While binary options have been getting a field day these days thanks to the many people that are going for this kind of trading platform and the many benefits that it offers, there is a fact too that there are also those who have misgivings on how legit it is. There have been people that have shared horror stories about binary option robot scam and as a new trader you will certainly want to make sure that you are not going to be exposed to that. Here are some of the things that you can do that might help make it easier for you to recognize legit sites and brokers when you see them.
People are always wary of those online stores involving a Ponzi scheme. Here, people actually opted for the service of a broker, but it turned out that their money was not really placed in the necessary platform that it was supposed to be placed into. This is a scheme where the brokers did not use the money for the services that they were supposed it be used for. They did not provide the specific services that they were expected to. They just deposited the figures to the account of their new clients in order to get the profits stimulated for their members’ trading accounts.
Stuff like this rarely happens though, but it does not hurt to be cautious especially when doing some online trading. Being able to recognize the better brokers from the rest of the many names that are presently active in the field is always a good thing. You get to prevent yourself from committing costly mistakes that so many others before you may have committed, albeit unwittingly.
Be aware of the withdrawal details of the broker that you are dealing with. When it comes to getting your profits withdrawn a sign that you may be dealing with a not so ideal broker is when you find it extra hard to get your profit withdrawn. This should not be the case since it is your money and you are entitled to it in the first place. So, being able to sniff out this specific setup is always crucial to avoid headaches and disappointment later.
It is easier to point out those scammers these days too thanks to the efforts exerted by the financial regulators. They are constantly on the lookout for those sites that may be a little dubious and are also able to release name of those platforms that traders should not be wary of. There are blacklists that they release and update on the regular. So, it does help to get them checked every now and then to see if the one you are hoping to opt for is not actually one of them.
Try not to be lost on how huge their welcome bonuses are. All too often, sites that are a little on the questionable side of credibility tend to offer really huge sums for people that will be signing up with them just so they can lure more people in. Always remember that the best brokers for binary options never lure their customers with welcome cash. They offer rates that are competitive and a platform that is reliable and credible in order to retain the people that sign up with them. That is how you know that they are legit.