Recently we have received several complaints from binary options traders about Banc de Binary. This broker has two different faces, one is unregulated with headquarters on the Seychelles, the second one is regulated in the EU by the CySec.
Unfortunately we hear complaints about the regulated one. This does not mean that the unregulated one is good, you should not even consider trading with an unregulated broker.
Binary options traders are basically complaining about withdrawals, Banc de Binary is refusing to give them their money back. We have had a look at the Terms and Conditions and we can see a big problems.
The key problem is here: „Unless stated otherwise in writing from the Company and only the Company, the terms of the offer, a precondition for making withdrawals after using the bonus/benefit is to buy options of 20 times the amount of the bonus/benefit plus the deposit amount.“
That is against the CySec ruling that says that withdrawals of deposited funds cannot be subject to any conditions associated with bonus and/or turnovers. And that is exactly what is causing problems, several people told us that when they wanted to withdraw their funds, Banc de Binary told them that is not possible, because they did not meet the turnover condition. But that is unacceptable.
However we know that if you push a complaint through the CySec, you will get your money back, because what Banc de Binary is doing is illegal. Now the best thing is of course not to trade with them at all to avoid these problems.
Another bad thing is this: „Once the bonus has been inserted into the trading account, it cannot be returned or removed under any circumstance.“ This is just a lie, bonuses can be removed, but Banc de Binary does not want you to withdraw anything, that is why they are doing this.
Last but not least: „In the event where Clients wish to withdraw their balance without having traded on the platform will be subject to up to 7 % handling fees which would be determined at the Company’s sole discretion. The maximum percentage fee that a Client could incur is up to 30% of the balance (less the trading benefits).“
So basically they can take up to 30 % from your binary options trading account at their sole discretion. This is totally unacceptable and it proves that Banc de Binary is not a serious broker.