Binary Options Regulated and Scam Brokers

[Pharaoh]

For those trading on a web-based trading platform, such a message is a very very bad thing. If you use a platform installed into your computer, it will often (but not always) remain up and functional even if the broker's site goes on an unscheduled holiday.

My bet is that Duka got slammed with some sort of DDoS attack.

 

[Roaming]

Exactly. Knowing that Dukas have web platform for Binary Options, I can imagine how clients are trading with lots of "server down" "No Connection"..etc

Looks to be always on unscheduled holiday How can a Swiss bank have no protection against DDoS Attack?!!! Regular websites has it!

I feel sorry for European and other countries Binary Traders. We are not able to find one that is up to the challenge in an already challenge-able new way of trading the market named Binary Options.

We must request from the Nadex to open branches in Europe, Australia, Japan as Oanda had done in Forex, to provide Binary Option Traders with a stable platform, Great Service and regulated with the Best CFTC

 

[NanoAlpha]

Interesting news in UK:

The government will propose a consultation for regulating binary options as financial products. This will remove the binary options financial betting category from the reach of the Gambling Act of 2005, instead putting it under the supervision of the Financial Conduct Authority (FCA).

Breaking: UK to Ditch Gambling Regulation Of Binary Options Delegating It To FCAForex Magnates

 

[Roaming]

It's just a news, nothing approved. Got in contact with the FCA, they said can not comment on unofficial sources and Forex article websites

Although this FCA opinion, it will be better if they take over many EU BO brokers, at least they'll clean up some of the scam ones and offer European citizens better choices and the percentage of good regulated BO brokers will increase on this thread

 

[NanoAlpha]

That letter is on the official site of the UK Gambling Commission, so it's not just news -
http://www.gamblingcommission.gov.uk/pdf/Letter-AP to JW.PDF

That the FCA didn't want to confirm to you that such talks are taking place, that's their prerogative.

 

[Roaming]

Mainly, regulators don't comment until there's official statement. Talks taking place means nothing until it gets approved which means many procedures-process.

 

[Roaming]

I have bad news for BO Traders. What we thought about Dukascopy and that we found a European broker who is well regulated, (leaving its platform errors aside), was all a myth!

Discovered that Only Dukas SA clients accounts(Forex and BO) are under FINMA Regulation.
Dukascopy Europe clients accounts(Forex and BO) are under FKTK Regulation(Latvia): FKTK

So, we can say that some half of Dukascopy clients are not under Dukas Bank Regulation!

 

[Joa]

Wrong

IG

.. regulated by FINMA has obtained a banking license in Switzerland
They provide BO trading - and they're good at it, too

 

[bearmybull]

Thanks to AsstModerator for directing me to this thread.

As mentioned in my introduction, I am a total newbie in trading of any type. I have been mainly interested in BO, and this thread seems very interesting. I have read about 1/3 so far, and will read the rest.

I was thinking about trying to find a broker - probably a CySec regulated one, since I want to trade € and live in the EU (does that make any sense??, would Nadex be a better option for me? As I said, very green in this) and this thread has made me very cautious. I found an online demo trader through a "BO Only" forum. I will obv. be doing demo trading before I do any live trading. I am not a conspiracy theorist, but the "BO Only" forum I found has lots of training tips, even a school, which consists of articles teaching a lot about the tool and signals, learning to know good trading times, when to leave it alone, and "tests" to see how much of this knowledge you have absorbed. But since the "traders" at the site all say with the right strategy, you can make money, I am wondering if it isnt just a bunch of brokers who started their own forum. They do offer good advice, do expose scam brokers, do seem on the same page as this thread as far as trusted brokers, and how they can only be trusted so far.

I know I may be in the wrong place since FPA seems to only have a handful - at best - of BO traders, and for the most part considers BO gambling, or at least way to risky. But with a bankroll of around €500, Forex or other options seem kind of ridiculous. But since the risk of brokers - even a solid, fluid one - manipulating vs. winning trades, simply going broke, not paying since regulation seems so "up to the broker" in the end, I will not invest a cent yet.

I will not go put my €500 on Red or Black, so I wont chose a broker and deposit yet. It seems to me that with a lot of demo trading and learning, even a newbie could have a chance. But that is why I am here. To see if I am chasing a pipe dream or not.

Do you have a section where BO brokers are rated? I know most are scams or, at best, very risky. Are none to be trusted?

 

[NanoAlpha]

I think you are referring to the BOTS forum. I did looked a little in there some time ago, and it's certainly not made by brokers. But that does not mean that there are not a lot of scammers there selling various signals/... I find their articles pretty shallow, but then again, they are for beginners.

Beyond two weeks that you need to understand how profit/loss is computed and familiarizing yourself with the platform, your wasting your time playing demo. You should know that playing poker for free is much different than playing for money.

A child needs to feel fire and electricity to fear them. No amount of lecturing will do. The same is with trading, you need a few good loses until you learn not to be too greedy. On the other hand, you did say you played poker for money, so maybe you already learned some of the money-management lessons (going on tilt and all that).

Forex is MUCH more difficult than poker. At poker, you can end up at an "easy" table. No such thing in forex, since practically all the tables (currencies) are global. You'll be playing against the champions (banks, hedge funds, algorithms) in each one of them. WOULD YOU GO IN WITH YOUR MONEY AGAINST THE WSOP FINAL TABLE? Because that is exactly what you'll be doing when trading with money (BO or regular forex).

I think that you are totally unrealistic if you want some extra income from an $500 account, but then again, you might be that born speculator.

The most likely scenario is this: you will lose those $500 once or twice, and if you stick to this for a couple of years, you might win it back and then some. It's certainly possible, but you need to work hard. Just like another job. 90% of traders are losers - AMF Publishes Four-Year FX Study, 89% of Investors Experiencing Losses

WATCH THESE TWO VIDEOS which give you a taste of trading. Notice the mom who got 500% on demo in 9 months, but then losing 30% of her account when going in with real money (second video). Like I said, trading for real is a whole different game (psychologically).