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The first binary options brokers came to be around 2009, born out of deregulation and those who saw the opportunity for a new trade-vehicle to bring to the masses. In a complex world of forex pips, leverage ratios, and high risk, binary options seem like a simpler, more understandable way for people to trade. Do you think an asset will go up or down? That was the question, and now hundreds, literally hundreds of binary options brokers offer the trader their services. Unfortunately, some binary options brokers turned out to be less than straightforward with their clients. And so, many websites now review binary options brokers in order to tell good apples from bad.
At BinaryScout we are looking to inform and engage our visitors with information relevant to choosing the best brokerages to trade with. We are committed to promoting only the best binary options brokers with links, and publishing reasons why rogue operations should be avoided. The brokers we link to, we recommend. The highest brokers on our lists, we recommend most — it’s that simple. In addition you WILL hear about bad binary options brokers here, though we obviously will not link them to avoid our readers inadvertently visiting them.
Why do I read negative reviews about a recommended broker?
Investors, traders, people don’t like losing money. Sometimes a good broker gets a bad review from a customer because the customer lost money on a trade, or the customer didn’t realize that sending Photo ID is part of AML (Anti Money Laundering) withdrawal processes of brokers, or any number of reasons. It’s important that as someone looking to trade binary options, you know that they definitely have risk, and particularly short trades can go by quickly. Sometimes the competition writes negative reviews about brokers, or sometimes a former employee does. Bad reviews happen to all brokers, and unfortunately sometimes the really bad brokers have only good reviews.
Why are our broker reviews worth reading?
Because we talk to the brokerages ourselves, write reviews ourselves, and answer your emails to us ourselves. In addition we post NEGATIVE information about brokers where it’s relevant. We think showing the naked truth about binary options brokers makes us a better and trustworthy resource that traders can believe in. We want you choosing a credible broker that’s right for you, your level of risk tolerance, your personal knowledge of the assets bring traded, knowing that withdrawals come back to you. Our goal is to be fair and balanced, respond to problems and help negotiate solutions to problems.
What makes a good binary options broker?
Reputation – Reputation means everything. For every legitimate negative review you read on the Internet, multiples more at least never reported a problem when there was one.
Support – A broker needs to actually have representatives in the languages they offer, knowledgeable people on live-chat, email, and phone to help their traders where a problem occurs. The best brokers are those who deliver a first class support system for traders from beginning to end. If you have a problem, you can rely on them for a straight answer that comes to be true, that’s a great company.
Fairness – Not all trades are black and white in binary options. Issues like bonus requirements, trade-lag, and special requests can definitely impact your experience with a broker.
Banking – Though we obviously cannot look into the bank accounts of a brokerage, one can often tell the quality of a brokerage by the way it treats customers money. This is most often assumed to be handled until it’s not, and thus, if problems begin to occur at a broker, we will inform you.
How can BinaryScout help to protect you?
By being a member of our website, and letting us know which brokerages you’re trading at, we can build a community of traders who share information on the good and bad in the binary options world. Reporting bad experiences, forwarding emails with outstanding customer service, we together can keep our recommended brokers list the absolute best it can be. Naturally, we also communicate closely with the brokers themselves to help eliminate problems for our readers.