To Write a Complaint about a Broker

Published:12 October 2015 Updated:4 January 2024

With more and more binary options brokers and trading platforms available on the market for traders, the risk of running into various fraudulent schemes or scams by brokers is increasing. 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 complaints of traders.

Click here to write us a complaint

Experienced traders use only licensed brokers to avoid problems. Traders in Europe have the opportunity to write complaints directly to CySEC.

Click here to write to the CySEC Complaints Department

To avoid problems, it is recommended to use only brokers licensed by one of the regulators: CySEC Regulated Brokers.

Beware of scammers

The first thing you need to do in order to start trading binary options is to open an account with a broker. Traders are often attracted to sites with a professional design and, looking at the promise of huge returns on investment, they sign up and deposit, later becoming victims of fraud. One of the most common complaints traders have is that after registering and depositing with a broker, they realize that the services advertised on the website are different from those actually offered.

Therefore, when choosing Binary options broker out of many options, the most important parameter is its safety and the best way to avoid fraud is to cooperate with a regulated broker. Regulated brokers are under the supervision of the relevant financial authorities of different countries and work in accordance with all the laws and regulations. In addition to this, if traders have problems, they can file complaints and get help in solving their issue. It is advisable, before opening an account, to check whether the broker is licensed, and if not, it is better to look for a more reliable and trustworthy binary options broker.

 

Understanding of the rules and conditions of work

Terms and conditions of work with binary options brokers

As a result of the trader’s lack of understanding of the terms and conditions, accusations are made against brokers. In many of these cases, traders did not read the terms and conditions section before opening an account and did not study the bonus policy. These complaints can be found on any thematic forums. You should read the terms and conditions carefully and agree with them before you check the box and essentially sign the offer agreement on the website! Carefully read the relevant sections on the broker’s website before transferring your money, because you might discover some unadvertised provisions.

 

Complaints about the bonus policy

Bonuses allow you to trade an amount higher than you could with just your deposit. It’s not a scam, but there are certain conditions that the trader must fulfill if he accepts the bonus. Familiarize yourself with these conditions before accepting the bonus.

Lack of knowledge about bonus policy is a very common problem, especially for people who are new to the binary options market. Many brokers offer various promotions and bonuses, including bonuses for initial deposits, re-depositsovs, cashback that can reach up to 100%. This can be a good help for traders because they get more money to trade, which in turn increases the potential payout. But often the provision of bonuses comes with special conditions and this can lead to unpleasant surprises later.

Many traders who are new to online trading instantly accept the bonuses offered, not realizing that this places some restrictions on their account. Many brokers have a requirement that if you accept the bonus, you must reach a certain trading volume before you will be allowed to withdraw your funds. This trading volume can range between 20 and 60 times your account balance. The total amount you need to “trade” before you can withdraw your earnings can be quite impressive.

This is why it is important to carefully read the terms and features of the bonus policy on the websites of brokers.

 

Bonus waiver

It could be that the broker has deliberately credited a bonus to your account and you didn’t ask for it. At some brokers this process is automated and, as a rule, are connected with the initial deposit, the trader may be surprised that the bonus was credited to the account balance. To solve this situation, we advise you to contact your broker’s support team immediately and request its removal before you start trading.

 

Deposits

Problems with the deposit at the broker

When attempting to deposit funds into your account, sometimes the amount may not be credited. This can be confusing for the trader, you may think you are a victim of fraud. If this happens, contact your bank’s customer service and check if the specified amount has been debited from your account. Also keep in mind that it may take a few minutes to credit, and bank transfers can take up to 2 days.

The broker can block the account if he has reasonable evidence that there is some fraudulent activity on the account, or some consequence of other problems that have occurred between the trader and the broker due to violations of the terms of service. In most cases the account can be unfrozen as quickly as it was blocked. We recommend always to specify your personal data correctly when registering, the broker may require scanned copies of your documents.

 

Problems with the withdrawal of earnings

Receiving money to your account is not a complicated process, because brokers have a wide range of payment systems for withdrawing funds from the account balance. The reasons for delays in withdrawal can be not only because of your broker, but also because of regulatory requirements and the time of processing payments by the bank.

Usually deposit procedures at binary options brokers are simple and fast and there are rarely any problems when traders deposit money into their account. But, when it comes to withdrawals, some issues may arise. Issues related to delays in withdrawals may arise due to account verification (the owner is asked to provide copies of supporting documents, such as a passport or driver’s license).

Verification

First, you must provide certain documents necessary to prove your identity. These include a copy of a photo ID, a 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 payment method, you must send a scanned copy of the front and back of the card. Regulated brokers do not try to steal your personal information. They ask for your personal information in order to prevent possible fraud and to secure your account funds if your account information falls into the wrong hands.

Delayed payment

Traders often complain that withdrawal procedures are very slow and they have to wait for a long time to receive their earnings. Once a withdrawal request has been made, processing takes several business days, and if you use a bank transfer, the wait will be even longer. Therefore, it is recommended to read the broker’s terms and conditions carefully in order to understand exactly how long you will have to wait to get your funds. There are complaints about charging a commission when making withdrawals. Credit card transactions are usually free, but for bank transfers there may be a fee of $25 to $35, so be sure to check what withdrawal fee the broker has set for different payment systems.

Denial of payment

This problem can cause a lot of negativity among traders. This problem can be very difficult to solve. Refusal of payment can occur without explanation by the broker, but the most common explanation is a violation of the terms and conditions.

 

Problems with the broker’s software

Sometimes there can be a situation when the broker’s software stops responding to the trader’s requests. In this case, the current ability to trade will not be available to you. An unexpected error can occur in any software. Our advice is to stop trading immediately and contact your broker’s support team to let them know there has been a failure.

 

Automatic Trading Signals

The Internet is full of sites with automated trading software and with signals for binary options, where the authors talk about 95%+ profitability and the prospects of huge earnings based on accurate trading signals generated by advanced algorithms and sophisticated mathematical models. Nevertheless, many traders complain that when they sign up, it turns out that the software does not work as claimed, the signals are not accurate.

Automated trading robots and signals are designed to help traders to make trading opportunities more flexible and minimize risk, but you still have to put in your effort. Therefore, it is advisable to choose binary options robots or trading signal providers that have many customizable parameters and allow for maximum control over the execution of trades. Also, always make sure that the signals provider works with reliable and regulated brokers to avoid fraud.

 

Service

Traders also often complain about the service and actions of personal managers. In many cases, the broker claims that all clients who open an account with him will receive a personal manager to help and improve results and help with any questions. However, it later turns out that personal managers are either only available to those who have chosen a higher account level type, or the range of issues the manager can help with is limited. That’s why it’s important to carefully read all the information about the account types offered and what services each of these account types gives you. In addition, it’s best to choose a broker who has a wide range of options available to communicate with customer support. Most importantly, we recommend choosing regulated brokers that can provide safe and reliable trading.

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Reviews

  • Letter to the regulator CROFR about fraudulent actions of the broker POCKETOPTION.
    Good afternoon, my name is Dmitry and I was registered on the broker’s website Poketopshen is a regulator of which you are the regulator, and therefore it is under your supervision.
    The essence of the complaint is as follows, PoketOpshen has blocked my account and all the profits on it, which is essentially fraudulent!!! I am preparing a statement to the prosecutor’s office, and a copy to the cyber-security department “K”, if you do not settle this issue and the profit will not be returned to me! I wrote a letter to the broker’s support, but there has been no response for 7 days as well as any other other reaction. I attach screenshot #2 – login screen to my account on the broker! I am accused of the following articles! Articles that I am accused of nothing have nothing to do with me. Also, I draw your attention to the fact that the management of Poketopschen unilaterally without evidence, accusing me, misappropriated my money on the balance of my account, I consider this violation on the part of the broker – fraud! The screenshot (attached to the letter) shows that balance is 316.74 dollars at the time of blocking! Please take action and return the funds to my account! Pro requisites and any documents are ready to provide on demand ! Thank you in advance for your help !

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  • https://comebackmoney.ru/ is a fraudulent site engaged in ripping off gullible traders who have already been ripped off by a broker.
    Under the guise of of the legal agency “LEGAL CONSENSUS” you get a call from some Prokhorov or Mikhailov or someone else with a fictitious non-existent name and annoyingly tries to convince you that he’s a great lawyer and will help you get your money back, which of course never happens.
    First they tell you that everything Then after a month or two these parasites start sucking money from you under the guise of a legend and necessary expertise, fees, taxes and so on!
    As a result, you gradually pay them more, more, and more, until you are left in debt and absolutely depressed!
    This is what happened to me, when I fell for the bait of these scoundrels, as well as to a good dozen other people who were deceived by them. a scam company, comrades.
    So send them away if they call you or send you texts or e-mails offering to pay you back money.
    comebackmoney.ru or Legal Agency “LEGAL CONSENSUS” is a banal LOCHOTRON !

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  • Smart Group is a company that swindles for money. Be careful. You will invest your money, but you will not be able to withdraw it. Like there is no such function. I wrote reviews and they delete everywhere. Contacted tech support silent. Offer to help withdraw money ask money to pay for it. Started to pierce, and they turned out to work with them. At the bottom of the site there is a company such. Look carefully do not get caught. Who is interested in details there is a viber at me +447932529155. Write All I will tell you everything

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  • And the moderator decides whether to leave a comment or not!!!! It’s a direct scam on poor citizens

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  • They are scammers!!! They took people’s last money and don’t even think about paying it back!!!

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  • I placed my child’s money with them 10,000 rubles. I explained to the girl operator that I wanted to show my child how to earn money on the aggregator. The girl the operator said that I could withdraw the child’s money in full or in part at any time. After placing the child pressed the button Withdraw money in full – less than half of it was returned. it turns out that they have somewhere supposedly written that “for inactivity” company 24Option. The boy who called and begged not to withdraw money said that “we have to earn something”.
    If anyone’s gonna be to write a statement to law enforcement, I’m ready to attach my episode. my e-mail is [email protected].
    Of course I reimbursed the kid. money lost to scammers.
    SCAMMERS, SCAMS

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  • Cryptocurrency trading through a broker is just a scam. There is absolutely no need for a broker here. You register on a cryptocurrency exchange and go ahead, without any intermediaries. For example, everything is great, you have earned a bunch of bitcoins and you want to withdraw them. No broker will give you the bitcoins. At best, you will get them in dollars. The same applies to cryptocurrency robots on Forex. Do not fall for loud promises and beautiful pictures.

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  • I took a loan from the company smart credit at 1 percent for 17 days I removed the checkboxes with insurance and additional services to not connect overpayment in the term 1100 was showing… after 10 days I wanted to repay already thought I would overpay less….. and the overpayment has already accumulated 2700. I called to get it sorted out and they said you the checkmarks have not been removed so pay up and hang up………..NEADEQUATE FRAUDS FRAUDS…………THEY CAN’T HAVE A GRANT IN THE OFFICE PITY………..THE MONEY SUCKERS………..DON’T TAKE LOANS FROM THIS ORGANIZATION, LET THEM ROT AT LAST………SUCH FREAKS ARE NEEDED ИСКОРЕНЯТЬ……….

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  • In July 2018, a manager from Avatrade called with an offer to trade, said 90-95% of trades from trading consistently in the plus, experience trading on the I started with $500 and got a bonus of $200, then I added more and got another bonus, but the trades were going into negative, I added and again in the negative, etc. I traded: currency pairs, oil, silver, gold, amazon. I replenished my deposit at the insistent request of analyst Artyomka, he convinced me that he has a huge experience as a trader, soon, with his help I will recover the loss and will be in profit, but as a result, I lost it all in 5 trades, under his supervision. management within a month, 2600$ of mine + 600$ bonus, and Artem answered on the phone “well, it’s the market”, got the nerve and offered to replenish again dep. I can not say about the professionalism of analyst Artyom Volkov as a trader, but the fact that he is a professional fraudster and also a good one. a psychologist, that’s for sure. In addition, I have an opinion that my trades were not displayed on the stock exchange, trading was done inside the broker, in general, a kitchen. This is a screenshot drained trades https://yadi.sk/i/sXPV7nIk3Lxhnw https://yadi.sk/i/x3kRoFTg3cuJ5w https://yadi.sk/i/VRQWFJ96wUp0BQ https://yadi.sk/i/pmkA22mjn7dZug https://yadi.sk/i/KwLEUrCWR8DIzA

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  • Hello everyone, there is such a company binarium never contact, it’s just a scam no matter how much you earned there you will not let you withdraw any even if you verify your account will be blocked, No explanation, Which happened to me and many people. before going to any platform to read reviews about it, about binarium is the most at the moment opposite platform with other platforms even the withdrawal takes place within 10 days, which you still don’t get.

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  • KBCapitals – Scammers and Fraudsters! We live in Germany. We believed them and invested 4,000 Euros, thinking that my husband and I would make some money. Ruslan assured us that we would earn money and told us such fairy tales. We seem to have earned a little, so we decided to withdraw the amount we had supposedly earned, but That’s where it started. They are very good psychologists and know how and what to say to make people believe them and invest more and more money. And then they disappear and they don’t answer the phone. For 8 months we can’t withdraw a single cent and our money is gone too.

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  • My name is Lyudmila, I am from Kazakhstan. I want to write about omega capital com. People do not believe them, they are scammers, tricksters. Do not subscribe to their beautiful words. Withdrawal of money will never wait, only lose your money. So it happened to me, I worked first with one broker Gennady Novikov, then with Ilya Gradov, both of them disappeared. They did not answer letters. We need to unite and punish such companies.

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  • Do not trust the company dominion FX (dominion FX). At first they called and persuaded me to invest, I transferred them 6200 dollars with the hope to earn. Connected to In a couple of months they started asking me to add more money to my broker’s account, because they supposedly didn’t have enough, I also transferred 1900 dollars. They brought the account up to 20 thousand dollars, then began to play risky and drain the money. Saying that the market behaved unpredictably, they put a lock on a large deal, and it almost went into the minus. As a result, they showed me a big minus for about a month, But if to close as it is, there would still be at least 2000 dollars from the deposit, in the end, everything was drained. It is not clear where to turn to to get my money back. Then in the internet I found a man who wrote that he was Eugene Tikhonov who returns money from such companies, I transferred it to him. 130 dollars for allegedly transferring and filing my case in the regulator’s court, after transferring the money he no longer responds to my emails but you can see that he reads. If anyone knows how to get money back from a broker, please help

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  • Hello.My name is Irina.I am a mom of 4 children. By education Technologist. .About 20 October 2018, I received a call from the manager of the company. Umarket. Offered to connect to the trading platform, assured that I have absolutely nothing to risk, but I need to find 500 dollars and put them on the The first two trades we made together, one was terribly unprofitable and I didn’t know what to do with it, I tried to contact Andrei to ask him what I should do. to do, always wrote, wrote in Skype, and in reply SILENCE. I think on purpose did not answer .that I started trading and lost all my money. Then Andrew finally wrote to me once suggesting a currency pair on which I can make a deal, I listened to him, it seemed to work out, I even turned out to be in profit, but then began to fluctuate a couple of my income was falling, then rose, and I began to worry a lot, what should I do income began to fall and Andrew was silent. . No one communicated with me, complete ignoring, what to do as I did not know what to do. At my own risk I closed the deal with a small I took a breath, began to write again to Andrei Knyazev manager and again silence, complete ignoring, no help, no communication. I didn’t know what to do, what to do, what to do. At 11.30 I received a call from Andrei with the words “Oh, oh, you have no money on deposit at all. we made a deal on a currency pair. I had nothing to say, I had a lump in my throat and thought “I have no more money, I have only debts, and it’s 3 weeks before payday.

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  • Guys, maximarkets is a kitchen, I’m telling you this as a former trader, do not invest in this kitchen, they cheat people, give false recommendations, Remember that a real and good broker will never persuade you to replenish your account, and when you lose money do everything as if you were in the It’s my advice, don’t work with this broker. They disappear and don’t answer on purpose so that you could trade on your own and lose everything money, but in fact your trades are not withdrawn even to the inter. bank. Everything is done inside their site and they correct the jumps themselves, with real charts. They do not match at all, read their contract, they do not owe you anything and can block your account and not return the money if they want. A real and good broker never calls you and does not bother you to replenish your account. in general, people, if you want to lose your money, then invest. I was even persuaded by their specialists to sell the car, take out a loan and invest everything in deals, I took out a $3000 loan and invested and according to them. the recommendations are all down. And the rest is up to you.

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  • People! www.DIVIDENDCARE.com remove all negative reviews from available sites! Be careful
    – It’s a scam! Positive reviews are written to order. Do not fall for their entreaties, do not give them money!

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  • don’t you dare trade on the yard sale.

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  • The company 24OPTION.COM is a total scam. At first they promise to help everywhere, to solve everything together, but in business it turns out that they pass from hand to hand. Managers are constantly changing. And it also turned out that the fee is charged for inaction, which in the beginning says NOTHING. In general, TUFFTA ON POSTNOM OIL. And at the end of it, it’s a hard sell. It was the first experience – and unfortunately negative. Someday it will all come back. Don’t treat people like that

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  • THIS COMPANY SuperBinary CANNOT BE HONEST, there are crooks sitting there, despicable people without conscience and shame. One of them is CONSTANTIN RAVINSKY (I will be all my life). curse), and negative reviews never leave in the reviews, and I think there are many more of them than positive ones.
    When you need to scam money out Iliya Gordeev, called every day, told a fairy tale and how he worries about investors and how he does everything for their profit, but it was worth appointing him to the post of the President of the Russian Federation. the management position, all threw me to the untalented, unprofessional, mean and soulless, or rather bastard CONSTANTIN RAVINSKY, who for a two days he spent all my money and profitable money 5500$, just like a piece of paper, and that it was said that for this purpose was taken a loan for 1800$, and Now I’ll have to work for five years just to get a loan. He doesn’t give a damn. One thing I just want to wish him is that he’ll be poor and walk around all his life. PICKING UP PENNIES, ASSHOLE.

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  • PEOPLE DON’T BELIEVE THE TALES FROM THE “SUPERBINARY COMPANY “IF YOU DON’T WANT TO POUR TEARS AND BITE BOTTLES THESE ARE SCAMMERS AND BULLIES
    October 2017 , I signed up with superbinary, (I had to do an emergency surgery on my mom) first I paid a $250 initiation fee, then I was allocated personal manager, and he tells me a wonderful fairy tale and persuades me to invest another 1000$, (I take a loan from the bank), then without asking and without explaining about the The consequences of connecting bonuses from the company and the fairy tale begins to fulfill, the profit begins to grow at me, I as a fool rejoice. Ilya Gordeev persuades me to deposit another $1000 ?but I only scraped up about $500 (was told that the money will still work until the end of December and in January profit I will withdraw), but it was not so, in January 2018, I was told that the money should still work, as the bonus was given, and it must work, then Ilya gets sick, then he gets promoted, and I’m handed over to the bastard, bastard, bastard CONSTANTIN RAVINSKY (to beg for alms for the rest of my life), and oh, the horror. he turns on some trends (I don’t know what kind of bets they are) and in two days my money together with profit disappear, though after the first such day, I have I did not allow him to make such bets, but he does not care, he did not contact me again drained all the remaining money and left only 5$, and on the He did it and deleted me from Skype, and now I’ll be paying off my loans for five years, and I’ll curse him for nothing.

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  • Ytextrade scammers! While I had a test account, I was contacted by White Ruslan Viktorovich, at least he called himself that. As soon as I transferred money to my account, all calls stopped, no one answers. By the way, there was no money on the account. I read and am horrified at what sums people get. I lost only 6000 rubles. But this is also money that does not fall from the sky.

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  • In October I registered in the company superbinary. I deposited there about 5650$ USD. By December 20, I had 9600$ USD freed up (by means of positively closed trades). From them on 6000$ USD I further opened trades, and 3600$ USD I ordered a withdrawal, but within a few hours superbinary company turns on automatic trading and the entire amount requested above disappears from the account. On December 22 the situation is repeated 3400$ USD are released, I immediately send a withdrawal request and the next day I find out that these funds have disappeared. December 29 positively close trades and release about 13500$ USD. I request to stop any trading immediately and request withdrawal of funds. However 5 December history repeats itself. In total, the company stole approximately 20500$ USD from my account.

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    • Andrey 3 December 2020 at 13:09

      your money back ))

  • Hello to all decent people. I’m in shock. I didn’t even have time to work before I got screwed… But this Cyril my type of manager does not even think that people for seven years served in the army in hot spots and that just for the sake of principle can come and find this brainless kidalova. I appeal to the management of this kidalova 24 option. give me back my money for now please!

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  • I have written complaints about the broker Goldex Equities International Limited and Welton Capital, which do not return my money, are engaged in fraud and theft. For some reason I don’t see their reviews and response to my requests, probably there are so many complaints that the turn will come not soon, I would like to live! I am very much waiting for your advice, because these scammers left me without means of subsistence, they have 7000$, and this is for me, a pensioner fabulous amount! My skype zhanna.zub@loutlook com

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    • irina 26 December 2017 at 03:55

      I sympathize with you, I was scammed for 1000$ but God took me away, I lost my card with money that day, and to go to the bank and withdraw cash from the account. I did not sit down, as a result, my 250$ I was supposed and 400$ earned still hang there 3 months and I can not get an answer, I sent all the documents but they are silent, and do not respond to messages, I wrote from different emails, did not help, and my withdrawal frozen. I do not know where to write a complaint but realized that it is real. a big money scam. Now I’m gonna write about it everywhere, that it’s a scam.

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