Warning - This Broker Is Not A Trading Site We Can Recommend At This Time - See The Broker Review For More Info And Links To FindingsOut of the hundreds of binary options brokers in the world, there are only a handful that we currently recommend. These recommendations are based on our own experience with the websites and the companies that operate them, the recommendations of our readers, and the features and quality each broker offers. Trust is always the number one essential criteria.

Those hundreds of brokers that do not make our recommended list have a variety of problems. Some of them simply do not offer enough in terms of features, while others are incompetently operated. Many however are actually flat-out untrustworthy. They are run by malicious individuals out to rob you. They are scammers, plain and simple.

There are a lot of ways that binary options brokers scam customers.

Some common tactics include:

Sell you useless systems and alert services. This is not really a scam you take action on if the systems were provided as a “free” benefit at a certain account tier, and it is questionable whether you could ever report them for it even if you did purchase them. Why? Because in the small print they invariably mention that the system does not guarantee results.

Manipulate expiry times and prices. This is one of the most common binary options scams. You are in a certain trade, and it is set to expire in a few minutes. At the time that the trade is meant to expire, you are in the money. But then for some unimaginable reason, the clock keeps running. A few seconds later, it stops, but the trade is a loser. The broker will claim it is a site error and point toward terms and conditions stating they are not responsible, but it is almost certainly malicious.

Refuse to pay out your money. This is another very common scam. You try to get your money out of your account and get a huge runaround. Either you find yourself wading through excessively complicated terms which are impossible to meet, you keep having to send in paperwork even though you already submitted everything, or the broker just ignores your withdrawal request and possibly disappears after absconding with your money.

What do you do if you think your binary options broker is scamming you?

Well, first off, you have to make sure they are scamming you. It is always a good idea to try to resolve the issue before you assume your broker is maliciously operating. If you cannot get the problem solved, though, you will have to take action against the company.

Here are the steps to take if you have a dispute.

Do your homework.

Are you the first customer to raise this complaint, or have there been others before you? It is a good idea to know what you are dealing with. Preferably of course you did this research before you signed up for a binary options account, but maybe you made a mistake and rushed in without doing your research. If so, it is time to catch up on that research now.

If you are the first customer to have this problem, maybe there is a simple misunderstanding. If however you find a bunch of customers before you with the same complaint, something else could be going on. It may be malice or just incompetence, and the reviews will probably shed some light. Sometimes you may find a set of steps you can take to resolve the problem based on the experiences of past customers who have successfully resolved the issue. If so, follow those same steps now. If not, continue down this list.

Make sure the problem is not you.

Anytime you are going to raise a complaint with a company, it is a good idea to make sure that you are not the cause of the problem. This is fair, for one thing, and for another, it may be more efficient. After all, if you find you caused the problem, you can solve it yourself quickly without asking someone else to solve it for you—who may not be able to do anything anyway.

Start by looking carefully over the terms and conditions for the transaction you are trying to complete. If you are trying to make a withdrawal and failing, is it because you did not submit some of the paperwork you needed? Is it because you claimed a bonus, and have not met the turnover requirement? Is it because you requested less than the minimum threshold? More than you can withdraw in a single transaction via a particular method?

If you can figure out a mistake you are making, try to correct it and then attempt to get your money again. You may very well have success. If not, proceed to the next step.

Check for mis-communications.

Sometimes everyone is proceeding with the best of intentions, but for some reason somebody is missing information. Perhaps your broker already contacted you, but your spam filter caught the email. Maybe you contacted the broker, but they either missed your email or misread what you had to say. Go through your email inbox and see if you find any evidence of a missed communication. If you are still not sure, send another email or pick up the phone and call. Figure out whether the broker missed an instruction from you, or you missed one from them.

Politely attempt to resolve the problem.

If you are unable to resolve the problem on your own or after communicating clearly, it is time to attempt a polite resolution. Wait a reasonable amount of time to do this. If a week or so elapses without a solution, call up customer service and speak to them directly about your concern.

When dealing with a customer service team you feel is either inept or out to get you, it is all too easy to fall into a destructive, accusing pattern. You are understandably angry by this point, but anger usually is not the best approach to getting your way. If you begin the conversation by attacking the customer service person, you will only put him or her on the defensive. This is not helpful.

Instead, politely and calmly explain your problem. Assert that you are unhappy, but do not do so in an accusing way. Let the customer service person know that you understand that mistakes happen and that you know that they want to do the right thing to help you out. Try to appeal to the best in the person you are speaking to. Make them want to help you.

Hopefully at this point the problem will be identified and resolved. Depending on what is going on, the customer service team may need time to resolve the issue. Again, give them a few days. If the problem is still not solved, you can proceed to the next step.

Give the broker an ultimatum.

At this point, it is time to take things to the next level. You have waited long and patiently enough and you have given the broker every chance to comply. Now you can feel free to fully express your anger and frustration. Let the broker know that if the problem has not been fixed to your satisfaction within a certain time frame, you will be taking public action against them.

Feel free to make this demand even if the broker is attempting to defend themselves by pointing toward their terms and conditions page. If for example you were robbed of a fair win by a “site error,” it does not really matter if the broker has legally protected themselves. You still deserve that money, and court action is not the only action you can bring against the broker.

So assert your right to your money. Hopefully you will get it. If you do, be grateful, close out your account, and get away from that broker. If not, then you will have to report them.

Report the broker to the authorities and the world.

At this point, it is time to report the broker to the applicable authorities, and to tell the world at large about your experiences. If the broker is regulated, you can report them to their regulatory agency. This could be CySEC, the Isle of Man GSC, FSA, etc. If the broker is not regulated, you can still report them to the authority that granted them a general license to do business.

Next, you can report your experience publicly online. Post to sites like this one and Ripoff Report, and visit binary options broker review sites that let you post your experiences. Also get on trading message boards and start threads that talk about what happened to you.

Taking these steps may not get you your money back, but it will at the very least draw business away from a broker that does not deserve it. It will spare other customers the same misfortune that you have suffered. It will give other legitimate companies a chance to serve those same customers.

In the future, you can avoid going through a similar unpleasant experience by taking the following steps:

  • Start searching for a broker by looking through our recommended brokers list.
  • Read the reviews carefully and select a broker that offers the features you need to conduct in-depth research on.
  • Navigate to that broker’s website. Actually read through their terms and conditions, especially withdrawal terms and bonus terms, with care. Make sure that there are no loopholes built in through which the broker can exploit you or inconvenience you.
  • Check out reviews by other customers who have traded with that broker to see if they had any negative experiences. If they did, see if you can spot any patterns.

You cannot expect any broker to be perfect, or perfectly convenient, or even perfectly competent in every respect. But you have a right to expect a reasonable degree of competency. And it is always within your right to expect to be treated with honesty and respect. The broker should value your business, and should be there to help you make money—not take it away.

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57 Comments on "What To Do If You Get Scammed By Your Broker"

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Usha
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Usha

How do I find out who granted the license for Tropical Trade to do business? Can someone please advice?

 
Williams N
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Williams N
TRADERS BE WARNED OF CAPITAL BANK MARKETS BROKERS (SCAM) Capital Bank Markets is a SCAM-broker. This is an instance why traders should stay away from Capital Bank Markets. I have a horrible nerve-breaking experience with CBM. Funding a trading account with $300 through a CBM affiliates-signals-product-vendor, whom I suspect must be CBM’s comrade-in-scam, the product failed to work as expected. Trying the signal product on another brokers demo platform and discovered it didn’t work as expected, I did not start to trade on CBM trading platform. Meanwhile, the signals system has been deactivated by the vendor. Then, I requested for… Read more »
Big D
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Big D

All these binary option / forex brokers are scammers, that why they are not allowed to operate in the U.S. Stay away from all of them, even if you have winnings, they will not let you have it! I learned the hard way and lost thousands!! I am looking for a legit company that can help me recover my losses. Anybody know anyone?

 
John
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John

Stay away from Starling Capital……….period, and Justin Grey (if that’s his real name) and Grey Mountain Management SCAM!!!!!!!!!!!!!!

 
Zizzi
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Zizzi

stay away from PWRTrade. I got talked into moving the funds to managed account ( using Scalping auto system), and now they are ignoring my requests to stop trading against the account and/or to withdraw money. As they are not regulated I will have to take them to court in UK . Question is – finding a good lawyer 🙂

 
Rima
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Rima
Markets Trading is also another scheme with a bunch of trashes. Maxed out my credit card creit fund to $27,500 CAD, I scuffed and laughed at a garabe ditch saying ‘let me prove it to you that we do issue refund of 1,000 USD just for a proof !’, I do bet that the money has been tranfered to their boss’s account directly. Been waiting for the money for about 10 days whereas I was supposed to get it by now or sooner as 5 business days. No incoming sign of money wire transfer to my account at all whatsoever.… Read more »
Nayan
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Nayan

I had invested 1000 dollars with binary tilt to trade on their platform which was going okay until I lost 300dollars with their broker.

I then requested withdrawal of my funds left over and it has been a month now with no response from them.

This is theft, fraud and ignorant behaviour from binary tilt. Brokers name is Jeff Brown and company is Binary tilt.

No documents to legalise any rights they may reserve either.

Please help?

 
Guest
Guest
Guest

I have similar experience with BinaryTilt and have been unable to make withdrawals since July 2016, after losing almost half of the initial capital. They no longer accepts my calls due to unfulfilled promises too much to mention here. Please stay away from this broker, their license has been revoked recently as I learned from the web. I blame myself partly from not doing enough due diligence on them before opening, losing my money, and unable to get back whatever is left in the account. What can we do now? There must be away to stop these brokers!

 
Jose Lajara
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Jose Lajara

I want to know if there is anyway to recover my scammed money. The broker did not answer my calls or emails. What alternative or solutions I have??

 
Andy
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Andy

Company called plustocks scammed me out of almost 50000 GBP, cant beleive I have been so stupid, if you are with them whatever they say or do, please do not hand over any more cash as you will 100% not get any back

 
steve
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steve
I note that someone in the post had been told that if they upgraded their account they would get their money back. I was told this also by Binary Tilt but that again was purely a scam to get me to send a further £13,000 to them. This "offer" was made to me by Michelle Casilieres who told me she was the second in charge at Binary Tilt and she was doing this as a "favour" because her own father had lost lots of money with a binary option company in the past and this was her way of helping… Read more »
steve
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steve
Hi – I have an account with Binary Tilt (www.binarytilt.com) and due to poor service and many other issues, I decided to close my account however that was many months ago and I have still not received my money. They have pulled every trick going from changing my account manager 4 times, ignoring my calls / emails to now saying I have breached my T&C’s and will have to trade a volume of £1.5M before I can withdraw a penny. This is completely false but I cannot make any progress as cannot contact them. Any help or assistance would be… Read more »
Sazi
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Sazi

Stay away from Secured Options. After sending a withdrawal request I was refered to the terms and conditions which stipulate that the first withdrawal can only be made after 30 days…fair enough, after 30 days I made another request…at this point they are ignoring ALL emails and my account still reflects the full balance although the withdrawal is being ‘processed’. What pisses me off is that is MY money, no bonuses and no input from account manager.

 
shirley malone
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shirley malone

yes

 
Nosi
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Nosi
I have also been scammed by Binary tilt. In August I made a depozit of $250.. The person who was handling my account said id I could deposit $1000 he will hive signals+ bonus. Few days later he took another $250 in my credit card witnout my consent. I repoted this and they said I will smile at the end of the month I will withdraw. I noticed that I am losing all the trades and I complained about this. He later asked my login details amd said to me he will retriebe all the money I lost. After an… Read more »
xoliswa mmtambo
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xoliswa mmtambo

People you need to stay away from financika, all they want is for you to deposit more money. Stay away!!!

 
Christine
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Christine

I was told if you ungraded to an Admin account you can get your money back. Is this true?

 
Niel
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Niel

Well forget about your loss ,it just drive you crazy I went to witch and had. Curse placed on the c.f o of the scammers .no authority in U.k cares about your loss I have written them all supplied all facts ,my advise stay away from binary options 95percent Re scum

 
Josephine Wong
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Josephine Wong

I hv submitted my 1st withdrawal request to HBC Broker since 10 oct 2016 but until now still not processed by them although they hv verified my documents.

 
Kathryn
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Kathryn

Has anyone had trouble with HBC Broker? I asked to withdraw my money and broker Eduard Johnson said he’d send through the withdraw request then he turned on autotrade which nearly emptied my account by the time I logged in to check what was happening with my withdrawl that never came through, and then he locked me out.

 
mark
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mark

I have been trying to get my money out since Oct 13th Kathryn. About 20 emails later and no luck. They are such scammers.

 
K-kid
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K-kid

Binary Tilt and UBO Capital are both scams.
I will need your help albertmonica99.
I am in Australia

 
Danie
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Danie

Hi there.
I have also been scammed by UBO Capital. Is there anyone that can assist?
From South Africa.

 
Steve
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Steve

Hi – I have an account with Binary Tilt (www.binarytilt.com) and due to poor service I decided to close my account however that was many months ago and I have still not received my money. They have pulled every trick going from changing my account manager 4 times, ignoring my calls / emails to now saying I have breached my T&C’s and will have to trade a volume of £1.5m before I can withdraw a penny. This is completely false but I cannot make any progress as cannot contact them. Any help or assistance would be appreciated. Thanks

 
AJun
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AJun
Hello, Just want to share the experience that I was experienced from binaryinternational.com. First, I made a deposit and qualified for some indicators. I had tested the indicators they offered with the demo account in their trading platform, and the result was not good as the video tutorial shows. So I think may not suitable to trade in binary options if do not have any knowledge for it, it is impossible to just blindly following the indicators for the trading, I just noticed it. After the testing, I decided not to continue this trading journey and ready to request the… Read more »
Kristina
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Kristina

Do not trust bancdebinary they are a scam and scum the whole company is full of bull shit.

 
pam stiles
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pam stiles

I was scammed by Pushmoney.com do not send any deposits or any funds this was May 9th and still trying to get my money back.

 
shirley malone
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shirley malone
I was too, I joined push money and got redirected to binarybanc and I have tried to get a withdraw since July 22, I been told so many lies you could write a book, I even was told my broker was sick, took a leave of absence ,and last told me Daniel Parker is your broker would you like to speak to him, I say oh you mean the Daniel Parker you says is no longer working their, so I told him to connect me to support, never happen, now someone else has called me to tell me they can… Read more »
Hei
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Hei

If you ever see name like Isabel Monterio or her nickname like Nasiba Cedar, dont trust her, she looks nice and friendly but all what she can do is SCAM. She is lier who never dont give you back.

 
Craig
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Craig
I would like to hear from anyone who has had experience trading with Binarybook company and specifically a broker trader named Elioit Grey. Binarybook traders appears to be based in the UK of England. I invested thousands of dollars with this broker and the money was gone in lost trades within one month. I intend to file a complaint but need to know what regulatory agency governs this company. PS Do not deal with binarybook ever. They will offer bonuses to match your investment and then tell you you have to meet trading volume requirements that are unattainable in order… Read more »
Pete
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Pete

Craig – I too was duped out of money from Binary Book. The broker that scamed me was Daniel Buckly id that is his real name or not. While it looks like they are in England I believe they are really in Israel or operated by Israeli nationals. A company called Wealth Recovery International contacted me about getting some of my money back. Don’t know if this is just another scam or not.

 
Trevor
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Trevor

Hi Craig I would also like to do what you said they are all fraudsters I have tried 3 different binarys and all the same would like to save people going down the same way you and I have.

 
jackie
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jackie

Optionow – total scam merchants – took money – when I asked to close account last year aug/sept they advised money on its way to my account – then failed to respond to any further contact. No money of course was sent and now they are showing as no longer in business. I am sure like anything that crawls out of a disgusting hole they will re-appear under a new name. Is there any way we can get that monitored?

 
Kai Outzen
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Kai Outzen

Hi Jackie
I had the exact same experience with LBinary broker . I hope these low life criminals get caught.

 
George
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George

Is the Bank du Binary a safe place to invest?

 
richard gough
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richard gough

bank d binary, full of pushy account managers, phoning all the time for more money.l was given 30 trades in under 30 minutes, 22out of 30 trades lost, $2000 lost in half an hour. could have picked better myself. beware

 
George
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George

Is Bank du Binary a good company to invest with?

 
David Howell
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David Howell

None of them.

 
Fardeen
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Fardeen

Can anyone tell me which broker can i trust ?

 
richard gough
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richard gough

do not trust binaring.com nobody ever gets to withdraw any money from them. l have put 10 requests per day for 2 months, nothing, cannot get in touch. Leon Goldberg, got hold of him on skype,refuses to approve my loan requests.
KEEP WELL CLEAR.

 
Noel
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Noel
As a precaution, just in case you get scammed, I recommend recording and filing ALL contacts with the company – especially phone conversations, records of phone / Skype guidance on trades to be placed, or on company processes or terminology, especially with respect to the withdrawal of funds. Many of the crooks seem expert in creating confusion, in creating expectations of successful trades, or protected trades, or simple withdrawal practices, and then they throw in a surprise or two that violates prior expectations and robs you of money. This might leave you with a “your word against mine” argument when… Read more »
Richard
Guest
Richard

I have dealings with Optionsxo and now Optionrally is contacting me. I have not seen them in this website
Does that mean they may be ok or did I just miss them What is your assessment?
Thanks

 
Noel
Guest
Noel
Stay away from Option.FM unless you like to be on the business end of misrepresentation, exploitation and fraudulent malpractice. It doesn’t appear to have a bone of decency or honesty in its body. How else could a “very experienced” trader and Tier 1 account manager, assure that high trading outcomes can be achieved without risk (i.e. in a protected trading environment), and then manage to destroy some $250K in a single trading session, with every single trade being personally directed by that same manager? How could that manager’s projections of 100% success on more than 100 successive trades have been… Read more »
Simon
Guest
Simon

Hi Noel ,

would be great if we could connect in and have a chat . I have just been through the same situation as above.

your description of Option FM is so exact as to mine.

Hope to speak soon

Simon

 
RONALD
Guest
RONALD
I myself have been scammed out of my fund from option.fm. You never win and can never withdraw anything,as soon as you hit withdraw your broker, ( who you cannot seem to contact), will then contact you and say that he has an good trade and you should first cancel the withdrawal and as expected you lose your money. They even told me my money is on a protected capital plan and cannot lose my money and when you lose its all of a sudden a matter of documentation thats missing. How can this be. Is there a way to… Read more »
Simon
Guest
Simon

Hi Ronald

Would be great to connect in . I am curious how all has panned out for you with this matter as i am now going through similar things.

 
lee
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lee

I was recommended to set up an account on winoptions.com, and when i decided to withdraw my funds, they brought up terms and conditions which did not exist when i first started the account. Their transfer was to start back in April, with max payout of $1500, but they have only transferred $1250 in Aug, and nothing else. No reply to emails, calls lead to promises of zero return calls…., nothing. And this site states that they aren’t scammers?

 
Christine Naughton
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Christine Naughton
Beginning last year at this time, TigerOptions Binary Trading Co. began their scam of me. They were out to take my money from the very first. They even demanded a $2,000 cash payment for the withdrawal of over $30K through a company that issues cards that are then sent to the broker. The head of that accounting process, Withdrawal, promised my money in 3 – 5 days. He had my checking acct. #, etc. to do the wire. TigerOptions still has me on their books but will not talk to me or says that someone will call me back. NOT!… Read more »
christos
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christos
you protect the people from the scam brokers and as I saw somewhere here you wrote about banc de binary as a good broker.really?go to scambook.com and in [forex peace army] and there you can find how many people lost their money with banc de binary scammers.there is no one person that you can trust in binary options.from 350-400 brokers in the market only 5 – 10 are trusted.someone has to stop the scammers.go in =forex peace army.there you can find an organization of international lawyers that they can help you with other peoples to take back your money from… Read more »
willy kam
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willy kam
Firstclassbinary.finance….. I have big problems .. afther 30 trading days i had the right to get 62.000 euro. A Jenniver Amaro told me that I had to wait till 30 non tradings day’s where over.. That was strange. After speaking to the (boss) Laurent Fournier , I was even more in stress. This all started in Marz 2015. One my account is 140.000.00 euro at the moment.I was trading on my one and lost. No comment from them. Than I was so frustrated that I did fifty fifty and won. So now my account is gone. They are still live… Read more »
Heng
Guest
Heng

For this kind of money, I would fly to London with all your evidence and report to the to the police there.
Hopefully you can raid their den with the police. :))
Good luck

 
Kai Outzen
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Kai Outzen

Hi . I have reported and complained to Fraud Action in London about L Binary Fraud . I have been completely ignored

 
Barbara A. Silva-Ruette
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Barbara A. Silva-Ruette
My husband, Enrique & I began investing in World Wide Options last November 2014. We dealt with an agent named, JAMES JHONSON & have given him hundreds of dollars. Today, we were to receive USD $ 10,000.00. His 2 phone lines now are NOT IN SERVICE and he has not sent a Western Union number to access the promised monies. We feel that we have been scammed & will be forced into bankcruptcy ! Are there any recourses for us We are senior citizens of Canada still working as we were hit hard by the US recession of 2008. Thanks… Read more »
Heng
Guest
Heng

What do you mean by ” investing in World Wide Options “?
Putting in hundreds of dollar and you will get $10,000? hmmmm . . . . .

 
leo walsh
Guest
leo walsh

you are into something illegal there is no way to turn hundreds into 10,000 us it sounds like you are complacent in this you had to have a gut feeling that something was up if not you are to gullible for your own good!!!

 
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