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Now you know some of the ways brokers can scam you . I think it’s the right time to tell you that you can avoid falling into the trap . But you must remember these points! Pocket Option Cancel Loss Trade ! So, let’s find out!

You can avoid the binary options broker scam in the following ways:

Always look into a firm’s or financial professional’s background

Before investing, look into the past of any firm or financial professional you’re considering working with, including their registration with regulators or license status Pocket Option Vs Quotex Bangla . Please don’t give them your personal information until you can verify their registration.

While remaining within the rules and regulations, firms may operate unethically. Unregulated binary options companies aren’t always scammers but it is surely safer to use a regulated platform. CySEC has fined many binary options brokers that were not insignificant players in the markets.

A licensed broker will always be concerned about his reputation since he will lose his license if he is fined. Always check that a broker’s license is still valid, as some have had their licenses revoked in the past because of misconduct.

Visit the website

On a scam trading website, you may find various red lights. First, does the website look unsafe or poorly designed, or is it always having technical issues? However, this is not a precise test as it’s no big deal for some fraudsters to create genuine-looking websites.

Secondly, all legitimate brokers will publish detailed information on their websites regarding deposits, withdrawals, and payouts. Try to read the ‘fine print’ on the website to see if there is anything odd. If you see information that does not match what is being shown on the website, the broker may not be reliable.

Brokers are known to use sign-up bonuses against traders. For example, if a customer loses money after obtaining a bonus, they may refuse to let him withdraw funds. It’s probably a scam if a broker says something like their prices are not the same as those on the open market. It is a red light that they are scammers if they claim to have a low loss rate.

Always read the reviews

Going through user reviews might help you spot binary options fraudsters. For your information, online binary trading scammers may occasionally generate fake reviews praising themselves on the internet. So investigate your information thoroughly and only from reliable sources. Also, looking for binary options companies on online blacklists is always a good idea.

Regulatory bodies, such as the Financial Conduct Authority (FCA) , administer legit binary options brokers and often maintain an internet warning list of trading scams. Also, FINRA’s BrokerCheck service keeps track of brokers facing legal action. You can check out the list of regulated binary options brokers here.

Check for customer support

Authentic binary options brokers will always have easily accessible customer support teams. A well-run customer service department is always focused on the trading experiences of its clients. Scammers are frequently tricky to find or only interact via messaging apps.

Be watchful for deceptive marketing experiences

These scammers focus on high profits on investments and ignore upcoming risks and losses. Remember that there is no guarantee that a profit of thousands of dollars in just a few days of trading is possible. Many fraudulent brokers use targeted social media ads on platforms like YouTube and Facebook to hunt down potential customers.

Some may claim more realistic results, though, and not all binary options trading scammers use this type of promotion. Furthermore, reputable brokers will never cold-call potential clients on the phone without their prior consent.

Some scammers may send you fake emails stating that you are already registered with them. Immediately end the conversation and delete the emails. One last thing; beware of any broker who demands quick payment as it may be a scammer.

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