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Banc de Binary(bbinary.com) Issue

Discussion in 'Scam Alerts' started by prema, Sep 22, 2011.

  1. FXCobra

    FXCobra Banned for uncivilized conduct

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    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
     
  2. Pharaoh

    Pharaoh Colonel

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    The best way to do that would be for people who can't make withdrawals to file Traders Court cases.
     
  3. Boko Maru

    Boko Maru Sergeant

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    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.
     
  4. SpecialAgent

    SpecialAgent Recruit

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    Easy frauds to spot

    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.
     
  5. SpecialAgent

    SpecialAgent Recruit

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    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.
     
  6. fx hunter

    fx hunter Recruit

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    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
     
  7. BigT1

    BigT1 Sergeant Major

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    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
     
  8. jhart

    jhart Private

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    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.
     
  9. BigT1

    BigT1 Sergeant Major

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    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
     
  10. jhart

    jhart Private

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    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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