I wonder.....
How many scam alerts have we seen here about Binary Brokers registered and/or regulated by CySec?
Doesn't anyone learn from the other numerous threads?
You can't engage with a Binary Brokerage on Cyprus. Period. You're asking for trouble but that's your own fault. The FPA is a fantastic site to learn what to do and with whom to deal.
CySec is NOT a regulatory body that would have any interest to assist any client of a broker. Licensed or not. They clearly state that they do NOT assist in retrieving money. Check their website!!!!!
I've gone through the hoops and loops, I have opened accounts with a few brokers there.
It took nasty actions of mine to get my money back, and it took weeks and weeks. I did succeed - but these were actions of mine to prove a point about the brokers there and CySec.
Follow a few rules and you're happy with Binaries:
Do NOT EVER accept any bonuses
Stay with regulated entities, and that means that their registered offices must be in the UK or Switzerland.
Check their withdrawl rules BEFORE you deposit money, and have them confirm in WRITING how they're handling it and within what time frame.
Do NOT fund your account unless and until such time you have your paperwork approved by the broker, and make sure you know exactly what kind of paperwork is requested to withdraw funds, too - and then submit them and do so again for approval, and do so BEFORE you deposit your money.
Do NOT ever deposit funds until you have ALL that clear, APPROVED and in writing... Want me to repeat that again? .. and again?
There are only a few regulated brokers in the UK and Switzerland (I don't consider Cypriot brokers regulated entities)
After you've gone through all these complaints here about these buckets shops on Cyprus and/or other destinations (Malta, Gibraltar, Panama, Belize... and the likes) - one would think that people here would have gotten the hang of this.
Most leaders of the FPA think that Binaries are not serious "investments". My opinion is that it's an extremely interesting feature of the financial markets and if handled cautiously, it's a money maker. I would not call them investments either but they are indeed a tool for those who know how to handle it and manage their risk.
Forex is no better - if you're with the wrong broker. Period.
Joa
