The binary options market is unfortunately not safe from various scams that are lurking around, waiting for a chance to take traders’ money. This article represents top 3 scam brokers that traders should avoid at any cost: TitanTrade, AAoption, and BinaryBook.
Two of these cases were reported to our customer support, and one was published relevant financial media, after a series of cases of fraud.
TitanTrade Binary Options Broker Scam
TitanTrade is probably one of the most infamous binary brokers, that is still manipulating many traders with their unprofessional practices. One of our readers had a very unpleasant experience but unfortunately fell for one of their most popular scam tricks – manipulation with bonuses.
Our reader decided to trade without being familiar with TitanTrade’s scam reputation. Soon after he registered, a man who presented himself as Ryan Goodman, gave him a call convincing him to accept the bonus. Our reader requested to read terms and conditions first, and declined the bonus as he wasn’t satisfied with bonus terms.
Our reader believed that it is better not to be obliged to reach a certain turnover before withdrawing the money, but to simply trade with what you got.
However, Mr. Goodman was having a whole other idea, so he convinced the client that he guarantees him withdrawal at any time, no matter the bonus terms. Our reader finally broke under the pressure and accepted the TitanTrade bonus.
Of course, after making some profit and asking for a withdrawal, he was denied access to his money with the explanation that he has to reach the required trading volume, as written in terms and conditions. Our reader said he should never have trusted Ryan Goodman but has unfortunately become another victim of dangerous TitanTrade scam. This case is still in progress.
AAoption Binary Options Broker Fraud
Another reader made a deposit in the amount of $22,500. A man named Victor Donovan (unknown whether it is alias or a real name) traded in her name. When she had $28,282 on her account she tried to make a withdrawal, but it was denied.
AAoption was presented to her as a hedge fund with weekly payments, but all payments on her account were listed as bonuses, and she never agreed upon accepting a bonus. Also, her account reached incredible $69,189, and they offered her a ‘locked in’ account till the end of 2016. She refused that option, and then Mr. Donovan started trading in her name trades as big as $8,000.
She tried to make several withdrawals, but AAoption, being a scam, refused all of them. This case is also in progress, as she is refusing to leave her profit and deposit with AAoption scam.
BinaryBook Binary Options Broker Scam
BinaryBook scam is one that grabbed media’s attention due to the incredibly high level of unprofessional behavior of their employees. Not only they were scamming people all over the world but were also pretty open about bragging about it on social media.
69-year old John Price was in the hospital when he received a phone call from a BinaryBook representative. John had no idea BinaryBook is a scam or has ever been participating in financial markets. This is a classic example of cold calling.
First, he made a $250 deposit, and after gaining some profit deposited another $8,000. He managed to get several smaller withdrawals, but after doing a research on forums, he realized he might have difficulties in withdrawing larger sums. With £3,500 on his trading account, John tried to make a final withdrawal, but after a conversation with an account manager, all that money was lost in series of unsuccessful trades.
Unfortunately, John is not the only binary trader who experienced BinaryBook scam. Traders all over the world are taking legal actions hoping that regulatory bodies and courts will prosecute BinaryBook scammers and help them get their money back. The reality is that BinaryBook, as the unregulated broker has a lot of space to maneuver and avoid any sort of legal prosecution.