The Best Binary Options Broker 2020!
Perfect Choice For Beginners!
Free Demo Account!
Free Trading Education!
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Only For Experienced Traders!
How to Avoid Binary Options Scams
The world of binary options is vast, complicated and full of pitfalls. It is important to follow a number of steps to avoid depositing money with brokers which are really scams. Here’s a foolproof guide to navigating the murky world of binary options scams, and finding a reputable broker you can trust with your hard-earned cash.
Understanding who you are dealing with and determining if the broker is regulated is crucial to avoiding binary options scams. Equally important is evaluating their bonus conditions and learning from others in the trading community who can help you avoid painful encounters with these unscrupulous scam brokers.
Do Your Research on Binary Options Trading
A great place to start is our list of FCA regulated brokers, which also explains the important difference between FCA regulated and FCA registered. Then I strongly recommend you check out the FCA’s official position on binary options trading brokers for UK residents. See how you are protected – or not, as the case may be. US residents should check out the US Commodities Futures Commission’s official position on binary options trading. Of course these official sites can’t always protect you from scam brokers, especially if the brokers are new.
That’s why we love Forex Peace Army. This is a community of traders and investors who share experiences of binary options brokers – including the good, the bad and the downright ugly. I recommend you check out their broker reviews.
How to avoid binary options scams
What you MUST do: Check if your Binary Options Trading Broker is Registered
One thing you must absolutely do before registering, and certainly before depositing, is checking if the broker is registered. If you take anything away from this article, let it be this:
UK residents: check to see if your broker is registered by checking the official FCA register.
US residents: check to see if your broker is registered on the FINRA website.
This is crucially important because if a broker is registered, it likely won’t steal your money, and even if it does, you will be covered up to losses of up to £50,000.
Speak to a Broker Directly
Once you have checked what the online trading community has to say about a particular broker, and confirming they are registered, you should call them directly yourself. If you don’t receive a call back, or cannot reach a person on the other end, you have likely found a scam.
The Best Binary Options Broker 2020!
Perfect Choice For Beginners!
Free Demo Account!
Free Trading Education!
Get Your Sing-Up Bonus Now!
Only For Experienced Traders!
Additionally, once you reach a binary options broker, filter what you hear from them, as many will tout their products and exaggerate their abilities. This process should be done after you have performed your own research online. This process should also involve looking up the basics of the brokerage company which includes finding their physical address and potentially the name of the parent company. Most scam brokers will conceal this information as if they plan to scam you of your money, they don’t want you to know where they are located or the real name of their company.
Evaluate the Terms and Conditions on the Company Website
This process is often overlooked as it is time-consuming and tedious. If you plan on depositing money with a broker, you want to make sure the terms are legitimate. The terms and conditions document are accepted by an investor when they open an account and make a deposit.
Sometimes terms are outrageous, such as a penalty for inactivity or a minimum withdrawal amount. These terms are binding so an investor should go through each paragraph and make sure they understand the rules prior to depositing. If there are terms that seem too good to be true, or are beyond the scope of what you expect from a broker, be wary.
Nearly all binary options brokers will grant new investors a bonus depending on the amount you choose to deposit with them. This incentive can go as high as 100% of your initial deposit and might sound great at first but it is important to understand why a broker would give investors a bonus for making a deposit. The most obvious reason is that it makes depositing more money attractive. If a broker gives a 100% bonus based on deposits over $500 dollars and up to $2,000, many investors will be interested in depositing higher amounts.
Example of the Bonus Withdrawal Conditions at TradeRush.com
Brokers are happy to give these huge bonuses because they believe you will likely lose your money, meaning they’ll never have to honour them. They will likely add volume stipulations with the bonus prior to any withdrawals. For example, they might require that you transact 40 or 50 trades in an account with a bonus prior to any withdrawals from that account. If the volume is too onerous, a trader should realise that the broker is attempting to scam them and should look for a better broker.
More About Adam
Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.
7 Binary Options
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The vast majority of binary options trading scams will start well before even the trader manages to open their account with the brokerage. The promotional videos are what gets many people hooked. The video about the signals or the robot (whichever they are peddling) makes things look very simple.
Here is how the scam works in a nutshell:
- A group of scammers set up a website that looks and feels like a legitimate binary options trading broker.
- The scammers then create a makeshift trading signals software and slap a 100% trading accuracy claim on to it.
- As soon as traders join the scam, they lose the initial deposit which is usually set at $250.
- After that those traders will receive a phone call from a so-called ”senior broker” who will ask them to invest $5000.
Any and all amounts deposited will disappear and you’ll never be able to withdraw them.
The Demo Trading Account
We always recommend that traders should stick with trading via a legitimate and highly regulated broker. That broker should also offer you a free demo account.
When it comes to Forex, Crypto or CFDs brokers, IQ Option is regarded as being one of the best as they are licensed in Europe. Plus, traders can signup to get a free trial of their platform.
How To Steer Clear Of Binary Options Trading Scams?
Research is your best weapon against binary options trading scams. You should research the broker properly. However, you’ll need to move beyond the majority of review sites as they just provide you with basic information.
Picking a regulated broker is a good way to safeguard your funds
The most important things you should check is:
- If the broker has a license from a financial regulator like the FSB, ASIC, FCA or the CFTC.
- Does the broker continuously call you to deposit money into the trading account?
- If the broker has a mechanism in place that protects investors from your part of the world?
- Check the history of the broker to find out if they have been fined for unethical practices by a regulator?
The next step is to shortlist and pick the best robot or trading signals system:
- You should never use a broker, robot or a trading signals software which asks that you make a deposit before ever seeing the interface.
- Never choose a trading signal if it does not fit your style or trading strategy.
- Any software that you use to create the account can also be used to place trades via the account.
- If there is a binary options forum make sure to read through the discussion there.
- Keep in mind that historical performance does not guarantee similar future results.
We know more than anyone else that binary options trading scams are very common. So, its imperative to carry out your own research and go beyond just getting excited about a $1000 bonus. Plus, for every binary options broker that you find out about, there are many others that offer the very same features and probably at a lower price.
Carry out your due diligence to find out what it is the requirement for the broker to be regarded as the best in the industry. Also, try to choose a broker that’s licensed locally and is regulated locally because that way your investment is protected.
What are Binary Options? – Honest Review
Binary Options is a financial instrument to trade on long or short markets in a certain period of time. The Trader only got 2 options: Win a high amount of money (75% – 95%) or lose the investment amount for this trade. It is like betting on rising or falling markets. Binary Options are very flexible. It is possible to trade any financial market and use different time horizons (starting from 30 seconds).
- Call (Higher): Make a forecast for rising markets
- Put (Lower): Make a forecast for falling markets
Make a forecast for the future price direction
In this article, I will show you exactly what are Binary Options and how do they work. Knowledge is the key to success. Read about the risk and the opportunities to make money in the following text.
Where to trade Binary Options in 2020?
In the next steps, I will show you how Binary Options (Wikipedia article) work. You will understand it in a few moments. But first of all, where to trade Binary Options?
You will need a Binary Options Broker (see the table below). I searched after the safest companies which give the highest return for traders. There are different companies around the world who provide this financial service. You can open a free demo account. This is an account with virtual money so you can learn how to trade without risk.
- You need a company (broker) which provides the financial service (Binary Options)
- Open a free demo account with virtual money (Virtual trading without risk)
|1. IQ Option||(5 / 5)
High Yield 92%
Is Binary Options Trading safe or not?
Safety is the most important point in online investing. You should choose a good and reliable broker which is safe. I recommend using a regulated company for your investments. Have a look on my full Binary Options Broker Review to find the best one. There are regulated and unregulated companies for trading. It always depends on the broker to trade safely Binary Options.
I did a lot of research and clearly, I can say that a regulated broker does not cheat to its clients. Normally unregulated brokers do not cheat too. But it is not 100% safe because sometimes these are small and unknown companies.
It is safer to trade with a regulated broker than with an unregulated one.
In conclusion, you should use a regulated broker for trade Binary Options safely. It always depends on the Broker if it is safe or not. Do the research by yourself and read my review about the broker on this website.
Example of regulation or license
Safe and well-known regulators are:
What you really need to know about online platforms:
There is a huge diversity of Binary Options Platforms and you have to check out what is your personal favorite. Nowadays developed software is very flexible and available for any device. It is possible to trade with the computer (browser and desktop), smartphone and tablet. That means you can trade from everywhere around the world if you got access to the internet.
Especially for a beginner sometimes it is hard to learn to trade with a new platform. There are a bunch of options which can confuse you. Most brokers will give you education material like video tutorials or step to step guides. Also, you can ask the support for help by phone, chat or email.
A platform for any device
Flexibility and charting are provided by the platform. You can do a personal chart analysis with indicators, technical tools, and different chart types. Sometimes you will get access to economic news directly in the platform. Indicators are known for giving you feedback on the market price at the moment. They are customizable like you want. So it is possible to analyze different timeframes.
Today Mobile Trading is one of the most important factors for trade successfully. It is a great opportunity to boost your profit. In the past traders could not trade online or via mobile phone. So the options were much lower for making a profit. Apps are available for Android and iOS users or any other device. Check out your trading account 24 hours per day via your mobile phone.
In my opinion, it is better to use the web-based platform with your computer for analysis. Often there are a lot more functions than in the app. Furthermore, you can see the chart more detailed and a higher range of it. Professional analysis can be made by using a computer.
Binary Trading Tutorial | Step by Step Guide
As a trader, you can choose between a lot of different assets on a Binary Options Platform. You can trade Forex, Stocks, Commodities, Cryptocurrencies and more. This trading tutorial will show you how it exactly works to trade the financial product. The process is always the same as you see in the video and picture below. Just practice it in a free Demo Account.
Learn how to trade successfully
Now you have to imagine and predict the asset price direction for the future (forecast):
You can use the specially programmed trading platform of a Binary Options broker to analyze the charts and get trading ideas. It is very important to have a good working strategy for maximum profit. Beginners should use technical analysis for trading the chart. On the broker platform, you can learn more about it in different education videos/centers.
Therefore every Binary Option expires after a specified time. You can use the time horizon between 30 seconds or 5 months or more. Sometimes it depends on the broker. As you see you can trade short-term or longterm Binary Options.
After you have decided on the direction and the expiry time for your trade you can “sign” the contract with your broker. Just click the call or the put button. On some platforms, you have to confirm the trade.
- Call (Higher): The price will go up in your expiration time
- Put (Lower): The price will go down in your expiration time
If you are right in your decision, the broker will pay you a high asset profit of 75-95%. The trade automatically closes after the expiry time. Sometimes the broker allows you to close the trade before the expiry time ends. That is a way to reduce the impact of a wrong decision.
That means if you invest the amount of 100$, you can earn the amount of 195$ on a certain time horizon. 100$ is the return of your investment and 95$ is the profit.
Binary Options Platform Tutorial for beginners
- Search for an asset with a high profit. If you trade the assets with the highest yields in conclusion from my experience the result will be much better in the end. Some Binary Brokers offer you different account types with different asset profit.
- Analyze the chart on the platform. You can choose different time frames, indicators or financial news for your strategy. Every Binary Broker offers you some educations, too. Learn in webinars, videos or coaching the best strategies of the world.
- Now you should select the expiration time of your Binary Option. There a lot of possibilities for your trade. Some traders like it to trade short-term options and some other traders like it to trade longterm options.
- Choose an amount you want to invest in your trade. The most time it starts at 1$.
- At latest trade the Binary Option with a call or put. There are only 2 options in the market, that’s why it is called “binary”. In the end, you earn a high yield or you lose your selected amount.
What are the conditions Binary Options Trading?
You can trade any asset with Binary Options. It can be stocks, commodities, forex or cryptocurrencies! Most brokers give the option to trade more than 100 different assets. The expiration time depends on your broker. Some companies provide Binary Options with a time horizon of 30 seconds or less. These days you get a lot of different options on every broker.
- Trade stocks, forex, commodities, cryptocurrencies, and more markets
- Choose between a diversity of time horizons (short-term – longterm)
Yield – The return of investment can be high as 95%+
As the time horizons, the yield (return of investment and profit) depends on the broker. Often there is a possibility to get a high payout of more than 90% of your investment but there is no rule for the value of the yields. Sometimes short-term trades got the highest payout and sometimes long-term trades got the highest payout. In comparison to my experience, the yield is between 70% and 95% for standard accounts.
Another way to boost the yield is to get a VIP account type. Most of the brokers offer different account types, which are linked to the deposit amount. For example, you will get a VIP account if you deposit more than 3000$ on IQ Option. Not every broker got the offer of account types but you should search for it if you plan to invest a high amount of money.
Are Binary Options risky or not?
Binary Options are risky to trade, but there are advantages why the risk is less than trading other financial products. Especially new traders fear the loss of a high amount of money. With binary trading, you can only lose your bet amount. Traders clearly see what they can lose in a trade. Compared to other trading instruments this is a big advantage because the risk is limited always.
Another advantage is that you get a high asset payoff no matter how much the market moves. The asset price just has to be above or under the entry point. Traders like this financial product because it is so easy to understand and to calculate the risk and the trade profit.
Only invest the money which you can afford to lose in the worst case.
Binary Options Demo Account – Yes or no?
It is very important for beginners and new traders to practice the Binary Options Trading. Most brokers give you a free demo account. It is an account with free virtual money. You can always recharge the account with one click. It is risk-free trading.
Every trader should learn more about the trading platform before he is going to invest real money. Also, you can learn new strategies or try out different methods on the market. First, develop your own strategy with virtual money.
Most brokers offer a free demo account.
Opening your first real account
For trading with real money, you have to fulfill different criteria. On most brokers, you can trade and deposit without verification of your account. In my opinion, every trader should verify his account before deposit money. This can prevent annoying errors and waiting times. For a full verification, you need to complete the account setup.
Sign in with your real personal data. That includes full name, birthday, real address, email, and your phone number. After that, sometimes you have to upload the required documents for the broker. The company checks if you are a real person. Upload a picture/copy of your Passport. Sometimes they require a utility bill too. In most cases, the verification only takes 24 hours or less. With some companies, you do not need this verification process.
How much money do I need for Binary Options Trading?
You can start trading with a very low amount of money. Especially on IQ Option, you can open a live account with a 10$ deposit. The minimum trade amount is 1$. The upper limit is open for your trades. Have a look at my reviews to find a broker which fulfill your requirements
From my experiences as a trader, it is possible to make a huge amount of money with the right strategy. Binary Options are the tool for trading with a small or big amount of money.
Facts about the deposit:
- Start with only 10$ in your account
- Trade with 1$ per trade
- You can easily trade with high amounts too
- The minimum deposit depends on the Binary Options Broker
Easy deposit and withdrawal
As mentioned before the deposit is easy as the withdrawal of profits. On most brokers, there are not any fees for deposit and withdrawal money. For payments, you can use more than 20 different methods. It is possible to capitalize on the trading account in a few seconds. In most cases the payout takes the time of 24 hours depends on your broker.
Payment methods are depending on the broker:
- Credit Cards (Master/VISA)
- E-Wallets: Skrill, Neteller, FasaPay, ePayments, Yandex, and more
Get a free Bonus for your deposit
The most brokers offer a free bonus for your deposit or risk-free trades. The bonus amount depends on the deposit amount. It can be a 20%,30%,50% or 100% bonus. In other words, they give you a higher bonus for a higher deposit. Furthermore, some brokers allow trading risk-free trades. If you lose a trade, the broker pays back the lost money in the form of a bonus.
The bonus is not completely free. Sometimes traders have to trade a high turnover of the bonus. For example, make a turnover of 30x of the bonus to get the bonus withdrawn. If you are not satisfied with the conditions in most cases you can deactivate the bonus. A bonus is a good opportunity to grow a bigger account and trade with more money.
Get a free bonus now
Can you really make money with trading Binary Options?
The key to your success is to get a good education and find a professional strategy. In addition, you have to control the risk with sensible money management. In this article, I showed you an insight into profitable trading with Binary Options.
It is easy to make money with Binary Options but you have to be prepared. The markets are not easy to trade for beginners and it takes time to trade profitably. You will not see success directly. From my experience educated traders do not blow up the account. They earn money constantly. Read through my other pages to get deeper knowledge.
- Education: This is the most important point for beginners. You should be prepared for the markets and know how the financial product works. There are different tutorials on the broker webpage or on my website to learn the functions. In addition, it should be easy for you to use the trading platform of your broker. Just practice in the demo account until you feel comfortable. Moreover, most brokers offer deeper knowledge. There are webinars, coachings, and tutorials. Education and knowledge is the key to making money with Binary Options.
- Strategy: Develop or learn a professional strategy for trading. You have to know what you are doing in the market. It is like a system for you which always have to repeat. Without a proper strategy, you will blow up your account. There are different ways to learn a strategy. Use the knowledge of a broker or my website.
- Money Management: most traders fail to control the risk. In my opinion, money management should be sensitive by using 0,5 – 3% of the account balance per trade. Sometime a losing streak will occur. By using sensitive money management you can trade without emotions and you can trade enough trades without running out of money.
In conclusion, you can really make money with trading Binary Options but you have to learn and invest your time in the right knowledge. The demo account is the best way to practice before you start investing real money.
Are Binary Options legit or not? – My scam review
In my opinion, Binary Options are not a scam for your money. The financial product gives you the possibility to invest in short or longterm opportunities in the market. Binary Options are so popular because they are so easy to understand and you can make a lot of money in a short time.
It is very important to choose a good broker. Some small brokers are scamming users, that’s why a lot of people think Binary Options are a scam. Definitely, it is not a scam if you trade with a safe company.
Basic trading checklist for beginners:
- Choose an asset you want
- Forecast the price movement
- Choose a variable expiry time of the trade
- Bet an amount starting 1$
- Trade a call (long) or a put (short) option
- Get profit
- Payout the profit
On this site, I have shown you how the financial product is working. I think you can easily understand it now and start trading with more security. On my other sites, you can learn more about Binary Options. Happy trading.
How to avoid scams as beginner
The problem of Binary Options is that they are not a scam, but some brokers or financial educators are scammers. Every time before you start investing real money you should do a sort of research. You should pay attention to real reviews or advice from professional traders.
Scams using binary options are unfortunately quite common, as you can tell from our list of fraud brokers and services. If you are concerned about falling prey, this guide explains how to avoid scams in the UK.
Are Binary Options a Scam?
In short, no. Binaries are, in our opinion, a good product. There are, however, unscrupulous brokers and other service providers out there preying on uninformed traders. This is due to binaries being largely unregulated and unmonitored when they first came to the market – which thankfully has changed a lot in recent years. But with scam artists still out there, what can consumers do to avoid a binary options scams and focus purely on their trading? Read this tutorial on scams and only trade with trusted brokers!
A scams list may not actually be that useful though – operators are closing and re-opening so often that maintaining the list becomes a full time job. A better choice for consumers is to spot the warning signs, and if there are any doubts at all – simply move on to another provider. A list of scams can only protect you from threats that exist today – learning how the con artists operate and mislead consumers can keep you safe for years to come.
There are a number of methods by which the scams associated with binary options will try and make money. There are however, also some pretty obvious red flags that can pre-warn consumers that all might not be well. As ever, the old adage “If something seems too good to be true, it probably is” applies. If you have encountered any of the below, I would advise treading very carefully – and if in any doubt, leave that particular broker – there are plenty of legitimate, trustworthy brokers. There is no need to take risks with any company that you may have doubts over.
Top 3 Trusted Brokers
For those that simply want to avoid scams and start trading without reading this whole guide, go with any of these brokers:
|£5||75% Pro Account + 10% CB||89%
A service called MyChargeBack.com offer a consultancy service to help victims recover their money. They offer a free service to let you know if you have a case. Things like unpaid withdrawals, or unauthorised payments can be claimed via banks or credit card companies, and this firm specialise in dealing with those organisations. The range of services varies based on each case, but they may be able to help:
How to Avoid Scams
Look out for the warning signs listed below!
A reputable broker is unlikely to solicit new business by making cold calls and phoning you out of the blue. It is likely that any call made in this way, will involve unrealistic claims about binary options, and potential profits to be gained from trading them. These might include the promise of immediate, high returns, and downplaying any risk.
In addition to telephone calls, some operators may also email directly, in some cases, suggesting an account has already been opened. Any of these methods of getting in contact is an immediate warning sign. Hang up, and delete any mails.
One source of frequent issues is via deposit bonuses. Dishonest brokers will often have some extremely unethical terms. These might include tying in the initial deposit until a certain amount of trades have been met (turnover requirements). They will include the initial deposit (not just bonus funds). Effectively making the deposit their money as soon as it is handed over. Be sure to read these terms before taking a bonus, or making a deposit.
This warning includes automated robots and signals, but also managed accounts, where an account manager has promised massive profits. There is an obvious conflict of interest for these account managers. If you make a long term profit, the brokerage makes a long term loss on your account. An account manager, employed by the broker, is very unlikely to have your trading interests at heart. While they may argue otherwise, letting someone else trade for you is very likely to end in losses. These managers can also encourage traders to invest way beyond their means, which is particularly dangerous. Binary options are a high risk / high reward investment. The risks should never be hidden from you by your broker or account manager.
‘Make Money Online’ marketing
Many of these warning signs are related – this form of marketing again hides the risks – just like the cold callers and account managers. The “Make money online” and “Get rich quick” marketing surrounding binary options is grossly irresponsible. There are numerous websites, with high production videos that look very appealing. They will suggest making money is easy, possibly even suggesting they copy famous investors. These are all scams. Any promotion that hides, or downplays, the high risk nature of binary trading is not being honest. Binary options are not a way to make easy money, and should not be sold this way. This form of advertising for binary options is generally the most dangerous for the consumer. If you encounter marketing of this kind, do not proceed.
A funnel is a website that will drive traffic to a broker. As a visitor to that site, you may not even be aware you have been redirected to a broker. These funnels generally operate the “get rich” marketing described above, but not always. The issue here is that the consumer will be passed to a broker, who they know nothing about. Having visited the funnel, the new customer will get a call from a random broker asking for a deposit. While this may sound odd to those who have not fallen victim to it, the effective selling of the binary options scam by the funnel website, will mean many people are duped.
Some brokers will include a line within their terms along the lines of: “Our prices may not reflect those of the actual market”. Unfortunately it will not be worded as clearly as that, as the implications are obvious – they set their own prices. If the broker is the counter party to any trade, and they also set the prices, it will be very very difficult to ever make a profit with that broker. Clients are trading against the broker, and they decide the closing prices. One of the two parties will make a loss – and it will not be the broker. Research the terms of trading and beware of any references to settlement figures based on anything other than real world prices.
So those are some key warning signs that should make any potential new trader stop and question what they are being told. If you have come across any of the above, identify the broker involved – and trade elsewhere.
In addition, new traders might try and carry out their own ‘due diligence’ on a brand. Even this however, might carry risk. The reason is, as well as the scam operators, there are review sites that are also dishonest. There are a couple of ways that consumers can protect themselves and find the trustworthy reviews. The first method is in looking at the offerings elsewhere on the review site – if other scams are being promoted, then the reviews are not credible. Ask these question of the site:
- Is there a proliferation of robot ads?
- Are there promises of high returns?
- Is there adequate risk disclosure?
- Can you contact the site, or site owners?
The second method is regulation. In the UK, the Financial Conduct Authority regulates some binary options brokers. This only happens where the broker offers a form of trading already covered by FCA regulation – Contracts for Difference (CFDs) for example.
The reason this is important is because FCA regulated firms have to be careful about who promotes them too.
If a binary option site lists FCA regulated brands (as we do!), this indicates a level of credibility and protection. That site must be completely honest about the high risk nature of binary options, and it must have accountable individuals, based in the UK who operate it. If it does not, then the FCA firms would not allow their brands to be marketed by them.
Here however, is another level of complexity. Some binary options brokers have sought to register with the FCA. This is not the same as being regulated by them. In order for a firm to be regulated by the FCA, they need to offer additional forms of trading, not just binaries. A brand offering only binary options will not be fully regulated by the FCA. This is because binary options are currently regulated and licensed by the UK Gambling Commission. So the list of binary options brokers regulated by the FCA is actually very small.
FCA List of Unauthorised Brokers
In addition to the services below, the FCA have published a list of firms who are not authorised to trade binary options in the UK. While stopping short of calling them scams, the list provides a picture of firms who are prepared to break the law (by offering unregulated trading). They are almost certainly best avoided. The list can be found here:
The Brit Method
The marketing in use here is an obvious red flag. Videos that suggest over £500k has been made in under a month are about as obvious as it gets. Unfortunately the claims are not true. This is an outright scam, avoid the “Brit Method” or any associated schemes. These include “Jason Taylor” and any “millionaire maker” scheme linked to that name, or the Brit Method.
The Brit Method is a scam that has been used before. Here is what you need to know to protect your money;
What Is The Brit Method?
The Brit Method promises to be a binary options trading strategy that can make you hundreds of thousands of Dollars within a few weeks. Unfortunately, it is the latest reiteration of an old scam.
The Brit Method is nothing new. It previously was called the Aussie Method and the Canuck Method, and each time the site had to close due to its bad reputation. Even the guy who supposedly invented the genius trading style is the same.
It is always the same stock picture, just the name changed from Jake Mason to Jake Pertu and now Jason Taylor.
There are many fake testimonials on the website, but make no mistake all of them are made up statements with stock pictures of people who never heard of the method.
Similarly, all the promises made by the Brit Method are lies. The site essentially promises immediate, unlimited gains, but provides little information on how it wants to accomplish this goal.
The site also promises to get you started for free, which is a lie, too. After you complete your free registration, you are refused access to the system unless you deposit $350. But even if you make the deposit, you still wont have access because there is no system. The money is gone, and you will never see it again.
Avoid the Brit Method at all costs. Also, be aware of all future version of the scam. In all likeliness, there will be a German Method and an American Method and they will very likely to use exactly the same methods to con people.
Again, the sales pitch is an obvious red flag. This is a scam, stay away.
The scam suggests that clients can enjoy wealth by following a method created by Warren Buffet. An investor famous for taking long term positions, this fraud has absolutely no connection with Buffet himself.
The process involved visitors being forced to join a particular broker (another scam tactic explained above) and make a deposit in order to get access to a “system”. No system exists, and traders will not get any funds returned. Avoid.
The good news here is that the Ultimate4Trading website has been blocked for UK visitors. The operation is dishonest and should be avoided.
Another scam which again, is thankfully blocked in the UK. Once again, the promise to “get rich” is at the forefront of the marketing but the whole operation is a scam. To the point which even the website is now a haven for malware. Keep away.
Instagram & Facebook
Many scams promote themselves on Instagram and Facebook. Most will fall into the categories listed above. The mainstream media have also been duped themselves in the past, including the Daily Mail. These promotions or accounts make wild claims of the profits that can be made, backed up with images of flash cars and other trappings of success. It is all a lie and these operations are to be avoided at all costs. If these people really could turn your £2,000 into £8,000 in a week – why would they need to advertise on social media? They could simply make as much money as they needed from the markets and go and spend their time on the beach. Screenshots are easy to fake – and they never need to show the losing trades.
Anything promoting a ‘get rich quick’ route using binary options is untrustworthy, full stop. Remember also that Martin Lewis (of MoneySuperMarket fame) is considering legal action because Facebook are not doing enough to remove ads claiming to be backed by him. To repeat his quote “Martin Lewis does not do ads“. If an advert mentioned him, avoid it at all costs – it is almost certainly a scam.
Below are some brokers for which we have received credible reports of poor customer care, or worse. Again, many of the tactics used are covered in our article on avoiding scams – this list is unfortunately not exhaustive so if any of the actions below sound similar to other brokers you have come across, stay away from them – and let us know.
Many of the worst brokers have been thankfully shut down, but always be aware of using unregulated brands unless you are able to verify their quality. Not all unregulated brands are untrustworthy, but it does mean more ‘due diligence’ is necessary.
Bonus terms lock in the initial deposit until turnover requirements of x30 are met. Your deposits are yours until you choose to trade them. A broker should not block withdrawals of your deposits before it has even been traded. Avoid.
Opteck have now closed for business. The tighter regulations introduced by CySec (who monitored Opteck) have left the firm with no option but to cease trading. Increased regulation is helping the industry by squeezing out the firms that used misleading marketing, or deception, to earn money from clients.
Boss Capital were a popular broker which accepted US traders. A lack of strong regulation enabled them to operate using questionable methods. They are another firm that have closed as a result of improved regulation.
StratX were a firm brought to our attention by a disgruntled customer (see the testimonial page). The firm use cold calls, account managers and make withdrawals very difficult. Not recommended.
Another firm we have received much correspondence regarding is CFDStocks. They employ most of the tactics discussed above, including cold calls. Most contacts we received say an account manager encouraged larger and larger deposits before disappearing.
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