To Write a Complaint about a Broker
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.
Experienced traders use only licensed brokers to avoid problems. Traders in Europe have the opportunity to write complaints directly to CySEC.
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
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
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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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 !