Do 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: February, 2023)
|24Option||Trusted||1st July, 2017 – removed binary options completely|
|Nadex||Trusted||The only regulated US brand. Accepts US clients only.|
|No1Options||Neutral||Stopped accepting new traders|
|BigOption||Neutral||Stopped accepting new traders (August 2016)|
|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|
|InteractiveOption||SCAM||Suspended license (April 2016)|
|MagnumOptions||SCAM||Closed (2017). One of our readers reported it as scam.|
|MarketsKing||SCAM||Out of business. Not paying affiliates (November 2015)|
|Opteck||Neutral||ASIC Warning | Most countries are not accepted anymore (July 2017)|
|OptionWeb||Neutral||Temporary traffic suspension (September 2016)|
|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|
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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.
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.
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