Monday, December 23rd, 2013 by Michael Freeman
After posting the review on Vault Options, a binary options site with a shady side to it, I discovered a few troubling facts that I had to share with any traders who recently found the FMTrader or 777Binary sites. If you’ve been following my blog, you already know that scam sites tend to reincorporate under various names, in case of course they end up getting tons of negative reviews. The ability to advertise a completely new brand, yet with the same goal in mind, same crooked staff and business plan, they’re able to move on as if ‘nothing happened’ carrying on with the same practices, trained and ready to scam more traders.
Imagine owning a fake binary options site and within a few weeks or months, you end up getting many negative reviews and complaints on the brand you created, what would you do? The answer is very obvious. Reincorporate under different names! This is also why I always stress the importance of registering with one of the veteran brokers with an established reputation.
An established brand is here to stay and will avoid at all cost getting complaints on forums and various binary options related sites.
After doing a little bit of research on the new FMTrader Brand I discovered that it’s owned by the same company that’s behind 777Binary and Vault Options, which both are %100 scams! They operate without CySEC regulations and a CIF license and worst, they refuse withdrawals, freeze client’s funds and systematically avoid complaints. The only customer service you will get with these brands is when you decide to fund your account, in this case you can expect high-end customer service, phone calls from the most friendliest representatives and basically anything they can do to trap you! Once FMTrader got you, they will not stop until they get you to deposit more and eventually wipe out your account in creative ways.
FMTrader is a SCAM! aka 777Binary aka Vault Options
It turns out that reliable brokers tend to incorporate under one name, and they do everything they can to maintain a solid reputation. Acquiring full EU regulations, providing same-day withdrawals and building trust with their traders is at the center of their agenda, while scam brokers are only concerned with getting as much money from unsuspecting trader as they can.
My binary options channel on YouTube is visible to traders around the world and I get to correspond with traders on a daily basis. I love to hear good news from traders but in many cases I end up receiving a good amounts of emails from traders who fell victim to a scam site, and in many cases have lost high dollar amounts of $5,000 and more. For many traders $5,000 is equivalent to a year of hard work, only to eventually lose it to some scam site…
Avoid Scam Brokers!
Trust me that I am not interested to ruin your experience with binary options. I personally feel very fortunate to have found it a few years back and even with the ‘dark side’ and all the scam brands that are out there, binary options can be an amazing experience and a highly profitable one! In my list of scam brokers you will find tips for how to identify potential scams and known scams that are operating without a CIF license and regulations. I beg you to avoid these brokers and if you don’t mind, please share your experience below and help deter other traders from falling victims to one of many scam sites that are terrorizing the industry.
I am not going to spend any of my precious time talking about FMTrader.com they’re really not worth my time. This article is the only few minutes of fame they’ll get from me. If you are looking for a reliable broker, visit the recommended brokers section on my blog. Stay with the Regulated and legit guys. Avoid new companies and if you are not sure, don’t underestimate the power of a quick Google search! You will be amazed with how much information you can find to assist you with making a smart choice.