Can You Trust Binary Options Signals?
Binary options signals are a type of alert that investors can choose to receive from a binary options trading platform in order to make decisions about which binary options to buy and sell. The most common way you can sign up to receive binary options signals alerts is through a binary options signals broker service.
What are binary options signals brokers?
Binary options signals brokers are binary options trading platforms allegedly run by investment professionals, who you can buy binary options signals plans from. Once you sign up for their services and pay, the brokers send you alerts about trades to make that will supposedly make you good returns on your investments.
Unfortunately, there are many scam brokers out there, who do not provide reliable trading advice and end up scamming you out of your funds. Some scam brokers even employ binary options trading signal bots, which are even less reliable because they use very rudimental technology to give you advice about what trades to make.
Binary options signal scams.
What are the types of signal scams?
One common way that scam brokers defraud people of their money is by refusing to give you your funds. A broker may seem completely legitimate, but when you go to withdraw your original deposit or your returns from your account, you can’t. The platform’s customer service may offer unsatisfactory explanations for why you can’t take your money out, or they might just ignore you altogether.
Another even more sneaky way that binary options signal scammers can steal from you is through identity theft. Once you sign up for a fake binary options signal service, the scammers can use your sensitive data to steal directly from you (via credit cards), or they can sell the data off to other even more shady parties.
The third most common type of binary options signal scam is data manipulation. A scam trading platform might manipulate the data to make it look like you made a losing trade in order to keep your deposited funds, with you none the wiser. Or, they might only slightly manipulate the numbers to make your returns look lower than they are, keeping a percentage of the profits themselves.
How to know if you’ve been scammed by binary options signals.
If you are unable to withdraw funds from a binary options trading platform after signing up for a binary options trading signals plan, you have likely been scammed. Or, if you were promised certain returns on your investments and are not receiving anywhere near those returns (i.e., you keep making losing trades), the broker you signed up for is likely scamming you.
How to avoid signal scams.
One of the biggest red flags to watch out for to avoid binary options signal scams is any promise that sounds too good to be true. Many scammers overstate (or completely lie) about the return on investment you can expect by signing up for their signals platforms.
Another great way to avoid getting scammed is to do thorough research on any binary signal brokers that you’re considering signing up with. Unregistered brokers are the biggest perpetrators of scams, so always make sure that any broker platform you want to use is registered and doesn’t have a history of fraud.
If you can’t verify that a broker is registered, or you come across any reports of negative experiences from other investors, don’t give any money to that broker. There are plenty of legitimate options signals platforms out there that you can use — just do your due diligence to choose a reputable platform.
Lastly, it’s always good to sign up for services that offer trial periods. That way, you can test them out without committing too much in order to prove that they work and that they aren’t a scam.
What to do if you’re scammed by binary options signals?
If you suspect you’ve been scammed out of your hard-earned money by a binary options signals scam, don’t despair. You can still hire a funds recovery specialist, such as Payback, to take on your case and try to get your money back from the binary options broker.