Blacklisted Brokers Which You Should Avoid to Trade!

Blacklisted BrokersBinary Brokers Club was founded for two vital reasons. First, it was founded because we wanted to increase the number of good brokers out there, who are ready to benefit our readers and to help them earn more profits. Second, it was founded to warn others about those scam brokers out there and to protect them from them, as there are more of these brokers every day.

Without any further a due, at Binary Brokers Club we worry about informing our readers at all times, about the different brokers out there, their status’ and we even try to help them solve problems with some scam brokers. We created a list, which you can find below, that includes some of the blacklisted brokers that we know about, so you can avoid them and stay out of financial problems.

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Differences between Premium, Regulated and Blacklist

At the moment, we are capable of providing our readers with several lists of types of brokers, which are very helpful and make most of our readers very happy. At BinaryBrokers.club, users can find lists like Blacklisted Brokers, Regulated Brokers, Premium Brokers and SpotOption Brokers. As you can imagine, the Premium Brokers list includes some of the most important and recommended brokers out there. The Blacklisted Brokers list is filled with brokers that have been proven to be scams and that list includes the names of brokers that Binary Brokers Club does not recommend or that have already been closed.

The Blacklisted Brokers section, is filled with brokers that do not follow professional business strategies and that are involved in spam, cold calling or even using personal information that has been stolen. These are things that we consider to be unprofessional and this is why we do not want to recommend our readers to trade with those brokers, as they could lose their money or get scammed.

Binary Options Scams

Binary Options ScamsAs you might already know, trading binary options is becoming more popular every single year and this is why some unprofessional people are attracted to it too. Today, there are more cases related to scam brokers than before and this is not helping professional brokers, as they also get a bad reputation and the entire binary options industry as well. It is also important to note that scam brokers are now coming up with unique scamming strategies and that it is more difficult to catch them or to notice these actions.

Why are people being scammed?

People usually get scammed, because they do not know much about something because they are expecting some amazing results, because they are naive, because they believe wonderful promises and because they are not very experienced. Thankfully, there are several things that one can do to protect themselves from scammers and this includes reading and learning more about the frauds that are out there and who are the most recommended brokers out there.

Scam Types

We already talked about how scammers are always coming up with new techniques and that it is getting harder to detect some scammers from the professional brokers. Some scam brokers have their own professional looking website, tools, graphs and even more.

Their customer service is also well planned and their team members are very professional. They also seem to know what they are talking about, but problems start soon after this, as these brokers do not let users withdraw most of their funds and traders end up without knowing what to do.  This is why doing a little research is of huge importance, if you want to know more about the brokers out there.

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Scam Strategies

Minimizing the risks is one of the most common scam strategies used today. These brokers promote some fantastic results and some out of the ordinary bonuses, without talking about any risks.  While it is obvious that businesses will always promote the best part of their businesses, it is also true that professional businesses describe the risks and do not keep any information from their users. Some scam brokers, also make some terms and information very hard to find on their site and this is how they take advantage of clients later.

Scam brokers, also use different strategies and methods, to prevent their users from withdrawing their funds and leaving them. One of the most common scam strategies is to ignore withdraw requests and never send the funds.

Other times, scam brokers will create bonuses that do not allow users to withdraw their funds or make the withdrawal limits very high. Creating and adding these bonuses to users’ accounts is not legal and traders should be aware of this. Other scam brokers even use their users’ accounts, without their consent and trade with their names and trying to withdraw funds as fast as possible.

In the last few months, scam brokers have been working with a new strategy called “Cold Calling“. In this strategy, bad brokers get stolen data and traders’ contact information, who  were never even interested in trading with them and convince them about registering. We do not like this scam strategy at all and we add brokers who are doing so, to the blacklist.

Protection

One of the simplest methods for protecting yourself from blacklisted brokers is to choose professional brokers from our Premium Brokers list. We have reviewed and analyzed these brokers according to certain criteria and we completely approve of them.  Most of them have also earned some awards, from some of the top businesses in this industry and there is also a section, which includes regulated brokers too.  Before you create an account and register with any broker, you need to read our reviews and know more about the terms and conditions that each of them offers. This will give you more knowledge and help you to prevent any problems.

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Paul Graber

I was born in Manchester in 1967. I am an Economist with a Ph.D. degree. I have been working in the financial trading industry as a professional since 2003. I am a fan of Manchester United team. I am married and have a little princess.

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