Scam Brokers Give Legitimate Brokers A Bad Name in The Binary Options Industry. Do a Google search for binary options and all you will find are mentions of scam brokers and brokers that are not above board. We stumbled across a very nice resource for traders who are looking for reviews and came across ScamBroker.com.
Scambroker.com calls themselves the “Scam Broker Investigator”. It is interesting that many of the brokers they review are legitimate brokers and are only there to reassure traders that the broker they are selecting to open an options trading account with is in fact licensed and regulated by CySEC. Read this review of Banc De Binary.
So what is a trader of binary options suppose to do? They are suppose to thoroughly research the broker they are going with. They need to stop listening to all the get rich quick infomercials and start reading trader forums like; Elite Trader. That is where the professional traders hangout.
Here is a great quote from Scam Broker:
75% of traders open an account, and lose money trading. Hey, this is the real world and this is reality. Trading stocks, options and Forex is a risky business, and traders do lose money. So just because a trader did not have good luck, or proper risk management, does not mean his broker is at fault.
Everyone loves to talk about the loser, they never mention that the success rate is 25%. The recent bankruptcy of option broker iOption just goes to show, that the broker does not always win. This is much different than a Casino playing blackjack against the players. These are people trading against the broker in the financial markets, and that is very similar to the spread-betting brokers of the UK.