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Published on April 23rd, 2015 | by John Kane


Can You Trust Binary Options Account Managers?

can-you-trust-an-account-managerToday 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.

shark tankI 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

binary bewareI 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.

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.

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About the Author

I am a full time binary options trader. I was able to leave my job in the last 5 years and dedicate myself to trading fully. I never thought my hobby and passion would make a living for me but I am grateful every day that it has. My main goal now is to communicate with the binary trading community, contribute to different websites and learn from other traders.

Disclaimer: Binary Today would like to remind you that the content contained in this website is not necessarily real-time nor accurate. Past performance does not guarantee future performance, the above is not indicative and is purely for educational purposes only. Relying on the above for investment, trading or betting in binary options or Forex is not advised unless done so with virtual money only.

Binary Today or anyone involved with Binary Today will not accept any liability for loss or damage as a result of reliance on the information including reviews, recommendations, charts, software, income reports and signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

10 Responses to Can You Trust Binary Options Account Managers?

  1. Gold says:

    please is there no fund manager still out there who are to be trusted?

  2. Steven McCarthy says:

    Thank you for the comments above. I was persuaded to deposit £2500 with BinaryBook. We made a total of £120 on Brexit day! So on the strength of that I was asked to increase my account to 3000 then after much discussion to £3500 so that the account manager could do ‘one more contract’. We seemed to have lots of good friendly discussion over many days and he gave me trades totalling £2500 for one or two month maturity dates (about 8 trades). He got the direction wrong on every single one so I now have £1212 in my account from £3500. What a disaster, though not nearly as bad as some of the nightmare stories I have read! I am trying to get it back but of course the new account manager (my 4th in 3 months) is trying to get me to put more in not close my account. Of course. So that they can take even more of my money. Binary options is too easy to get wrong with no stop loss and you can lose everything. Everywhere you look people seem to be saying do not trust account managers. They win either way, why should they care if we lose? Anyway I am having much more success with normal Forex trading and stop losses can be set very tightly so at least you can trade without losing the whole deposit.

    • John Kane says:

      Sorry to hear about this Steven, I hope that you can get those funds back. The best way is to trade for yourself, who knows who these people are.

  3. Sukhjinder Singh Saini says:

    I have managed account with Swissfxtrading UK based. I was new to this trading buisness and was unaware that this account has 180 days fixed term until I did put a withdrawal request. My account manager was encouraging me to deposit more time to time and assured me that I can withdraw in 2 weeks. Now I am struggling with the company to release me at least 20k. Could someone suggest me how to get my investment back. I did invest $28 K USD and my balance is over $60 k now which has $22 k of bonus. Still I got around 2 months to reach 180 days period .
    I am based in Australia.
    Many Thanks

    • John Kane says:

      Hi Sukhjinder, I wish you a lot of luck with your account manager. I’ve heard many stories like these and they generally don’t turn out very well unless you start to threaten them.

  4. Jason Payne says:

    I let Banc de Binary account managers trade my account, they lost 17 out of 20 trades in a total of 3 sessions, decimating my account. Their accounts recovery department convinced me to stick with them, then went against their stated conservative trading strategy and lost almost the rest in 10 straight losses. Its obvious when you’ve been scammed, unfortunately not until afterwards.

    • John Kane says:

      Sorry to hear this story Jason. Just another reason for traders to stay away from account managers and managed accounts. We can only trust ourselves in this market.

  5. Jim Kracht says:

    Do you have any experience with trade copying systems?

  6. mariana says:

    Thanks for share John ! YOU are always the best !

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