We at the Fair Binary Options are always trying to keep our readers informed about latest scams, and since CySEC revoked EZTrader authorization, we are proud to say that once again we warned our customers on time.
In August 2013, we decided to remove EZTrader from the trusted broker’s list and blacklist them, since we could no longer stand behind broker who is involved into fraudulent activity. Their unethical business practices started to appear more and more often, and it was hard to believe that it could be an accident. In the beginning we were, as always, willing to give the broker a chance to say something, but it was more than clear that this is a scam. Our customers contacted us with their concerns about EZTrader and we managed to retrieve some of the funds for them. We had to blacklist the broker since their behavior was more and more suspicious and with malice afterthought.
Internet revolution of the 21st century takes most credit for the rise of the binary options trading industry. Only a few years ago, binary trading was something reserved for experts and specialist, and today everyone who is old enough can trade them from the comfort of their home or the palm of their hand. Binary options are attractive, simple, easy and usually come with the user-friendly interface. Th bad side of this is that there are many brokers whose malpractice can endanger traders, so we decided to found Fair Binary Options in order to help traders make good decisions.
From the very beginning, we had a great collaboration with many brokers. Most of them are still our trusted partners, but some of them turned out to be scams. We clearly blacklisted such brokers in order to keep our integrity but also to help our customers in making profitable trades with respected brokers.
In this scam case that took place in summer 2013, two customers contacted us claiming that EZTrader is refusing to pay out smaller sums of money. It was natural to presume that this is a small organizational error, and that money will soon find a way to their accounts. Following events proved we were all wrong as the broker ignored all attempts to contact them. Fortunately, we managed to resolve this case in the end and customers got their money back, but the question is would that happen without us intervening.
Since we are proud of our business, we blacklisted EZTrader as soon as we suspected that they favor malpractice. Fair Binary Options tries to do so every time there is a reasonable doubt someone is trying to scam traders, and this time was no different.
Not long ago Cyprus Securities and Exchange Commission revoked the authorization of EZTrader, but before it happened another trader asked for our help. He was scammed and lost $30,000 by doing business with this broker who broke many CySEC trading rules, one of them being that they are not allowed to trade in the name of the trader. According to provided documents, EZTrader made $1,00 trades without trader’s authorization and lost. Things get even worse after our disappointed trader tried to contact the broker. EZTrader made all sorts of naïve excuses in order to avoid the answer, and even tried to switch the trader to an “expert advisor” so that trader would have to deposit even more. This greedy approach is not only unprofessional but against every good business practice as well.
In this case neither the trader nor we managed to retrieve the money invested with this foul broker. The Trader lost large amount with EZTrader and to prevent this from happening again, we highly suggest not no trade with EZTrader. It is better to choose one of our trusted brokers, such as 24option, iq option and other brokers on our top brokers list.
We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!
Between 74-89 % of retail investor accounts lose money when trading CFDs