Binary Options Scam Brokers List 2023

While many people are still in a dilemma, whether the binary option is legit, many investors are playing well in binary trading. Meanwhile, numerous binary option scams strategies are also active in the industry. The new traders may not be aware of binary options fraud and may be easily tricked by the scammers. Hence, it is essential to of know about the scam binary options brokers. Even the expert brokers may get scammed too. Binary scamming formats have different ways to lure investors. So, how would you stay safe from those scamming activities? With that note, we have enlisted all the possible ways to know about the binary options blacklist brokers so that you can invest in the safe binary brokers.

Read on to get an in-depth analysis of binary option scam brokers. 

Definition of Binary Option

A binary option is a sort of options contract where the final payout depends totally on the specific assets' outcome of yes, or no position, and the price of the asset will increase or decrease based on a particular amount. However, if the trader acquires the option, no additional decision is needed by the option holder as it is exercised automatically. Unlike other options types, the binary doesn't provide the opportunity to sell or even buy any specified assets. If the option is expired, the holder will be entitled to get a predetermined cash amount or will not get anything at all.

How do Binary Options Work?

Usually, the binary option contains an expiry date or sometimes time. When they expire, the underlying assets' price has to be on the correct side to get profit. Nevertheless, the binary option exercises automatically. Hence, the buyer will either get a payout or lose the whole investment.

The automatic exercise means that the loss or the profit will be automatically debited or credited if the options are expired. Therefore, there will be nothing in between other than receive or lose the investment.

Is Binary Trading Legal?

Binary options platforms have become a popular venue for traders in recent days. However, this has also caught the attention of regulators around the world since binary options are classified as securities and regulated by many financial authorities. That being said, you may ask, is binary trading legal?

Although binary trading has a bad reputation due to numerous binary options scams, it is 100% legal and available in most countries, even in the USA. But you will require to trade via the regulated brokers. Nevertheless, trading with a regulated broker will get you the legal trading entity as well as keep you safe from binary scam brokers.

The Most Common Binary Scamming Format

Nowadays binary options scamming has become so common that the regulatory bodies all over the world get frequent reports on binary options scam. Although, the scamming reports are more or less similar, which means the scammers follow similar strategies to trick the traders.

Don't Credit Customer's Account

As per the regulatory authorities, the binary option scam brokers refuse to return the customer's deposited money. Usually, these brokers encouraged the traders to deposit to the account. Later if the customers want to withdraw, the brokers then deny the withdrawal request. Further, they ignore contact the customers. These types of brokers are identified as binary options scams. So, if you face this sort of situation, the immediate complaint is recommended against those binary options frauds. 

Identity Theft

In this type of binary options scam, the brokers collect all the customers' data while registering and sell them to a third party, or even they use that data for their own purpose. The data include the customer's credit cards info, IDs, passports, bank details, address, and more. However, providing some of that data is required while registering, but no broker should ask for your credit or debit card info unless you make any transaction directly with them. So, if any broker asks for such sensitive info, you should be careful before providing them. Further, you may also check the brokers' credibility by verifying with the binary options blacklist. If the broker has any prior record of binary options fraud activity, you should ignore it in the first place. But, if you don't find any prior scam record and the broker asks for that info, you should verify with the list of scam binary options brokers available on other websites as well as with the proper regulatory body.

 Software Manipulation

The internet-based binary option is operated through automated software. Hence, some scam binary options brokers manipulate the software to make the trader's loss. According to the real victims' complaints, the binary scam brokers made the software in a way that will never generate profit. Hence, all the deposits will be gone no matter how good you are at trading. Moreover, this type of binary options scam may extend the countdown expiration if the trader is about to win.

However, the traders may not know about this initially, and even the traders might not know for a long time until he is a technical person. Even the technical person may not be aware of this type of binary options fraud. Hence, if you are losing continuously, it is worrisome, and check if that is one of the blacklisted scam binary options brokers. If you find the broker in the list of scam binary options brokers you should stop deposit as well as trading immediately.

Binary Options Scam Brokers List

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How the Scam Binary Options Brokers Contact the Customer

The traders don't find the binary options brokers out of nowhere. The binary option scam brokers attract or contact prospective traders in many ways. But the ultimate target is to force the traders register and trade with them. So, the brokers always promote themselves with unrealistic offerings. Following are the most common ways they attract customers.

Cold Calls

The brokers call the random prospective traders to register with them for binary options trading. The binary options fraud brokers call their clients to convince them about the benefits of using their option trading services. Cold calls are usually telemarketing sales. It is a sales technique used by salespeople for initiating new business dealings with prospective customers who have not yet established any relationship with the seller or broker. Nevertheless, the binary option cold callers often do research on the prospective traders before making an unsolicited call and try to convince them with lucrative offers.

Emails

Email marketing is a type of direct marketing through which organizations send messages to subscribers or the customers. In the case of binary options email contact methods, the binary options fraud brokers contact the traders with an aggressive offer and attract them with the offers. Nevertheless, binary option emails can be "one-to-one" (personally addressed and delivered) or "one-to-many" (mass-mailed). It was the first successful direct mail channel available to scam binary options brokers and continues to be one of the working methods.

Moreover, it is an effective method as the sender can easily know if the email is open or not and understand who is interested or not. However, the binary options fraud email sender's primary goal is to acquire new customers or even retain the interested persons who open the first email.

Grab Attention via Social Media

Nowadays, social media have become a popular platform among many to advertise their products and services. And binary options scam brokers take this benefit as the advertising is easy and works by paying the social media to recommend the binary trading to the interested people who have any record to show interest in option trading. Social media platforms including Facebook, Instagram, etc., all have options where the binary option scam brokers can pay them to promote their platform or product. Usually, social media advertising work for binary options trading greatly as they get the highly targeted trader with the trading intention. Nevertheless, social media can help expand the activity of the scam binary options brokers worldwide! However, binary scam brokers may use social media to advertise their scams in many ways. One way that works is to create a commercial video, or promote the screenshot of high income, post it on the social network and link it to the scams in binary options website.

 YouTube Advertising

YouTube has 2+ billion active users and can help the binary options fraud to promote in front of millions of potential traders and build relationships with them to make them active traders. Usually, the binary options scam brokers have their own channel and attract the customer via the videos of fake earnings. Moreover, it is one of the realistic ways to make the binary scamming format. As a result, the intended traders easily believe those and invest in the scam binary options brokers.

Publish False Success Stories

Usually, the binary options scam generates a fictional fake trader who claims to have earned a huge profit with low investment within a short period. Nevertheless, it has been seen that lots of people post their success stories on trading forums. However, we all know that most of them are not true, but it is difficult to identify when somebody is lying.

But there are few easiest processes to recognize them too. For example, if somebody says he made $10k in one day, but the starting capital was $5k, and he has no previous history on the forum, then it should be a deep fake one. Further, If somebody says he made $10k in one day, but the starting capital was $5k and has a history of 2 months on the forum, still it is true. In short, any unrealistic earning claim is false in the binary options trading world.

Nevertheless, the scams in binary options supporters may also provide screenshots to make their claims valid. So, all these are scams.

 Who does the Binary Options Scam Brokers Target?

These binary option fraud brokers generally target everyone who is interested in binary options trading. It does not matter if you are a beginner, average or experienced trader. They know that they can convince even the most expert traders because it's all about making money fast.

Nevertheless, as per the binary scamming format, the brokers promise to deliver stable money when trading, but in reality, they do the opposite. The only thing they want is your investment money. Here are some of the main criteria on whom these binary options scam broker’s target:

1. Prospective traders who have never traded binary options before. Generally, newbies or beginners can be easily tricked by various binary scamming formats because they don't know how binary trading works; they just know that it provides a huge return.
2. People who are already trading binary options and continuously losing money. These scam binary options brokers target people who are already trading binary options because they know their spending habits. Thus, the scammers will try to convince them that they can make super profits within a very short time, but the only thing the trader will get is more losses. The scam broker earns on both ends: when the trader wins and when he loses.
3. Traders who are not able to withdraw their profits from other brokers. This is very common in new binary options sites, where people open an account but they are not able to withdraw their money even though the minimum amount of accumulated profit has been reached. So, the binary options fraud brokers target these people showing the hope to make a profit and withdrawal.
4. The people with low self-esteem or hoping to recover from a previous binary scamming format. Binary options scam knows that it's easy to convince people who lost money before as they are hoping to recover their past losses. Thus, these victims have already lost their confidence level and will be eager to invest more to raise their self-esteem. These kinds of traders can be easily scammed and manipulated, and eventually, they fall again for all those lucrative offerings and empathy provided by the scam binary options brokers.
5. People who want more than what is offered in the demo account. Generally, these binary options scam brokers offer a demo binary trading account for the targeted prospective traders. And they manipulate the demo software in a way that the traders get immense profits.

Nevertheless, the forex demo account holders want to upgrade eventually to a live account. And after that, they get tricked because they will receive an upgraded version of the opposite software that generates nothing but continuous losses. The binary options fraud even sends fake signals too.

6. The traders who are sweepstakes seekers or dreaming about winning big money are another target by the binary options scam brokers. These scammers target people who believe that there is software that predicts the movement will provide the skyrocket return. Nevertheless, binary options blacklist brokers know that if they offer these victims a small investment and big returns, it will make them believe even more.

There are other criteria on whom the scammers generally target, but these six examples show how cunning and manipulative some brokers can be. This kind of binary options fraud should be avoided at all costs!

How To Spot Binary Options Scam Brokers?

The real traders in the online binary trading industry have lost millions of investments to binary option scam brokers who are out there to make a quick buck off unsuspecting traders. Posing as legitimate brokers, these scam artists take the money and run when their clients' accounts bust or withdrawal requests are made. The reality is that when you deal with an unlicensed broker, you may get scammed. To stay safe from these situations, there is no option but to know the way to spot the binary options fraud. Here are some tips on how to spot blacklisted scam binary options brokers.

Scam Binary Options Brokers "Guaranteed Profits"

The scam brokers will offer incredibly high returns sometimes 400%, 800%, or even more. This is an obvious red flag. If a broker guarantees something, it means they don't have the needed skills for trading and knowledge on binary. However, the most common type of scam is when a binary options blacklisted broker says you will make money no matter what. If this happens, run for the hills!

They Use Unscrupulous Marketing Tactics

Different binary scam format often resorts to spamming and email blasts that promise easy money or huge returns in short periods of time. They will say that they have earned millions in profits from binary. Furthermore, they will also claim that they are trading with the similar amount of investment. Other common tactics include using photos, fake testimonials and trap you with hidden fees.

Promote False Credentials

Fake brokers will promise you great returns but obscure their identity. To gain the prospective traders' trust, these brokers might falsely claim to be regulated or licensed by top regulators. In reality, they are not. So, you should check with the local or international regulatory body about their claim.

They Promote Wealth Without Work

Binary options scam brokers will claim that you don't have to do any work, and they will make the whole thing sound like a get-rich-quick scheme. They promise incredible returns in a very small periods. Needless to say, this is an obvious red flag, and don't invest in them.

Promise Huge Returns in No Time

If a broker promises to double your investment in a couple of hours or even days or months, you should think twice before investing in it. Nonetheless, this type of promise is a very risky scheme that may earn you money only if the assets perform as the broker expects them to do. However, most brokers promote this binary scamming format because they have no actual trading skills.

Ask For Confidential Details

If a binary options broker asks for your personal information, you know something is not right about their business. Nevertheless, the legitimate brokers will not require all these private details to operate. A reputable broker should also never ask you to supply your confidential information, mainly credit card info.

They Fail Background Check

Before you register with any binary broker, you should do some research on your own and also check the binary options blacklist provided here on this page. This way, any traders can find out whether they are legit or not. If the broker claims to be legit but found in scam binary options brokers list, this is an obvious red flag.

Barely Explain How It Works

If a binary options broker cannot give you a full description of how the business operates, they are hiding something. You should not register with any of those brokers, and they are probably on the list of scam binary options brokers.

Claim That They Do Not Promote Their Services

Some binary options scam brokers may claim that they don't promote their offer to grab the customer. Instead, traders open accounts because of their reputation. However, this does not make them any less suspicious. Legitimate brokers will always promote their business and should never hide such details from customers. If the website you are using looks like it was put together in a day, then it is most likely a scam.

Do Not Disclose the Location

Regulated and trusted forex brokers cannot operate without providing information about their headquarters and legal offices. This is because such details can help authorities track them down if any scamming activity happen. However, if a binary broker refuses to disclose this information, you need to proceed with caution as it could be one of the scams in binary options.

They Claim They Are Dedicated to Your Success

Binary options scam brokers will always claim that their primary goal is helping traders make money. You need to be wary about this because it can trick you into making deposits with them before robbing you of your money.

Binary Options Fraud Offer Bonuses for New Accounts

Usually, the legit binary options brokers are not required to offer bonuses on new accounts. If you are offered such a bonus, it is because the broker wants your money on their platform. Do not fall for this trick because it will be used against you when you end up depositing money on that platform and turn out as binary options blacklist broker.

Claim as Best in the Industry

Normally, the binary scamming format will go as far as claiming that they are the best. Further, they may even mislead you by trying to convince you that no other broker can match their services, but this cannot be further from the truth because multiple options exist for traders.

Offer Unlimited Investment Opportunities

Scam binary options brokers will always claim that their platform offers you unlimited investment options. Nevertheless, this is a lie as no such thing exists in binary options trading. A reputable broker may limit your deposits and withdrawals, but they will never claim to be able to provide quantities of unending assets for you to trade with.

What to do if you are Scammed by Binary Options Fraud?

Despite all the measures and understanding¸, you may get scammed by the binary options scam brokers. So, what should you do if you are a victim and lose your money by the scams in binary options? However, you may not be able to get your money back, but you can take some steps with a slight hope to recover your loss.

• If the broker stops your withdrawal or doesn't contact you, the first thing you can do is contact them before taking any legal action.
• If they deny contacting you, submit a written complaint about the binary options fraud to the local regulatory authority or the law enforcement company. Further, you may also send the info to other international regulatory organizations so that they can alert other binary traders in the world.
• Gather all the available pieces of evidence about their scamming activity before you submit your complaint.

If you file a complaint with the authority, they will explain the next steps for about binary options fraud. Hence, you will need to work in the authorities' direction.

Report to Us

Apart from filing a complaint with the regulations, you may also send their details to us so that we can add them to the binary options blacklist here on this page. As a result, traders will stay away from these binary options frauds to keep themselves safe. Whenever any scams in binary options emerge, we add them to this list.

Final Words

Since binary trading is legal and provides an immense opportunity for the traders to earn a good amount of profits, binary scam brokers are also on the move to trick the traders. And that is why properly understanding the binary options scam is necessary. Besides, it is also required to know the binary options blacklist brokers to stay away from them. Hence, the scam binary options brokers list on this page will be handy for any level of binary traders.