Writing a Banc De Binary review is a little like a roller coaster guide. One of the original binary options platforms from its founding in 2008, it won numerous awards and offered its clientele a ‘Simplicity Pays’ approach. At Banc De Binary, (BdB) you could find the popular Spot Options where you could find 60-second options, high low binary options, pairs and long-term binary options.
To open an account was only £250 and trading started from £1 making it accessible to all. The company was licensed in 2013 by Cyprus Securities Exchange Commission (CySEC) under license no. 188/13, but this was renounced in 2017 following a year of criticism, legal issues and the subsequent damage to their reputation. If you Google the company you can still find two web domains, one for Europe and the other for non-European countries but neither are accepting new clients. Ash Ltd runs the European site, and the BdB company runs the EU site.
Clients with the company before the 2017 renouncement of its license have had their investments overseen by the CySEC. If you enter the websites, you will find a message from the company management explaining the process to valued customers on how to withdraw any funds and explaining the site is not taking new clients.
Find the best trading platform. You capital is at risk when trading. Be careful.
Banc De Binary A Scam? Is Banc De Binary regulated?
In conducting this review on Banc De Binary, different sources hold a variety of views as to whether a Banc De Binary Scam was in operation. From its founding, it was heralded as one of the top binary trading platforms. It was licensed by the CySec and FCA in the UK. Both institutions, ensuring high quality and safe practices. It won a number of EU awards including ‘Best Broker in Europe’ category in the Binary Options Leaders’ Awards, In 2013, according to, ‘Binary Options Strategy’ and ‘Binary Options Daily’ BdB was ‘the best Trading Platform’.
At that time it provided four different accounts, with varying levels of personalisation and deposit levels, plus 24/7 customer support. Some of the accounts also had personal managers and access to a broader selection of trading signals and finance analytics.
Despite being an icon in the industry in 2016 problems began emerging, accusations about a scam and negative press severely affected its reputation. A fine of 350,000€ from CySEC, followed the US Financial authorities fining them 11 million dollars for targeting American traders illegally. Consequently, the company withdrew from CySEC and began shutting down. Opinions differ about a scam operating, but the majority view seems to have been more about the negative media campaigns the company could not escape from.
Alternatives to Banc De Binary
Not only can you not trade with Banc De Binary, but from April 2018 the European Securities and Market Authority (ESMA) has banned Binary trading for citizens in the EEC. Unless you are a professional trader, it is recommended that you explore the opportunities available trading on Contract For Difference (CFD), many similarities but CFD is considered more serious and safer. Take a look at 24option, eToro or Plus500.
Professional traders meeting the requirements will still be able to trade in Binary options via brokers such as IQ Options. To be able to do this the trader has to have a least a year working in the financial sector with acquired knowledge of the transactions involved. The trader’s professional portfolio and financial instruments must exceed 500,000€, and finally, the trader has been involved in the last year in carrying out at least ten per quarter transactions or investments of a minimum of 150€ while trading Forex, CFDs, Options or Binary options.