You don’t know whether a broker is reliable until you have signed up and trade with them. When doing research on a broker, it is important to always check for negative reviews on sites like this one. Avoid scam brokers, because unfortunately there are many of them, The negative reviews can tell you whether traders are facing any issue with the broker. The following is a list of the top 5 worst binary options brokers that you should stay away and never deal with.
But first, here are some of the most trusted and best binary options brokers:
Top 5 of the worst binary options brokers (scam brokers)
EZTrader binary options broker is run by the WGM Services Ltd., which belongs to the EZTD Inc. The broker was founded in 2008 and earn up to a maximum profits of 70% – 80%. They offer a bonus trading system that requires you to generate at least 40 times of the bonus if you want to withdraw all the amount in your account’s balance. They will deduct a fee if you did not meet the 40 times trading volume minimum requirement. This means that you won’t be able to withdraw your full deposit amount after minus the loss. Hence, the total loss is about double the initial amount you lose through trading. The trading platform is not user friendly as its interface is not well organized and it is difficult to access the features. There is also a loading problem on the platform and it constantly crash from time to time. Because the platform keeps crashing, the outcome of your trades will not updated properly.
PWRTrade is a new broker owned by GN Capital Ltd that entered into the binary trading market in 2015. PWRTRade offers the SpotOption platform that features a variety of trade options such as one touch, up/down options, and ladders. PWRTrade has a tremendous amount of negative reviews from customers. Some customers claim that the customer support is not responsive and that they are having problems withdrawing the funds from their accounts. The customer representative will approve the your withdrawal but you can wait and wait and they won’t approve your withdrawal request for a long time. The live chat support is likewise not responsive just like the telephone support. If you call them, they will ask you to deposit more money even if you are earning zero profit on your investment.
Porter Finance binary options broker was founded in 2014 and they have a headquarter in London
Porter Finance offers about 200 types of asset and the return rate is in between 60% – 87%, Their customer support is available for 24/7 and they handle most of the customers’ queries and complaints through telephone, live chat and Skype. Many traders are complaining that the trading signals that come with their accounts are leading them to a lot of losses. They complained that the broker has done some tricks for example implementing a delay signal. There are also complaints that they try to withdraw the money in the clients’ accounts without their permission. Porter Finance no longer accept USA traders.
TraderXP binary options broker was established in the latter part of 2009 and their headquarter is located in the British Virgins Islands. TraderXP is not a scam broker but the level of customer support they provide is unimpressive. Many customers complained that their withdrawal requests have been constantly canceled even though all the documents they submitted were verified and approved. There are also customers who complain that they kept on receiving phone calls from different countries but all the phone calls are actually from the same company in Cyprus. TraderXP is not regulated yet although they claimed they are regulated.
EZ Binary is another scam binary options broker of which their site do not exist anymore. The broker has a very small customer base and not much reviews are available on the web. There have been complaints from customers that they are unable to perform a withdrawal request on EZ Binary. The customer support at EZ Binary is totally unresponsive and you won’t get any reply from them in anyway.
In conclusion, many scam brokers will try to come up with excuses to prevent you from withdrawing the earnings so you should always read reviews. There are a lot more scam brokers than the ones listed above so always do research carefully before signing up and depositing your money in the trading account.