As the binary options market has grown, there has been the addition of scams. It is quite difficult to pinpoint which binary options scam is the biggest in history. However, it can be said that there are many scams that are as bad as each other. If you have a lot of experience trading binary options, then it is likely that you have seen one of more these scams yourself. It is amazing to see the different scams that some binary options brokers try to pull off. The biggest binary options trading scams will be analyzed below.
Binary Options Scam Bonuses
The most famous binary options trading scam is the trading bonuses these binary options brokers offer. You will often see in an advertisement a great choice of cash bonuses. Once you do actually signup for a trading account, you will learn that these are not in fact cash bonuses, but bonuses deposited into your trading account. The real problem is you can only withdraw these bonuses if you do a certain number of trades. If this was only 1 or 2 trades, that would be no problem. But the problem is you may have to do 10 trades or more.
False Promises
A big binary options scam is when you are promised all of the best services from a broker, but do not get what you are really looking for. This does happen with a lot of traders who put their trust into the binary options brokers out there. If you take a look at a lot of the different websites, you will see brokers promoting themselves by saying that they offer top quality customer support. There are 2 ways of checking if a particular broker does actually provide good customer support. 1 is checking out the review sites and the other is signing up with a specific broker.
A Bit of Both
A binary options scam that a few traders have come across is a combination of false promises and the so called cash bonus. In some senses, both of these scams are interdependent. The benefit that you have from now is you know these scams as soon as you come in contact with them. You should just remember that there are still a number of trustworthy brokers, but you need to find the one that fits your trading plan.
