Reading reviews of the binary options brokers is not a smart thing as they are funded by those same brokers. This means that those reports contain info approved by the brokers. Those reviews aren’t objective, and they don’t provide correct information.
So, don’t read reviews, make your conclusions about different brokers. To do this, you will have to spend some time on various forums, and you will also have to write down notes and compare them. This is a long and strenuous work, but it will give you a realistic info about many brokers.
Digging for information about an agent should start on different forums. You should go through forums and look any evidence that might indicate a scamming intermediary. Be sure to check the validity of proof as there are people that get paid to comment negatively. If you find a mediator that is involved in the discussion, then that is a good sign. Fraudulent brokers don’t care about negative comments, while those that are valid participate in the debate that might damage their reputation.
Look for user reviews on the forums. People like to give their honest opinion about the brokers they work with. A trader that is unsatisfied with the service will find a place where they will tell others about the problems they encountered. Be on the lookout for those comments. Some traders like to expose brokers that cheat the traders, and they usually start their reviews sites. Look for those sites and you will gain honest reviews that aren’t influenced by the brokers.
Blacklist sites are also a good source of info regarding the brokers that scam people. If you find a broker that is listed on several blacklist sites, then the chance of them being fair is petite to non-existent.
We told you not to trust other reviews, but you should still use them as a reference. For example, if you notice a pattern in which a single broker is listed on a dozen of reviews as unreliable then you should avoid that broker. Avoid reviews that list only the best brokers that have no flaws, as that kind of a broker doesn’t exist.
When you do your background search of a dealer, you should pay close attention to several things. The first thing you should check is the withdrawal. Do they allow traders to make the withdrawal? How long does it take for withdrawal to go through? DO they require some additional information?
A broker that is in the business for less than a year is an unreliable dealer. You should stick with this mindset top avoid scammers.
In general, whether the broker is licensed or not doesn’t stop them from scamming people. But you should still stick with the brokers that are regulated.
What kind of customer support the broker has tells you a lot about them. Customer support that isn’t always available is a sign of a shady broker. Same goes with the assistance that gives you only vague answers regarding the problems you report.