It is essential that binary options traders have the right information they need in order to make smart judgments on who to trust in the binary options world. There are many dishonest and fraudulent broker services luring traders to open an account on their site. To ensure a trader is stepping in the safe zone, the Scam-Rank team uses the following strategy to rank brokers:
- Investigative research
- Ranking Evaluation
- Exposing Scammers
Scam-Rank’s professional team of traders does both hands-on web searching and uses auto-web detection tools to gather information about binary options brokers. We continuously develop and add binary options broker websites to our database to keep traders in the know of things. Additionally, our team also accepts user made requests to evaluate if a specific broker is a scam or not.
There are many factors that are involved when examining brokers for ranking purposes. To avoid any insincere broker skewing our evaluations, we do not fully provide our complete list of ranking criteria. Below are a few of the many factors we do consider when conducting rank evaluations:
- Regulation and licensing, including a verification link.
- Deposit selections – minimum of 3 e-wallets included for a TOP grade.
- Complaints – must show a low number of negative comments.
- Withdrawals – no more than 5 days for a TOP grade.
- Advertised promotions– advertisement and claim accuracy to be ethical.
- Customer support – our team submits complaints that should be resolved in a maximum of 2 days.
- Profit Payouts – must be more than 80%.
- Broker’s Deposit – the amount should be $200 or $20 for a TOP grade.
- Broker Reputation – we analyze search volume spikes in Google trends and rank the broker accordingly; a spike indicates possible scam. We investigate the broker thoroughly and update our site respectively to our findings.
There are over 20 scams created every single month in the binary options world. We hunt these scam models via hands-on web searching and special auto-tracking tools to evaluate fraudulent schemes and expose them to fellow traders. The hands-on approach requires our team to actually open a broker’s account and act as a trader; we also file complaints to test their support. We use top notch automated tools, one of them being web crawlers to accurately find everything we need to know in order to rank brokers and systems accordingly. After using both these tactics, we log our findings and publish them onto our website for traders to read.
Promotions are a common strategy scammers use to attract traders to open an account. We research the promotion and test it before publishing it to Scam-Rank. The following are restricted and deemed unethical behavior:
- Any promotions that force a trader to buy, download, or commit to anything prior to verifying appropriate information and acquiring the user’s agreement.
- Promotions that have false claims or intentional misrepresentation regarding the broker, software or its services.
Binary Brokers Hear Us Out
Integrity is of utmost importance. It is imperative for any service oriented business to provide a service that is satisfactory and acceptable for its intended clientele; in this case, binary options traders. We firmly advocate binary options brokers to offer traders honest and proper services to keep ethical grounds in the binary options industry.
Our Word to Traders
Free is almost nonexistent nowadays. In order to get something, you must give something. We just advise you to remain pragmatic and do your own investigation before proceeding to invest in trading binary options. There are over 300 binary option services available to you, but not all are safe or trusted methods. This puts you at a very high risk and you need to proceed with caution when choosing your broker. If you come across suspicious activity with a broker or service, you can submit a request for further evaluation or find additional help.