A week ago, SpotOption.com, which provides the technology behind 90% of the online Binary Options Brokers that we know today, has announced that it would be halting the acceptance of US Clients.
In the last couple of months, several of the brokers we partner with that used to accept US clients, such as Big Option, and Titan Trade, informed us they were closing their intake of Binary Options clients from the USA. Latest to join this list include popular binary brokers, Cherry Trade and Goptions. I’m sure there are many other affected brokers that we are not aware of.
While no explanation was given by SpotOption, several of the broker account managers I regularly connect with speculated that this would happen sooner or later, given that most of the credit-card chargebacks originate from customers in the USA.
What Chargebacks Have To Do With It?
Unscrupulous clients deposit in a binary account, lose money, and request a chargeback from their bank, citing that it’s an unauthorised deduction, or some other reason. This is precisely why Binary Option companies make you and me sign charge authorisation forms, every time we fund via credit card.
From my previous experience in e-Commerce business, Credit card processors have a threshold of permissible chargebacks. Typically this ranges from 1.5-2.5% of all transactions. Exceeding the threshold, the processors either penalise the vendor with higher fees per transaction, or in some cases, discontinue their payment facility completely.
With regard to the coincidence that Spotoption-based brokers simultaneously limiting their US client intake, I can only guess that it’s because they were all setup on the same payment gateways or payment processors which unanimously decided not to accept US credit cards.
Binary Brokers Still Accepting US Clients
At Binary Lab we’re STILL giving away free memberships to those who open their binary broker accounts through us. Binary Lab members receive free access to Daily LIVE Trading Webinars, Skype and Facebook communities that allows members to interact, share ideas, and empower each other with their trading results. You can gain a free membership by using the application form on this Free Binary Lab Membership with Broker Deposit, and selecting a US-accepting broker from the drop-down list. We’re currently working on rapidly expanding the list of available binary options brokers accepting US clients. The ones available now are listed as follows:
If you’re already with The Binary Lab, or just looking to open an account with these brokers you may click the banners below. Because these links are coded, when speaking to their customer service representatives, remind them that you came via the Binary Lab to enjoy reduced deposit bonus trading requirements, and additional risk-free trades.
See you on the inside, click Join the Binary Lab to get started trading with The Binary Lab now!
Founder, The Binary Lab.