Actually same as all other matters when you are dealing with a business, only the law can protect a trader against a Binary Option broker if it comes to a conflict of benefits.
When you buy something from a shop or get a service from a business in your local area if after a while you get into a trouble with them then normally you file a complain against them to your local organization that is in charge of protecting customer rights and then this organization will help to resolve the case.
So to get this benefit then that business- in this case Binary Options broker- should be registered with your local regulators and have a physical address in your area.For example if the trader is living in United States and the broker is regulated anywhere except U.S the no organization exists that you can lodge your complain against the broker if you find problem with them. As a result if the Binary broker is regulated in Cyprus the this is not a benefit for traders living outside Cyprus.
Being regulated in a country for example for a business same as financial adviser and in this case a Binary Options Broker means that they meet all legal requirement to be able to do business in a country and have enough financial support to avoid bankruptcy and also the way that they do trade and have income is clear and not illegal same as money laundry.
Let's give you an example:
I had and account with O.R binary broker and did some trades within them, make some money and lost some. The broker was one of the big ones and regulated in Cyprus.When I was decided to stop dealing with then and trying to withdraw my money always my withdrawal request was rejected by my adviser in that broker and they refused to pay my money. My request was completely according to their "Terms and conditions" and even they were not able to give a reasonable response for this refusal and their complaint department never replied me and when I used their online chat service they stopped chatting and also my adviser never called me again.
As I was living in Australia I complained against them to ACCC that is the authority for customer rights protection in Australia , but after a while they got back to me and told that they cannot help as the broker is not registered in Australia.
Then I lodge a complaint to CySec by email and they also after several months replied that cannot interfere in the broker's business and are not in a positions to judge between us!
Anyway I got my money back with the help of my bank and credit card company but this experience showed me that if any body that you pay them money should be sure that is registered in your country, so before choosing any Binary broker please make sure that it is registered with your local regulators and have a physical address in your country and another advice that use Credit Card for payment if PayPal is not available as a payment option.
Please follow this blog in future posts.
When you buy something from a shop or get a service from a business in your local area if after a while you get into a trouble with them then normally you file a complain against them to your local organization that is in charge of protecting customer rights and then this organization will help to resolve the case.
So to get this benefit then that business- in this case Binary Options broker- should be registered with your local regulators and have a physical address in your area.For example if the trader is living in United States and the broker is regulated anywhere except U.S the no organization exists that you can lodge your complain against the broker if you find problem with them. As a result if the Binary broker is regulated in Cyprus the this is not a benefit for traders living outside Cyprus.
Being regulated in a country for example for a business same as financial adviser and in this case a Binary Options Broker means that they meet all legal requirement to be able to do business in a country and have enough financial support to avoid bankruptcy and also the way that they do trade and have income is clear and not illegal same as money laundry.
Let's give you an example:
I had and account with O.R binary broker and did some trades within them, make some money and lost some. The broker was one of the big ones and regulated in Cyprus.When I was decided to stop dealing with then and trying to withdraw my money always my withdrawal request was rejected by my adviser in that broker and they refused to pay my money. My request was completely according to their "Terms and conditions" and even they were not able to give a reasonable response for this refusal and their complaint department never replied me and when I used their online chat service they stopped chatting and also my adviser never called me again.
As I was living in Australia I complained against them to ACCC that is the authority for customer rights protection in Australia , but after a while they got back to me and told that they cannot help as the broker is not registered in Australia.
Then I lodge a complaint to CySec by email and they also after several months replied that cannot interfere in the broker's business and are not in a positions to judge between us!
Anyway I got my money back with the help of my bank and credit card company but this experience showed me that if any body that you pay them money should be sure that is registered in your country, so before choosing any Binary broker please make sure that it is registered with your local regulators and have a physical address in your country and another advice that use Credit Card for payment if PayPal is not available as a payment option.
Please follow this blog in future posts.
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