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  1. #1
    Solid Member Zanadu's Avatar

    How We Can Save (We)Traders !!!

    Hi Friends,

    I have gone through most of the sites various forums and it is very
    evident that there are more crooks in brokers than good ones.

    People invest money to make money. We do not want to steel anyone's
    money and we want the brokers also to make money when we use their
    services. But stealing our hard earned money in broad day-light is simply
    unacceptable.

    We are all not super rich to loose our money and stay tight lipped.

    My question is: cant we the trading community take any concerted
    action against these crooks (apart from reviewing in these forums) ?
    If we are together in our fight we can put good pressure on them to behave.

    Kindly put in your thoughts and see if we can do anything.

  2. #2
    Specialist Member pinoyoptions's Avatar
    We can always check our broker if they are regulated or not... by checking http://www.cysec.gov.cy/ for broker located in Cyprus. For other broker I don't know

  3. #3
    Master Member SeasaltMcFish's Avatar
    I don't understand a thing of that Cysec site. Where can you look up a broker?

  4. #4
    Specialist Member pinoyoptions's Avatar
    Most binary option company are located in Cyprus which is regulated by Cysec "Cyprus Securities and Exchange Commission" Binary Options broker are encouraged to be regulated and registered. This is a must for a company involved in financial trading specially Binary Option trading.

    To further check your broker's registration. Look at your broker's site check their Company name and search it directly to Cysec site. as shown below.

    Ex: 24options.com is operated by Cbay Financial services LTD.

    Screenshot:
    Step 1:


    Step 2:


    Step 3:


    It is a must for any binary broker to be regulated and registered, if a broker not listed probably it is "Bogus"

    For other broker operating in other country aside from Cyprus. Kindly share also so that everybody knows how to defend yourself against bogus broker.

  5. #5
    Master Member SeasaltMcFish's Avatar
    Thanks!

  6. #6
    Specialist Member marc's Avatar
    Many thanks pinoy for this info! ... and looking if the broker is regulated or not, was one of the first and most important criiteria to look for me too, when I signed up!

    However, always keep in mind that even a regulation is NO insurance that you will get your money back, if the broker goes broke! ...

    First I think – although I have no real insight here! – that there might be country specific differences regarding regulation ... a regulation in a 'tax-heaven' might be somewhat different, than in a country like Germany/US/UK or similar ...

    And even then ... just remember Lehman ... or FXdirekt in Germany (a FX broker who went broke some years ago, where many people lost a lot of money!) ... they were regulated, too

    But of course, a regulation should keep you somewhat safe, that the broker is not simply a scam/a criminal ...

  7. #7
    Master Member SeasaltMcFish's Avatar
    I think trading simply carries a risk of losing your money because of bad brokers, so you should not have more in your account as needed. Let's hope there will be a better regulation soon. This is the reason why you should only use money you can afford to lose and not your needed money.

  8. #8
    Administrator Martin Kay's Avatar
    That's a good discussion you've opened here. This is actually a question of international law enforcement; can the international community help simple people from all over the world when they got scammed? Is there really anything some can do? I honestly don't think so. In certain cased, the local authorities could help in preventing, but there's almost nothing we can do to recover losses.

    In this blind spot communities such as FPA, Complaint.com, BOTS and others come to help. Nevertheless, these communities can help us prevent scams, not covering losses. Basically, all we can do is help ourselves and others by creating our own communities, and trying to maintain those communities unbiased. It's a hard task, that's why there are so little communities such as those… Eventually, it all comes down to preventing. If we share, talk, discuss, communicate or however you want to call it, and even if we do it good and efficiently- all we can do is to prevent. Don’t get me wrong – that's not a pessimistic outlook! The fact we can do it, gather round the clan's fire and share thoughts and insights, is by itself a progress. Our fight is by giving those a got scammed a stage to speak out, warn the rest and forcing brokers to become more transparent!

  9. #9
    Solid Member Zanadu's Avatar
    .......forcing brokers to become more transparent!

    I think at least we could achieve that goal through active participation through this forum.

    After I started this thread, I thought I went little far in my emotions. But now I feel it was
    a good move, so that people could share their thoughts ....

  10. #10
    Senior Member dorrian's Avatar
    The best way to safe traders from making big mistakes and from become victims of the enormous number of scams on the net is to share in the CommuniTraders Forum more stories and more real experiences from all kind of binary options brokers and from many different situations, which will be better to avoid. Every one of us should write about what he/she knows and this way could prevent many mistakes by other traders.

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