Complaint To The Binary Options Broker
In connection with the emergence of a growing number of binary options brokers and trading platforms available in the market for traders, the risk is quite high to bump into various fraudulent schemes or scam brokers. Therefore, it is important to do in-depth research before you choose a broker and start trading. On this page we will explore the most common complaint of traders.
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Skilled traders use a licensed broker to avoid problems. Traders in Europe have the opportunity to make a complaint directly to CySEC.
Click here to write to the complaints department at CySEC
Russian traders can make a complaint with the Centre for Regulation of Relations in Financial Markets (FMRRC).
Click here to write to the complaints department at FMRRC
Please note that complaints will only be accepted by brokerage companies having the FMRRC certificate of compliance
To avoid problems, it is recommended to only use brokers that have a license from one controller: brokers are regulated by CySEC.
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 to the sites with professional design and that promise huge profits from investments; they register and make a deposit, and later they become victims of fraud. One of the most common complaints of traders is the fact that after the registration and replenishing of the account balance from the broker they understand that the services advertised on the site differ from those actually offered.
So when choosing a binary options broker from a variety of options, the most important parameter is safety and the best way to avoid fraud is cooperation with a regulated broker. The regulated brokers are monitored by the respective financial authorities of different countries and operate in accordance with all laws and regulations. In addition, if traders have a problem, they can make 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 not, then it would be better to look for a more reliable and trustworthy binary options broker.
Understanding the rules and working conditions
Due to the trader’s lack of understanding of the rules and working conditions, accusations are raised against the brokers. In many of these cases, the traders have not read the rules and terms of service before they open an account and they have not studied the policy of granting bonuses. These complaints can be found on any forum. You should carefully read the conditions and agree with them before you check and in fact sign the contract offer on the website! Carefully read the relevant sections on the website of the broker before you send your money because you can discover some non-disclosed positions.
The bonus policy complaint
Bonuses will allow you to trade a higher amount than you would with just your deposit. It’s not cheating, but there are certain conditions that a trader needs to meet if he takes the bonus. Please read those conditions before accepting the bonus.
Absence of knowledge about the bonus policy is a very common problem, especially for people who are newcomers in the binary options market. Many brokers offer different promotions and bonuses, including bonuses for initial deposits, re-deposits, and cashback, which can reach up to 100%. This can be a great help for traders because they get more money to trade, which in turn increases the potential payout. But bonuses are often accompanied by special conditions and can lead to unpleasant surprises later.
Many traders who are new to online trading immediately accept the bonuses offered, not realizing that this imposes some restrictions on their account. Many brokers have a requirement that if you accept a bonus you must reach a certain trading volume before you will be allowed to withdraw their funds. This trading volume can vary between a 20- and 60-fold increase relative to the account balance. This is the total amount you need «buy long» before you can receive your earnings, which can be quite significant.
That is why it is important to read carefully the terms and features of the bonus policy on the broker websites.
Refusal of a bonus
In some situations the broker intentionally places the bonus into your account, and you never asked for this to happen. With some brokers this process is automated and usually associated with the initial deposit, and a trader may be surprised that the bonus has been credited to the account balance. To resolve this situation, we suggest you immediately contact the broker and ask for its removal before the beginning of trading.
When you try to deposit money in your account, sometimes the amount can’t be credited. This can cause confusion for the trader: you may think that you have been scammed. If this happens, contact the customer support of your bank and check whether to write off the specified amount from your account. Also keep in mind that the transfer of funds can take several minutes, while a bank transfer can take up to 2 days.
The broker can lock your account if it has reasonable evidence that there is some fraudulent activity on the account, or some consequence of another problem which has taken place between the trader and the broker in violation of the terms of service. In most cases, unfreezing the account may be carried out as quickly as it was frozen. We recommend that you always specify correctly your personal data during registration; the broker may require scanned copies of your documents.
Problems with the withdrawal of earnings
Getting money into your account is not a complicated process, because brokers have a wide range of payment systems for withdrawing funds from the balance account. The reasons for the delay with the withdrawal of money may be due not only to your broker, but also to regulatory requirements and processing time of payments by the bank.
Typically, deposit procedures for binary options brokers are simple and fast, and there are rarely problems when traders place money in their account. But when it comes to withdrawals, there may be some questions. The questions related to delayed withdrawal may occur due to account verification (the owner is asked to provide copies of supporting documents, such as passport or driver’s license).
First of all, you must provide certain documents necessary to confirm your identity. They include a copy of your identity card with photo, driver’s license or passport, a copy of a recent utility bill as proof of residency, and if you use a credit or debit card as a method of payment, you must send a scanned copy of the front and back sides of the card. Regulated brokers are not trying to steal your personal data; they ask for your personal information in order to prevent possible fraud and to protect your funds in the account if your account details get into the wrong hands.
Delay in payment
Traders often complain that the procedure of withdrawing money is very slow and they must wait for a long time to receive their income. After a request is made for withdrawal of money, processing takes a few business days, and if you use bank transfer, the wait will last even longer. Therefore, it is recommended to carefully read the terms and conditions of your broker to understand exactly how long you’ll have to wait to receive your funds. There are complaints about the charging of a fee when withdrawing funds. Deals on credit cards usually are free of charge, but for bank transfers you may be charged a fee in the amount of 25 to 35 dollars, so be sure to verify which the commission was established by the broker to withdrawal funds for various payment systems.
The refusal of payment
This problem can cause a lot of negativity among traders. This problem is very difficult to solve. The refusal of payment may occur without explanation by the broker, but the most common explanation is a violation of the terms and conditions of work.
Problem with broker software
Sometimes you may experience a situation when the software broker stops responding to the trader. In this case, you will lose your current ability to trade. Any software can experience an unexpected error. Our advice – stop trading immediately and contact the customer support of the broker to inform them that a failure has occurred.
Automatic trade signals
The Internet is full of sites with automatic software for trading signals for binary options, where the authors speak about profitability of more than 95% and the prospects of huge earnings, based on accurate trading signals generated by advanced algorithms and complex mathematical models. However, many traders complain that when they are registered, it turns out that the software does not work as stated and the signals are not accurate.
Automated trading robots and signals are designed to assist traders to make trade more flexible and to minimize risks, but you still have to make the effort. Therefore, it is advisable to choose a binary options robot or signal provider that has many adjustable parameters and allows for maximum control over the transactions.
Besides, always make sure that the signals of the provider work with a reliable and regulated broker to avoid scams.
Traders also often complain about the service and actions of individual managers. In many cases, the broker claims that all clients who open an account will get a personal account manager to assist and improve results and help with any questions. However, it is later revealed that personal managers are either available only to those who choose a higher-level type of account, or the range of issues with which a manager can help is limited. That is why it is important to read carefully all of the information on the proposed types of accounts and what services come with each of these types of accounts. In addition, it is better to choose a broker that offers a wide range of options for contacting customer support. Most importantly, we recommend you choose regulated brokers who can ensure safe and reliable trade.