Banc De Binary vs 24option

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  • Binomo
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Banc De Binary

Banc de Binary have closed and are no longer trading. This broker is no longer accepting new customers.

The sales method known as “upselling” has ultimately damaged their reputation and business. Brokers operating similar models will hopefully take heed and provide higher levels of customer service in order to run sustainable operations.

Return to the broker comparison table to search for an alternative broker.

Banc de binary ‘eu’ are one of the largest binary options brokers in the world. Their global brand name is what sets them apart from other rival trading brokers. They provide binary options in 180+ assets in over 30 countries. They cater for traders in more than 80 different countries around the world. Their mission statement is “simplicity pays“, and that tagline is central to the business.

Reviews

Banc de binary still pride themselves on their customer service, despite their growth since 2008. From one to one tuition to video tutorials and e-books, Banc de binary offer as much help as a trader requests. Complaints about the firm however, stem from account managers who encourage large deposits, and often over trade, or suggest clients to. As ever in binary options, it is always best to trade yourself. Never let anyone trade on your behalf.

Here are some of the other key details;

  • Demo Account – No
  • Bonus details – Up to 100%.
  • Minimum Deposit – $250
  • Minimum trade – $1
  • Signals service – Yes. This forms part of Silver or Gold account packages.
  • Mobile App – Yes. Android and iOS.

Trading platform

The Banc de Binary platform offers a fast, user-friendly method of trading options. Spot Option backed, the trading area delivers clear layout, all the key data can be easily found.
The top of the trading platform is where traders can select the asset, the expiry time they wish ti use, and the size of their trade. Updating these will change the price graph, and trading buttons with the up to date data for that asset and expiry. Changing the trade amount updates the ‘projected payout’ figure too.

Under the trade selection bar is the main price graph. This can be changed to reflect different time periods, with options of 30 minutes up to 12 hours offered. To the right are the trading buttons and key trade details. The current price, and payout, the expiry countdown and the call and put buttons (clearly marked). The trading area is very intuitive. The final feature is a trader sentiment bar

The trading platform provides a clean, organised area.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
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  • Binomo
    Binomo

    2nd in our ranking!

Who regulates Banc de Binary?

Banc de Binary are regulated by CySEC (License 188/13). They are also registered with a number of other organisation including the AML in France and the FCA in the UK. They are not regulated by those bodies however, merely registered with them, which is not the same thing. Any trader disputes would need to be taken up with CySec.

Trading range

The firm offer a good selection of binary option types.

  • Binary Options – The traditional Up/Down options. Will the asset rise in value, or fall?
  • 60 Seconds – The 60 second options work in the same way as a standard binary option, but the expiry times are very short – 60 seconds or less.
  • Pairs – Which of two assets will rise in value most? The pairs of assets will generally be in the same asset category, for example Google versus Amazon, or Gold versus silver.
  • Long term – Long term options follow the same principals as standard binary options – but the expiry periods are over long time frames. Anything over ‘end of day’ expiries are classed as long term.

The assets lists are very big, and it is a clear strength of being a global brand. They also command a large share of trading volume, which means their large asset list is also available to trade. Some smaller brokers may list certain assets, but then not be able to open them due to a lack of volume

Complaints

When Banc de Binary generate complaints, it generally revolves around the practice of ‘upselling’. This is where an account manager from the firm, will contact a client and offer them advice. This advice can often lead to large deposits, and pressure on the client to trade beyond their means. It very rarely ends up profitable for the trader – much the opposite.

The brand offer a good trading platform and educational materials, but traders must beware of any account managers and ensure they take responsibility for their own trading. Never let anyone else trade on your behalf. As an ‘over the counter’ broker, there is a clear conflict of interest where anyone from the firm offers to trade for you.

Mobile

Banc de binary offer a free mobile trading app. Delivering full access to all areas of the full website, so traders can trade on the move and ensure no trading opportunities are missed.

The app is available on iOS (iPhone and iPad) and android. The trading area appears more or less the same as it does on the web based platform.

Live charts are also available via the mobile app, designed thoughtfully for smartphones and tablets. A responsive design means the charts display well regardless of the device used. Account management features are also available on the app.

The mobile app delivers a great user experience and is fully functional.

Payout Percentages

Returns are 86% on most options. Payouts will vary depending on the asset and the expiry time of the trade. The percentage may also move depending on trade volume. The returns on the more popular assets are good compared to their rivals. Payout comparison can sometimes prove difficult, but BdB do pay a fairly consistent level across all assets.

Withdrawals

Deposits at Banc de Binary are secure and robust. There is a deposit option on the right of the login area, visible once a user logs in. Once confirmed, deposits are available to trade immediately. There are a variety of deposit methods to choose from – credit card, bank wire transfer (international or domestic) and Skrill. Any withdrawals are generally returned via the same route that a deposit was made. This is a common policy throughout binary options brokers, and is a measure against laundering.

Withdrawals can be made anytime, but there is a minimum withdrawal figure of $50. The broker will always require some proof of identity before authorising any withdrawal, again this policy is fairly common with binary firms. These delays are sometimes the cause for disputes, so proof of ID is best sorted out as quickly as possible after opening an account.

Withdrawal authorisation will require;

  • A form of photo ID (driving license for example),
  • A recent utility bill.

Both documents will need to show the address of the trader. Once received, withdrawals will then become. When using a credit card to deposit funds, Banc de Binary need an image of the card (both sides). These steps are required by the regulator in order to protect traders, and to ensure their funds are separated and protected.

Withdrawals should be sent out in 5 working days. There is no charge or fee for any withdrawals. ‘Pending’ status withdrawals can also be cancelled, this is useful if funds are needed for trading again.

Account Benefits

Banc de Binary delivers these additional features and benefits:

  • International reach – Banc de Binary offers trading to over 100 countries, and lists assets from over 30.
  • 24/7 trading – Where markets are open, the trading platform will be open.
  • Loyalty rewards – The firm offer a number of loyalty rewards to regular traders after sign up.
  • Account Types – There are four levels of login account; Bronze, Silver, Gold and Lion Premium. Each level offers further benefits including gifts, trading alerts and private sessions with analysts.

How do they make money?

Banc de Binary offer ‘Over the counter’ binary options, and are the counter party to each trade. If they have traders on each side of any trade, they will profit regardless of the outcome due to the payout being less than 100% to the winner. Where the trade is not covered on both sides, BdB will effectively only profit when the trade loses.

Banc de Binary demo account?

At present Banc de Binary do not currently offer a demo account. They are one of only a few major brokers who do not offer such a service, so we hope they will reconsider this policy soon.

Are Banc de Binary a Scam?

While the brand is not a scam, the process of ‘upselling’ has damaged their reputation. This is where account managers contact clients in order to encourage larger deposits and more trades. This advice is generally not in the best interest of the trader.

This type of behaviour is rare, but traders should be aware of the risk, so that should they receive such a call, they can say “No thanks”.

The withdrawals and trading platform both generate very few complaints, so if the firm were able to stop this practise of upselling, their reputation could be restored.

Is 24Option Scam? Broker review

On the web, you can find a lot about 24option. It is no surprise, because according to the statistics, 24option is the 2nd largest binary options broker in the world (Banc de Binary is 1st) However in this review, we will show you all information combined, making a big list of reasons why 24option is a scam or not.

24option is a binary options broker established in 2020 with headquarters in Limassol, Cyprus . Some may think this is s red flag, but, in fact, that is completely normal for binary options brokers. Most of them have their headquarters in Cyprus, because of regulatory purposes.

24option basic info

  • Official Website: www.24option.com
  • Headquarters: Limassol, Cyprus
  • Trading Platform: Tech Financials
  • 2nd largest binary options broker

Why is 24option scam?

I’ve read many complaints against 24option, saying that they scam people, they never let you withdraw your earned money, or even they lie about giving you free money and such. Those are all invalid reasons. Read on to see what I mean.

People complain, that they were offered free money (24option bonus) but then when it came down to paying customers out, there were problems. Yes – this situation can occur. But only if a customer has accepted a bonus AND has not completed all procedures needed for the bonus to be withdrawn. In order to withdraw money including the bonus offered by 24options, a customer is required to:

  • Upload necessary documents to prove the customer is, in fact, the person they claim to be
  • Complete wagering requirements (40x the value of the bonus)

If any of the above is not met, the withdrawal of the bonus funds is not possible. If you have this kind of problems, please, contact the customer support.

Another reason why clients might complain and dislike 24option is: losing their money. Trading binary options simply involves risk. Everyone should know that. It is an investment, with which your money is at risk if you do not invest (make trades) wisely. If you do not know what you are doing, please, learn something about binary options first and try trading on a demo account. You can do that either with 24option, but also with our demo account: x Binary Options Demo.

24Option regulations

24Options are regulated by important regulatory authorities of the world including the FCA in the United Kingdom, CySEC, Financial Market Authority and more. The complete list of regulators, that have approved trading with 24options can be found below – all of these official authorities have said “24Option is NOT a scam,” and gave them regulations.

A list of regulations found at www.24option.com

Their platform (Tech Financials)

Tech Financials is a platform programmed by a third-party company that creates binary options trading platforms not only for Banc de Binary but also for other brokers. 24Option is, however, one of the few brokers that use this platform.

This means that trading program, where traders make all the trades is not programmed by the broker itself, but by a different company. In the company’s intents is to make the platform as good as possible, in order to sell it to their clients (24option). If it was any sketchy, they would not buy it.

24option’s platform had to be reviewed by all regulatory authorities.

Have you been scammed by any broker? MyChargeBack might be able to help you! Fill the form below.

More information about 24option

Author

More about the author Step

I’ve wanted to build a business of some kind and earn money since I was in middle school. I wasn’t very successful though until my senior year in highschool, when I finally started to think about doing online business. Nowadays I profitably trade binary options full-time and thus gladly share my experiences with you. More posts by this author

190 Responses to “Is 24Option Scam? Broker review”

I lost a house worth of money. DO NOT GO HERE it ruined my life

The worst trading plataform, don’t trust them, they will rip you off.
The worst trading plataform, they just rip me off 300 dollars from my account with the explanation was that the account was inactive for 1 month scammers, they don’t ever let you know that there is a fee for this and before they made close all my operations, because they had to makes changes to the plataform, without any notice. Im going to redraw my money now from this scammers.

Sir, is Premium 24option a scam? Can i still get my money from them?

Hello, I don’t know anything about 24option premium, I’m sorry.

Everywhere page I open that has to do with binaryoption or forex investments all have great customer reviews but when I tried investing with binaryoption, from plus option, to binomo to IQoption, I lost a lot. I still have someone helping me with my trades but I keep losing and now they want me to invest more money. I need to speak with people who have invested and had similar situations. Please reach out to me on my username

Hello, thank you for sharing your story. Trading is really complexive and long term activity. It took some time to find the right strategy, broker and the power to influence own psychology. Be patient. We wish you good luck.

24 option is a scam organised by Israelis, do NOT trade and watch out. you will find more infos on YouTube. Good luck to all of you

HI, so Option 24 is a scam. i invested money about 3 weeks ago, now they say i must pay 10% of the total profit made. they say because the american government and the IRS tax officials have found that a lot of money is made the thought binary trading. am i scammed or what. when i asked why they did not tell me prior they are not giving clear answers. is there a way of getting back the funds i invested??

Mlu did you get any help regarding your account. I also need help.

We are on the same boat. $100 =$1000, did I get No. Now they want withdrawal fees unexplained. That is 24option.

I 100% hate 24Option with all my heart.. They are thieves… Complete liars… Scammers….

Did you get your money back? Being Approached by a guy called Franco Lunga to invest

Got approached by Annika Luan, I haven’t invested anything, am so doubtful more especially being approached on social media . And they say they are using 24 option investment

hello sirs,,do you know Tatiana Konoplina > She said she is an account manager in 24option.please help me,,Ihave jnot invested yet but receiving calls from her and emails too.

The job of the account manager is to help you make your first deposit , if you don’t your account is not completed , they don’t call you to start trading or to take your money. Because when you deposit you get assigned to the Senior Account Manager who will be basically your mentor and tell you everything about trading. After that if you don’t want to trade or you don’t like it , you just withdraw your money and close your account , no questions asked and no fees! I know many people that work there.

HI I’m new to trading, my question is how is it possible to trade with minimum $200 investment under your own account? Normal broker would put you in a pool of shares under their account and managed by them, you have the option to join or not. When you trade using 24option is it your own share as in buying actual lot, or just your small portion under their share?

Dear Mozzax11, with 24Option and any other CFD brokers, it’s only a CFD. You don’t buy the stocks directly through them. However as you can read in the comment section below, it is not recommended to use 24Option!

Mr j.pro i had a friend of mine who meet a woman in facebook in the name of EDNA PEARL he says that within 48hrs we could have our gain profit. My friend immidiately finance because he trust EDNA. After 3 days jhon have his profit , but when he tried to withraw ,the company ask him 770 USD for withdrawal charges. Yes he paid it. But until now he had not withdrawn any money. Very negative. Help him . Im planning to invest or trade. But i have doubt now. Pls help us

Dear Michael, as we tell others – never trust anyone who says they will trade on your behalf. Always manage your own money. I am sad to say it, but I think you got scammed by this EDNA. Do not pay her any more money, she will never send you money back, be carefoul.

Banc De Binary is shutting down!

WARNING: This broker has been shut down due to numerous complaints and security issues. We strongly recommend trading with regulated and trusted brokers.

Banc De Binary is Shutting Down

Banc De Binary, an icon of the binary options industry and one of the most famous brokers in the world, has stopped accepting new traders! One of the biggest companies in the business will therefore shut down, which is certainly a huge shock for the trading community. The process of termination has already begun, and, as we are writing this, Banc De Binary’s clients are receiving their money back. This implies that the problem is not of financial nature. To find out why Banc De Binary is shutting down, stay with us and learn more about this incredible blow to the industry.

Banc De Binary is shutting down | Why?

For some time now, this company has been on the receiving end of some pretty negative press, especially in Israel and the United Kingdom, and accusations of Banc De Binary scam affected its performance and business capability quite significantly. Due to this, Banc De Binary’s reputation suffered, and the broker’s owners have now decided that they will not take it anymore. To put it simply, the situation has become unbearable. Although the official announcement has yet to see the light of day, the fact that the broker has renounced its CySEC license pretty much confirms that Banc De Binary is shutting down, with the company looking to leave without any further complications. If you’re looking for an alternative, we recommend reading our 24option Review and signing up with them. Another reputable broker in this field, they have the same minimum deposit requirement, an excellent platform and extremely capable staff, so they should be more than ready to offer an equally good service.

Banc De Binary is shutting down | Legacy

This behemoth of the binary options industry was founded back in 2009, and its value is now estimated at approximately half a billion dollars. Headquartered in Israel, but with an office in Cyprus, the company was always regarded as one of the industry’s elite. A huge number of traders and a sponsorship deal with Liverpool FC only strengthened that image. However, problems began to emerge at the beginning of 2020 when Banc De Binary EU operations earned the broker a 350,000€ fine from CySEC . One month later, a much bigger blow came from the US financial authorities, namely the CFTC, when Banc De Binary had to pay a whopping 11 million dollars due to illegal targeting of American traders. After that, it seems everything went downhill for the company and today, one year later, Banc De Binary is shutting down for good.

Banc De Binary is shutting down | Conclusion

One of the most famous binary options brokers is closing its doors, and the industry is about to lose one of its strongest brands. Fortunately, it seems the whole process is carefully planned so that no trader suffers any unexpected losses. The main reason for this move is increased media pressure, which has become too much for the owners to handle, but we suspect that a bad 2020 had a role to play in the decision, too. Since the situation is not likely to improve any time soon, Banc De Binary is shutting down. It will be interesting to see which company takes its place on the market.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker 2020!
    Good Choice for Beginners!
    Free Trading Education, Free Demo Account!
    Get a Sign-Up Bonus Now!

  • Binomo
    Binomo

    2nd in our ranking!

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