Welcome to our complaints section. On occasion things go wrong when trading. In binary however, there are a whole range of persons and businesses operating illegally, or irresponsibly – as highlighted in our scams section. While regulators are improving their handling of these disputes, it remains very important that these operators are called out to minimise the risk to others.
Complaints can range from technical issues, such as manipulated pricing or software failures, to more serious issues or even criminal activity, such as unauthorised credit card or banking deposits.
One frequent complaint is slow, or non-existent withdrawals. Where the broker is unregulated, this can leave a consumer with nowhere to turn, other than local law enforcement. If you have a complaint against a regulated broker, you should always lodge the complaint with the relevant regulator.
Binary Knowledge Gap
One issue consumers face when trying to raise a dispute with a binary broker is a gap in knowledge among authorities, regarding binary trading. Financial regulators are often more used to dealing with other investment vehicles. This can mean complaints are not fully understood and therefore not recorded or followed up properly.
This problem extends to banks also. Consumers can often chase their bank to stop or ‘charge back’ payments to binary firms. But this relies on the bank understanding the binary industry and a willingness to get involved (which many now are, thankfully). Remember also that if a bank receives enough complaints against a certain business, it will simply stop operating with them. So making them aware of issues can actually help other potential victims of scams.
So the first place to raise any issues is with the regulator (if there is one) and your bank.
Issue A Complaint Against A Brokerage
We also want to hear about any complaints you have of course. Complaints feed into our broker rating, and obviously where we see a brand is obviously untrustworthy, they will be removed and flagged as ‘not recommended’ (assuming we listed them in the first place).
We have also partnered with a firm that specialises in binary options fraud recovery. MyChargeBack offer an advisory service where they will discuss your claim and recommend the best action to take. For smaller claims the firm will charge a flat fee, for larger claims they will charge a percentage of the recovery amount.
The 12 step form below enables you to raise a complaint against a specific firm. If you want to, you can also proceed beyond that and raise a case against them via MyChargeBack.
Below you will find the form to issue a complaint against a brokerage. Each complaint counts. If you think you may have been badly treated by a brokerage – it is very important to complain.