Binary Options Scams – Broker Chat Questions

Binary Options Scams

It doesn’t take much to pull up a search result in Google focusing on “Binary Options Scams” or articles and hit pieces asking the question “Are Binary Options scams or a legitimate way to trade the markets?”.  In any industry that aims to catch a person’s interest by focusing on the possibility of fast profits, there are going to be people on the sidelines pointing fingers and attempting to spread negativity.
Are binary options scams?  That’s the question many ask but the question should really be looking at who is behind the scenes at many of these brokers.  The binary options themselves aren’t the issue.  It’s the companies behind the big banners and fancy sites who deserve a second look.  The best thing you can do in this initial phase as you search for a binary options broker is to contact their customer support.  Live Chat functions are as common to this industry as the binary options welcome bonus that each of them offer.  As such, this should really be your first priority when you narrow your sites on a broker.  Just a five minute conversation will generally give you everything you need to know about the company, the team and what they stand for.  You’ll get a sense of their transparency, their willingness to answer questions, their knowledge of the markets and so much more.  Here is my checklist when speaking with Live Chat on a broker’s site.

Binary Options Scams – Broker Chat Questions

• Ask them when they were founded and the name of the holding company they operate under.
• Find out which software they are based on. (SpotOption, Tech Financials, etc.)
• Ask them straight out what the stipulations of the welcome bonus are if they even offer one.
• Ask them if they have any licensed brokers or financial advisers working for them.
• Ask if they are regulated.  The answer will be no 99% of the time but you can gauge their honesty based on this simple question.
• Finally, I always like to ask a market related question, just to gauge whether this person knows anything about the markets.  Something simple like “Can I short stocks with this broker?” works well.  If they answer with anything about “short time-frames and expiry times” they have no clue about the basics of the stock market and financial industry.

Our goal is not to point fingers.  There really isn’t a problem with binary options scams so much as there is a problem with transparency.  Your best approach is to ask questions and find out the answers before you register and deposit into a trading account.  There are tons of articles out there that focus on binary options scams.  They point fingers at one broker over another in an obvious attempt to stir pot and send some negativity towards their competition.  Your fist line of defense will always be getting someone at your prospective broker on the phone, live chat or in an email and ask away.  Many brokers are very transparent and many you encounter will slam the door in your face and tell you to “deposit first and then we’ll have a broker get back to you to answer your questions”.  It’s all about transparency.
From our research, the brokers listed under the review section here are quite good.  We have dealt with GEOtradex umerous times and we find them to be overly transparent and willing to answer your questions and help you understand the industry without trying to hard sell you into a deposit first.  Banc de Binary is also up there and seemingly values the idea of being open with potential clients as opposed to locking up information behind the “Give us money first” door.  This is also likely due to their recent FSA registration and the need to actually start conforming to standards and procedures.
On the other hand, TradeRush is very knowledgeable but you really have to pry to get information out of them.  They tend to pull the “sign up first and then we’ll talk” approach I’ve found on numerous occasions.  24Option as well can be pushy and rigid when it comes to answering your questions if they know you have not yet opened an account.
When it comes to your money, your best defense at avoiding binary options scams is to find a broker that is transparent and will answer your questions without finding excuses to hold answers back or offer them only when you’ve made a deposit.  Keep an eye out and remember, no one is forcing you to deposit.  Ask, investigate, learn and only when it makes sense to you and you feel like you’ve had your concerns and questions addressed, then consider registering and opening an account.


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