Top 10 Australian Binary Options Brokers By TradersAsset
When Nick and Lowell tried to withdraw money from their allegedly insured binary options trading accounts, they hit a wall. Watch their stories to learn the telltale signs of binary options fraud, so you can steer clear.
Returns also differ from broker to broker. While one broker may offer a 60% return on investment, the other may offer a 300% return on investment. With no regulation on investments and returns, the binary options trader must be sure about the return rates, minimum investment option, policy on bonus, withdrawal policy, etc.
All entities providing financial services to Australia are required to have an Australian Financial Services License, and there are currently no ASIC regulated binary options brokers. Please check the ASIC website regularly for updates on this. Due to the high financial risks involved in trading, all traders are encouraged to do your own research and form your own opinions, regardless of your location.
Demo account, which is a free account through which the investor can practice binary trading without using real money. Entry level or standard account, which has the lowest minimum deposit. VIP account, in which a personal manager is provided to help the investor with trading.
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The Australian Securities and Investments Commission, also known as ASIC, is the regulatory body for all financial products in Australia. They had no formal framework for the regulation of online Binary Options until recently, when the ASIC made a public statement reminding industry and investors that binary options are considered to be a derivative in Australia. This means all those offering binary options brokering services to Australia are required to be licensed.
The Foreign Exchange and Management Act (FEMA) prohibits binary trading or forex trading in India through electronic or online trading portals. Any investor who takes up binary trading in India does so at his own risk, with no law to regulate dealings of binary trading options in India.
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How does binary options fraud work? How can you recognize and avoid it? And what should you do if you suspect you’re being defrauded? We answer these questions and talk to real investors in the first episode of our series, The Truth Behind Binary Options Fraud.
