There are many option brokers you can choose from. But you should be extremely careful because not all of them are honest. In fact, a great number of brokers working on the Internet are not regulated. Those you do not want to be anywhere near your trading.
There are also plenty of regulated option brokers. Again, not all of them are the best choice because not everyone’s work is transparent.
And here is Olymp Trade. During the time we conducted many tests to discover the ways regulated option brokers steal from you. Olymp Trade proved its worth. This is the one you can trust.
And what are the ways those not so honest use to rob you?
Manipulating prices to ruin your results.
The traders develop their own trading styles and normally, those techniques work on various platforms. The truth is, that the broker is at the same time technology owner. And this, unfortunately, gives them the ability to moderate the price.
If the broker is dishonourable and he notices that you keep winning the trades, he might want to change this situation by manipulating prices. Usually, it is one tick change just before the end of the trade.
If you are in doubt, check out your broker by opening another platform (e.g. MT4) next to the present one. Run them simultaneously and compare the price fluctuations in real-time.
Manipulating the expiration date of the trade.
Options expire at the specified time. Therefore, it is very important to study the timer, when entering the trade. Keep an eye on the clock to check whether the order is processed exactly at the time it was set or not. Next, whether the timer runs as normal. And lastly, whether the trade expires as expected.
Unfortunately, there are brokers ready to manipulate their timers just to cause a loss for you. They either make the clock run faster or slower. Both ways, you lose, they win.
Hunting for one trade with a big stake.
Small gains are increasing the appetite for more. They boost your confidence as well. Why not try on bigger amounts when you are so good in small ones in the long run. And brokers know all of this very well.
What they do is allow you to win small amounts on their platforms. With time, you wish to invest a big chunk of money in one transaction. And from this point, things are not going exactly the way you wanted.
The brokers are fraudulently taking the money from your account balance. They are aware of the fact, that you will most probably fund your account another time just to recover your failures. And it all starts again.
The server shutdowns.
Another classic way for market crooks. Imagine you enter the trade. It is very natural you want to watch how it is developing. You want to see the price movement in the desired direction. And right before the transaction expires, the server disconnects.
Sure, the error connection could happen. But not necessarily it was on your side. Sometimes it is the option brokers intentional action. And when this will happen, you become completely baffled. The market won’t stop and wait, but you can do absolutely nothing. After a very short moment, even a few seconds, when the connection problem is fixed, you realize you have lost your trade.
The disappearance of withdrawals.
Usually, the brokers have a set schedule in which payouts have to be processed and transferred to clients’ accounts. If you find out you still do not have your money deposited after the specified time, you have the right to ask for the explanation. And then, there should be the support team able to help you to get your money back.
The trick the fraudulent brokers often use is to upset their customers by applying a difficult and confusing support system. Often the clients get fed up with it and they simply give up. Do not be one of them. Be certain to generate a transaction confirmation each time you perform a payout. You can also take a screenshot. Moreover, please verify that your option broker has a tracking mechanism that gives you the possibility of following the withdrawal process.
Today’s most transparent broker.
From 2014 onwards, Olymp Trade is offering traders an outstanding and transparency-based service. We are trading on this particular platform for more than a year now. We are conscious of the tricks using by the fraudulent brokers to steal money from their clients. Therefore, we have run numerous test on the Olymp Trade platform.
To our satisfaction, the results are good and we can say with a clear conscience that it is a transparent platform.
Go ahead, open your own training account on Olymp Trade and check for yourself!
We wish you all the best!
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?