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CySec fined a binary options broker and a payment processor
The Cyprus Securities and Exchange Commission (CySec), which regulates binary options trading, has fined OptionsBravo and ChargeXP.
OptionsBravo is a binary options broker operated by Calpiaco Ltd. And the fine was given becasue it was operating without holding the necessary license. Howver CySec fined Calpiaco only 5000 euros, because it acknowledged that OptionsBravo closed its web site and is planning to get a license, that is why the fine was so small.
OptionsBravo was operating in 2020 a 2020 and is now closed. But it seems that the domain name is on sale, so they might not reopen in the near future.
The other fine that the Cyprus Securities and Exchange Commission annouced concerns ChargeXP, which is a payment service provider of many binary brokers and is not a broker in itself. They were chaged 10000 euros because of providing false or misleading statements and reports.
The fine could have been much bigger, but as ChargeXP corrected all the problems in July last year, they have to pay only this.
November Binary Options Brokers Payment Processing Report
Having acquired basic knowledge on binary options, the prospective investor or trader ought to move to the next step towards engaging in one of the most promising and exciting kind of investment. This involves selection of a best binary options broker. The selection process may sound easy but the fact of the matter is that it can be involving especially if the investor wants to get good returns on his or her investments. One is supposed to take time in the selection process so that the kind of binary options broker that the investor ends up with meets the needs. Making a wrong choice at this stage may lead to undesired results as well as problems with the trading platform, poor support services and low quality investor services.
Here are important characteristics and qualities of best binary options brokers that investors need to consider
Best binary options brokers
Best binary options broker is one who strives to make the investor’s job easier. An investor who is looking for a broker need to find one who offers an easy sign up, this enables the trader to get an account as well as start running it immediately. To get one who fits this description, an investor need to carry out a search so as to come up with an individual who is reliable. The investor can also ask for recommendations from people who have invested before, this will give a true and clear picture of the broker. Also the reviews from the internet will tell more about the reputation of a broker. If the people who have used a given platform are not happy with the services which they were offered as far as signing up process as well as payment methods are concerned, this should raise an alarm.
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After ensuring that the broker whom you wish to trade with have an easy sign up process it is also important to establish whether the payment methods which are used by the broker meet your needs or they are well supported in the regions where you stay. There are some cases where brokers in some areas use payment methods which are unavailable allover the world. When the payment methods which are used by the broker are either unsupported or are unavailable in your area, when it comes to withdrawals and deposits, there might be an issue.
Binary options web platforms and mobile platforms
There are various trading platforms that are used in the trading of binary options. We have the mobile based and web based trading platform as the main types. It is important for an investor to find out the kind of platforms that a broker whom he or she intends to register uses in the course of trading. If the investor is planning to trade using a mobile device for example a tablet, then there is a need to establish whether the broker’s platform supports such tools. It may be frustrating to register and discover later that the devices in your possession are not compatible with a trading platform which is used by the broker. This will force the trader to spend extra money in buying a device which will work well with the trading platform. The best trading platforms in the market are normally compatible with most of the devices and can also be accessed from any part of the world as long as the area is covered by internet connections. A good trading platform also needs to have extra tools which help the investor to navigate through the system. The investor need to access the educational materials so that the learning process can be easier.
Binary options assets
There is a need to establish the kind of trading assets that each broker allows in their platform. You may find a very good broker in terms of the payment methods, compatibility, reliability but find that the trading assets available are somehow limiting .This basically means that as an investor one will not be satisfied since there is an outright limitation as far as the range of asset is concerned. Before engaging and even registering, an investor should check the assets that a given broker offers as well as make sure that popular assets are allowed.
Binary options broker payout is among the most important factors that any investor should consider when it comes to selecting an appropriate broker. While coming in to trade in binary options any investor aims are reaping the best and highest benefits. If the rate of return is low, then this will not be achieved, therefore the rate of returns offered by an individual broker should form the basis of decision making when it comes to selecting an binary options broker to work with. Normally the binary options brokers are known to offer returns ranging from 65 to 85 per cent, although in some case the rate may be higher. There are also some special kinds of binary options which offer a return of 500 per cent.
To succeed in binary options trade, an investor must have access to vital information on the assets he or she is trading on. There is also a need to access vital technical tools to help in execution of strategies as well as carry out the necessary technical analysis. Most of the brokers provide access to the necessary technical tools but one might not be sure, therefore it is important to establish whether the investor will be allowed to access the necessary tools required for technical analysis.
Binary options demo account
A binary options broker is supposed to provide the new investors with a demo account as part of educating them on how to trade. As an investor one should not use the services of a broker who does not provide an opportunity to carry out trade through a demo account. Demo accounts provide an environment similar to earn that exists in the normal trade, here the new investors learn all that is needed to carry out a successful binary options trade. One familiarizes with the interface of a trading platform and learns about the trade without having to risk the money. It is only after an investor has understood how the trade operates should they graduate to the real trade.
Support during the early days in trading assets is very important to an investor, this not only gives then a chance to ask for guidance but also any questions which may arise in the course using the services. The broker who is selected should have a support staff who are skilled, experienced as well as polite and helpful when it comes to dealing with issues which arise.
Making the right decision when it comes to the selection of brokers will largely determine the success of the investor, therefore every step should be taken to ensure that the one who is selected will offer all the necessary support, is reliable and at the same time have the best rate of return in the market.
How to open an account
The accounts requirements
An investor is required to fill in information which almost every website requires in the course of registration. Here one is required to provide the name, residence, the currency which is preferred, email, password and the payment method. Contact details such as phone number are need to be used during the verification process as well as in case the investor needs support from the broker.Investors are allowed to register two accounts where one uses real money and the other one is a demo account. A demo account is necessary as it offers the investor a chance to learn before they start using real money.After the registration process is over, the investor will be required to verify the account. Most brokers carry out this process for security measures. The process ensures that the person who has registered is of age and at the same time, it is a real person. The verification process may be through sending a photograph as well as scanned images of personal identification documents such as driving license, national identity card or a passport. Although the process may be tedious, it guarantees the investor’s safety against identity theft as well as fraud. Some brokers will only require you to verify the account through sending an email or through accessing the website using a one time link which is sent through the email.The registration process depends on the broker that you have chosen, for some it may take only a few minutes while others a couple of hours to days. When asked to verify the account, it is not that the broker does not trust but rather it is a way of ensuring that fair and secure trade is maintained all the time
Various payment methods are available, an investor is supposed to select one which is allowed in his or her region. One can select to deposit or withdraw using a check, PayPal, skrill, money bookers, web money, bitcoins among other payments methods. Minimum and maximum deposits and withdrawals are set by individual brokers; therefore it is important for an investor to check with them. Some brokers may require a minimum of $ 100 as an investment while other may ask for more.
Complaint To The Binary Options Broker
In connection with the emergence of a growing number of binary options brokers and trading platforms available in the market for traders, the risk is quite high to bump into various fraudulent schemes or scam brokers. Therefore, it is important to do in-depth research before you choose a broker and start trading. On this page we will explore the most common complaint of traders.
Skilled traders use a licensed broker to avoid problems. Traders in Europe have the opportunity to make a complaint directly to CySEC.
Click here to write to the complaints department at CySEC
Russian traders can make a complaint with the Centre for Regulation of Relations in Financial Markets (FMRRC).
Click here to write to the complaints department at FMRRC
Please note that complaints will only be accepted by brokerage companies having the FMRRC certificate of compliance
Click here to write a complaint to FCA; read more about the complaints procedure
To avoid problems, it is recommended to only use brokers that have a license from one controller: brokers are regulated by CySEC.
Beware of scams
The first thing you need to do in order to start trading binary options is to open an account with a broker. Often, traders are attracted to the sites with professional design and that promise huge profits from investments; they register and make a deposit, and later they become victims of fraud. One of the most common complaints of traders is the fact that after the registration and replenishing of the account balance from the broker they understand that the services advertised on the site differ from those actually offered.
So when choosing a binary options broker from a variety of options, the most important parameter is safety and the best way to avoid fraud is cooperation with a regulated broker. The regulated brokers are monitored by the respective financial authorities of different countries and operate in accordance with all laws and regulations. In addition, if traders have a problem, they can make a complaint and get help in resolving the issue. It is advisable before opening an account to check whether the broker is licensed, and if not, then it would be better to look for a more reliable and trustworthy binary options broker.
Understanding the rules and working conditions
Due to the trader’s lack of understanding of the rules and working conditions, accusations are raised against the brokers. In many of these cases, the traders have not read the rules and terms of service before they open an account and they have not studied the policy of granting bonuses. These complaints can be found on any forum. You should carefully read the conditions and agree with them before you check and in fact sign the contract offer on the website! Carefully read the relevant sections on the website of the broker before you send your money because you can discover some non-disclosed positions.
The bonus policy complaint
Bonuses will allow you to trade a higher amount than you would with just your deposit. It’s not cheating, but there are certain conditions that a trader needs to meet if he takes the bonus. Please read those conditions before accepting the bonus.
Absence of knowledge about the bonus policy is a very common problem, especially for people who are newcomers in the binary options market. Many brokers offer different promotions and bonuses, including bonuses for initial deposits, re-deposits, and cashback, which can reach up to 100%. This can be a great help for traders because they get more money to trade, which in turn increases the potential payout. But bonuses are often accompanied by special conditions and can lead to unpleasant surprises later.
Many traders who are new to online trading immediately accept the bonuses offered, not realizing that this imposes some restrictions on their account. Many brokers have a requirement that if you accept a bonus you must reach a certain trading volume before you will be allowed to withdraw their funds. This trading volume can vary between a 20- and 60-fold increase relative to the account balance. This is the total amount you need «buy long» before you can receive your earnings, which can be quite significant.
That is why it is important to read carefully the terms and features of the bonus policy on the broker websites.
Refusal of a bonus
In some situations the broker intentionally places the bonus into your account, and you never asked for this to happen. With some brokers this process is automated and usually associated with the initial deposit, and a trader may be surprised that the bonus has been credited to the account balance. To resolve this situation, we suggest you immediately contact the broker and ask for its removal before the beginning of trading.
When you try to deposit money in your account, sometimes the amount can’t be credited. This can cause confusion for the trader: you may think that you have been scammed. If this happens, contact the customer support of your bank and check whether to write off the specified amount from your account. Also keep in mind that the transfer of funds can take several minutes, while a bank transfer can take up to 2 days.
The broker can lock your account if it has reasonable evidence that there is some fraudulent activity on the account, or some consequence of another problem which has taken place between the trader and the broker in violation of the terms of service. In most cases, unfreezing the account may be carried out as quickly as it was frozen. We recommend that you always specify correctly your personal data during registration; the broker may require scanned copies of your documents.
Problems with the withdrawal of earnings
Getting money into your account is not a complicated process, because brokers have a wide range of payment systems for withdrawing funds from the balance account. The reasons for the delay with the withdrawal of money may be due not only to your broker, but also to regulatory requirements and processing time of payments by the bank.
Typically, deposit procedures for binary options brokers are simple and fast, and there are rarely problems when traders place money in their account. But when it comes to withdrawals, there may be some questions. The questions related to delayed withdrawal may occur due to account verification (the owner is asked to provide copies of supporting documents, such as passport or driver’s license).
First of all, you must provide certain documents necessary to confirm your identity. They include a copy of your identity card with photo, driver’s license or passport, a copy of a recent utility bill as proof of residency, and if you use a credit or debit card as a method of payment, you must send a scanned copy of the front and back sides of the card. Regulated brokers are not trying to steal your personal data; they ask for your personal information in order to prevent possible fraud and to protect your funds in the account if your account details get into the wrong hands.
Delay in payment
Traders often complain that the procedure of withdrawing money is very slow and they must wait for a long time to receive their income. After a request is made for withdrawal of money, processing takes a few business days, and if you use bank transfer, the wait will last even longer. Therefore, it is recommended to carefully read the terms and conditions of your broker to understand exactly how long you’ll have to wait to receive your funds. There are complaints about the charging of a fee when withdrawing funds. Deals on credit cards usually are free of charge, but for bank transfers you may be charged a fee in the amount of 25 to 35 dollars, so be sure to verify which the commission was established by the broker to withdrawal funds for various payment systems.
The refusal of payment
This problem can cause a lot of negativity among traders. This problem is very difficult to solve. The refusal of payment may occur without explanation by the broker, but the most common explanation is a violation of the terms and conditions of work.
Problem with broker software
Sometimes you may experience a situation when the software broker stops responding to the trader. In this case, you will lose your current ability to trade. Any software can experience an unexpected error. Our advice – stop trading immediately and contact the customer support of the broker to inform them that a failure has occurred.
Automatic trade signals
The Internet is full of sites with automatic software for trading signals for binary options, where the authors speak about profitability of more than 95% and the prospects of huge earnings, based on accurate trading signals generated by advanced algorithms and complex mathematical models. However, many traders complain that when they are registered, it turns out that the software does not work as stated and the signals are not accurate.
Automated trading robots and signals are designed to assist traders to make trade more flexible and to minimize risks, but you still have to make the effort. Therefore, it is advisable to choose a binary options robot or signal provider that has many adjustable parameters and allows for maximum control over the transactions.
Besides, always make sure that the signals of the provider work with a reliable and regulated broker to avoid scams.
Traders also often complain about the service and actions of individual managers. In many cases, the broker claims that all clients who open an account will get a personal account manager to assist and improve results and help with any questions. However, it is later revealed that personal managers are either available only to those who choose a higher-level type of account, or the range of issues with which a manager can help is limited. That is why it is important to read carefully all of the information on the proposed types of accounts and what services come with each of these types of accounts. In addition, it is better to choose a broker that offers a wide range of options for contacting customer support. Most importantly, we recommend you choose regulated brokers who can ensure safe and reliable trade.
Perfect For Beginners!
Free Trading Education!
Free Demo Account!
Good Choice For Experienced Traders!