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  1. #1
    Moderator Kolyo's Avatar

    dollars 1 How to Minimize Risk of Being Scammed by a Binary Options Broker! !!!

    Hey guys,
    This is something you should check! Especially if you are new to the world of binaries, check it out and see the best tips to avoid scammers:
    http://www.slideshare.net/martinkay/...med-slideshare
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  2. #2
    Veteran Member Ronnel's Avatar
    Thank you Martin, thank you Kolyo!
    Actually I'm in the process of looking for a new broker again. The problem in my case is the location where I live where the English language is not used. Looking for broker reviews from abroad is a lot easier since most websites have their reviews in English. My first move is to always check for brokers reviews from the web but this can also be very trick especially for newbies like me. There are lots of sugar coated rankings and reviews and there are also lots of stupid traders who write complaints for not getting their money back because they are tied to the bonus that they have taken. Some just don't read the brokers term/rules/regulation and complains like a baby. But there are also very scary reviews that sounds legit like the broker is a total fraud and doesn't pay the trader's winnings or their money was suddenly blocked or they got locked off the the trade, pips manipulated, etc. because they kept on winning, etc. These are the reviews that scares me but still I take everything with a grain of salt.

    Like 24options, before me and my wife both did our research on both English and Japanese reviews and found tons of bad reviews about 24option but when I tried it, I found out that 24option is a very professional and a credible company. Another example is Traderush which has good reviews on my side of the ocean but looking at English sites there are lots of unhappy customers...

    Searching the web for broker reviews can really be very tricky because of all the sugar coating and the back stabbing. Often times it's hard to know who is telling the truth, is it the reviewer or the guy who is complaining or is the broker a total con artist???

  3. #3
    Veteran Member Dan21's Avatar
    Well, even if you're a broker, you can't satisfy everyone. There will always be both happy and unhappy users. Still, there are some brokers who have proven to be stable and reliable such as 24Option, StockPair and so on.

    Thanks for this thread, Kolyo!

  4. #4
    Administrator Martin Kay's Avatar
    Quote Originally Posted by Ronnel View Post
    Thank you Martin, thank you Kolyo!
    Actually I'm in the process of looking for a new broker again. The problem in my case is the location where I live where the English language is not used. Looking for broker reviews from abroad is a lot easier since most websites have their reviews in English. My first move is to always check for brokers reviews from the web but this can also be very trick especially for newbies like me. There are lots of sugar coated rankings and reviews and there are also lots of stupid traders who write complaints for not getting their money back because they are tied to the bonus that they have taken. Some just don't read the brokers term/rules/regulation and complains like a baby. But there are also very scary reviews that sounds legit like the broker is a total fraud and doesn't pay the trader's winnings or their money was suddenly blocked or they got locked off the the trade, pips manipulated, etc. because they kept on winning, etc. These are the reviews that scares me but still I take everything with a grain of salt.

    Like 24options, before me and my wife both did our research on both English and Japanese reviews and found tons of bad reviews about 24option but when I tried it, I found out that 24option is a very professional and a credible company. Another example is Traderush which has good reviews on my side of the ocean but looking at English sites there are lots of unhappy customers...

    Searching the web for broker reviews can really be very tricky because of all the sugar coating and the back stabbing. Often times it's hard to know who is telling the truth, is it the reviewer or the guy who is complaining or is the broker a total con artist???
    You know what we say: Had a bad experience? You tell 10 people. Had a good experience? You tell 3 people (: Indeed, it's a problem to find genuine reviews. From my experience, it's better to trade with a reputed broker, broker that been around for long time, and have a relatively clean sheet. If we look at 24 for example (same for Traderush btw), 3-4 years in business, you can find complaints, but that's unacceptable. The key is to find a transparent broker, better regulated, with as less complaints as possible. And even when you see complaints - most of them are about the bonus wager. People are getting outrages because they don't read the TC. When it comes to withdrawal, people often lose patience after an hour or day. Reviews aren't perfect, even far of being perfect, and there's always a demand to update the review. It's a tricky business, but if I find a broker I think is an honest one, I send a friend to deposit and see what happens next. I do NOT deposit in every broker I review. Sometimes even I afraid of getting trapped.

    AS you said, take everything with a pinch of salt. Trust your instincts, keep a record of your trades and transactions, take a small bonus, and you'll be alright!
    “Don't believe anything you read on the net. Except this. Well, including this, I suppose.” ― Douglas Adams

  5. Thanks Ronnel thanked this post

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