How do I know if my trading platform is legit?

You can find out if brokers are licensed in your state, if they’ve had run-ins with regulators or received serious complaints from investors. Go to finra.org/investors and click on “FINRA BrokerCheck.” Or call 1-800-289-9999.

Why Forex is a pyramid scheme?

These schemes coerce you into a multi-level marketing scheme where rather than focusing on the reason you joined, in this case, trading forex. Most of your time is spent recruiting new members into the company because you are incentivized by earning affiliate commission under a pyramid structure.

What are the most legit binary options brokers?

I would say that one of the most legit binary options brokers is IQ Option. This company has millions of traders across the globe and you can trade here not only binary options, but also digital options and CFDs on forex, stocks and cryptocurrencies. This company is also in Europe (namely in Cyprus) regulated by the financial regulator body CySEC.

What is the binary options blacklist?

Scams are unfortunately all too common in the field of binary options. Dishonest brokers and reviews, or rigged robots and other auto trading services – the scams can come in many forms. So we feel it’s necessary to create this blacklist and list all known frauds and dishonest techniques in one place.

How to avoid fraud in binary options trading?

To avoid fraud in binary options trading, choose a trustworthy broker. These brokers can help minimize your losses and provide a measure of security for your funds. Some traders turn to smart contract -based binary options transactions to fortify their deals using blockchain technology.

Are binary options legal in the UK?

The UK’s Financial Conduct Authority (FCA) does now regulate binary options. They have already created a list of unauthorised firms. While they are not calling them scams, they are making it clear that these firms are breaking the law by trading with UK visitors – so they are best avoided.