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NON Affiliate Bank De Binary Review - Important Facts about Banc De Binary You Must be Aware of Before Opening an Account with this Binary Options Broker
We are Not affiliated with Banc De Binary or any of it's websites.
Banc De Binary at first seems to be one of the more professional yet simple and easy to use binary options brokers out there their website slogan indicates... "Simplicity Pays". The company says it obtained its foundation in the Forex and Stock markets. The founders claim they have 100 years of experience in the markets, which leads you to think that you are in good hands for trading binary options with Banc De Binary (BBinary)
Banc De Binary, formerly known as BO Systems Limited and also known as BDB Services Limited and ET Binary Options Ltd., is an Israeli Cypriot based company that specializes in binary options trading on various assets such as commodities, stocks, indices, as well as foreign currencies. The company operates several online trading sites that allow customers to buy or sell binary options and profit from "predicting" whether the price of a certain asset will be be higher or lower within a specific amount of time (for example 60 seconds).
The company has recently been charged with several offenses by the CTFC and SEC, and trading with US customers has been frozen following an injunction on 1 August 2013. Within the European Union, the company is regulated by the Cyprus Securities and Exchange Commission (CySEC). Elsewhere it does business through BDB Trading, a separately incorporated company.
Banc de Binary did claim to have an office in New York City inside of Trump Towers, but this was in fact a virtual office space without significant physical presence. Trading and offering financial services to US consumers without obtaining a license from US regulators first is illegal, as it would mean the client would have no protection.
The company also claims on its site at its UK Companies House report to have an office at 1 King Street, EC2, in the City of London, but similar to its New York City address this is also a virtual office. Banc de Binary's UK Companies House report says that they're based in Cyprus.
On 30 July 2013 the SEC obtained a preliminary injunction from U.S. District Court for the District of Nevada to prevent and freeze any further trading with US customers. Binary Options trading IS legal in the US, but only if done through a properly registered and regulated exchanges such as NADEX.
Both the CTFC and SEC working in conjunction with one another filed civil suits against the company, seeking disgorgement, financial penalties and other preliminary and permanent injunctions against the company.
In civil suits filed in Nevada, the SEC and CTFC allege that the company was offering off-exchange traded options to US customers and unlawfully solicited US customers to buy and sell options. The CTFC and SEC's suit also alleges that it did not limit its offerings to eligible contract participants, contrary to US regulations; a fully regulated broker would complete credit checks on customers to ensure that those with low finances did not trade with them.
Amongst the allegations made by the SEC is that Banc de Binary induced people with limited funds, including one unemployed person with less than $1000, to open accounts. In response to the US charges the company put out a statement that made no mention of its legal problems, but instead incorrectly implied that they were in negotiations and that they had voluntarily left the US market, when in fact the SEC had taken an injunction out to stop them: In a statement posted on the Banc De Binary Web site (https://bancdebinary.com), the company states that...
"Banc De Binary is voluntarily discontinuing its operations in the United States. The United States Commodity Futures Trading Commission and Securities and Exchange Commission have asserted that Banc De Binary is not permitted to offer its binary option products to U.S. residents without registering with those agencies. "
Bank De Binary Website Statement
Banc De Binary Advantages
Besides their main website (bbinary.eu), they also have another one (bancdebinary.com) which contains a lot more information about Binary Options than we are used to see from many other brokers. I don’t know what determined them to have two separate main websites (there are actually more websites - see below), but it looks like a good idea to offer educational material for binary option traders.
Banc De Binary Disadvantages
Banc De Binary offers a binary options demo account with $50.000 of virtual funds. Even though this does not sound bad it's still a disadvantage. In order to access the Demo account you have to make a minimum deposit of $250. They say "The $250 is still yours and you can easily withdraw these funds any time" But… if you take a closer look at the Terms and Conditions you'll also find the following: "In the event where Clients wish to withdraw their balance without having actively traded on the platform will be subject to up to 7% handling fees which would be determined at the Banc De Binary's sole discretion." So this is not really a "Free Demo Account" unless you are planning on trading with real money.
The following websites (and perhaps other domains) were/ are registered in Banc De Binary's company's name*:
*List from October 2013
Banc De Binary uses SpotOption as their online trading platform, which is an intuitive and easy to understand binary options trading platform. They different trading types including High/Low, Long-Term, One-Touch, 60 Seconds, Option Builder, BinaryMeta, and Pairs. There are tabs at the top of the trading platform user interface so you can quickly switch between the different trading types.
Once you select the type of trade, you can easily see all the different assets available. Which may vary fromtime to time. When you select an asset, you’ll see related information including the assets market price, the expiration time as well as the payout. You can start trading with just 1 click on your mouse. Just enter the amount you want to invest (amount to RISK should be the right word), and click CALL if you believe the price of the selected asset will increase or PUT if you believe the price of the asset is going to decrease.
Banc De Binary (like most binary options brokers) makes it easy for you to start trading binary options... perhaps too easy?
When I went to their website I had the impression that the site should be more organized. A lot of content that was all mashed together, a lot of linked information as well as distracting "Live Chat Support" pop-up windows. You don't have to download their trading platform. The Banc De Binary trading platform can simply be accessed via online login. Their binary options trading platform offers a built in Option Builder as well as 60 seconds trading.
Banc De Binary offers different types of "benefits" depending on the account size; in other words, a larger deposit will give you more benefits. The lower end account is a so called "Micro Silver" account and requires an initial deposit of $250. The initial deposit for a VIP "Lions Club" trading account is $50.000. The benefits of a VIP account are intersting, but I've seen other brokers that offer the same benfits on standard accounts or even for a smaller deposit. If you deposit more than $100.000, you will also get access to a personal account assistant. Banc De Binary is focused on larger trading accounts and the benefits they offer to smaller account size are average at best. To conclude, if you are a trader who can invest a lot of money in Binary Options trading, Banc De Binary might be a good choice. Otherwise, I would consider a different broker.
Is Banc de Binary a Scam?
Lately we’ve been hearing very mixed news but at least BBinary.eu is doing a step forward towards European regulation, or CySec regulation.
You should always look for complaints, possible fraud or scam warnings by performing a simple internet search. Enter the brokers name, in this case bbinary or other variations, and add words like scam, fraud, complaint or others to your search. You should also look at forums and reliable websites and take a close look for user comments.
For the minimum deposit of $250 the Bonus offered goes up to 50% and the wager is 20 times. These numbers are average for this industry and considered "normal", but for all other types of accounts, the Bonus they offer is 100% and that's "huge". Im my opinion a 100% bonus creates more problems than it delivers actual benefits. The main problem the fact that you cannot withdraw until the required turnover is accomplished and the more high the bonus is, the more high your trading volume needs to be before you can actually withdraw your funds. However, on the positive side...they don’t force you to accept their bonuses.
Officially the minimum withdrawal amount is $100, it is processed by Banc De Binary usually within two regular working days but it might take additional time (depending on the withdrawal method) until the funds will be available in your account. Banc De Binary doesn't charge fees for withdrawels.
In reality many clients complain about banc de binary withdrawel problems.
Here is an example:
Banc De Binary is a complete Scam. They lure traders in with false, misleading facts and even make false promises. I have been a victim of this scam... I showed some interest in Banc de Binary and then Ross... got in touch with me. He explained how their site works and all the information I needed to invest. He then told me that he only deals with Clients with a balance of $10.000 or up. I told him that as I am a student, I can not put more than $2500.... He told me they can double this by providing me with a bonus of an additional $2.5K. After I read the instructions I asked Ross about the trading limit (as i would have to trade equivalent to 100k to withdraw my funds). He said that it was easy to trade that much and that I am on a trial and that I can actually withdraw my funds anytime as long as I don't make trades in my live account...
After a couple of days, Robert... told me that my withdrawel request was refused. I also mentioned that Ross told me I could withdraw my funds at any time as long as I don't make trade on my live accounts (I made trades on my Demo trading account). I told him that I am not available when Ross is giving signals and it is just not working for me. He said that whatever Ross said earlier does not apply anymore because I was talking to him now. That was a surprise to me as they can't tell me one thing and then say something else. I have an email from Ross saying that I am on a trial acccount and that can withdraw my funds anytime. How can they disregard that?
Keep your money where it is safe and do not invest/trade on the Banc De Binary trading platform. 
Read this TradeRush Review
U.S. Government Required Disclaimer - Commodity Futures Trading Commission. Trading financial instruments of any kind including options, futures and securities have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the options, futures and stock markets. Don't trade with money you can't afford to lose. This training website is neither a solicitation nor an offer to Buy/Sell options, futures or securities. No representation is being made that any information you receive will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Please use common sense. This site and all contents are for educational and research purposes only. Please get the advice of a competent financial advisor before investing your money in any financial instrument.
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