So Many New Brokers, No Time to Sleep!
I want to trade! I want to find and test new strategies! But lately all my time is spent researching and reviewing new Binary Options brokers. Everyday a new “market leader” emerges and claims to have the best education, the best platform or the best customer support. It’s almost hilarious to see how every new broker thinks they can just pop out of nowhere and claim the leadership of the industry. Of course you realize they are not all “leaders”; it is logically impossible. But it’s our job here at BOTS to find the differences between the real leaders and the fake ones. Unfortunately there are too many fakes in this industry…
Why Do We See So Many New Binary Options Brokers?
That’s a legitimate question and the answer is simple: Binary Options are the hottest new thing right now and just how new traders want to get a piece of the action, brokers feel the same urge. That’s the reason why more and more companies purchase a Binary platform and… Presto! … They become Binary Options service providers. One of the biggest platform providers is SpotOption. Check out our new SpotOption White Labels Video and tell me what you think about that design. Amazing, right? That’s how a website should look like. But although their platform is professional, reliable and one of the best in the business at the moment, they cannot control how it is used by the companies who purchase it. Just look and see for yourselves how many brokers use the SpotOption platform. Now, you can imagine that among those companies there are a lot of “bad apples” and that’s not SpotOption’s fault. After all they just provide an instrument and how the companies choose to use it is another issue.
Many of those companies come from the gambling sector or other parts of the internet and unfortunately they lack the professionalism needed to become a reliable broker or even worse, they are just looking to scam people. In my view there are three types of Binary Options providers and traders must carefully differentiate them:
The Bad – Binary Options Scammers
[Ghost] companies who just hunt your money. From the moment you made a deposit, you can kiss your money goodbye because their only purpose is to make money by “stealing” it and then disappear forever, with an evil smirk on their faces. Sometimes the scam is very elaborate and the unsuspecting client is fooled into depositing their hard earned cash more than once so you must be very careful who you are doing business with.
The Mushrooms – Because it’s Raining Binary Options
Real companies who think they have the knowledge to become a professional broker but unfortunately, they seriously lack in more than one area. I call them “Mushrooms” because the internet is full of this type of company, appearing just like mushrooms in a forest after the rain. They are different from the scammers because they don’t “steal” your money… they “lose” it. Although they don’t start by wanting to scam people, the final result is the same: the client is left without his money because the Mushrooms are just stupid and have no idea how to build a professional financial infrastructure or a true business venture.
And The Good – The Real Industry Leaders
Just a handful of Binary Options Brokers have the honor of being called real leaders. These are the guys who really know how to do business, on all levels: education, customer support, professional approach of the market, etc. Who are they? They are the ones you want to do business with. They are the ones found on our short list of Recommended Brokers.
The Binary Trend – Where Are We Going?
Lately we see an undeniable growth in the Binary Options industry. The door to an easy to trade financial instrument is open and everybody sees it as a good opportunity to profit. If we were to use trading terms, we would definitely say that Binaries are on an uptrend right now, with more and more Bulls joining it and constantly reaching new Higher Highs. In the early days of Forex online trading, we saw the same huge interest and just as in Binary Options, we had Scammers, Mushrooms and Real Leaders. Trading Forex was not only difficult because you had to deal with the market , manage risk and understand the dynamics behind price action but also because you had to be constantly aware of scams and choosing a right broker was a daunting task. The big difference was made by regulation and all unregulated brokers soon disappeared or lost most of their clients. This way only the big and really professional companies survived and were able to continue the trend, making Forex the 4 trillion/day industry it is today.
So What Can Consolidate The Trend?
History repeats itself and Binary Options are likely to follow the same path as Forex trading did. Once regulation becomes the standard in the industry, all the “bad apples” will stop bothering us and trading binaries will finally become a professional environment. Binary Options Regulation is the only thing that can consolidate the Binary uptrend and hopefully we will see less Scammers and Mushrooms once it becomes a standard. But for now, you should learn to avoid them and just stick with ThatSucks.com (former BinaryOptionsThatSuck.com)’s Recommended Binary Options Brokers by. We only recommend Real Leaders of the industry! Forget the rest, trade with the BEST, and Always Remember – Even the Best Binary Options Broker Suck Sometimes!