Banc de Binary

fxtrader2011

Private
Messages
27
I opened an account with Banc de Binary( BdB ) in April 2013 . I will not go into how i was roped into opening the account - this , in itself , is a story which can be echoed over and over again by people like me who have no knowledge or experience and we sign up believing these major organisations and what we are told.I will focus rather on what went on after .

I opened the account with $25 000 and accepted a bonus of $25 000. After a while of actual trading with trades recommended by BdB experts , i came to realise that very little of what i was initially told to get me to invest , a lot of it in writing , is reality . Realising that I was in a no-win situation , I changed tact and worked very closely with BdB to try and salvage what for me was a very bad situation . I also realised that I had to keep everything in writing because of a total lack of trust in BdB so everything I am saying in this post , I can back up with written documents .

When it came time to ask for a withdrawl after i met all my trading requirements in Nov 2013 , I came up against excuse after excuse . The story kept changing with new objections brought up at different times . The terms of the contract had been changed by BdB ( for one they reduced the payout figures per winning trade ) , I was then told that there were other sign-on clauses in "fine print" which I agreed to and that I had it all wrong and that I was nowhere near my targets which qualify for a payout ( none of these conditions have actually ever been found or shown to me - all i can think is that these new "fine print" conditions imposed at the time of payout simply do not exist and have been made up so as not to honour the payout commitments ) . Instead , I have had a new trading target imposed by BdB which is at an impossible level of turnover . For no reason which can be explained this turnover figure has now been set at approx 15 times the original target . There is absolutely no logical explanation or any offered by BdB. Someone has somehow come up with a number , so take it or leave it !

The only response I can get from BdB after repeated requests and multiple emails since November 2013 is "sign a new Terms and Conditions document" at the elevated target and trade . Anything I have in writing from BdB is being ignored - the documents I have prove that my original targets I signed up for have been achieved .So whether I agree or not , I have to sign the new document - no more , no less, no further discussion ! I am now being bullied into an unacceptable situation of signing a new contract or I stand to lose all of my investment .

I am asking , how can this be ? I worked with BdB in a transparent way and what I get in return is this sort of conduct and dismissive approach . It seems to me it is a case of they are doing it because they can . Apparently , there is nothing I can do ?

So if i can warn any new prospective investors . Get to understand very well what and with whom you trust your finances .
 

Pharaoh

Colonel
Messages
19,820
Complain directly to Cysec. They recently made it plain that brokers under Cysec can NOT block client access to their own money just because of minimim required trade volumes of a bonus.

In the meantime, place no trades and let them know that you do not authorize any of their employees to trade your account.
 

newmember007

Private, 1st Class
Messages
89
I opened an account with Banc de Binary( BdB ) in April 2013 . I will not go into how i was roped into opening the account - this , in itself , is a story which can be echoed over and over again by people like me who have no knowledge or experience and we sign up believing these major organisations and what we are told.I will focus rather on what went on after .

I opened the account with $25 000 and accepted a bonus of $25 000. After a while of actual trading with trades recommended by BdB experts , i came to realise that very little of what i was initially told to get me to invest , a lot of it in writing , is reality . Realising that I was in a no-win situation , I changed tact and worked very closely with BdB to try and salvage what for me was a very bad situation . I also realised that I had to keep everything in writing because of a total lack of trust in BdB so everything I am saying in this post , I can back up with written documents .

When it came time to ask for a withdrawl after i met all my trading requirements in Nov 2013 , I came up against excuse after excuse . The story kept changing with new objections brought up at different times . The terms of the contract had been changed by BdB ( for one they reduced the payout figures per winning trade ) , I was then told that there were other sign-on clauses in "fine print" which I agreed to and that I had it all wrong and that I was nowhere near my targets which qualify for a payout ( none of these conditions have actually ever been found or shown to me - all i can think is that these new "fine print" conditions imposed at the time of payout simply do not exist and have been made up so as not to honour the payout commitments ) . Instead , I have had a new trading target imposed by BdB which is at an impossible level of turnover . For no reason which can be explained this turnover figure has now been set at approx 15 times the original target . There is absolutely no logical explanation or any offered by BdB. Someone has somehow come up with a number , so take it or leave it !

The only response I can get from BdB after repeated requests and multiple emails since November 2013 is "sign a new Terms and Conditions document" at the elevated target and trade . Anything I have in writing from BdB is being ignored - the documents I have prove that my original targets I signed up for have been achieved .So whether I agree or not , I have to sign the new document - no more , no less, no further discussion ! I am now being bullied into an unacceptable situation of signing a new contract or I stand to lose all of my investment .

I am asking , how can this be ? I worked with BdB in a transparent way and what I get in return is this sort of conduct and dismissive approach . It seems to me it is a case of they are doing it because they can . Apparently , there is nothing I can do ?

So if i can warn any new prospective investors . Get to understand very well what and with whom you trust your finances .
For no reason which can be explained this turnover figure has now been set at approx 15 times the original target
- u are right they cant change the target some other person also complain about similar issue with them.



Complain directly to Cysec. They recently made it plain that brokers under Cysec can NOT block client access to their own money just because of minimim required trade volumes of a bonus.

In the meantime, place no trades and let them know that you do not authorize any of their employees to trade your account.
u are so great u are helping so many people beacuse of u many people got their money back.
 

fxtrader2011

Private
Messages
27
Complain directly to Cysec. They recently made it plain that brokers under Cysec can NOT block client access to their own money just because of minimim required trade volumes of a bonus.

In the meantime, place no trades and let them know that you do not authorize any of their employees to trade your account.
Thanks very much for your quick response Pharaoh.

I will illustrate how effective and powerful FPA is as an organisation and how lucky we are as traders to have the use of FPA's services .

I did report the matter to CySEC. The issue in handling the matter in this way is that you get no feedback whatsoever - you are not told if the investigation has began or finished. Because there is no communication , I have no idea of where I stand in relation to my complaint .In fairness to CySEC , I do not know where the investigation is at , at the moment . ( I reported the matter in Dec 2013 ) . So where to from here ?

I have kept Banc de Binary informed all the way about what I intend to do to give them an opportunity to address the issue. They knew I was was reporting the dispute to CySEC .You guessed it , no response , no acknowlegement .

I then told them week ago that I was going to the FPA and I got a response for the first time in months . Perhaps the fact that our discussions with FPA are public and other traders can share in the knowledge about the broker and issues they may face stimulates some discussion . Unfortunately BdB's response was more of the same. Imposing conditions after the fact ( once again , going against what they told me before , all in writing ) all about wanting me to sign a new set of T&C's which effectively means that I may as well walk away from my investment as the new targets are IMPOSSIBLE to achieve. I cannot just walk away when i followed the exact direction I was given by BdB for the trades placed !

I will take your advice on board and make sure that no trades are placed on my behalf , although I did advise them back in Nov'13 that I stopped trading until the issue is resolved .

I will , hopefully with your support , continue the process through FPA .

Thanks again
 

twister360

Recruit
Messages
6
your mistake was taking the bonus , everyone knows the bonus system in every site is a scam to maintain funds on the website ! i was about to create an acc with banc , is there any positive aspect of the site ? are their charts live and "real" or you notice anything fishy about the trading ? i read another complaint in another website , where the user was using advice from bdb "traders" and noticed profit in the first week , after that the trades looked fishy and no win situations , she complained and suddenly lost access to traders and her account. but banc is one of the biggest binary option out there and since this is the internet i just dont know who to trust !
 

fxtrader2011

Private
Messages
27
your mistake was taking the bonus , everyone knows the bonus system in every site is a scam to maintain funds on the website ! i was about to create an acc with banc , is there any positive aspect of the site ? are their charts live and "real" or you notice anything fishy about the trading ? i read another complaint in another website , where the user was using advice from bdb "traders" and noticed profit in the first week , after that the trades looked fishy and no win situations , she complained and suddenly lost access to traders and her account. but banc is one of the biggest binary option out there and since this is the internet i just dont know who to trust !
Twister , you raise exactly the need for a Site like FPA . When we deal with "big names" we expect straight up and down business . I am reporting it is not and leave other prospective investors to decide for themselves. I cannot make any negative comment on the BdB platform itself as I am not aware of any issues, so give it a plus tick . As far as the BdB traders themselves are concerned depends who you deal with , there is a mixed bag . You get the out and out sales guys who will do whatever they can to get your funds , way overpromise and totally under-deliver . You get emails of amazing their performances which leaves you to ask why you did not get the same results ? Then when you complain , what happens is you get moved on to another set of BdB traders .These are the technical experts- if you get a good guy , you will get good results .I did get a great person to trade with . He made a genuine effort to educate me as well and did a great job . Problem is , there is a disconnect between your day-to-day dealings and what happens with someone else in a BdB "backoffice" somewhere . If your account shows profit ( as mine does ) , I believe you are in for a fight for your money .So you are going along trading , investing heaps of time and energy and will have nothing to show for it . Despite the fact that I took a bonus , I had all my conditions approved in writing and acted in accordance with my T&C's - all good until I put in for a funds withdrawl. All sorts of conditions never agreed to before or I that I signed up for are now being forced on me . So my money remains locked up . That is my story , exactly !Hope it helps which is the reason I am to make my experience known to fellow traders .
 
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