Signs that show a binary options scam
Nobody likes scams and, if thousands of dollars are at play, as is the case of binary options trading, you probably want to stay as far away from them as possible. With all the regulating authorities and review websites out there, one might think that scams can be spotted before registration, but it is actually very common for traders to trust fake advertising and join fraudulent platforms. It is very unfortunate that this should happen, because experts can spot a scam from miles away. No matter how well someone tries to hide a scam, there are signs that show you’re dealing with a fraudulent broker. You can check out a list of scams on this website http://coe.ba/binary-scam-signals/ and learn to protect yourself by checking the following scam indicators.
The typical binary options cliché
Did you receive an unsolicited email about a brand new, revolutionary platform with incredible bonuses? Does it feature the same old message from the “founder”, who is an investor no one has heard of, but is somehow one of the richest people in the world? Then you’re probably in for a scam. Fraudulent brokers all promise the same thing and use the same words and misleading phrases. More often than not, they avoid giving technical detail, use vague phrases and bring up data that’s not backed up by a legit market study.
Poor web design and user interface
Most scams try to pass as huge, million dollar businesses and one might think that with this much money they would be able to build a stable, professional looking platform. However, most of them have low budget websites with an old website design and poor UI. If you can’t make your way around the website and everything looks crammed, you’re dealing with spam. Also, if you get all sorts of pop-ups and browser warnings when you’re trying to leave the site, that’s definitely a sign of fraudulent activity.
Inexistent customer support
A professional trading platform should have a perfect customer support system, because traders will always inquire about their ongoing transactions. Not only should the support team be available 24/7, but you should also have various ways of contacting them, from email to phone and live chat. As far as phone numbers are concerned, you should have numbers of all major countries, not just one. Scam platforms don’t have contact information displayed clearly on the website or, if they do, no one answers the phone or replies to emails.
Withdrawal doesn’t work / unreasonable withdrawal terms
While most spams can be spotted easily, there are also some “high end” scams, the ones that seem legit until you want to actually withdrawal the money you made to your accounts. Normally, you should receive them in seven working days at most and the conditions for withdrawal should be reasonable. If it’s been one week and you still don’t have the money, or you need to meet suspicious conditions to withdraw, then unfortunately you are dealing with a scam. For instance, you could be forced to re-invest your earnings several number of times before you can withdraw them or earn a huge amount to do so.