With thousands of binary options brokers and trading platforms flooding the trading arena, the risk of fraudulent brokers and scams is increasing manifold. And even if you choose well-regulated brokers, complaints may arise from time to time.
Here we will explore the most common complaints traders may have from their brokers:
Binary options brokers sometimes give many reasons to complain to their traders. While it is true that traders who work with licensed brokers have fewer reasons to complain, it is still important that you familiarize yourself with the following issues:
1. Bonus Policy Complaints
Brokers usually offer promotions and bonuses, as well as a range of offers for initial deposits, re-deposits and cashbacks. Many traders don’t understand these bonus policies and are eager to accept these bonuses without understanding restrictions these may impose on their trading accounts.
Sometimes traders are unable to deposit into their accounts, or it takes some time for the money to be credited into the platform. This can lead to disconcerting ideas that they may have been scammed. It is a good idea to lodge a complaint with the trading platform and bank.
3. Withdrawal Problems
When withdrawing winnings and profits from the trading platform, it may take some time to actually be able to access the cash due to regulatory requirements and bank processing delays. Usual problems include:
- Verification Issues
- Delayed Withdrawals
- Declined Withdrawals
Make sure you have the necessary identification documents at hand, and you understand the brokers’ reasons for denying payment.
4. Malfunctioning Software
The broker’s software may hang up or malfunction, raising grounds for complaint. This breakdown may disconnect or remove a trade at a critical time. It is important to lodge a complaint with broker’s support and service as soon as possible.
5. Auto Trading Signals
Signals and robots are meant to assist traders and help mitigate the risks of trading binary options. However, it is important to pick signal providers that are proven reliable. If your trader doesn’t offer customizable settings for execution of trades, it is important to choose the right binary options signals provider.