Because scams are very common in the binary options world, this is not the first time that we see a broker lying about its regulation or activities. The purpose of a dishonest broker is to coax the trader so as to take his/her money. Today the scam that we will be discussing in this article is related to the TradersKing broker, against which financial authorities are also warning. Hence we relay the information herein so that you do not fall into the trap of this broker!
On its website, the TradersKing broker states that it has several offices. In the general conditions of its website, the broker claims that it has offices in Cyprus, London as well as in the Netherlands. But this broker’s offices in these three countries are completely fictitious since the TradersKing broker does not have any location or address in these territories. This is simply a smokescreen that the broker casts in the eyes of traders in order to create a perfect image for itself. TradersKing is only lying to traders; lying is a common practice in the binary option industry especially regarding legal status, regulation or location as can be seen with this broker. It is crucial to avoid dishonest brokers such as TradersKing and to opt for authorized companies that are regulated by the financial authorities.
On early July, the regulator of financial markets CySEC based in Cyprus issued a warning to traders and investors against the TradersKing broker. Because the broker is claiming to be authorized and regulated by the Commission of the Cyprus Securities and Exchange, the regulator issued a statement on its website stating that TradersKing did not have any license from the CySEC and is in no case allowed to provide its services to traders.
The new blacklist of the AMF includes that includes 223 banned binary options brokers also mentions the name of the “TradersKing” broker. Therefore, the AMF is joining forces with the CySEC and also warns traders against this broker. Decidedly, as you can see for yourself TradersKing seems to have a rather tainted image in the trading industry, thus it is best to avoid this broker and not pay any attention to it and to instead opt for other brokers that have a better reputation than this latter.
In the trading industry, there are many binary options brokers that are authorized by the regulators of financial markets that have proven themselves and continue to do so. So why choose risky brokers such as TradersKing and not favor safety? Binary options brokers such as 24Option broker and TopOption are owned by companies that have received licenses from various international financial regulators; for example, these two brokers each have more than a dozen licenses, among which we list licenses from the French regulator AMF, the German regulator BaFin, the Spanish regulator CNMV, the Italian regulator CONSOB, the British regulator FCA or the European benchmark regulator based in Cyprus, the CySEC.
Because the regulated binary options brokers whose activities are approved meet the safety standards contained in the financial markets regulations drafted by the regulators, there is nothing to fear regarding this kind of broker. Brokers such as 24Option and TopOption comply with European safety standards on financial activities, hence traders’ money is for example deposited on separate bank accounts that are segregated from the corporate accounts of the company. This allows the broker to pay its traders at any time regardless of the financial situation of the company.
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