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, 2018)

Broker Name
US
Trusted/Scam
CYSEC/ASIC Regulated
Status
highlow
HighLow Trusted
Yes
Online
iqoption
IQOption Trusted
Yes
Online
365trading
365Trading Trusted
Yes
Online
bdswiss
BDswiss Trusted
Yes
Online
24option
24Option Trusted
Yes
1st July, 2017 – removed binary options completely
nadex
Nadex Trusted
Yes
The only regulated US brand. Accepts US clients only.
finpari
Finpari Neutral
No
Online
no1options
No1Options Neutral
No
Stopped accepting new traders
bigoption
BigOption Neutral
No
Stopped accepting new traders (August 2016)
cedarfinance
CedarFinance SCAM
No
Online
10trade
10Trade Neutral
No
Online
365binaryoption
365BinaryOption Neutral
No
Online
99binary
99Binary Neutral
No
Online
anyoption
AnyOption Neutral
No
28th June, 2017 – stopped accepting new customers
bancdebinary
BancDeBinary Neutral
No
Out of business. Fined by CYSEC Jan2016 / Not accepting new traders 2017
bloombex
Bloombex Neutral
No
Stopped all marketing activities
bosscapital
BossCapital Neutral
No
Online
cherrytrade
CherryTrade Neutral
No
Online
ctoption
CToption Neutral
No
Online
eztrader
EZTrader Neutral
No
Online
fmtrader
FMTrader Neutral
No
Online
goptions
GOptions Neutral
No
Online
grandoption
GrandOption Neutral
No
Online
interactiveoption
InteractiveOption SCAM
No
Suspended license (April 2016)
lbinary
LBinary Neutral
No
Online
magnumoptions
MagnumOptions SCAM
No
Closed (2017). One of our readers reported it as scam.
marketsking
MarketsKing SCAM
No
Out of business. Not paying affiliates (November 2015)
marketsworld
MarketsWorld Neutral
No
Online
opteck
Opteck Neutral
No
ASIC Warning | Most countries are not accepted anymore (July 2017)
optionfair
OptionFair Neutral
No
Online
optionrally
OptionRally Neutral
No
Online
optionweb
OptionWeb Neutral
No
Temporary traffic suspension (September 2016)
porterfinance
PorterFinance Neutral
No
Online
rboptions
RBOptions Neutral
No
Online
redwoodoptions
RedwoodOptions Neutral
No
Online
stockpair
StockPair Neutral
No
Online
titantrade
TitanTrade Neutral
No
Online
tradethunder
TradeThunder Neutral
No
Online
tradorax
Tradorax Neutral
No
Online
tropicaltrade
TropicalTrade Neutral
No
Online
zoomtrader
ZoomTrader Neutral
No
Online
optiontime
OptionTime Neutral
No
Broker is out of business
everyoption
EveryOption Neutral
No
Broker is out of business
globaltrader365
GlobalTrader365 SCAM
No
Broker is out of business
ezbinary
EZBinary Neutral
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.

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. 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

  2. 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.

  3. 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

    Thanks

    Langa LL

  4. 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

  5. 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

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