too goodWhen you are looking at account tiers for a binary options broker, you will see many different benefits which are listed for each of them.  The more money you deposit, in theory, the more benefits you will be able to enjoy.  Sometimes brokers make misleading claims on purpose; other times you may simply misunderstand what you are reading and assume it means something other than what it really does.  Whether you are dealing with lies or misunderstandings, some things are simply too good to be true.

Here are 5 binary options broker promises that you should be very wary of.

  1. Your account manager will make your trading decisions for you.

This is a common misunderstanding among traders who see “personal account manager” listed under the benefits for accounts.  An account manager can help you to administrate your account, and may give you recommendations for trading based on his or her opinions, but it is key to remember that those opinions are only that—opinions.  Nobody else can do your trading for you.  The hard work is all up to you.  Never mistake one-on-one time with an account manager for more than it is.  If you actually wanted to hire someone to trade for you, you would have to pay for that service. Click here to learn about mentors.

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90% $10 $1
 
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  90% $10 $1
 
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  90% $10 $1
 
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90% $10 $1
 
85% $200 $20
 
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  90% $10 $1
 
  200% $50 $10
 
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  85% $10 $1
 
  80% - 90% $250 $5
 
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  85% $250 $5  
 
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200% $50 $10
 
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  200% $50 $10
 
  85% $250 $10
 
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  80% - 90% $250 $5
 
  85% $250 $5  
 
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  85% $50 $1
 
  200% $50 $10
 
  85% $200 $20
 
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  85% $100 $5
 
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  80% - 90% $250 $5
 
  80% $250 $25
 
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  1. Profit is a guarantee.

Anytime you see a broker advertising guaranteed profit, you are dealing with an out-and-out lie.  There is nothing and no one that can guarantee that you are going to be a profitable binary options trader.  The odds are heavily out of your favor, and you are going to have an uphill battle in front of you to achieve success.  There is nothing wrong with that, but you should be wary of a broker promising you success.  Your success is not in your broker’s hands; it is in your own.

What should you look for instead?  Try to find a broker that has risk disclosure pages and blatantly states that binary options investing is a business where you may lose as easily as win.  This is an honest standpoint.  Guaranteeing profit is a scam.

  1. We will give you a free bonus for depositing money.

The broker is certainly not lying about offering you a bonus, but the bonus is never going to be free.  You can find out the details on this by reading the bonus terms and conditions page on any broker website.  No matter what their ads say, believe what they say in their terms of service.  There you will discover that your bonus is not going to be free.  You have to place a certain number of trades and achieve a certain volume turnover in your account before you can claim the bonus as cash.  In short, the broker is counting on you to lose more money than you gain.

If you trade well, you may very well be able to claim your bonus as cash, and not pay for it—that much is true.  But there are strings attached, sometimes many, and you should never accept a bonus without understanding its limitations in full.  Your bonus is going to pull you into a contract, and unless you are aware of the fine print, you will surely lose more money.  Nobody gives away hundreds or thousands of dollars for nothing. So is a bonus good or bad?

  1. We offer 24-hour withdrawals.

Withdrawals are usually transferred through the same method you use to deposit.  So if you deposit using a credit or debit card, you will withdraw the same way.  If you deposit with a wire transfer, you will probably withdraw with a wire transfer.  And if you deposit using an e-wallet, you likely withdraw that way as well.

Most binary options brokers take anywhere from 3 days to a week to process your withdrawals, because there is a verification process involved.  It is highly unlikely that you will be able to get your money within 24 hours for this reason, even if the broker states that it is possible.  Expect to wait 48 hours at the minimum.  Three days to a week is far more realistic.

  1. We offer 24/7 customer service.

This oft-told lie seems so common as to be ubiquitous.  A few of the larger, more reputable brokers really do offer 24/7 customer service, so it is not always a lie.  But it is a lie probably 90% of the time.  The majority of binary options brokers operate customer service only during standard business hours, and usually not even then.  The majority of these companies are just too small to afford to staff a help desk around the clock.  Usually there are several different employees working in several different rolls at a time.

  • “We answer all emails within 24 hours” usually means, “Wait a week or so, and we will reply” (and that is assuming they reply at all).
  • “Call us toll free 24/7 if you have questions,” usually means, “We will be happy to give you a sales pitch on the phone at our convenience.”
  • “Live chat available 24/7” usually translates to, “Click this live chat button to fill out a web form and send an email,” or, “Click this live chat button to talk to a robot.”

If you can actually find a broker who does not try to sell you on lies about its customer service department, you have probably found a rare gem.  Look for a broker that really does answer emails within 24 hours, and really does offer a helpful live chat line.  Call them up to see if you get a sales pitch or a helpful human being.  Read the terms and conditions carefully, and have realistic expectations about what a broker will and will not do for you.  Choose a broker which is honest and does not try to mislead you into believing that they are going to offer you more than they can or will.  That is how you protect yourself from scammers and launch a successful career as a binary options trader.