- First of all, when choosing your broker, you need to look up the country in which it is based in. If the broker is from a country with poor regulation infrastructure, it would be better to stay away.
- You can check out the binary options brokers page and read the brokers reviews
- A good way to detect scam brokers is to go to a search engine website and type “Broker X scam”, check out the results. Be aware, that there is a big competition among brokers, so you will find that some of the competitors are posting negative feedback of their opponents. You can easily understand this- when you see a negative review of a broker somewhere on the Web, it is usually combined with a praise to their own. So you can guess that it is just a competitor who is trying to push up their reputation and attract clients.
- In general, you will find a page, or a section on a broker`s website which is for complaints and problems. If you see that the broker itself is not responding to them, you should take this as a big minus.
- Before becoming a client it is very important to ask all sorts of questions. A good correspondence is a positive sign, if they are not responsive before you are client, can you imagine what will happen if you are one. If they have quick, reliable and knowledgeable support, they may very well be a legitimate broker.
- Ask around, check out some forums or chat rooms and ask others about your particular broker and see if anyone has had any real dealings with them and can give you proof that they are a reliable company.
The information in this analysis is collected from different sources and should serve for informative purposes only. The author shall not be held responsible for the validity of the presented information. No part of this analysis recommends the purchase or sale of a currency pair or any other financial instrument