Trustworthiness of Binary Options Brokers | Forex Factory

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Trustworthiness of Binary Options Brokers

  • #1
  • First Post: Aug 8, 2013 8:21am Aug 8, 2013 8:21am
Is it only me or do "Binary Options Brokers" seems kind of shady?

Should I trust these type of brokers?
  • #2
  • Aug 8, 2013 7:46pm Aug 8, 2013 7:46pm
Meh - some are more shady than others. You are better off trading with an exchange like Nadex (if u r from the US) or IG (if from EU) than an offshore binary broker.
  • #3
  • Aug 11, 2013 6:20am Aug 11, 2013 6:20am
The ones that are heavily advertised definitely do NOT look trustworthy. Apparently they are aiming for the people to whom even social forex trading seems too hard. IG seems quite ok on the surface - listed on the London Stock Exchange. Also the founder Stuart Wheeler looks ok if Googled . But you never know until try. Would be interesting to hear reviews from users.
  • #4
  • Aug 12, 2013 2:56am Aug 12, 2013 2:56am
Most binary options brokers are shady that doesn't necessarily mean they wont pay. Your best bet would be to do the same as most recommend for forex go with one of the top rated brokers with lots of good reviews. Most of all though once you have decided on a broker do not play 60 second bets and don't follow any so called system posted to youtube. LOL
  • #5
  • Aug 12, 2013 9:16am Aug 12, 2013 9:16am
Quoting fitster
The ones that are heavily advertised definitely do NOT look trustworthy. Apparently they are aiming for the people to whom even social forex trading seems too hard. IG seems quite ok on the surface - listed on the London Stock Exchange. Also the founder Stuart Wheeler looks ok if Googled . But you never know until try. Would be interesting to hear reviews from users.
That was my first thought, when I got acquainted with binary broker. Everything is so dumbed down, that it makes me think if this even legitimate?
  • #6
  • Aug 12, 2013 10:39am Aug 12, 2013 10:39am
i admit i don't have much knowledge about options, but i just don't see how anyone would take the other side of a one hour option. imo, the broker takes the other side every time and they can easily just change the price feed provider with a different time delay and what not to make sure you're 'out of the money'.

it's a poorly regulated business, but then again perhaps we are better off with it unregulated. who knows what regulation will require of these brokers.
  • #7
  • Aug 13, 2013 3:37am Aug 13, 2013 3:37am
Quoting jhehe
i admit i don't have much knowledge about options, but i just don't see how anyone would take the other side of a one hour option. imo, the broker takes the other side every time and they can easily just change the price feed provider with a different time delay and what not to make sure you're 'out of the money'. it's a poorly regulated business, but then again perhaps we are better off with it unregulated. who knows what regulation will require of these brokers.
Or maybe it's better for us, as it attracts more fish in the pond?
  • #8
  • Aug 14, 2013 8:56am Aug 14, 2013 8:56am
Hi Ditter,

Have a look at this exhaustive article about regulated binary option brokers.

Nowadays, all good brokers are going legit and getting regulated by the FSA or CySec or MIFId.
  • #9
  • Edited Aug 15, 2013 9:28am Aug 14, 2013 10:16am | Edited Aug 15, 2013 9:28am
The fact of the matter is binary options are close to online gaming, so if you intend to trade them be prepared to have fun loosing your money. Of course like any gaming product their is a chance you could also make allot of money. Regarding the operators, most seem a bit shady and have similar websites to each other, maybee they are feeding off the same parent company or something.
  • #10
  • Aug 14, 2013 11:59am Aug 14, 2013 11:59am
Quoting marytpip
The fast of the matter is binary options are close to online gaming, so if you intend to trade them be prepared to have fun loosing your money. Of course like any gaming product their is a change you could also make allot of money. Regarding the operators, most seem a bit shady and have similar websites to each other, maybe they are feeding off the same parent company or something.
I completely agree to martypip. They all have same websites... Same names, even tricky ones like BANC (not bank).
From other side this is technically completely same thing as usual stock options.
  • #11
  • Aug 15, 2013 8:33am Aug 15, 2013 8:33am
Quoting marytpip
The fast of the matter is binary options are close to online gaming, so if you intend to trade them be prepared to have fun loosing your money. Of course like any gaming product their is a change you could also make allot of money. Regarding the operators, most seem a bit shady and have similar websites to each other, maybe they are feeding off the same parent company or something.
That's exact analogy which pops up in my mind when I visit these sites. Will it be Chelsea or Manchester? Ravens or 49ers?
  • #12
  • Aug 15, 2013 9:29am Aug 15, 2013 9:29am
You know at the end of the day it is the trades decision, as long as they have fun punting binaries knowing they could loose all their cash its ok.
  • #13
  • Aug 15, 2013 11:51am Aug 15, 2013 11:51am
all i can say is binary is all legit. But i know what to do so it depends on you is all
i have a list now of all

legit binary broker for euro and turks that is making. And I can come back and share if done who's legit and who's not
  • #14
  • Aug 16, 2013 8:40am Aug 16, 2013 8:40am
Quoting marytpip
You know at the end of the day it is the trades decision, as long as they have fun punting binaries knowing they could loose all their cash its ok.
Traders shouldn't have fun. They should trade. It's their job. And that's exactly my problem with binary options: it seems like too much fun.
  • #15
  • Aug 20, 2013 2:00pm Aug 20, 2013 2:00pm
But you can have fun and win Binary option too. But yes is no fun when loose! So you are right
  • #16
  • Aug 21, 2013 5:37am Aug 21, 2013 5:37am
Quoting MT4Pro001
But you can have fun and win Binary option too. But yes is no fun when loose! So you are right
What are you talking about? It's business, not online casino with girls in bikinis. But for now that's how all binary sites look.
  • #17
  • Aug 25, 2013 1:48am Aug 25, 2013 1:48am
Quoting DitterPD
{quote} What are you talking about? It's business, not online casino with girls in bikinis. But for now that's how all binary sites look.
so all business and for work should never be have an enjoyful and only feel like depression and sad and want to cry?

whats the point of life then

why others have own business if it only just sucks and is awful worst feeling always.
People here dont get what your talking about
  • #18
  • Aug 26, 2013 2:06am Aug 26, 2013 2:06am
Quoting MT4Pro001
{quote} so all business and for work should never be have an enjoyful and only feel like depression and sad and want to cry? whats the point of life then why others have own business if it only just sucks and is awful worst feeling always. People here dont get what your talking about
There is a line between depression/joyful and business looking.

You wouldn't let lawyer in Hawaiian shirt work on your divorce papers, don't you?
  • #19
  • Aug 26, 2013 5:49am Aug 26, 2013 5:49am
I wonder why everyone who thinks binary is cool, hasn't spend >1 year on the forum
crazy, how you would choose to ignore all the warnings out there..
  • #20
  • Aug 26, 2013 7:17am Aug 26, 2013 7:17am
Have a look at Vantage
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