There are many brokers out there, but unfortunately, not all deal honestly and Banc de Binary is a perfect example of that. Yes, they are registered, they are regulated (and SERIOUSLY fined several times), and have plenty of positive reviews out there. In fact, I was considering a positive review and actually trying them out, but decided to dig deeper and further than the 10 pages of paid positive reviews. What I found was rather unnerving and very shady. Turns out they aren’t all too honest about their bonuses, their withdrawals, and even if you have not touched your investment, the money you get back.
Who are Banc de Binary?
Well, I think it’s pretty clear that they are a broker, but who are they really? Well, they claim that they were founded in 2008 and that they offer the most secure trading, only there is conflicting information all over the internet about when they were really founded, when they were registered, and exactly who they are. Located in Cyprus, run by CEO Oren Laurent, the company has been around for some time, but the question is how honest are they really?
Everything on there seems legit right? I mean, they have done their homework, really put in the work and the invested money to keep reviews clean, and ignore complaints completely in hopes they will simply go away. I think it’s quite understandable for there to be a complaint here and there about a company, it’s only natural, but when you find yourself overwhelmed with numerous complaints and read page after page of complete dishonesty, theft, and corruption you start to wonder.
Have I traded with Banc de Binary? Nope. Wont trade with them either. I focus on getting as much information on a broker or a software before I even touch it or consider it. I had read about it several times in reviews and noticed that its connected to a number of the binary options software scams that I’ve reviewed and decided to look into them. Initially they really do look legit, and though they are registered and in terms they really are legit, they do have some very tricky ways to get you to invest and prevent you from withdrawing your funds.
Yes, they have been around for quite some time and in turn, it means they’ve got themselves some awards. At first they seem quite impressive until you decide to look into it. Yes, they have received some of these awards, but I have yet to find one that is really serious. Each of these “awards” and “mentions” can easily be bought especially considering that none of the places they have received them have any real weight anywhere or real control. Take IAIR Awards they received, one in 2015 and one in 2013. They seem very legitimate and trustworthy right? The only mention of them anywhere is basically when other similar companies have used this award to try and seem more trustworthy. They throw in awards for real companies that people trust and hope the rest that are given receive the same attention. When you check their media information you find out that major media outlets they mention really don’t pay them much attention and there is 1-2 mentions of companies that have received their awards, but nothing concrete about IAIR. The quotes in their Press Review page are all fake and if you do a search in any of the media outlets claimed to make statements about them, they simply do not exist.
These are just the most legitimate looking awards. The rest are completely made up websites that give completely made up awards that have no meaning and absolutely no control or means to actually rank except the kind of money they receive to advertise. There are also several review websites that do much of the same but in a form of a review rather than an “award”. From the looks of it, their prior customers are NOT happy at ALL about their customer service.
Banc de Binary Bonuses and Terms
I will quickly touch upon this, but I do believe that this is actually the key problem with this broker. We all know that brokers like to give bonuses right? Legitimate brokers give you plenty of information and are transparent about their bonuses. With these guys, aside from a warning that there is a trading turnover, they mention nothing about what this trading turnover is, the terms or anything concerning bonuses.
You are only provided with the information that they are anywhere between 50% and 100%. There is a link in the Trading Bonuses page where at the very bottom in very tiny font you are given the trading turnover warning and a nearly invisible link to the Bonus Terms and Conditions. Only, when you click it you are taken back to the homepage. No detailed information is noted anywhere in the official Terms and Conditions in the website either. So, basically, the information you receive is what they tell you in email or chat, meaning they can tell you anything they want and then claim that it’s not in their terms.
NUMEROUS Complaints about Banc de Binary
Don’t even know where to start with this it is so disgusting. There are pages upon pages of people discussing and complaining about these guys. I am not talking about 1-2 complaints, I am talking about a LOT of complaints with details and real information about how people have been robbed. A quick look at a Banc de Binary search in Forex Peace Army reveals the numerous problems people are having with them. They have had numerous complaints about everything from unapproved bonuses, impossible withdrawals, unauthorized charges, and people getting their broker accounts suspended for no reason when they attempt to withdraw winnings.
They openly harass their traders and lure them into investing more and more money, they ignore complaints and the moment that you have a problem immediate make themselves invisible, and have already been reprimanded several times by CYSEC. Obviously, it wasn’t just a slap on the hand because their fines and settlements varied from €20,000 to €125,000 to €350,000. You don’t get fined that kind of cash for a small infraction.
Regardless, more and more complaints are getting to CYSEC and seeing as they are really not improving with their transparency and do not provide any information on their bonuses, or it is VERY well hidden, I think the goal is to fool you rather than provide an honest service. I am hoping that perhaps after this review their Bonus Terms and Conditions will become available and at least they will make some changes in order to inform future traders so they do not get locked into unsatisfactory situations where they cannot withdraw their money. Really hoping they start answering some of their complaints in Forex Peace Army as well as I think if they really disagree with the complaints we should see their side of it as well as right now, I have yet to see a response from them.
With that said, for now I will NOT be trading with Banc de Binary because I do not feel that they are trustworthy and use shady tactics in order to trick traders and push tactics to convince them to invest far more than they initially planned.