Binary options fraud
By Ines Matkovich - January 5, 2: The binary industry is no exception, and more and more traders have bad experiences with scam brokers. Even though some countries consider binary options the grey area in financial industry and are not sure how to categorize them, there is a great number of countries who gave their approval. Some see them as financial instruments, other as gambling. CySECor Cyprus Securities and Exchange Commission, is among the most renown regulatory bodies, as it is in charge for regulating binary options not only in Cyprus but EU as well. There are many benefits of choosing a regulated broker, but the main is that customers have additional protection. All regulated brokers must follow a strict set of rules and laws in order to provide the options of binary options trading, but the most important, their fraud is also under constant surveillance. This gives traders the opportunity to contact the regulatory body in charge for the broker, that will help them in returning their investment. Unfortunately, sometimes even regulated brokers rely on bad business practices. In order to prevent trading with a scam broker in the first place, make sure to sign up with a reliable and trustworthy broker. In most cases, everything is fine until one moment, when a trader tries to withdraw funds. After signing up, trader sometimes gets a bonus and makes some money afterwards. More about types of scams can be found here. The same second one realizes there is suspicious behavior going on, it is advised to save all correspondence and make screenshots of the user account. It is highly recommended never to share them online, on forums etc. Resist the urge and contact the regulatory body first. CySEC recommends always to contact the broker first, which is easier said than done. If the broker is still cooperative, make sure to let them know that you are familiar with your rights. CySEC is not investigating individual complaints, but is a regulatory body that supervises all brokers, and takes all complaints into consideration. Sometimes traders on binary options forums complain how slow it is, binary be patient. CySEC advises dealing with the broker in the first place. CIF Cyprus Investment Firm that is your broker will give you a unique reference number. This number is important as it will be used in all possible future processes, and it is best to see it as ID of your complaint or problem. The broker is obligated to respond within five days and confirm that the complaint is received. Afterwards, the broker has a period of 60 days to respond the complaint in writing. The broker can inform you that complaint is successfully resolved or request more time maximum 3 months from the day of complaint. The next step is contacting the Financial Ombudsman. Financial Ombudsman is a mediator between the trader fraud the broker. There are options many rules to follow while doing this step. Not many traders will be happy to hear this, but sometimes the last resort is a civil action in court. CySEC gives traders the opportunity to report unregulated brokers as well. Unfortunately, in this case, there is no chance for a trader to get their money back as the company is not under the supervision of CySEC and civil action is the only possibility to get compensation. This action can, however, help other traders to protect their money binary foul brokers. Just like all other regulatory bodies, CySEC publishes occasional warnings about scam companies, so if you direct fraud attention towards bad broker it can be helpful for other traders and investors, as well. This type of complaint can be submitted here. When such situations occur, it is easy to feel helpless and frustrated. It is important never to give up, as there are few other things every trader can do, in addition to filing a complaint with CySec. Some brokers are regulated with more than one body, so besides CySEC, it can also be regulated by AMF FranceIIROC CanadaASIC AustraliaCONSOB Italy etc. Fighting the battle against scam broker on more fronts can be more successful than relying only on one regulatory body. Keep in mind that different bodies have different procedures when it comes to filing a complaint and some are reacting faster than the others who are drowned in bureaucracy. Fair Binary Options was created with the mission to create a safer trading environment for traders from all around the world. FBO has zero tolerance for scam brokers. We always like to help our readers, and members of the FBO community have priority when it comes to providing help and advice. Make sure to register and become a member in order to protect your funds and succeed in trading. This website is independent of binary brokers featured on it. Before trading with any of the brokers, potential clients should ensure they understand the risks and verify that the broker is licensed. The website does not provide investment services or personal recommendations to clients to trade binary options. The potential client should not engage in any investment directly or indirectly in binary instruments unless s he knows and fully understands the risks involved for each of the financial instruments promoted in the website. Potential clients without sufficient knowledge should seek individual advice from options authorized source. In accordance with FTC guidelines, FairBinaryOptions. Binary options trading entails significant risks and there is a chance that potential clients lose all of their invested money. Your capital might be at risk. Investment Rating Your capital might be at risk. How to file a complaint with CySEC? Why Choose a Regulated Broker? Even though some countries consider binary options the CySEC, or Cyprus Securities and Exchange Commission, is among the most renown regulatory bodies, as it is in charge for regulating binary options not only in Cyprus but EU as well. List of regulated brokers can be found here. What to Do Before Filing fraud Complaint with CySEC? How to Submit a Complaint with CySEC? Dealing with a broker CySEC advises dealing with the broker in the fraud place. If trader files a complaint, there is a chance of financial compensation. Taking Things to Court Not many traders will be happy to hear this, but sometimes the last resort is a civil action in court. Filing complaint about unregulated broker CySEC gives traders the opportunity to report unregulated brokers as well. What are the Alternatives to CySEC? Keep in mind that different bodies have different procedures when it comes to filing a complaint and some are reacting faster than the others who are drowned in bureaucracy Binary FBO Fair Binary Options was created options the mission to create a safer trading environment for traders from all around the world. Top Binary Options Signal Service Binary Options Robot Review Binary Options Regulation in South Africa Best Auto Trading Software Reviews by FBO Top 10 Myths about Binary Options Trading Binary Option Free Signals Top Platforms for Binary Options Trading How Do Successful Traders Efficiently Use The Binary Options Robot? 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