The first and foremost rule in avoiding a binary options scam is doing your homework and making a solid research on the brokerage firm that you intend to trade in. Of course, it is effortless to do so with the help of the internet but remember that it is not the most reliable resource when it comes to doing background checks on dubious brokerage firms. You have to ask about the regulatory body where the firm is purportedly registered. And then you have to double check on the regulatory body to see if their story has validity. A registered brokerage firm has a less of a chance of being a perpetrator this type of scam.
Another thing that you should keep in mind to avoid a binary options scam is to be wary of gimmicks that shady brokerage firms use in order to lure amateur traders into signing with them. Many of these companies will tell you that they will give a “signing bonus” that will become available once you’ve deposited the money in your trading account. However, once you have deposited the money, the firm’s website will suddenly become unavailable anymore and there will be no way for you to contact them so that you can retrieve your money.
Lastly, in order to avoid a shady brokerage firm that is actually a binary options scam, you need to find a member of that firm that can actually verify it legitimacy. Try to find people who have been trading on the platform for a lengthy period of time already and not just those who have been a member for only several weeks. For all you know, that person could also be a potential victim just like you are. Therefore you need to find a real person who has been trading in that platform for at least a year, someone who is actually earning from it for a long time already, and does not find the system to be suspicious at all. If you were able to find that person, then it is unlikely to be a scam.
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