Binary Options Brokers Complaints

With the large numbers of binary option brokers and trading platforms available on the market traders also face the risk to come across fraudulent schemes or scam brokers. Therefore it is essential to do an in-depth research before you choose a broker to sign up with. In this page we will explore the most common complaints traders have when it comes to binary options trading.

Avoid problems! Consider using brokers with no complaints see here.

Smart traders use Australia or European licensed brokers to avoid problems and the need to complaint. Traders in Europe have the ability to take their complaint directly to CySEC. You should also see the CySEC complaints department.

Beware Of Scams

The first thing you need to do in order to start trading binary options is to open an account with a broker. Often traders are attracted by websites with professional looking design and promises for huge returns on investments, only to find out later that they have fallen victims to fraudulent practices. One of the most common complaints traders have is that after signing up and depositing money with a broker they realize that the services advertised on the website are different from those, which are actually offered.

Therefore when choosing a binary options broker your first consideration should be safety and the best way to avoid scams is to register with a regulated broker. Regulated brokers are supervised by the relevant financial authorities of the various countries and operate in compliance with all applicable laws and regulations. In addition to that, if traders encounter any problems they can file a complaint and get help in resolving the issue. It is advisable before opening an account to check whether the broker is licensed and if they are not it would be better to look for a more reliable and trustworthy binary options broker.

See List of Regulated & Trusted Brokers Here.

Understanding The Terms and Conditions Section

terms and conditionsAs a result to the lack of understanding of the trader there are accusations made against the brokers. In many of those cases traders did not read the Terms and Conditions Section before opening an account. They did not check out the deposit bonus policies. These are common complaints that can be found on m any trading forums. You need to be sure what you agree to before you sign it! Read these sections carefully because you might find some hidden clauses and do not simply hand over your money to a broker on the Internet without knowing anything about their trading policy.

Bonus Policy Complaints

The bonuses allow you to trade proportionally higher than you would be able using only your deposit. This is not a scam but part of the conditions and trading policy that are attached when awarding traders with the bonus.

Another very common issue, especially for people who are new to the binary options market, concerns bonus policies. Many brokers offer various promotions and bonuses, including bonuses for initial deposits, re-deposits, cashbacks, which could reach up to 100%. On the one hand this could be of great help for traders because they receive more money to trade with, which in turn increases the potential payouts, but often bonuses are subject to special Terms and Conditions and that might lead to unpleasant surprises later.

Many traders who are new to online trading eagerly accept the offered bonuses without realizing that this imposes some restrictions on their accounts. A lot of brokers have a requirement that if you accept a bonus you have to reach a certain trading volume before you are allowed to withdraw your funds. Since this trading volume could range between 20 and 60 times the value of the deposit, the overall sum you need to make before being able to get your earnings can be quite large.

That’s why it is essential to read carefully the Terms and Conditions and especially the Bonus Policy section most brokers have on their websites.

Bonus Removal

You have an issue if a broker intentionally or not credits your account with a bonus that you did not ask for. Some brokers have this process automated usually associated with an initial deposit or welcome bonus. The trader may have the bonus credited to their account balance. To resolve this situation we advise you to immediately contact the brokers Customer Support and request the bonus to be removed before your first trade.

Deposits

depositWhen you try to deposit funds to your account the amount can sometimes not be credited. This can be disconcerting for the trader as they may think they have been scammed. If this happens contact the support and your bank to check whether the deposit is made or not. Also keep in mind that the crediting of a deposit may take a minute or two and a bank transfer can take up to 2 days.

The broker may close an account if they have a reasonable evidence that there is a certain fraudulent activity on the account, or some consequence of another issue that have taken place between the trader and the broker regarding the conditions. In the most cases the account closure can be re-opened as fast as it was closed.

Withdrawal Problems

Getting money into your account is simple because brokers accept a wide range of payment types. But this is not the case with the withdrawals not only because of your broker but also due to regulatory requirements and bank processing times that can be the reason for the delays.

Usually the binary option brokers’ deposit procedures are straightforward, quick and there rarely are problems when traders put money into their accounts. When it comes to withdrawing funds, however, some issues may arise. There are several issues with the withdrawals – delayed withdrawals, verification issues and declined withdrawal.

Verification Issues

First of all you have to provide certain documents needed to verify your identity. These include a copy of a government issued photo ID like driver’s license or passport, a copy of a recent utility bill as a proof of residence and if you use a credit or debit card as a payment method you have to send a scanned copy of the front and back of the card. The regulated brokers are not trying to steal you identity. They ask for your personal details in order to prevent possible fraud.

Delayed Withdrawals

Traders often complain that the withdrawal procedures are slow and they have to wait for a long time until they receive their earnings. After a request for withdrawal has been placed, the processing takes several business days and if you use a wire transfer the wait is even longer so it is recommended to read carefully the broker’s Terms and Conditions to see exactly how long it takes to receive your funds. There have also been complaints about the taxes charged when making withdrawals. Transactions via credit cards are usually free, but for bank wires there could be a fee between $25 and $35, so make sure to check what taxes the broker charges for withdrawals via different payment methods.

Declined Withdrawals

This issue may cause a lot of unpleasant experience for the traders. It can be very difficult to resolve it. A withdrawal may be refused by a broker without explanation, but the most common explanation is a violation in term and conditions.

Problems With The Broker’s Software

There may be a situation when the broker’s software stops responding. In this case you will be disconnected and removed from the current trade. All software can have an unexpected bug. Our advice is to stop trading right away and contact the broker’s support to let them know what happened.

Auto Trading Signals

The Internet is full of websites for auto trading software and binary option signals providers proclaiming winning rates of more than 90% and promising huge profits based on accurate trading alerts generated by advanced algorithms and sophisticated mathematical models. Yet many traders complain that once they sign up it turns out the software doesn’t work the way it was advertised, the signals are not accurate at all and there is nothing they can do about it because the settings cannot be changed.

Auto trading robots and signals are meant to assist traders, to make the trading experience more flexible and to minimize risks, but you will still need to put in some effort. Therefore it is advisable to choose a binary options robot or signals provider, which has many customizable settings and allows you to exercise maximum control over the execution of trades. In addition, always make sure the signals provider works with reliable and regulated brokers in order to avoid scams.

To Avoid Scams, Consider Using the Top Rated Robot.

Managed Accounts

Traders also often complain about the customer service and the assistance of personal managers. In many cases the broker claims that all clients, who open an account with them will get a personal account manager to help them optimize their results and assist with any issues. However, later it turns out that personal account managers are available only to those who select a higher level type of account or the range of issues the manager can help with is limited. That’s why it is essential to read carefully all the information about the offered account types and what services each one entitles you to. Furthermore, it is better to choose a broker with customer support available via a wide range of communication methods. Most importantly, it is recommended to select a regulated broker that will ensure a safe and secure trading experience.


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19 Responses to “Complaints”

  1. Michael Kerrod April 28, 2016 at 2:34 am

    A couple of things i have found with Binary traders
    1/ is that they do not have a running printed account, like a bank account, which tells you what trade you have done what your balance is before you trade, and what the balance is after your trade has finished win or lose, its as if they try and hide that information from you.

    2/ Is what i call the bounce affect, many times i have traded up to $3000 or over only to be dropped straight back down to below a certain amount on my next trade, which is the same style trade to the previous ten trades, and i then lose trades till i get down to a certain level, then my same style trades start winning again.
    Im interested to know if any other punters have come across a similar type of experience..

  2. I traded for less than a month and lost everything thanks to my account manager. I queried the fact that I am not seeing any real growth. Although I was winning some trades, overall I lost more. I also queried why my trades were not protected and I was told it is only for premium account holders. I now realized that I was given the incorrect information. However, my account manager now wants me to commit more money to make up the lost trades. Also, what I find very strange is that I now received a call from a different binary option company offering me a fully management account. Some things don’t add up!

  3. Piyam Abdul Majeed May 4, 2016 at 3:25 am

    Hi

    Requesting electricity bill as proof of residence is beside the point. In some countries in the Persian Gulf many workers do not pay utility bill. It is handled by the company.

    Is ones residence permit not a proof enough?

    Regards,
    Piyam.

    • Ben Sawicki May 4, 2016 at 12:51 pm

      Hi Piyam,
      usually regulated brokers require those details as a condition from the regulator.
      If you check with a broker that is not regulated this condition might be dropped.
      In any case it is best to explain to the broker and align your options.

  4. Keletso Letsie May 12, 2016 at 1:29 pm

    hi

    i registered myself with UKoptions last November. the guy was very helpful in the beginning until i made a deposit. he then referred me to a second guy who would tell me and show/help me trade. the second guy wanted me to increase the deposit that i had initially made ,but i refused telling him that the minimum that they wanted would be enough to increase my account so i didnt put more money into the account. i was sick the next week and he kept he calling saying in order to trade i had to inject more money and still i refused. a week later when i felt better i checked my account to find that he had been trading witout my consent. i sent him an email asking him about the transactions that reflected on my account because i hadnt put ANY trades myself, he then changed my log in details and i was locked out of my own account. i dont know how legit ukoptions.com is and how they operate. maybe you can look into them to warn other people about how they conduct their business.

    thank you for providing us with a place where we can check whether these companies are legit or not. you are the best….

    Kind Regards

    Keletso Amanda Letsie (South Africa)

    • Ben Sawicki May 13, 2016 at 7:24 am

      Hello Keletso! We are sorry to hear about your bad experience with this binary options broker. We have investigated and tested it – the results were not good. You can check our review – it is published on the website. Hope you have better luck next time and keep in mind that you have to choose your broker very carefully in order to minimize the risk of frauds and financial losses. Thank you for your feedback.

  5. I been trading with itegraoption i have ask for withdrawal and there are no respond can same one tell me how to solve if experienced the same issue .thanks

    • Ben Sawicki June 10, 2016 at 1:40 pm

      We are really sorry, but we have not even heard of this broker and it is possible to be a scam broker. We wish you good luck in finding a way to get your funds transferred to your bank account.

  6. Donna Williams June 2, 2016 at 2:37 am

    Made a 250 deposit with this scammer George Dalio representing Perpetual Formula. I changed my mind, never did one trade, now I have been locked out of my account and they will not give me my money back. Not only am I terminally Ill on permanent disability, these creeps are causing me a great deal of stress I do not need. Please help me!!!!!!!

  7. G.BENEDICK June 6, 2016 at 7:37 am

    Big Option – their said their was no funds i wanted stop trading and want my funds back so i cat no money back

  8. Paul Smith July 8, 2016 at 1:54 pm

    I was scammed horribly and want to warn others about this scammers. Where or how can I write my story on your web?

  9. Hi, How do i write a complaint?

  10. Richard Carter July 15, 2016 at 11:48 am

    Aaoption is a scam , do NOT trust them, they take your funds and you cannot get it back. They will access your account and take funds that you have not authorized them to take. BEWARE Aaoption is a SCAM

  11. Hi,
    I am still waiting after 6 weeks for UK Options to process a withdrawal. They don’t answer emails, return calls and invisible on Skype. They are very pleasant when taking your funds but won’t pay it back. Jake Evans was the account manager, I have been locked out of my account with £742 in it – big scam!

  12. I didnt take the trap of Push Money App before i looked for reviews, but i filled out enough info to have them call me, area code is 442 goes to Mexico ,so for all the people who deposited $250 you will never get that back nor will will you ever see any profit from your investment. I would definetly call this a scam.

  13. Hi my initial deposit with AAOption was made on the 25/05 2016 i made a withdrawal request on the 19/07/2016 i waited until 06/08 /2016 before i traded again that wold be 13 working days waiting for answer after 2 phone calls asking for someone to contact me and 2 emails last night i was told there were trades blocking my request so i asked for the withdrawal to be reversed didn,t happen its still pending i gave up and and went silly with trading i am so disgusted with the way i have been treated over $300.00 i was thinking about a offer made by Kelly barker i wanted to
    see how easy it was to withdrawal as she said . be told they are scammers .just like onetwotrade i,m not done yet .

  14. Stay away from VXMarkets, they are the worse in binary option and are scammers. Management is totally useless not replying to complaints and signals are wrong. Account managers turnover is huge and don’t accept there Bonus offer as you will have to have a turnover 30 times more than your bonus before you are allowed to withdraw money. there Adam Sterling lost $18 000,00 of my investment.

  15. I was with Dalton Finance was trading with out a lot of profit, told them I wanted my refund back. well guess what, I am getting my deposit back in 5-7 business days ! I have been scammed so many times in the past that I was all excited and had to tell some one! Dalton Finance are good guys