Banc de Binary Review – Scam or Legit?
A lot of scam recently came out from the Binary Options market. In truth, we do not trade Binary because we feel that it’s next to impossible to stay consistent with Binary trading. Of course, some traders might not agree with us, but it’s in our opinion and experience that Binary Options do not work (for us at least). So in this Banc De Binary Review, we will cover one of the largest, if not the largest, Binary Options broker around.
Banc De Binary is a binary options broker specializing in short term and long term binary options contracts. Banc De Binary or BDB for short focuses on the ‘simplicity pays’ theme. Traders at Banc De Binary can access a wide range of markets across currencies, stocks, indices and commodities trading. Banc De Binary is registered as Cyprus Investment Firm or CIF and is regulated by Cyprus Financial Regulator, CySec. The company was formerly known as BO systems limited and BDB services limited. BDB was established in 2009 and makes use of the Spotoption trading platform for binary options. Currently, traders from across the world can open an account and trade binary options with Banc De Binary, the exception being residents from US and Australia.
Banc De Binary Review – Trading Platform Features
The Spotoption trading platform is relatively well known among the binary options trading community. But for complete beginners it shouldn’t take too long to ride the learning curve. You can switch between the various markets and the options contracts with relative ease. There are no downloads required to trade binary options with Banc de binary.
Dedicated mobile trading apps are also available for both Android and iOS mobile phones, which can be downloaded free of cost. The mobile trading apps are fully functional allowing you to trade on the go with ease.
Banc De Binary Review – Binary Options Contracts
At Banc De Binary, you can trade the following types of binary options contracts:
60-Second expiring contracts: The fast paced binary options trading are available on select instruments. Traders can choose from as little as 30 second expiry to as far out as 300 second expiry times. Payouts range from 65% – 70% for the short term expiring contracts.
Long term contracts: The long term contracts are available which include end of end, end of week, end of month and as far out as 1-year expiring contracts. The payouts for the long term binary options average between 65% – 75% depending on the market that you are trading.
Pairs trading: Pairs trading is limited to Gold/Silver only and comes with hourly expiring contracts or until end of business day. Payout for trading pairs is 74%.
Binary options: The regular binary options which is the most popular allows you trade hourly expiring contracts and you can trade as far out as end of day. Depending on the market and the expiry time that you choose, payouts can go as high as up to 81%.
Banc De Binary offers a wide choice of markets to trade with including some of the most popular global indices and select commodities such as Platinum, Gold, Silver, Sugar and Wheat to name a few.
Banc De Binary Review – Account Types
At Banc De Binary, depending on your initial deposit, you can choose between Bronze, Silver or Gold account types. Each of these account levels comes with its own pros and cons. The Bronze or the basic account level can be opened with $250 in first deposit. The account enables you access to 190 instruments to trade including market research and webinars hosted by Banc De Binary. The Silver account type requires a minimum deposit of $2500 and gives you additional benefits of having a direct phone line to the account manager for 10 days and 1 month trading signals from TradingCentral.com
The Gold account type is available for traders who deposit $5000 or more. In addition to the benefits of Silver account, Gold account holders also get bonus protected trades and private coaching lessons with an analyst. Bonuses are restricted to Gold account holders only.
Banc De Binary also offers premium accounts for deposits of $10,000 and more. The premium account enables you access to faster withdrawals and premier trade room.
Accounts can be opened in USD, EUR and GBP currencies. A minimum deposit of $250 is required while for withdrawing funds a minimum of $50 is required. Banking (deposits and withdrawals) can be done using eWallets such as Skrill, iDeal and credit cards including Visa/Mastercard/DinersClub/Amex and of course bank wires.
Banc De Binary Review– Conclusion
In conclusion, Banc De Binary looks like a relatively safe binary options broker to trade with. The company has been in business for quite a while and the fact that they have been regulated by CySec adds a layer of credibility. The simplistic approach definitely works and unlike other brokers there aren’t too many choices that could end up confusing the trader. On the other hand, Banc De Binary offers a wide choice of trading instruments thus allowing traders with different preferences to feel comfortable, trading at Banc De Binary.
However, be warned that there are plenty of complaints against Banc De Binary. In fact, while it looks good from the outside, we personally feel that it’s best to stay away because there has been way too many complains on withdrawal difficulty.
We digged deep into the internet and found a series of events that might sway your decision on trading with Banc De Binary.
Here are some that might set off some alarm bells…
SEC’s Pause List – Click here to Verify
Commodity Futures Trading Commission charges against Banc De Binary. Read more here…
More charges by the Commodity Futures Trading Commission against Banc de Binary. Read more here…
Australian Securities and Investment Commission listed Banc De Binary as a possible scam and advises the general public not to trade with Banc De Binary. Read more here…
Cyrus Securities and Exchange Commission fined Banc De Binary for Euro 350,000 for wrongdoing. Read More Here…
Well, with so many different cases against Banc De Binary by various authorities, you probably might be better off looking for a broker that has a better reputation. If you are looking for a broker that’s fair and reliable, then perhaps you should look at the broker we personally use. Click here to learn more….
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