Scams are unfortunately all too common in the field of binary options. Dishonest brokers and reviews, or rigged robots and other auto trading services – the scams can come in many forms. So we feel it’s necessary to create this blacklist and list all known frauds and dishonest techniques in one place. We also go through the steps you can take to identify a potential scam and how to deal with the situation after the fact if you’re already a victim. If you know or suspect something is a scam, and we’re missing it on our blacklist, please let us know and we will look into it!

Why Are Stories of Scams So Common?
When any new financial instrument or form of trading first emerges, a whole range of businesses tend to get involved. It’s a fact of life that some of those product providers are going to be more trustworthy than others. This is certainly true of binary options. It is, after all, an accessible and popular method for individuals to trade the markets. What’s more, at least in their early days, binary options trading platforms tended to operate under the radar of the regulators and from any country over the internet – so it’s hardly surprising that unscrupulous operators seek to take advantage. Thanks to better regulation, a strong online trader community and honest reviews, it’s now a lot easier to tell a scam from a legitimate broker. But as with any international online marketplace, there are still some shady outfits who will leave you with less than you bargained for. So what are red flags to look out for? Here are the points to consider as you go about choosing your binary broker.

Are Binary Options A Scam?
The term “scam” covers a wide range of behaviour, from providing misleading information to lure you in, through to vanishing account balances – and even dishonest trading advice. Likewise, a particular broker might not be technically fraudulent in its behaviour; it’s just that the service available on the platform (such as highly unreliable uptime or failure to reimburse funds in a timely manner) means that this is a broker that really ought to be avoided.
In all of these cases, the problem isn’t with binary options as a concept, it’s with the broker.
So it’s a matter of doing your homework before you commit to any particular platform. User reviews can be helpful (if they are genuine), but always treat such reviews with scepticism – and never make a decision on the basis of testimonials published on the broker’s website. Even trader forums can be problematic – look closely and you’ll often find that the forum is an offshoot of a particular broker’s website. Independent, thorough and comparative reviews are the safest way to ‘scam-check’ a broker. Ideally, focus on review sites that allow and encourage real-life users to get in contact and report and problems with particular brokers, so you can be sure that what you are reading is up to date.

Scam Brokers and Not Recommended Operators

The brokers listed below have generated a lot of complaints both directly and on the forum. The disputes vary from upselling and encouraging traders to over trade, to non-payment of withdrawals and price manipulation. There is little recourse for traders to raise a dispute with unregulated brokers, so it is generally advised that you look for trusted binary options brokers – preferably regulated in your own country where possible. “Scam” has become widely used as a term to refer to any form of poor service, but it should be noted that many of these brokers may have done nothing dishonest or illegal, but have attracted higher than normal levels of complaints. If in doubt, trade elsewhere. There are plenty of honest brokers out there.

  • Banc de Binary
  • Beeoptions
  • Binaryinternational.com
  • Brokeragecapital.com
  • Bull Option
  • OptionRally
  • Option-World
  • Safe24Option
  • TraderXP
  • Vault Options
  • NYStockOptions.com

Robot And Signal Scams

These signal providers, or robot services, are either scams or not recommended for other important reasons.

  • 650System
  • Action Binary
  • ATARAXIA 7
  • Auto Binary Bot Scam
  • AutoBinarySignals.com
  • Binaryoptions-live-signals.com
  • BinaryOptionBot 2.0
  • Binaryoptionbox.com
  • Binary-Option-Robot
  • Blackrockbotr.com
  • Brokersignals.com
  • Faunus Analytics
  • FB Wealth Group
  • iFollow Signals
  • John Anthony
  • Legal Insider Bot
  • Lone Wolf Signals
  • Michael Freeman’s Autotrader
  • Paul Applegarth’s Oneclick Autotrader
  • Profit Binary
  • Profit in 60 seconds
  • Signal Index
  • TheBinarySignals.com
  • The Green Room
  • The GCAD Indicator From ITM Financial
  • Updownsignals.com
  • ZuluTrade