Everyday we receive another email from a binary options trader with complaints about a broker.
The complaints range from legitimate to the absurd. The bottom line reason for 99.99% of broker complaints has to do with the trader not reading the brokers terms and conditions.
Scam Trading Robots
Trading robots are probably the number one reason for broker complaints. Trading robots are automated trading systems that connects to the traders account and places trades for the trader.
The trader has very little control over which options the robot trades. Many brokers provide their own auto traders, read the various signal software reviews here.
If you are interested in trading with a specific broker, make sure not to connect your account to a trading robot, or you may check one day and see your account has a zero balance.
Go directly to the brokers site and open your account, not via the trading signal software.
Bonus Money Complaint
Brokers offer traders a 100% bonus, but it comes with strings attached.
Traders will complain that they cannot withdraw “their money” but when the trader actually reads the account papers, the trader will see that the bonus money is not actually his money. The bonus money only becomes his money when he fulfills the trading requirements. Visit your broker and read the terms and conditions page and see what the trading requirements are.
Fake Analysts & Expert Traders
Another classic complaint is the salesman calls from the broker and tells the trader that, if they deposit another $1,000, then they will get free advice and trading signals.
Then the salesman whose job it is to help the trader lose money, tells the trader to place a trade with all their money! The trader loses all their money, the broker makes money, and then the trader complains that the broker is a scam.
There are two types of brokers. Licensed and unlicensed brokers. Read this article: How to compare binary option brokers.
The list below shows brokers that advertise on our website. Some of them are licensed brokers and others are not. Traders can read reviews of most binary option brokers here.
Remember! Before you start trading with a broker, read the brokers terms and conditions page. Read their bonus policy page. Call the broker and ask them your questions before you deposit money into their online trading site. If they don’t answer the phone when you call, do you think they will answer if you have complaints for them?
Withdrawals from brokers are processed manually! Deposits are automatic. The only way to withdraw money from you brokerage account is if your account has been verified for Anti Money Laundering laws. Traders need to submit documents to verify their identity in order for the broker to process your withdrawal.