Scam Option was created in 2015 as a portal for reviews and information on binary option brokers.
As the binary options trading industry grows, there are hundreds of brokers offering trading services. It is the goal of this website to help traders find the broker that is best for them.
When binary options where first introduced in 2008, a few companies managed to grow into large financial institutions. With growth comes fraudsters, and there have been many “brokers” who setup shop purely to take money from traders and never return it.
When comparing the various binary option brokers, it is important to verify that the broker is licensed and that their license is still active.
There are brokers on our site that are not licensed by a regulatory authority. Although some unlicensed brokers operate in a fair and honest way, the trader needs to understand that there is no recourse in the event that the broker does not return to them their initial deposit or any gains made from trading.
Traders will see various reviews of brokers that are licensed in Australia by ASIC, United States by the CFTC, in the United Kingdom by the FCA, or brokers licensed by the CySEC in Cyprus.
Each country has their own laws and regulatory agencies for binary options. A trader should always look for a broker that complies with the rules of their country.