Best Binary Option Sites: How to Identify A Fake Broker!

Consider the Internet as a sea full of sharks, which are actively looking for prey. There are countless binary options brokers in the Internet, but not all of them are genuine. Some sites are there to take your money, without your approval, and perhaps knowledge. If you want to be on the safe side, make sure that you do a thorough evaluation of a broker before you part with your cash. Fundamentally, the best binary option trading sites do exist, but the challenge lies in finding them.

Typically, fake brokers do not stick out like a sore thumb. Even fake brokers appear genuine or pretend to be genuine. Therefore, it takes a lot of evaluation to determine the authenticity of a broker. Fake brokers know they are fake and they try to hide it from the unsuspecting traders. In fact, some are not outright fake, but their activities are suspicious and wanting. Therefore, when you are signing up with a broker, take your time to research. Fortunately, Internet has all the information you need.

Since you have to start somewhere with your search, you can start vetting your brokers using several criterions. One of the criterion is regulating body. In most cases, the best binary signals provider in the market have a regulatory body that monitors their operations. A regulated broker means that the platform is accountable to a regulating authority, and, therefore, chance of engaging in fraudulent activities are low. Nonetheless, the appearance of an approval stamp is only the first requirement and it does not necessarily guarantee authenticity.

Secondly, you can look at the comments section and see if you can read angry comments from frustrated customers. Customer review is important because you have an idea of what you are walking into beforehand. Nonetheless, there is a thin line between genuine remarks and biased remarks. Some customer can post angry remarks after losing money in a trade, which is not necessarily the broker’s fault. Be objective when reading the comments and ascertain if they are genuine concerns about the site.

While you are at it, watch out for fake positive comments on the site. Apparently, the best binary option sites do not require bloated positive comments because satisfied customers give their positive feedback voluntarily. However, fake brokers can inflate the number of positive feedback by using keywords to boost their reviews. Therefore, when you come across trading sites that use prompting keywords in the headlines, be suspicious. If you read carefully, you can tell the difference between genuine comments and keyword bloated positive comments.

Lastly, it is important to know the software that a site uses before you sign up. Most genuine trading sites have demo accounts, which offers traders a chance to trade freely before investing their money. A demo account will allow you to determine if the software is reliable. In most cases, fake brokers do not have trading software because they do not have trading platforms to begin with. Therefore, be on the lookout lest you fall victim of these fake brokers.