Can You Trust Binary Options Account Managers

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Can You Trust Binary Options Account Managers?

Today I had a really difficult discussion with one of the Binary Today readers and it raised the question “can you trust binary options account managers?

There is no 100% yes or no, but I know I wouldn’t.

I have heard too many horror stories, and this email conversation I had today with one of my readers who will remain unnamed had a very difficult and potentially criminal mishap.

Binary Options Account Management Risk

Reader: Compliments on refreshing insight into BO. I’m a hobby BO trader from Australia and in the last week a UK BO broker, which my trading account is with, convinced me to accelerate my trades by him taking over the account. Having had a working relationship with this broker over the past 3 months and having successfully traded a volume of US$600K from my initial investment of US$40K, I allowed him to jump into my account. In one session he traded my entire account! What remains from my $40K investment is $29.10.

I have had sleepless nights and only blaming myself but still know that there are half-decent, selfless people left in the world. Hopefully through research I have stumbled across a genuine, informative site, binarytoday, that I can pick up the pieces and start to trade again.

I will be saving my pennies and investing in your recommended software and go back to what I did best, which was small but rewarding, and not jump into the shark tank thinking I’m invincible, or the broker for that matter.

As much as I would like to completely rubbish this Broker I really only have myself to blame, sort of! I’m still in partial negotiation with them and hopefully they can deposit a bonus back into my account seeing that they had such a huge trading volume. Surely there’s a kickback for them with this trading volume.

My theory is, that if they traded the direct opposite with another account, they would have doubled their trades. So another account is in the plus and mine’s in the minus. Do this with 200,000 plus accounts(which they claim) and you can see how the funds roll in. This madness would certainly work in their favour. I just don’t understand enough on how these brokers work. They’re certainly in business to make money, not give it away! It’s as if they are the Casino and the house always wins a certain percentage.

That’s why I’m leaning toward your methodology and making informed trades via signalling software and research. This is how I started with my broker until the broker said he can trade more efficiently by taking over the account, rather than advising me of upcoming trades.

My Thoughts on Account Managers

I don’t have any experience with account management in binary options myself, I prefer doing things on my own. I just don’t trust people when it comes to money and I do everything I can to avoid binary options scams.

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I’m sure there are some great account managers out there but if you are ever getting an offer like this you should think twice and do your research. Maybe set guidelines on how much this manager can risk in your account and interview the manager to make them prove to you they have what it takes.

This story isn’t the be all end all when it comes to binary options account management but it should ask as a stark warning of the risks associated when you trust your account with strangers. Don’t take risks, play it smart and believe in yourself.

No Bullshit / Fair Account Managers

Brokers use personal account managers to not only attract you as a Binary Options trader, but to retain your business. It can be beneficial to have an account manager, or indeed just a knowledgeable person, to get you started with Binary Options trading, to answer any of your questions and to take care of your account. But how much trust and faith should you have in the account manager handling your hard earned money?

What are account managers doing anyways?

There are a few things to take into consideration when looking at Binary Options trading and whom you choose to help you with your account.

Firstly, account managers usually work for the broker. Be mindful that the quickest way for the broker to make money is for you to lose money. This creates a clear conflict of interest. For all intensive purposes the account manager does not care if you lose or make money, they only care if you invest thereby ensuring they are paid for their work.

Secondly, an account manager is nothing more then a salesperson. They work on commission, which is usually a percentage of the deposit, or deposits, you are willing to part with to get started with your account and continue to invest over time. So they push and bully you to invest huge amounts of money, regardless of the risks associated. This way they can make more money off you.

Third, some of these account managers have no formal qualifications in Binary Options, or any other kind of financial investments. So ask yourself: why are you paying someone, who is no more qualified then you, to provide you with advice and to manage your account? How much should you really listen to them?

Some account managers and brokers are exactly like seedy car salesmen; ready to take your money, and sell you a lemon before they move onto their next victim.

Should you pay attention to your account manager?

However, it is not all bad news, scams, schemers and bad investment advice. Not all brokers and account managers are out to take you for a ride and bleed you dry. There are some who are out there to genuinely make you money in the long term, and therefore making themselves a nice profit in return. It just takes time and research to find the right person or product to help you out. There is also the option of cutting out the middleman, so to speak, and self-manage your own account with online broker websites.

Brokers are there without lying

There are many online Binary Option brokers that you can create an account with and control your own trading and investments. This means you do not have to deal with unqualified and pushy account managers. A lot of them provide online training and support videos so you learn how to manage and excel at online Binary Option trading for yourself. In this way you are in control of everything, and do not have to risk your hard earned money in the hands of someone who is not qualified or has your best interests in mind. It is essential you research these online brokers, as just like account managers, there are seedy ones out there who try to take advantage of others. Look at their websites, search for reviews and comments on the Internet and ask around in regards to their reputation and services. Take IQ Options, for example. When researching their Binary Options trading page, they appear to have favorable reviews and continue to attract new traders who believe IQ Options are trustworthy and provide sound returns on investments. Not only this, their website is user friendly and easy to navigate. There are many other Binary Option broker sites, such as Anyoption, 24Option and Cherry Trade, which also provide reliable and dependable platforms to trade from.

So, don’t be sucked in by the get rich quick scams and bullying behavior of account managers. Take charge of your own Binary Option investment account and cut out the unreliable account manager on your way to financial freedom.

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Trust Account Manager?

Many people have been asking whether they can really trust their binary options broker account managers on giving accurate binary option trading signals and trading strategies. The truth is that every broker has a different business model and while some reward account managers in taking care of your interests, most do not. In this video I will be sharing with you some of the behind the scene things I know from this industry.

As a founder of the binary lab, I really get a lot of queries about binary options trading. I get almost same types of questions always about broker account manager. Because when a person creates an account in a broker, the broker account manager calls him within a few days and try to convince him to trade for him and make huge money. Many newbie members don’t understand the broker’s policy and they trust the broker account manager in a word.

Unfortunately, every broker is not good and they are not regulated. So the bucketshop brokers collect money from the broker. The account manager trade himself in the broker. To lose his clients money so the user can not withdraw the money. That’s why I am talking in the video about “Can you really trust your binary options broker account manager”

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Top Binary Options Broker 2020!
    Best Choice For Beginners and Middle-Leveled Traders!
    Free Demo Account!
    Free Trading Education!
    Big Sign-Up Bonus!

  • Binomo
    Binomo

    Trustful Broker. Recommended Only For Experienced Traders!

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