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Broker Complaints

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:

Common complaints

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.

2.     Deposits

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.

Regulating Authorities

As traders across the globe are rising up to the profitable opportunities inherent in binary options trading, their countries are finding it increasingly hard to regulate the binary options brokers to ensure that traders don’t part with their hard-earned cash because of fraudulent activity.

Many countries now have their own financial regulators that are responsible for regulating binary option brokers and other commodity exchanges. As dependable scam broker investigators we bring you in-depth information on some of the leading names in the broker industry. This also includes their regulation information such as the country in which they are registered as well as their regulatory authority. However as the trader, the onus falls on you to ensure that:

  1. The broker is in fact registered with the aforementioned regulator.
  2. The broker has a valid license for the work they do.

At the same time, it is also important to understand that “regulation of brokers is an advantage, not a necessity.” This simply means that just because a broker doesn’t fall under a regulatory authority, it isn’t a valid reason to doubt their services. There are many other variables in the picture. However, being regulated from a trusted authority does make their services and claims more reliable.

A well-regulated binary options broker promises a secure trading experience and transparent investment policies. In fact, as a trader, your main concern should be to ensure the safety of your funds and signing up with a regulated broker is definitely a step in the right direction.

Here is a list of regulatory authorities from across the globe. Check if your broker is registered:

Binary Options Regulators

Australia – Australian Securities and Investments Commission – http://www.asic.gov.au/

Canada – Investment Industry Regulatory Organization of Canada (IIROC) – http://www.iiroc.ca/

Cyprus – Cyprus Securities and Exchange Commission – http://www.cysec.gov.cy/

Czech Republic – Czech National Bank (CNB) – http://www.cnb.cz/en/

Denmark – Finanstilsynet (The Danish FSA) – http://www.finanstilsynet.dk/da/

France – Banque de France (BDF) – http://www.acpr.banque-france.fr/

Germany – Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) – http://www.bafin.de/EN/

Hungary – Pénzügyi Szervezetek Állami Felügyelete (PSZÁF) – http://www.mnb.hu/

Italy – Commissione Nazionale per le Società e la Borsa (CONSOB) – http://www.consob.it/

Japan – Financial Services Agency – http://www.fsa.go.jp/en/

Malaysia – Securities Commission of Malaysia – http://www.sc.com.my

Netherlands – Netherlands Authority for the Financial Markets (AFM) – http://www.afm.nl/

Spain – Comisión Nacional del Mercado de Valores (CNMV) – http://www.cnmv.es/

Sweden – Finansinspektionen (FI) – http://www.fi.se/

United Kingdom – Financial Conduct Authority (FCA) – http://www.fsa.gov.uk

United States – U.S. Commodity Futures Trading Commission – http://www.cftc.gov

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