Banc De Binary Overview
|No. Of Assests :||80|
|Regulated :||CySec, FCA|
|Demo Account :||Yes|
|Minimum Deposit :||250|
|US Traders :||Not Accepted|
|Read Users Reviews|
Review Last Updated 2015-10-29 11:02:32
Editor’s Note – Why does Banc De Binary Suck in 50 Words? (My Opinion)
They offer an unlimited Demo account with $50K of virtual money in it. I know it doesn’t sound bad and you might be wondering if I mistakenly placed this under “Why it Sucks”. Well, here it is: they say you have to deposit the minimum amount of $250 in order for you to have access to the Demo account. Nothing wrong so far either; after all, they say “The $250 is still yours and you can easily withdraw it at any time” But… in the Terms and Conditions, they state that: “In the event where Clients wish to withdraw their balance without having traded on the platform will be subject to up to 7% handling fees which would be determined at the Company’s sole discretion.” So actually the free Demo is not so free after all…
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Why Banc De Binary Doesn’t Suck (My Opinion)
Their Website contains a lot more information about Binary Options than we are used to see from regular brokers. I don’t know what determined them to have two separate websites, but it think it’s a good idea to offer such a complex educational material. Keep in mind that when I say “complex”, I compare it to other mainstream brokers, not to real educational websites like… of course, BOTS.
Banc De Binary Review: VIPs Only?
Banc De Binary is one of the oldest brokers around, founded in 2008. The website is owned and operated by Banc De Binary Ltd., a company regulated by the Cyprus Securities and Exchange Commission under license number 188/13 (regulated since 07/01/2013). Their headquarters are located at 4, Profiti Ilia Street Kanika International Business Centre – Office 401 Germasogeia CY-4046 Limassol, Cyprus. Banc de Binary is also registered with the Financial Conduct Authority under number 596375 and with some other regulatory bodies from the respective countries they operate in.
The first feeling I got when I accessed their website was one of clutter: a lot of information squeezed together, a lot of linked content and an annoying “Live Support” pop-up that covers a big portion of my screen and stays constantly somewhere in the middle of the page. The thing is that I can find the Live Chat button on my own and I don’t need pop-ups for that. It may be just a personal preference, but I really don’t like pop-ups and I get instantly annoyed when I see one. Ok, once I managed to close it I took a look at their platform which is powered by Spot Option and this makes it easy to use and with enough features to keep both newbies and experienced traders happy. There’s no need to download any software and everything can be accessed online, a fact which is a characteristic of the Spot Option trading platform and numerous others. Their platform features a functional Option Builder, 60 seconds trading, One Touch and pretty good returns between 70% and 91% for In the Money Options. However, the 91% return is pretty rarely seen on the platform but I guess it’s good for marketing purposes. The average is around 72%, average for the industry. Banc De Binary does not offer a refund incase of OTM.
Banc De Binary offer differentiated accounts; in other words, the more you deposit the more benefits you will have. The low end account is called a Micro Silver and requires $250 initial deposit but it goes as high as $50K for a VIP “Lions Club” account. The benefits of a VIP account are good, but we’ve seen other brokers that offer those for standard accounts or for a smaller deposit. If your deposit exceeds $100K (huge, I know), you really get treated like a king: you will get a personal assistant to make your calls and book your appointments, order gifts online… and much more. Also, if you need guest list access or tickets to a sold out event, you can ask them for help. It all sounds worthy of a movie to be honest but if I come down to Earth, I realize that I don’t have $100K to invest in Binary Options… not even $50K and I bet that most traders are in the same situation. So to me, Banc De Binary is a company focused on the big rollers and the benefits they offer to regular traders are not really outstanding. To conclude, if you are a high roller who can invest tens or hundreds of thousands of dollars in Binary Options, maybe Banc De Binary is a good choice for you. Otherwise, I would look for a different broker, more suited to your needs and financial situation.
Is Banc de Binary a Scam?
From one hand, BBinary.eu is doing a step forward towards European regulation, BBinary.co.uk has gained FCA regulation, and other brands achieved CySec regulation. From the other hand, we heard from forexmagnates.com, one of the most respected Forex B2B websites, that banc de binary is having problem with the US authorities. According to global news press, BdB denied these claims and made it clear they are progressing into regulation in Europe. Who should we believe? It’s up to you. Many global companies receive tons of complaints, but I’ve never seen a broker that much controversial. Waiting on more updates.
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Banc de Binary Complaints
We at BinaryOptionsThatSuck.com always look for complaints, fraud alerts or possible scam by performing a simple search, which could also be done at home: just write the brokers name, in this case bbinary/ banc de binary or Bdb, then type scam, fraud, suck, complaints, etc. Search dipper into forums and reliable website and look for user’s comments. When we searched for bbinary, the search was simple.
When we search for comments regarding, banc de binary we found quite a few of them. Whether or not those comment, feedback and complaints all stem from frustrated traders, or actually hold merit, we can’t be sure of at this time. What we can tell you is to protect your money, and make a wise decision when choosing a broker.
Banc De Binary Bonus
For the minimum deposit ($250) the Bonus offered goes up to 50% and the wager is 20 times the Bonus + Deposited amount. These numbers are average for the industry and pretty normal, but for all other types of accounts, the Bonus is 100% which is huge and as you might know, our opinion is that a big bonus creates more problems than benefits. The main problem is of course the fact that you cannot withdraw until the required turnover is accomplished and the higher the bonus, the higher the trading volume needed until you can withdraw. However, the good thing is they don’t force the trader to accept the bonus.
Banc De Binary Withdrawal
The minimum withdrawal amount is $100, it will be processed by Banc De Binary usually in 2 working days but it will take additional time (depending on the withdrawal method you chose) until the money will be visible in your account. There are no fees charged by Banc De Binary but your bank or payment processing service may charge you according to their policy. Available withdrawal methods are Credit/Debit Cards, wire transfer, MoneyBookers and AlertPay.
Banc De Binary Extras
The fact that Banc De Binary has an additional website focused mainly on education material is definitely considered an Extra feature and makes them stand out from the crowd.
Banc De Binary Ratings
User Friendly 18/20
Their website is offered in 9 languages, the Spot Option 2.0 platform is known to be user friendly so everything looks good… except the clutter I mentioned earlier and the annoying pop-up which kept on appearing even though I closed it several times.
Number of assets and expiry times 15/20
Their basket of trading assets is composed of 40 stocks, 12 currency pairs, 8 commodities and 20 indices, enough for the regular trader but maybe some of you might not find the exact asset you are looking for. All the normal expiry times are available, including 60 seconds trading, One Touch and an Option Builder which lets you choose your own expiry.
Commissions, Support and Effective return 15/20
There are no fees to deposit but you will be charged a percentage of the account if you wish to withdraw before placing any trades. This percentage goes up to 7%. Banc De Binary doesn’t charge you for withdrawing but there will be some costs related to bank transfers or other withdrawal methods. Their customer support agents are pretty responsive and polite but there is room for improvement. The effective return goes as high as 91% according to them, but I have yet to see an asset which offers 91% profit. The average return is 72%, and some assets goes up to 82%. There’s no refund for OTM (at least we couldn’t locate any on most major assets).
Deposit, Payment and Bonus 16/20
The minimum deposit is $250 and can be made through Credit Card, Bank Wire, MoneyBookers or AlertPay. Payments coming from Banc De Binary to you will be made to the same source the money first came from (if you deposited via Credit Card, you will have to withdraw to the same Card). The bonus for a Micro Silver account (min deposit is between $250 and $2500 for this type of account) goes up to 50% and all other accounts come with a 100% Bonus. The trader can choose not to accept any bonus.
Website Extras 15/20
Their website extras are… an extra website focused towards educational material which is quite a good idea in my opinion but the access to that website must be easier.
Banc De Binary Ratings 79 + Regulated (+3) – *Low User Rating (-5) = 77/100
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*In case a broker receives a low user rating bots (X<50) our team deducts 5 points of the overall ratings.