There is a new section on our site xbinop.com, which is called Non-recommended brokers. It is basically a list of brokers that we do not recommend to trade with. Of course, these companies will not steal your money immediately at the moment you open your account. But they are companies that we personally don’t trust with our money and you shouldn’t either.
We are going to be expanding this list in the future because, unfortunately, the number of binary options scams is increasing very quickly. It is important to know that binary options itself are not a fraud. Onto the list, we are going to add all the fraudulent trading robots or signals and not just brokers. We hope to help to save money at least of some of our readers.
Lately, the regulatory authority CySEC is changing the conditions for regulated brokers so the conditions get more strict each month. Therefore I think that many brokers will end (just like optiontrade) or will change to fraudulent brokers as the case of TopOption. Below you can find an example of one of the non-recommended brokers.
|Broker||Status||Withdrawals problem||Scam phone calls||Still in business||More information|
The case of TopOption
The first reason, why this broker has been deleted from the list of recommended binary brokers is their very unpleasant customer support. Well, to be fair, the customer support is very nice, but only as long as you play by their rules. That means that if you don’t want to deposit money into your trading account, they start to be pretty rude.
I opened a new trading account on their platform and I wanted to make a test deposit, but I couldn’t because my card was getting declined. After a while, I received a call from them. It was very pleasant talking to a nice lady, but she couldn’t help me with the problem so we gave it up with the conclusion that we are going to try it tomorrow.
Since then, she called me up like 5 times and she’d probably keep calling till today if I hadn’t blocked her number on my phone. During the conversations, she was telling me things like: ‘If you don’t make the deposit, I am going to cancel your account.’ She also said I was a terrible person, for stealing her time and money, etc.
You can find more about it in the article here: 3 reasons why we do not recommend to trade with TopOption.
Other brokers on the list
However, you are not going to see just fraudulent brokers on the list. You will be able to find there brokers who aren’t necessarily scams, only brokers that we don’t recommend for some reason. Also, we will try to put some not working binary robots there.