The harsh reality is that there are multiple binary options brokers that are a scam. There are various reasons why a binary options broker could be scams, which are non-payment of legitimately earned money, fraudulently awarded bonuses and claims made by the broker that are simply not true.

Below you’ll find a list of binary options scams that you should 100% avoid when you come across them:

Update: Currently the most trusted broker in the business is 24Option. It's in the business for several years now and has multiple licenses in various reputable jurisdictions. So, if you want to go 100% safe, then go 24Option.



GlobalTrader365 – You can usually know if a broker is suspicious just by their unprofessional name. GlobalTrader365 is a name one would choose randomly and quick when creating a new get-rich-quick scheme and scam.

Based on several real trader reviews on multiple forums the modus operandi of this broker is to manipulate people into depositing very large sums of money above $5,000+ claiming that then they will reveal some magic winning secrets. Once the money is deposited, no one will reply to your emails anymore or answer your phone calls. Your money will be gone.

GlobalTrader365 is a SCAM.


Safe24Options – This broker appears to be ripping off the trust and name of the broker 24Option, which is a legitimate broker licensed in the European Union. Safe24Options and 24Option are NOT the same company.

The most common complaint about this broker is complete non-payment regardless of the amount. Usually once you register a customer service representative will approach you and make all kinds of wild claims and promises that if you deposit a very large amount he’ll show you an unknown winning secret. Once you deposit, you’ll never hear of him again.

Safe24Options is a SCAM.


Sycamore Options – There are rumors according to which Sycamore Options is being run by the same company as TraderXP, another binary options scam. It appears that after the large negative publicity, TraderXP simply decided to change its name and operate under a new scam.

Sycamore Options is in our opinion one of the worst binary options scams as there have been reports of the broker fraudulently charging people’s credit cards. One trader reported on a popular binary options forum that after a deposit of $200 the broker ninja-withdrew an additional $800 in 4 incremental payments without the trader’s permission. The trader was refused any compensation.

Do NOT register at Sycamore Options it’s a SCAM.


Binary International – There is not that much information available about this binary options broker. This does not necessarily mean that this broker is a scam however the fact that it’s extremely hard to find any information about the company running this broker is suspicious.

The general rule of thumb when registering at binary options brokers is that you should avoid anything that appears suspicious. You should trust your gut feeling if something appears of the off. You might be wrong in certain cases but it’s not worth taking the risk of registering at a potential scam.

Binary International might not be a scam but it looks suspicious as it’s difficult to see what company runs this broker.


Cedar Finance – Cedar Finance might not necessarily be a scam however the way the company owners promoted this broker in the past resulted in them being blacklisted by multiple online trading websites and forums.

Cedar Finance is perhaps known as one of the largest spammers in the business. In the past, they were ranking for a huge number of “make money online” keywords in Google and promoted a massive number of fake video testimonials from supposed “clients”.

While they might not be scamming people directly (not paying out winnings etc.) but they seem to be very happy about misleading random people into believing that with binary options “you can turn $200 into $1,000 in 60 seconds”.

Due to their predatory nature and aggressive and dishonest marketing we do not recommend Cedar Finance as a suitable binary options broker even though they don’t seem to be a scam.


VIPBinary – VIP Binary is another broker that does not necessarily appear to be a scam but still managed to generate a lot of negative feedback from losing traders. While the broker might be legit, we believe you should not risk and register there considering that there are plenty of 100% reliable alternatives out there.

VIPBinary also engages in dishonest and manipulative advertisement tactics promising traders massive winnings if they just deposit $1,000 more into their accounts. While traders doing this might appear to be dumb (I mean, why would you listen to a BROKER telling you to invest MORE money?) it’s sneaky and shady to manipulate these people into losing their money.

VIPBinary is a suspicious broker you should better avoid.


EZ Binary – EZ Binary is a broker that appears to be piggybacking the brand and trademark of EZTrader. EZTrader is a legit and fully EU regulated binary options broker that should not be confused by EZ Binary. The two brokers are owned by two completely different companies not related to each other.

The fact that EZ Binary is stealing the brand value of another broker in order to fool people into believing that they are trading at a different broker means that EZ Binary is a scam.

EZ Binary is a SCAM.


How do we Decide if a Binary Options Broker is a Scam?

One of the best ways to decide of a binary options broker is a scam or not is to look out for real trader reviews at reputable forex or binary options websites. One of the most important forums to look after such information is ForexPeaceArmy.com that regularly has real user feedback posted on brokers.

If a binary options broker gets too much negative feedback related to issues such as non-payment of withdrawals, fraudulent claims and aggressive marketing practices then the broker will automatically land on our scam list.

Something that we genuinely don’t like is brokers that outright manipulate and fool their clients into depositing massive amounts of money claiming that after they do so the broker will tell them some hidden secret about making money online.

Binary options is not magic and you cannot make money using binary options in just 60 seconds by making random trades. You can only make money in binary options if you put in a great deal of effort into research and execution.

Anyone, be it a broker or an informational website, who promises you “guaranteed wins in 60 seconds” is lying and profiting from you being stupid if you buy into it. So, any brokers that promise “massive wins without effort” will land in our scam list even though they aren’t necessarily doing anything flat out scammy.

We are also suspicious towards binary options brokers that are completely new and appear to be mysterious and obscure. If you see a broker and can’t verify the company behind it and genuinely have no clue who the people running it are then you should better stay away.

Our binary options scams list is constantly growing based on the feedback and experiences we get. Check back later if you want to find out more information about scam binary options brokers.

If you want to trade at genuine brokers then check out our legit binary options brokers page. On that page we listed the broker we now for sure are 100% legitimate and have no history of scamming their traders.

Right now the broker with the most licenses and the best reputation in the business is 24Option. Check out the linked review in order to find out exactly why this broker is 100% legit.