Our Review of BDB
An In-depth Banc de Binary Review
Are you thinking of using Banc de Binary for your trades? This handy review will give you an overview of the main points of using this broker.
Banc de Binary is a company that has recently announced that it will be closing. Full closure was effected in January 2017. This is due to its not entirely favourable reputation in the world of online trading. In general, though, Banc de Binary focused on binary options trading and on foreign exchange.
Account Types and Opening
Four account types were offered by Banc de Binary, including the Micro Silver Account which was aimed at beginners to the world of trading. The most expert level account was the Premium Account. The Premium Account also had the highest minimum deposit - $50, 001 compared to $500 for the Micro Silver Account.
Promotions, Sign Up and Deposit Bonuses
This broker's main promotion was the 100% bonus that it gave for the first time that a trader used its site to make a trade.
Commissions and Fees
Officially, Banc de Binary did not charge withdrawal fees. However, some customers found that they were actually charged fees to the tune of several hundreds of pounds when they attempted to make large withdrawals. This is because Banc de Binary would charge fees for any withdrawals that they deemed were 'irregular withdrawals'.
Trading Platform Review and Mobile Apps
The Banc de Binary trading platform was intuitive and easy to use. Where it faltered was in its actual policies and practices which meant that many customers lost confidence in it.
Deposits & Withdrawal Methods and Ease
Deposits and withdrawals could be made easily using cards, online accounts (such as Moneybooker and Skrill) and wire transfers.
Regulators & Safety: Are they a reliable, legitimate broker or a scam?
Banc de Binary was a legitimate company regulated in Cyprus (where the company was based) by CySEC (i.e. the Cyprus Securities and Exchange Commission). However, it fell foul of international laws after being found guilty of offenses relating to penalties and charges by the CFTC and SEC in the US. As a result, Banc de Binary was fined many millions of dollars, and barred in 2011 from accepting customers in the US. After this, it was barred from accepting customers in various other countries, including Canada, Israel and France. In its turn, this led to the ultimate demise of the company.
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