In A Nutshell
|Broker Name:||Banc de Binary|
|Minimum Trade:||1 USD/EUR/GBP|
|Minimum Deposit:||250 USD/EUR/GBP|
|Bonus:||Up to 100% sign-up bonus|
|Support:||live chat, phone, email|
|US Players Accepted:||No|
- Fully regulated by CySEC
- Accepts minimum trade of 1 USD
- Up to 100% sign-up bonus
- Offers demo accounts
- No transaction fees for multiple withdrawals
- Doesn’t accept US traders
- Demo account is limited to 24 hours
- Mediocre list of assets
Being meticulous always proves to be useful so when I entered binary options trading I made sure that the brand I chose had all the criteria that I am looking for. The move made by the government of Cyprus (where most brokers are based) to strictly regulate binary brokers has actually made the task much easier as I only had to select the ones on their list and one of those brands was Banc de Binary. Knowing that it is a regulated brand is a major plus but I still had to check all of its features.
Banc De Binary is a Financial Services Company founded by Oren Laurent. The broker prides itself as being officially regulated by the Cyprus Securities and Exchange Commission (CySEC) and other global regulatory authorities.
Registering for an account was even easier compared to signing up for a Gmail or Yahoo account as it took me less than a minute to finish. A piece of advice though, make sure that you have your phone ready because they will contact you right after you finished the registration, so don’t plan on signing-up right before bedtime. The person that I talked to on the phone was quite friendly and even offered me assistance in making a deposit.
Having a demo account is one of the major conditions in choosing a broker because I need to know how the platform exactly works before I make a commitment to it. It’s a good thing that BDB has this feature which they provided to me right after I signed up for an account.
The downside though is that it is only available for 24 hours so you need to make use of the limited time and fully test out their services because there won’t be any extensions. That being said, at least they do offer a demo account without the need to make a deposit unlike most other brokers.
The minimum deposit for opening an account at BDB is 250 USD/EUR/GBP. Initial account opening is done online and completed by customers having to meet certain compliance criteria by providing Banc De Binary with various documents that they need in order to be in compliance with regulations.
Making a deposit was very easy. Upon logging in to my account, all I needed to do was click on the Deposit button and select my preferred deposit method. The options given are bank wire transfer, credit card, third party credit card (processed via MoneyBookers), MoneyBookers E-wallet and Alertpay E-wallet. If you have filled up your details correctly then you will see the updated balance in the top right of the screen right after you receive a deposit confirmation.
BDB offer various account types with a wide range of perks:
- Micro Silver: This is the entry level account for customers who make deposits between $250 and $2,500.
- Standard Gold: Deposits between $2,501 and $5,000 fall under this account and will receive an additional 100% sign up bonus.
- Personal Account Manager Reserved: Deposits of $5,001 to $50,000 will qualify for this account getting the same perks in addition to trading signals from BDB’s in-house brokers and access to them via email, phone or Skype.
- VIP Lions Club: You are entitled for this account level if you deposit over $50,000. Various perks are available such as access to the company’s team of financial analysts as well as having your own personal broker. You also receive a higher volume of trading signals, portfolio management services and privileged first-in-line access to any and all option contracts.
Cashing out was also easy and simple. I just clicked on the Withdrawal button on the menu and was taken on the page to where I need to enter my desired amount and complete an electronic form. Since I had already submitted my documents upon opening my account, this made it even easier for me to go through the withdrawal process
The great thing with BDB is that they don’t impose any fees regardless of the frequencies of withdrawals. That means I can cash out anytime I want without worrying that I will be charged for every transaction.
BDB currently offer a total of 78 assets which is slightly lower than what other larger brokers offer. Nevertheless, the assets that they offer are the most in-demand.
- 8 commodities
- 12 currencies
- 20 indices
- 38 stocks
Contacting BDB’s customer support team can be done via phone, email or live chat. The live chat feature seems to be the most accessible since their users are already online and starting a session is just a click away from the BDB site.
I had a chat with an agent named James. H and asked him some questions about their company background and the credibility of their brand. I was really impressed on how James was able to answer these questions clearly. He was also able to show me some evidences about their license from CySEC and even advised me to contact the issuer of the rewards to confirm the legitimacy of the recognitions that they received. He wasn’t arrogant at all and I can sense his friendliness throughout our session.
What impressed me even more was the feedback form that appeared after my chat with James ended. I usually encounter these forms from customer support calls but I wasn’t really expecting it to appear since it was just a chat session. I guess BDB is really serious in delivering good customer service to their clients.
Trading Platform and Features
The front page of Banc De Binary’s trading platform features the basic Call/Put options for various asset classes.
The trade sizes on Banc De Binary’s platform are another huge advantage over the competition, with possible trades ranging from a 1 USD/EUR/GBP all the way up to 8,000 USD/EUR/GBP. This impressive range accommodates all kinds of traders from newbies to professionals and everyone in-between. New traders can perform much more trades with their initial deposit by making $1 trades, and therefore learn a lot more without needing to risk more money.
BDB also offer a number of additional trading features for those who aren’t content with pure binary options, such as Long term, 60 seconds, One Touch and Pairs trading.
Knowing that Banc de Binary has full regulation from the CySEC makes me more confident that my investments are safe with this broker. I can simply contact the authorities if I sense any suspicious activities from them but so far they have more than lived up to my expectations.
Overall, I would say that Banc de Binary tops my list of binary brokers not just because of its reliability but also because it allows its traders to make more efficient trades thanks to its stable and reliable platform and a very low trade size.