Is Banc de Binary a Scam ¦ Regulated Broker South Africa

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Banc De Binary

Banc de Binary have closed and are no longer trading. This broker is no longer accepting new customers.

The sales method known as “upselling” has ultimately damaged their reputation and business. Brokers operating similar models will hopefully take heed and provide higher levels of customer service in order to run sustainable operations.

Return to the broker comparison table to search for an alternative broker.

Banc de binary ‘eu’ are one of the largest binary options brokers in the world. Their global brand name is what sets them apart from other rival trading brokers. They provide binary options in 180+ assets in over 30 countries. They cater for traders in more than 80 different countries around the world. Their mission statement is “simplicity pays“, and that tagline is central to the business.

Reviews

Banc de binary still pride themselves on their customer service, despite their growth since 2008. From one to one tuition to video tutorials and e-books, Banc de binary offer as much help as a trader requests. Complaints about the firm however, stem from account managers who encourage large deposits, and often over trade, or suggest clients to. As ever in binary options, it is always best to trade yourself. Never let anyone trade on your behalf.

Here are some of the other key details;

  • Demo Account – No
  • Bonus details – Up to 100%.
  • Minimum Deposit – $250
  • Minimum trade – $1
  • Signals service – Yes. This forms part of Silver or Gold account packages.
  • Mobile App – Yes. Android and iOS.

Trading platform

The Banc de Binary platform offers a fast, user-friendly method of trading options. Spot Option backed, the trading area delivers clear layout, all the key data can be easily found.
The top of the trading platform is where traders can select the asset, the expiry time they wish ti use, and the size of their trade. Updating these will change the price graph, and trading buttons with the up to date data for that asset and expiry. Changing the trade amount updates the ‘projected payout’ figure too.

Under the trade selection bar is the main price graph. This can be changed to reflect different time periods, with options of 30 minutes up to 12 hours offered. To the right are the trading buttons and key trade details. The current price, and payout, the expiry countdown and the call and put buttons (clearly marked). The trading area is very intuitive. The final feature is a trader sentiment bar

The trading platform provides a clean, organised area.

Who regulates Banc de Binary?

Banc de Binary are regulated by CySEC (License 188/13). They are also registered with a number of other organisation including the AML in France and the FCA in the UK. They are not regulated by those bodies however, merely registered with them, which is not the same thing. Any trader disputes would need to be taken up with CySec.

Trading range

The firm offer a good selection of binary option types.

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  • Binary Options – The traditional Up/Down options. Will the asset rise in value, or fall?
  • 60 Seconds – The 60 second options work in the same way as a standard binary option, but the expiry times are very short – 60 seconds or less.
  • Pairs – Which of two assets will rise in value most? The pairs of assets will generally be in the same asset category, for example Google versus Amazon, or Gold versus silver.
  • Long term – Long term options follow the same principals as standard binary options – but the expiry periods are over long time frames. Anything over ‘end of day’ expiries are classed as long term.

The assets lists are very big, and it is a clear strength of being a global brand. They also command a large share of trading volume, which means their large asset list is also available to trade. Some smaller brokers may list certain assets, but then not be able to open them due to a lack of volume

Complaints

When Banc de Binary generate complaints, it generally revolves around the practice of ‘upselling’. This is where an account manager from the firm, will contact a client and offer them advice. This advice can often lead to large deposits, and pressure on the client to trade beyond their means. It very rarely ends up profitable for the trader – much the opposite.

The brand offer a good trading platform and educational materials, but traders must beware of any account managers and ensure they take responsibility for their own trading. Never let anyone else trade on your behalf. As an ‘over the counter’ broker, there is a clear conflict of interest where anyone from the firm offers to trade for you.

Mobile

Banc de binary offer a free mobile trading app. Delivering full access to all areas of the full website, so traders can trade on the move and ensure no trading opportunities are missed.

The app is available on iOS (iPhone and iPad) and android. The trading area appears more or less the same as it does on the web based platform.

Live charts are also available via the mobile app, designed thoughtfully for smartphones and tablets. A responsive design means the charts display well regardless of the device used. Account management features are also available on the app.

The mobile app delivers a great user experience and is fully functional.

Payout Percentages

Returns are 86% on most options. Payouts will vary depending on the asset and the expiry time of the trade. The percentage may also move depending on trade volume. The returns on the more popular assets are good compared to their rivals. Payout comparison can sometimes prove difficult, but BdB do pay a fairly consistent level across all assets.

Withdrawals

Deposits at Banc de Binary are secure and robust. There is a deposit option on the right of the login area, visible once a user logs in. Once confirmed, deposits are available to trade immediately. There are a variety of deposit methods to choose from – credit card, bank wire transfer (international or domestic) and Skrill. Any withdrawals are generally returned via the same route that a deposit was made. This is a common policy throughout binary options brokers, and is a measure against laundering.

Withdrawals can be made anytime, but there is a minimum withdrawal figure of $50. The broker will always require some proof of identity before authorising any withdrawal, again this policy is fairly common with binary firms. These delays are sometimes the cause for disputes, so proof of ID is best sorted out as quickly as possible after opening an account.

Withdrawal authorisation will require;

  • A form of photo ID (driving license for example),
  • A recent utility bill.

Both documents will need to show the address of the trader. Once received, withdrawals will then become. When using a credit card to deposit funds, Banc de Binary need an image of the card (both sides). These steps are required by the regulator in order to protect traders, and to ensure their funds are separated and protected.

Withdrawals should be sent out in 5 working days. There is no charge or fee for any withdrawals. ‘Pending’ status withdrawals can also be cancelled, this is useful if funds are needed for trading again.

Account Benefits

Banc de Binary delivers these additional features and benefits:

  • International reach – Banc de Binary offers trading to over 100 countries, and lists assets from over 30.
  • 24/7 trading – Where markets are open, the trading platform will be open.
  • Loyalty rewards – The firm offer a number of loyalty rewards to regular traders after sign up.
  • Account Types – There are four levels of login account; Bronze, Silver, Gold and Lion Premium. Each level offers further benefits including gifts, trading alerts and private sessions with analysts.

How do they make money?

Banc de Binary offer ‘Over the counter’ binary options, and are the counter party to each trade. If they have traders on each side of any trade, they will profit regardless of the outcome due to the payout being less than 100% to the winner. Where the trade is not covered on both sides, BdB will effectively only profit when the trade loses.

Banc de Binary demo account?

At present Banc de Binary do not currently offer a demo account. They are one of only a few major brokers who do not offer such a service, so we hope they will reconsider this policy soon.

Are Banc de Binary a Scam?

While the brand is not a scam, the process of ‘upselling’ has damaged their reputation. This is where account managers contact clients in order to encourage larger deposits and more trades. This advice is generally not in the best interest of the trader.

This type of behaviour is rare, but traders should be aware of the risk, so that should they receive such a call, they can say “No thanks”.

The withdrawals and trading platform both generate very few complaints, so if the firm were able to stop this practise of upselling, their reputation could be restored.

Banc de Binary Review

Banc de Binary have ceased all operations. Please visit our recommended brokers page.

Bbinary.com Binary Broker Review

Banc De Binary is one of the few binary options brokers with FSA regulation January 2020 and gave up the US satellite office. This makes them one of the former favorite US binary options brokers. They are known for their excellent customer service and positive reputation in the binary options trading community. We searched for complaints and while we did find our fair share, there was always a resolution and bbinary has maintained a positive reputation.

  • Official Website: www.bancdebinary.com
  • Headquarters: Cyprus
  • Phone Number: 800-656-6163
  • Email Address: [email protected]
  • Jan 20th, 2020 – BDB stops accepting new US traders as they are now regulated by CYSEC and are working with the CFTC. (reached a 400,000 trader milestone in late August, 2020. Received CYSEC Regulation 1/2020. One of 1st regulated brokers, leading to the CFTC Suing them back in 2020.
  • Trading Platform Used: SpotOption
  • Above average returns
  • Customer support is excellent
  • High value traders call Banc De Binary their binary options home

Is Banc de Binary a scam?

The short answer to that question is no. Banc De Binary is not a scam site. They are an industry leader and are leading the charge for out and out full regulation by CYSEC, the Cyprus Securities and Exchange commission. You can feel comfortable making deposits at Bbinary and know that the trades there are legit. We do warn you to be cautious of accepting a bonus offer. Accepting a bonus offer makings withdrawing your money quite challenging. You have to meet a series of terms and conditions in order to withdraw if you accept a bonus. If you refuse the bonus you can deposit and withdraw as you need.

Banc De Binary Home Page – Sign Up Here

Simple, Easy To Use

What do people think is a scam about Banc De Binary? What makes people think that they are not legit?

So we take a look at what some of the traders have been complaining about. A “minor” complaint in our eyes are the people griping that they can’t get their withdrawal done when they want to. Upon further explanations most admitted that they didn’t have the appropriate paperwork on file to start the process.

A more experienced trader offered up these tips which we agree with and feel that if you followed them you’d have success withdrawing as well.

Steps To Get Your Account Set Up With BancDeBinary.com

The best way to not experience withdrawal issues with any broker is to do the following:

1) Register with the broker. Wait until you complete the steps below to deposit)
2) Send your government ID, electricity bill, and credit card info (Blocking first 12digits and the 3 digit code in the end)
3) Request for a “Approved for Deposit & Withdrawal confirmation” from your account manager.
Ask her or him to email you with the above statement.
4) Deposit your amount after you receive your email confirmation
5) Withdraw without any problems in the future.

That being said we move onto the second complaint. Slightly more major in our minds yet a solution has to be out there. (I just haven’t found it yet.) Complaints of spreads being different. Some people offered up advise of taking a screenshot and presenting it to bbinary.com if you feel you’ve been cheated. Others suggested watching for spreads that are tolerable. It seems to happen frequently but if its a small spread it is easier to deal with.

Side note: A spread is the difference in price between your charts and the price they offer. Remember, when you are making the trade they offer you the trade at their terms and you can take it or not. It’s transparent even if there is a difference in price between your charts and their offer.

Cherry stepped in and gave a bit of insight on the spreads matter as well as her comments to the Banc de Binary Customer Service. You can read the full forum discussion here. It’s important to understand that these are seasoned traders sharing their long term opinion on where to trade.

Deposit Information

  • Minimum Deposit: $250
  • Deposit Methods: Credit Card, Electronic Payment, Wire Transfer
  • Credit Cards Accepted: Visa, Mastercard, Maestro, Amex, Diner’s Club International
  • Electronic Payments Accepted: MoneyBookers
  • Minimum of $1000USD for Wire Transfer

Bonus Information

Banc de Binary has up to a 100% sign up bonus with a standard account. For the nitty gritty details you’ll want to head over to bancdebinary.com now as depending on the amount you plan to invest will determine the different maximum bonus offer they will give you. Be sure you understand the terms and conditions of accepting a bonus before doing so.

Types of Options Information

  • Types of Options: High/Low
  • Expiry Times Available: 60 Seconds, Hourly
  • High/Low Payout Percentage: 72-90%

Assets Available to Trade

Commodities

  • Oil (Brent Crude)
  • Gold
  • Silver
  • Platinum
  • Sugar
  • Wheat
  • Corn Coffee

Currencies

Stocks

  • Amazon
  • Apple
  • Barclays
  • BIDU
  • BNP Paribas
  • BP
  • British American T
  • Coca Cola
  • Danone SA
  • Fiat
  • France Telecom
  • Gazprom
  • Goldman Sachs
  • Google
  • HSBC Holdings
  • IBM
  • Leumi
  • Petrobras
  • S.Bank India
  • Sberbank
  • Tata Motors
  • Teva.ta
  • Total
  • Toyota
  • Unilever
  • Vivendi Sa
  • Deutche Telecom
  • Louis Vuitton
  • Publicis Groupe
  • Sab Miller
  • Tesco
  • Vodafone
  • UBS
  • Rio Tinto
  • Aig
  • Citi Group
  • Disney
  • JP Morgan Chase
  • Pfizer

Indices

  • ASX
  • Bombay SE
  • Bovespa-F
  • CAC
  • DAX
  • DOW
  • Dubai
  • FTSE 100
  • Hang Seng
  • Ibex
  • Micex10
  • Nasdaq
  • Nasdaq Futures
  • Nikkei 225
  • S&P 500
  • SSE180
  • Straits Times
  • Tadwul
  • Tel Aviv 25
  • Topix

Binary options trading in South Africa

We cannot deny the fact that some traders – especially those, who are not so familiar with all the specifications as to this financial field – believe that South Africa is yet quite undeveloped and backward, so binary option South Africa market is not a thing to discuss at all. Indeed, when someone hears anything of Africa in general, the first thought and impression is the low level of advancing and experience. However, the binary option South Africa area does not refer to this conclusion at all. On the contrary, there is a quite huge chance for you to discover fantastic brokers for trading with binaries and located in South Africa. They do worth it and it could be a shame for you not to know the main features of this significant part of the overall global financial trading space.

Is There Any Regulation Program To Rely on, When It Comes To Binary Option South Africa Trading?

Only few years are there was no official authority or independent agency that covered the binary option South Africa field. This made many traders to claim and believe that financial services providers in this region are not trustworthy at all. Moreover – a big part from the binary trading community has the opinion that binary option South Africa brokers were illegal. At some point, they were right, because several years ago there was no regulation body in the country at all. However, lots of the local brokers were completely legal – with an official license and with the right to operate on the market. As to the regulation lack, traders preferred to use those binary option South Africa brokers that are offshore, which means they are either owned by companies from other countries, or they simply are foreign trading platforms, which, though, accepted South Africa-based traders. However, things have changed quite fast for binary option South Africa platforms. And currently, they are well regulated and very similar to the rest of the global top rated binary brokers like Binary Robot 365 for example.

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What Are The Regulation Bodies for Binary Option South Africa Websites?

Today, we can point several controlling and observing agencies that cover both – the financial services providers in the country, as well the binary option South Africa brokers specifically. Check out them and learn the basic information about their job and tasks to perform.

Financial Services Board

The FSB – the Financial Services Board is a typical government agency for official and proper regulator of the entire financial services industry in South Africa and of the binary option brokers. Be aware that this agency does not have any independent functions or priorities the way most of the world`s popular financial regulation bodies have. Moreover – the Financial Services Board is oriented to all kinds of procedures, financial structures and binary option participants (including the South African Brokers) in South Africa with one single exception – the banking organizations and services. The Financial Services Board regulates the binary option market entirely in public interest by keeping an eye on the regulation of the largest stock exchange market in Africa, too.
This market is known as Johannesburg Stock Exchange and many binary traders adjust their strategies due to the processes that happen in its sphere. Financial Services Board have lots of responsibilities and duties and the main ones among them are security of capital markets, Financial Services Provide controlling, insurance, collecting investment schemes and etc. However, the main work, which involves the South African Brokers,that the Financial Services Board does is to secure and arrange the work of one of its agencies. This agency is entirely oriented to control the binary option trading in South Africa.

Financial Advisory and Intermediary Services

The Financial Advisory and Intermediary Services Agency – known with the abbreviation of FAIS Division – has the task to secure the Financial Service Provides as part of the main FSB regulation body. To keep safe its faultless and smooth work, FAIS has acquired several basic departments with particular fields to operate in – Registration (of the South African binary option brokers), Supervision of the entire field for trading with binaries, Compliances by binary option traders, as well as helping the binary option South Africa websites to operate on the market as competent brokers of the global market.
When you look for a decent and cool binary option South Africa broker, it is essential for you to pay attention at the regulation, but never forget to see if the main pros and benefits of a standard platform – regardless its origin – must have. Such features are good customer support services, interesting bonus systems, great choice for account type to open and etc!

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    The Best Binary Broker 2020!
    Perfect For Beginners!
    Free Trading Education!
    Free Demo Account!
    Get Your Sign-up Bonus Now!

  • Binomo
    Binomo

    Good Broker For Experienced Traders!

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