Banc De Binary started its operations in 2008 and is one of the first binary options brokers to become regulated by a financial authority like the CySEC. Since then, the company has become well-known in the binary options market but were they able to maintain it?
This brokerage firm requires a minimum deposit of $250 to open an account and start trading. Majority of brokers in the industry today are requiring the same minimum initial deposit for client registrations.
Depending on the different account levels is also a factor in how much a trader needs to deposit:
- Personal account manager: It is recommended that you should rely from independent signals provider rather than the account manager that is provided to you by the broker.
- Financial analysts: same as item 1
- Trading signals: Avoid getting advice from the brokers account manager.
Design and Layout
Banc de Binary has a very well laid out design. It uses the standard layout that is used by most binary brokers today but their version is a lot simpler and clean looking. Upon entering their website, you get asked straight away where you are from thanks to their geo-targeted homepage. Another element worth mentioning is the lion logo which is easily recognisable for good branding.
They support all the major deposit and withdrawal methods including credit cards, wire transfer, Skrill (Moneybookers) and alternative payment methods. This is definitely and advantage in terms of banking because majority of the brokers today only support credit cards and wire transfer.
I have yet to find a broker that has a minimum trade amount of $1, the lowest in the industry. This is great for those who want to trade and learn the strategies without having to invest a huge amount of money. 32% of brokers in the market today require $25 so this makes Banc De Binary way better than the standard minimum trade size.
Currently, Banc De Binary offers a wide range of 161 assets including weekend trading. In fact, it’s even possible to trade with countries like that aren’t usually found with most brokers. This is significantly higher than the average total number in the market today which is 76 and this guarantees that I won’t miss out on trades that are making headlines.
They updated their Spotoption platform to Spot 2.0 and this has given them the edge over other brokers that are still using the old version. They belong to the rare 12% of brokers in the industry today that are using this new and improved platform which is more powerful than its predecessor.
It is all about the money and with regards to this, quoting accuracy is certainly important. After testing their quotes and market price time, I fortunately found no discrepancies. Delays are uncommon and were never close or beyond the 20-minute benchmark. This means that Banc De Binary has the same level of technology of other platforms that can deliver the most updated quotes.
The whole reason for trading is to make money so the payout offered by the broker makes a significant contribution to your profits. Banc De Binary claims to offer up to 81% and after browsing through all the different assets I found that this claim is true. 33% of brokers today are offering the standard payout rate of 85% and even though Banc De Binary’s rate is a bit lower than the average, it’s actually not that too distant.
Withdrawal Processing Time
Some binary option brokers have sticky fingers and take their time when you need to withdraw your money. At Banc De Binary withdrawal requests are processed within 5 working days and additional 2 to 3 working days for the funds to reach the account provided that all identification documents are submitted prior to trading. That’s a total of 8 working which is a bit faster than the 21% of the brokers in the market which are capable of processing withdrawals for an average waiting time of 10 days.
Withdrawal Processing Time
Honesty and integrity is a huge concern for many traders. There are brokers that do not inform traders about the restrictions in using bonuses while others give all the facts in their terms and conditions.
During the live chat conversation that I had with Banc De Binary’s support, they were very direct when asked I asked about the bonuses and immediately referred me to their terms and conditions page. They were even honest to tell me about the trade volume requirements. Generally, they delivered what most traders are looking for in terms of support quality.
Banc De Binary belongs to the elite 41% of brokers that are already regulated by a trusted financial authority. Currently they have a license to operate from the Cyprus Securities and Exchange Commission (CySEC) which is highly recognized in many countries. This is a clear indication that they are in accordance with the rules and requirements that are set by a trusted agency.
Other than being a regulated brand, Banc De Binary is known to be the broker for serious traders. Currently they have over 250,000 traders in more than 100 countries including Indonesia, Malaysia, Singapore, Hong Kong and Ireland and this easily makes them one of the largest binary option brokers in the world. Such reputation is a tad higher than the standards of what is required by most traders today.
Banc De Binary has been around since the start of the binary options trading industry and what’s great about this broker is that they continue to improve their services based on the needs of their clients. In terms of reputation, they were able to maintain it through the years thanks to the strong patronage from traders and the excellent features which are mostly above the industry standards.
UPDATE: Based on the recent reports that we found, we learned that Banc De Binary is no longer accepting new clients.