Let’s be honest –
Every binary options broker has their haters. You can’t step foot into a forum without tripping over one of their rants about making a deposit and losing their money, or how they got sold on making a high dollar trade and, total shocker, losing their money.
But I can’t believe the amount of muck I had to crawl through to get the information for this review. And simply to answer the question:
Should you join Banc De Binary?
I’ll share my thoughts here in just a second. But first, let’s cover some of the basics.
First things first – Banc De Binary is a public company on the Spot Option Exchange. They were founded in 2009.
Back then they accepted Americans – but nowadays they don’t. Americans cannot even access their website – and it’s no surprise as to why.
Back in 2013 they were barred from accepting US customers after being charged with several offences by the CFTC and SEC (watchdogs and regulatory agencies in the USA).
Per their Wikipedia page:
The company has been charged with several offences by the CFTC and SEC, and trading with US customers has been frozen following an injunction on 1 August 2013. Charges filed on 7 August in the US stated that Banc De Binary “may be criminally liable under the federal RICO statute”. Banc De Binary has refused to appear in court in the US for depositions.
Trading and offering financial services to US consumers without gaining a license first from US regulators is illegal, as it would mean the client would have no protection.
They are licensed with the Cyprus Securities and Exchange Commission (CySEC). They got this done in January 2013.
But even the CySEC has had to come after them. They fined them 10k Euros after they found Banc De Binary was withholding information from them.
It makes you wonder, doesn’t it? If these guys are willing to break laws, skip court appearances and withhold information, what are they willing to do to their customers?
I got some examples of what other users have said happened to them. I’ll show you a few in just a second.
Let’s cover all the finer details of trading here first in our Banc De Binary review.
- Bank Wire
Making a Deposit
First up, making a deposit. You can use these options:
- Wire Transfer
- Diner’s Club International
The minimum deposit is $250. It’s $1,000 for wire transfers.
When you make your deposit you’ll have the option to accept their deposit bonus.
The offer depends on how much you deposit. It looks like the min offer is a 50% match on deposits up to $5,000. This has a 20x rollover on the deposit and bonus.
It sounds like you can get a match offer up to 100%. I suggest talking to an account manager when they call (after you make your account) to find out how much you’d have to deposit to get that deal.
Trading Options & Features
Just the basic stuff here.
You can trade more than 200 assets in categories like commodities, stocks, indices and forex. This is a much larger selection compared to most brokers.
The min trade is $10 and the max is $8,000.
Banc De Binary offers different trading options and tools. These include:
- 60 Seconds
- One Touch (boundary)
- Pairs Trading
- Early Closures
- Expiry options include 15 min, 30 min, 60 min and 24 hours.
Their payouts are as high as 81 percent and up to 500 percent on the one touch platform. They offer up to 2 percent refunds and a 10% loss protection.
Last thing – they do have a ‘free’ demo account, but you need to deposit the min $250 first. The problem is if you decide you don’t care for their platform and choose to cash out without making a trade first, they will charge you up to 7 percent in fees.
So, it’s not actually free. (But these are.)
The Pros / Cons
Here is a rundown of the good and bad at Banc De Binary.
- They have 200+ assets you can trade.
- They have a large range of trading features and tools like early closures and 60 seconds.
- They have an in-depth education section.
- They have apps for Apple and Android.
- Earn as much as 500% on their one-touch platform.
- A 20x rollover is relatively low.
- To say they’ve had their issues would be an understatement.
- They don’t offer upgraded accounts or extra perks.
- They have TONS of complaints against them.
My biggest complaint is their free demo account. I get they have to recoup their money if you don’t make a trade, but they shouldn’t market the offer as free.
At the End of the Day
Pros & Cons
Do you sign up?
Meh. Yes it looks like it.
They have average ratings across the web. They have more than your fair share of scam complaints.
You could look past their history with the United States and the $10k fine with the CySEC. After all, even PokerStars had to pay millions in fines, but I bet that wouldn’t stop any American from playing there if they could.
But that’s not the only issue.
There are TONS of scam complaints about Banc De Binary dating back to before they got in trouble with the US Feds.
Most complaints are the same – people aren’t getting their funds back (although some of them are following a deposit and bonus situation) and some even claim ID theft/fraud.
In Forex Peace Army, this is what the last 10 threads say:
- Banc De Binary options are big time scammers
- Banc De Binary and credit card problems
- Banc De Binary, false pretence or promises
- Banc De Binary false information and lies
- Banc De Binary, super scam
- Banc De Binary
- Insured profits/Banc De Binary scam
- Banc De Binary deceitfulness
- Banc De Binary scam
- CFTC adds to it’s complaint against Banc De Binary
These are all from the middle of last year until now – those don’t include the updates or random posts that people make in other poster’s threads. I’ll be honest – with all this negative feedback and their issues with different agencies – I’m not so sure I would sign up here myself. There are plenty of other options who have better feedback and a near-spotless history.
That said, if you choose to join I suggest you be cautious, read their terms and don’t fall for their sales tactics. Know what you’re getting into and make a small ‘test’ deposit before committing a large piece of your bankroll.
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