage Me To Put My Life Savings On The Line Hoping I Could Get It Doubled Or Even Tripled, I Was Very Wrong.
    However The Most Important Part Of The Story Is That I Decided To Fight For My Money And Fight Dirty About It, I Hired This Pro Dude Via My Friend , So I Got My Money Back With His Help. He A Hacker And I’m Grateful For This. I Have My Money Now Email Me.

  15. Do not take any Bonus offer from your broker or your manager, do not allow your broker manager trade on your behalf. That is how they manipulate traders funds. If you need assistance with retrieving your lost fund from your broker or Your account has been manipulated by your broker manager or maybe you are having challenges with withdrawals due to your account been manipulated. Kindly get in touch with me and I will guide you on simple and effective steps to take in getting your entire fund back.

  16. Hi There, I have recently been scammed as far as im aware by a broker going by the name “Option FM”. Luckily i haven’t sent over any verification as yet which they require for a withdrawell. it seem I have lost my £250 deposit now but will try with my CC company. At least I have learnt the hard way. This one needs to be added to your list i think. Regards. Toby

  17. 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.

  18. 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.

  19. 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.

  20. 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.

  21. 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.

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

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