Binary Options Broker Promises that You Should View With Skepticism!

Binary options trade industry is very competitive industry, and, therefore, brokers make many promises to entice traders. When you are signing up with a broker, ensure that you understand the conditions, because a good broker will facilitate your profitable trading and otherwise. Some brokers tend to stretch the truth a bit, in order to lure clients. On the same breath, there are credible brokers who tell you the facts as they are. Therefore, in order to separate the wheat from the chaff; be wary of the following promises.

Guaranteed Profit

If you sign up with a broker because profit is a guarantee, you will be disappointed after a while. Binary options trade is a trade like any other and there is no way you can make profit all the time. In order to make profit in binary options trade, you should have a good trading strategy and an efficient money management strategy. You are responsible for your success and not your broker. If you start trading with the misconception of guaranteed profits, you will not play your part effectively.

Free Bonus

It is a free bonus all right, but it comes with strings attached. When signing up with a broker, it is important to read the bonus terms and conditions. Unfortunately, most traders do not read these conditions. Nobody should blame them, because the conditions tend to be ridiculously long and in a smaller font. Therefore, traders just click the ‘I Accept the terms and conditions’ and they move to the next step. In essence, the bonuses have certain requirements. Read the requirements first before accepting them.

Assistance from the Account Manager

When signing up for an account, some brokers offer ‘personal account manager’ to the traders account. It is important to note that an account manager will only assists you to execute administrative functions. In some instances, the manager may give you trading recommendations. However, their role ends there. You will have to execute the trades on your own. It goes to the above-mentioned strategies in order to trade successfully. If you want trading assistance, you have to hire a mentor to guide you in your trading.


24-Hour Withdrawal Service

When a broker promises to have 24-Hour withdrawal facility, this might be too good to be true. Essentially, every transfer requires verification before you can withdraw the money. The reasonable time for the verification process is more than 24 hours. In this regard, there are very high chances that your transfer might take more than 24 hours. In most cases, the brokers effect your payment through your deposit method. If you use a wire transfer to deposit your money, you might use the same means to withdraw your earnings.

Check this article- How to Start Trading In Binary Options

Ultimately, it is important to do your homework before signing up with any brokers. Many legit brokers have reliable services. However, there are those who do not keep their end of bargain. Therefore, choose wisely.