Blacklisted Brokers
BinaryOptionsWire was founded to help make the journey of binary options traders in the world of trading binary options as smooth as possible. Since a broker is such an important and indispensible part of the trading process we have made it a priority to identify and praise the honest, legitimate and reliable brokers that respect their customers and showcase their cases and above all to name and shame, discover and expose all the scam brokers, all those who use lies, deception and dubious practices in order to take the unsuspecting for a ride, who instead of wanting to facilitate your trading experience, they just want to take your money and run.
To achieve this we have created a top binary options brokers list featuring brokers that we believe are legitimate and good to trade through but, most importantly, we have also created and keep updating a binary brokers’ blacklist. The purpose of the list, which can be found below, is to draw the attention of potential customers to those brokers against whom we have had many accusations and often solid proof that they have engaged or are still engaging in scams, fraud, rip-offs, bad trading practices, unethical behavior and other deeds that should have been avoided. Therefore, our strong advice to traders is to learn from the mistakes of other people who have already fallen victims of such bad brokers and avoid doing business with the brokers on the blacklist.
| Broker Name | Company Name | Withdrawal Issues | Bonus Scam | Fraud | Spam | Unethical Behaviour | Out of Business | Severity | Binary Broker Review |
|---|---|---|---|---|---|---|---|---|---|
| Forinas Corporation | 90% | Read Review | |||||||
| Insight Payments Solution (Europe) | 50% | Read Review | |||||||
| Titan Trade Capital Ltd | 85% | Read Review | |||||||
| Blue Bay Finance Ltd | 95% | Read Review | |||||||
| Patryn LTD | 60% | Read Review |
Comparison Table Notes
Besides checking out our blacklist, readers are also encouraged to consult our site regularly as we often publish several warnings against brokers issued by regulators across the globe and also inform you whenever a regulator in any jurisdiction has updated their own black list, which is unfortunately a commonplace occurrence since the binary options trading market is literally swamped by unregulated, unauthorized brokers and brokers who are scam or resort to fraudulent practices.
We try to update our black list often to remain up to pace with developments and encourage you to alert us when a scam broker attracts your attention or has tried to deceive you in any way.
Before discussing the issue of scam brokers any further we need to make something entirely clear: the trading of binary options online, as any other form of investment, does inherently contain risks. So, you need to be aware that losing money is a very real possibility. Therefore, if trading makes you poorer and not richer it does not necessarily mean that you were dealing with a scam broker; it may simply mean that you were frivolous and careless in the way you invested your money.
That being said, binary options brokers, especially the regulated ones, have a very clear responsibility to inform all prospective clients of the risks associated with binary options trading. Which brings us to the first type of behavior that can be characterised as scam or fraud on behalf of brokers, that is the downplaying of the risks and the false promise of guaranteed profits. If a broker conceals the risks and tries to woo you by claiming that trading is a bullet proof, get rich quick recipe, due to some kind of amazing offer, super smart bot or any other reason, then you are better off running away.
So, even if a broker does not do anything else wrong but they are promising clients massive wins without effort, then they are sure to book a place on our blacklist because they now that they are lying. It is important to alienate such brokers because unfortunately there are a lot of unsuspecting, gullible traders out there who are much enticed by the prospect of quick gains that buy into the absurd stories of instant gains and end up losing fortunes. In short, brokers who are out to manipulate and fool traders must be exposed and expelled.
Another way that unscrupulous brokers often employ to deceive clients is to offer fake signals services or fake auto trading services generated by some sort of fancy software that usually does nothing more than guess and place random trades. In the same spirit other brokers may offer you managed accounts, which is again an unethical approach since they fail to disclose that the broker may be taking the opposite position than yours on a trade and thus your interests are not aligned, so if you allow them to be trading on your behalf they may be in fact harming your interests to best serve theirs. We consider brokers who resort to such tactics to be scammers and fraudsters and we will be duly exposing them. In the meantime, we strongly urge traders not to surrender the control of their accounts and their funds, nor the final decision on whether to place a trade or not to anyone other than themselves.
Scam brokers may also be those who employ unethical tactics in order to solicit customers by approaching them through cold calling or spam emails. Brokers who employ such methods are also deemed scam and placed on our blacklist since this means that they have found the personal details of people through shady means, perhaps stole such data or bought it but using it for unauthorized purposes.
Need More Info Regarding Binary Options Scams?
In terms of sales practices that are also bad practice and may spell fraud we should also mention the coercion, or even sometimes even blackmail, emotional or otherwise which is often used by the sales staff of certain brokerages who try to force clients to open accounts or deposit more funds or agree to a strings- attached bonus scheme.
Such shady bonus schemes are also often cases of scam and we very often receive traders’ complaints that have to do with such practices. Traders should refuse to accept such bonus deals and never consent to any proposal by the broker that they are not sure about or feel comfortable with.
Refusal by the broker to process a trader’s withdrawal request is a very commonplace phenomenon with scam brokers. Such brokers either refuse to allow withdrawals based on unsubstantiated and often plain stupid excuses, such as high workload, or they even plainly do not respond to clients and stop the communication.
Fraud can also occur during the deposit process, if a broker charges your card but does not credit the amount into your account, or they charge incorrect amounts or double charge your card.
Another type of fraud stems from the fact that scam brokers include hidden or unclear stipulations in their terms and conditions and then invoke such clauses to claim some kind of breach of the deal by the trader to close their account and wipe away the funds contained therein. This is plain stealing and such brokers have to be exposed in order to prevent from victimizing more people.
It is not uncommon for a broker to start off well and even to offer other services such as automated trading software that seems to be working well only for all to go sour down the line. Because this does happen you may find that sometimes a broker that is featured on our legitimate brokers’ list, then lands on the blacklist because they have changed their tune and revealed their true intentions.
This is an added reason why we always advice traders to tread with extreme caution when choosing brokers who are new on the market and which are unregulated and not transparent enough when it comes to the people behind them, their ownership, affiliation and address details.
Our binary options brokers blacklist is a dynamic feature that is updated regularly based on the feedback we get from traders, the decisions taken by regulators and other developments and revelations that catch our attention.
Keep coming back to the list before you entrust your funds to a broker to avoid falling victim of fraud, scam or unethical behavior.
If you feel you have been scammed by a broker try to rectify the situation by taking certain steps:
1. If the broker is regulated, then file a complaint to the relevant authorities in the jurisdiction the broker is licensed in, such as the financial markets regulator of the country or the country’s financial commission or ombudsman.
2. If you have used your card to make a deposit as a result of fraud or scam then immediately contact your bank to stop or reverse the transaction.
3. At binaryoptionswire we may also some tips or advice on methods to retrieve your funds depending on the particular details of your case, so feel free to contact us with your experience and we will be happen to listen and see if we can actively help.
4. Last but not least, do share your experience with other traders in order to protect them by naming and shaming the broker who tried or achieved to deceive you. One way of doing this is posting your complaint in the brokers complaints area of our site and in other similar online fora.
