Banc de Binary(bbinary.com) Issue

FXCobra

Banned for uncivilized conduct
Messages
337
Let's not fight for credit. We're not writing journal articles that require citations. :D

Let's focus on the issue of just what the hell is going on with Banc de Binary.
For me, it was never anything related to giving or taking credibility, no problem with that, expressed my opinion about things that happened with me. That's all the story.

We all know what's the hell going with Banc de Binary, we do not need to probe it a Scam, it already proved itself, many people had already gave negative opinions, to last was 'richo17'

We just have to stick the Scam Status to it and warn people not to deal with Banc de Binary Scam
 

Pharaoh

Colonel
Messages
19,691
The best way to do that would be for people who can't make withdrawals to file Traders Court cases.
 

Boko Maru

Sergeant
Messages
250
I'm having problems with Banc de Binary and want to sound a warning to anyone thinking of putting money into this company.
I've been trying to withdraw funds for over a week now and they put me trrough a repeated verification process with dragged out for days as they kept asking me for the same documents already sent.
Eventually I got verified, but now the withdrawal page on their site is not operable. When I try to withdraw it just shows me my history.
I sent a complaint to their accounts dept. drawing their attention to the withdrawal page not working but have hsd no reply in 24 hours.
I've also had a text conversation with their online support who eventually gave up and told me to contact Support.
I would suggest caution to anyone considering putting funds in as they seem to stalling on the withdrawals and may be in trouble.:mad:
I don't think the situation is they "may be in trouble." This thing has scam written all over it and has probably been that way from the start. Legitimate businesses (of any kind) are not run this way, period. I hope you get your money though.
 

SpecialAgent

Recruit
Messages
2
Easy frauds to spot

I don't think the situation is they "may be in trouble." This thing has scam written all over it and has probably been that way from the start. Legitimate businesses (of any kind) are not run this way, period. I hope you get your money though.
What is noticeable on their site is, they use the Verisign logo that does not actually work. This is illegal.

Next, they never mention where they are incorporated and if you have any office in NYC, you MUST be registered with the city, that's the law...NO EXCEPTIONS in NYC.

Next, their domain is hidden by proxy, no real information and if you are such a corporation as this, your domain must show.

Last, contact your states attorney general to get the ball rolling on these people, that's how it works! Good luck.
 

SpecialAgent

Recruit
Messages
2
Here is a transcript of a conversation with this imaginary company, Banc De Binary. Notice how they avoided all my questions. I have access to every single registration in the US and Europe and beyond including their registration to the CYSEC. No such people exist. Not even an application on file. Here's the deal everyone...with no registration, WHY on earth would you even deal with someone or others who do not even exist yet?

Welcome to Banc De Binary! Customer Support Representative will be with you shortly. You are number 1 in the queue. Your wait time will be approximately 0 minute(s) and 7 seconds. Thank you for waiting.

You are now chatting with 'Rachel Knight'.

Rachel Knight: Welcome to Banc De Binary (Binary Options | Trade Binary Options Online - Banc De Binary). How may I assist you?

tekgman@: Yes, thank you for taking my chat...will you tell me which US state you are incorporated in?

Rachel Knight: we are located in NY

tekgman@: I said, registered

Rachel Knight: we are currently undergoing regulation with the CYSEC

tekgman@: what state, please?

tekgman@: it's a simple question

tekgman@: DBA?

Rachel Knight: Cyprus, it is not a state

Rachel Knight: Cyprus securities and exchange commission

tekgman@: Hmmm, I don't see you registered in Cyprus

tekgman@: what name are you registered under in Cyprus?

Rachel Knight: we are currently under going regulation and should be by next week

tekgman@: Again, what name?

Rachel Knight: the CYSEC

tekgman@: You are avoiding my question, why?

tekgman@: What name are you registered under or going to register under or have registered under in Cyprus?

Rachel Knight: Banc De Binary

Rachel Knight: that is our name

Rachel Knight: and we should be regulated by next week with the CYSEC

tekgman@: It is not registered in Cyprus.

tekgman@: not even an application

Rachel Knight: if you have further questions, please feel free to send an email to: legal@bbinary.com

tekgman@: Is this your real name?

Rachel Knight: Yes this is my real name

tekgman@: Good. Thank you for your time.

Rachel Knight: If you have any additional questions, please feel free to contact us again. We're here 24/7 to assist you.

Rachel Knight: Goodbye. Have a wonderful day.
 

fx hunter

Recruit
Messages
9
After I read all the replies here on this topic am afraid about binary options ,as their is no regulator bodies that any one can complain to them it is totally like online gaming
Be aware
 

BigT1

Sergeant Major
Messages
951
After I read all the replies here on this topic am afraid about binary options ,as their is no regulator bodies that any one can complain . . .
Hello fx hunter,
Suggest you read my Post#s: 59 & 60 of this thread.
There are a few seemingly legitimate operations with some USA and UK regulation.
In general though, this is an area in which one should be very careful.
.
AI
 

jhart

Private
Messages
13
As far as I understand Banc de Binary is going to become regulated by CySec through it's use of the SpotOption platform. It is SpotOption that have applied for regulatory approval I am guessing with the intention of being able to provide this to their clients (i.e. the brokers) if they want to go down this route.

If you want to trade with Binary options or, indeed carry out any form of financial trading or investing, then you need to be aware of the rules and risks before you trade. If you are not happy with the level of the playing field then do not even think about risking your money. I've personally traded binary options since about 2006 (through BetOnMarkets at the time) and have seen the games that are played by brokers to help balance the books. At one time I ran a successful signal service which cleaned out about £200k in profits from the broker over a couple of weeks -as if by magic there were always problems with the trading platform at the allotted trading time for the next few weeks until they managed to re-balance the books.

You have to remember that with any form of 'betting' (binary, fixed odds, spreadbetting - even spot forex trading) that these are companies that are set up to make money. They can't simply payout profits all day long as they need punters to lose to fill their coffers. The absolutely worst thing you can do is trade a popular strategy or system with them as this will quickly kill the returns offered if you are late to the party, or in the case of binary options, see the market level change beyond the real live feed pricing.

I still trade binaries and all of the rest of these products and to be fair I haven't suffered any real problems myself. Maybe its just the strategies I trade which tend to be longer term (end of day for binaries) so there is less chance of prices being manipulated without it being clearly obvious. I also have an account with Banc De Binary and personally have had no issue. I would certainly rate them higher than many of the little known companies as I think they do have higher captialisation which in theory, should lead to less problems. I know the guy who runs BinaryOptionsProfits. I believe he maintains test accounts with a handful of brokers who are more established and the only ones he recommends.

I split my binary trading capital between some of them and run different strategies on each. This helps me to track performance and also means that I don't have all my money in one place should factors change. I would not say that they are perfect, but it certainly helps to derisk my funds and avoids any of the smaller bucket shop brokers out there.
 

BigT1

Sergeant Major
Messages
951
As far as I understand Banc de Binary is going to become regulated by CySec . . . so there is less chance of prices being manipulated without it being clearly obvious. I also have an account with Banc De Binary and personally have had no issue. I would certainly rate them higher than many of the little known companies as I think they do have higher captialisation . . . I believe he maintains test accounts with a handful of brokers who are more established and the only ones he recommends.

I split my binary trading capital between some of them . . .
jhart,
.
It's so nice to have opinions, but so very hard to support them with facts.
Here at FPA, we prefer the later. Please show us your performance results.
Show us why the obvious abuses reported here, are contradicted by your experience.
Give me a break. Are you an employee?
.
I just returned from 6 days without electrical power and no internet following a hurricane.
I was safer in that storm than listening to you.
I challenge you to document any success what-so-ever with Banc de Binary.
.
Readers, please exercise the greatest caution.
Remember this is nothing but a blog, free to anyone with a laptop and an Agenda.
.
AI
 

jhart

Private
Messages
13
Hi BigT1.

I think you miss the point of my post - or you failed to actually read it. I am not contradicting what has been said, and whether or not I have 'performance' results to share with you does not really help in assessing if a broker is a legitimate operation or not! Also if you actually read the post you will see that I alluded to the games that brokers play in order to balance the books. So I am well aware of what goes on.

If you use 60 second binaries then be ready for re quote after re quote. Though there seems to a be vendetta on here against Banc De Binary I can tell you that it will not matter what broker you trade with. Then again if you try to profit from trading these then you need your head seeing too. 24option, TradeRush, Banc de Binary or anyone of the other 200 or 300 brokers out there will screw you about. But then that's the individuals call and not something I would personally consider trading.

Anyway I'm back to doing a bit of trading this evening. I may use Banc De Binary, I may use AnyOption or I may use one of the other accounts I regularly use. I like to spread my risk, withdraw my profits regularly and keep under the brokers radar.

As a footnote here's the link to the regulatory announcement SpotOption - News - It will affect all SpotOption brokers and not just Banc de Binary. But then again most Forex brokers are also regulated by CySEC and they still slip quotes so I guess it's nothing to get excited about. But it is a fact...
 
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