Top 3 Binary Options Scams!

By | December 12, 2013

Thursday, December 12th, 2013 by Michael Freeman

Thank you for visiting my latest article on the Top 3 Binary Options Scams for 2013! It’s not a very honorable achievement obviously, but I guess it’s something, right! So without further ado, I would like to introduce Sycamore Options, Banc 54 and Global  Trader 365, for they have successfully made it ‘crystal clear’ that what ever money gets it, never gets out! Unfortunately for them, ‘whatever goes around comes around’ and the Idiom will eventually catch up with them sooner or later. So let’s consider the main factors that landed Sycamore Options, B54 and GT365 on this Top 3 list.

How did they make it on the Top 3 Binary Options Scams ?

If you Google the names of any of the 3 brokers you will find that they are black-listed on multiple sites and it’s not hard to track down these sites. Just Google search the names of these companies and you’ll be blown away by the number of negative reviews, comments, Youtube testimonials  and Scam Reports on all over the web.

The reviews indicate that these the Top 3 Scam Brokers operate in the most fraudulent way, refusing withdrawals, blocking user accounts, charging credit cards without the clients consent, alluring traders with bonus offers in exchange for a much higher investment, not answering phone calls and unfortunately the list goes on and on. I wouldn’t mind working with a specific broker, if the number of negative reviews was smaller and the reviews were on minor issues and dislikes, however, when traders report cases in which they were scammed for hundreds of dollars and in some cases thousands of dollars, it becomes troubling  as you grasp the level of fraud and type of shady practices, being implemented by these ‘so-called’ binary options websites.

Sycamore Options, Banc 54 and Global Trader 365 received the highest number of complaints in 2013! If you have any experience with these brokers please share it below.

How to recognize Binary Options Scams?

It’s actually really easy! It doesn’t take a ‘Rocket Scientist’ or a PHD to figure this one out. Just Google search the company and filter out all the fake reviews in the process. There’s no need for a 5 step manual on how to find out if the broker you are potentially going to invest you money with is a scam or not. If you are interested to confirm the broker’s popularity you will find Alexa.com to be a very handy tool to accomplish a thorough background check and as it shows you the relative popularity of websites and using this tool you can also figure out how long they’ve been in operation, as you get an insight to ‘when’ the website initially started getting new visitors.

Are there any Legit Binary Options Brokers out there?

If you are interested in Binary Options and you are wondering if there are any legit brokers out there, the answer is yes. There are lot’s of regulated brokers with a positive track record and zero negative reviews. Topoption is the first fully EU regulated broker and OptionFair, Anyoption, and a few other brokers acquired these additional regulations as oppose to brokers operating solely under CySEC which requires a CIF license but doesn’t provide traders the necessary reassurance that the broker offers a legitimate binary options website. In some cases brokers operate without a CIF license and if they don’t have one, you can be sure they are definitely not a legitimate broker. As a GOLDEN RULE, make it a habit to always Google search a binary options broker prior to investing your money with them. Be sure to avoid the Top 3 Binary Options Scams: Sycamore Options, Banc 54 and Global Trader 365 and for a complete list of scams, don’t forget to visit the BO Black-List!

19 thoughts on “Top 3 Binary Options Scams!

  1. amed

    LEGAL INSIDER BOT is a scam.
    legalinsiderbot.com,I deposied money in their recommended broker, banc de binary and their automatic super robot start trading in forex. In one month it lost 60% of trades and now all my money is gone.That guy Greg of legal insider bot is looting the fools like me.I just warn others to not give their. hard earned money to him.thanks

    Reply
  2. G.Hopewell

    Hi you are 100% correct about Sycamore I funded my my account with $250.0 then I was contacted by a so called trader Mark Goldman!!!! He emptied my Bank account!!! then contacted me a few days later via Skype informing me he had lost!!!! $4.500.0 they are CRIMINALS!there should be some form of legal institution set up for on line fraud!! I reported them to metropolitan Police Fraud Dept.But even they can’t really do anything.But at least they are on file as Fraudster’s.

    Reply
  3. Jenny

    I’m being sucked into a scam as I write. For those investigating ‘Automated Income App’, it has now progressed to being marketed as ‘Bitcoin Income App’. The recommended broker is Amber Options or GTOptions, neither answer their phone or emails. I uploaded $200 US funds to Amber and either the app or Amber is now sucking $25 trades without me even being logged in. 5 trades 2 wins. No response to any emails anywhere. Phone call (to Cyprus or UK) ends up at same recorded message. Not happy.
    Just mentioning all this for anybody else researching right now – don’t get sucked in by ‘Bitcoin App’.

    Reply
  4. john

    I use both stockpair and beeoptions because I could not find anything negative about them. Service is outstanding for both. You can’t go wrong with either one.

    Reply
  5. Charles

    Hi Mike I have 5k and want to begin my trading business. I’m in the US and not sure who to begin with. I was thinking of splitting up my funds thru stockpair, beeoptions and trade rush. Have you heard any negative things lately about them? I don’t want to use goptions because my friend has had problems with them.

    Reply
    1. Michael Freeman Post author

      These are good brokers and all 3 are available in the US, Beeoptions and Stockpair are better than TradeRush when it comes to payout. I can also recommend TitanTrade, in a recent speed test comparison I found that TitanTrade is among the fastest binary options websites and if you already traded before you would know how important it is for the platform to run smooth. TitanTrade is a reliable brand. They are not getting any complaints or negative feedback and they offer a great payout. TitanTrade Review

      Reply
  6. adrian

    I michael
    Great information. I am new to this in Australia was wondering if you know if city traders is scam or trust worthy. Cheers

    Reply
    1. Michael Freeman Post author

      CitiTrader is a brand new company and unfortunately you won’t find a lot of information on this company at this time, however I know that they are not EU regulated. If you are trading from Australia I would recommend going with a fully EU regulated broker such as Topoption, OptionFair and CapitalOption. These companies are safe and positively reviews on forums and binary options related sites. Checkout the Binary Options Brokers review section for more information. Cheers! Mike

      Reply
  7. Jonathan

    Hi Michael,
    I commented before on a Youtube Video of yours. I am about to file a dipute with my CreditCard Company. because Banc de binary will not let me withdraw.
    I signed up with them some weeks ago.But I read so many bad Feedback about them that i requested a withdrawel without even starting to trade. I did not take a bonus. The withdrawel is now pending for 13 days and i do net get a response on my emails. On the phone i am waiting more than 40 minutes .
    I,ll let you know how that will turn out.
    Best Regards, Jonathan

    Reply
  8. Belinda

    Hi Mike,

    I would like to know what you think about championtrader.com and foxwoodoptions.com Champion trader runs the ninja predator and black opps evolution trading program but ask that you use foxwoodoptions to open your account and also give the name of the broker to use.

    Reply
    1. Michael Freeman Post author

      Hi Belinda, I heard about both websites before. This Black Ops Ninja Predator service is useless. It’s basically the only signals service promoting ForexWood Options, which makes you wonder if the service isn’t owned by Forexwoodoptions.com. I personally wouldn’t signup with this broker, period..Because they are not endorsed on any forum or popular binary options website. Other services like Option Bot 2 or Signal Feeds promote multiple brokers and legit brands that you can trust. If you decide to go with a signals service and take advantage of a free trial offer I would recommend going with a different service. I included a page with a list of popular signals services, check it out: Signals Page Cheers! Mike

      Reply
  9. michiel

    To avoid scams always trade with experts as michael freeman or a coach, we provide the best withdrawal tips and the best trading coach

    rboptions.eu

    Reply
  10. DF

    Is Live Chat really a good option? I prefer a phonecall because to me live chat doesn’t make me feel quite as confident. I guess the point is like you said to feel out how pushy they are and what they offer you.

    Reply
    1. Michael Freeman Post author

      Well it’s important to verify they really have Live Chat available in case you run into quick questions that you need answers for right away. Talking to a representative will give you a much better idea of what company you are dealing with. If they start telling you stuff like “if you lose, we lose” or try to push the bonus too hard, it’s a really bad sign. However, if they offer the bonus and tell you about the restriction, it’s legitimate, because they have to at least offer it once.

      Reply
  11. MrsDuarte

    I’ve done well to avoid the big three here and other major scammers (perhaps it was just luck…) by doing my homework and researching every company. I had not seen that black-list before though so that is extremely useful. Saves a lot of time and confirms any suspicions you might have about brokers on there. Like the other readers here I often base my first impressions or first hints that it’s a scam based on a phonecall or as you say, live chat. If they have operators there to answer your questions 24/7 then they are less likely to go missing and be evasive.

    Reply
    1. Michael Freeman Post author

      Exactly! Scam companies are not very responsive and especially after the deposit was made. I would recommend always Google searching the company and getting ‘a fee’ for how they are by interacting with their representatives via Live Chat or phone. Speaking to a representative is a great way to check if they are very pushy with bonuses and if they lie in their ‘sales pitch’, because if you catch them lying one time, it’s a done deal and any further interaction should be avoided.

      Reply
  12. Michael Freeman Post author

    I totally agree John, if you call a company during business hours and they never pickup or worst, if they don’t advertise a phone number, you have to ask yourself if it’s the type of company you really see yourself investing with. It helps if the company offers Live Chat, it’s also a feature you would expect from a legitimate web-based company. It comes down to the fact that even though it’s a binary options website, it’s just as important to know who you’re working with as if you are depositing money with a bank. Unfortunately I get emails from many traders who fail to take 5 minutes and Google search the company in advance and what could have been an interesting venture and a new day-trading experience turns into picking up the pieces after being scammed by a fraud broker. There is no use to study strategies for hours if you are not ‘street smart’ enough take 5 minutes of your time to Google search the broker in advance.

    Reply
  13. john

    I would suggest that in your list of precautions, that you only consider brokers that make themselves availabe via telephone, and do call them before making a deposit to verify that they will indeed pick up the phone. I will not consider any broker that tries to force me to do business through one of their so called personal agents, who almost always call you from a cell phone, seriously?? I am a USA trader, and for me Stockpair and BeeOptions are my top choice. Do you homework guys

    Reply

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