Banc De Binary Broker Review
For more information on Banc De Binary, check out their overview here:
http://www.financialtradingjournal.com/binary-options/broker-overview/banc-de-binary/
Overall Rating = 9.5/10 (Without withdrawal rating) – Reviewed on Mar 9th, 2011 (Revised: Oct 20th, 2011, trade size limit correction, Revised on Jan 5th, 2012 to reflect that no brokers accept PayPal, so all brokers automatically get 10/10 for deposits and to update the platform rating, I’m starting to get sick of the lag their platform causes my browsers – every single one)
Deposit: Rating – 10/10
Initially when I was first told about BBinary, they were praised of their PayPal services. Upon joining the site, no PayPal =(. This broker would’ve been the prime candidate to receive the only 10/10 rating for deposits if it had PayPal, but unfortunately, that’s not the case. So like every other broker that exists, BBinary accepts all the major credit cards. Basic information, nothing to emphasize here.
Platform: Rating – 8/10
It has been a little of a month and a half now since I’ve started using BBinary. First trade was made on Jan 24th, 2011; I’ve done a total of 53 trades with $1,709 in trade volume. I think that gives me enough exposure to their platform to give a review without any bias. I think right now would be the best time to review them as well because they’ve recently made a few changes to their platform. If you’ve followed all my blog and have looked thru my trades, you should remember that I made quite a few fat finger mistakes using the platform.
Ease of trades
Initially: Their platform’s problems were as followed: whenever you loaded the platform it would just randomly pick the instruments with random expiry times. Upon expiry, it would refresh itself and load another instrument (might not be the same since this is random) with another random expiry time. This led to me trading wrong timeframe expiries and wrong instruments altogether because I wasn’t paying close attention (but I shouldn’t have to.. right?)
Now: Greatly improved this problem of “fat finger-ness/carelessness”. After loading the platform, the instruments are still randomly picked (that’s fine) but the expiry times are all automatically set to the closest expiry time (good!). Upon expiry now, the instrument will refresh itself, keep the same pair/stock and then it’ll be set to the closest expiry time. This is great in my eyes after improving their system, for all the short term traders, you’ll be less subjected to entering trades that end at the end of the day or week y mistake.
UPDATE: Maybe it’s just me, I’ve tried Explorer, Mozilla, Opera, and Chrome but their platform lags on every single one. It’s not lag as in trade entries, but it’s actual lag that slows down my computer. Like whenever I go on BBinary, I can’t really do much else in the same browser.
Flexible trades: Unlike StartOptions, trade amounts are entered instead of being picked from a list. Minimum amount is $1 up to $6,000 per trade. You can enter up to the cents if you’d like to enter $25.11 for example that’s fine. I don’t really recommend this though; you might lose out on a few cents after applying the payout %.
Price Quotes: Rating – 10/10
Anyone who’s been trading for a long time should know there are a ton of different charting services available out there. I personally use www.freestockcharts.com, TOS, MT4 and also when I need to, I use my stock broker (Questrade) for price quotes on stocks. BBinary for the most part is usually real time pricing within 1 or 2 pips/cents compared to real time price quotes. It depends on which ones you use though, FSC usually always is a couple points different from BBinary’s price. But, even when I’m using my Questrade account to check stock price quotes, these differ from those provided by BBinary. So, the conclusion, is they might source from different servers and may incur server lag. But, all in all, the price quotes are pretty much the most accurate without any spreads seen in other brokers such as StartOptions and AnyOptions.
Withdrawal: Rating –
I have yet to withdraw any funds from them. Since a) I’m doing crap in my trades right now. b) They require you trade 20x your deposit + bonus before letting you withdraw. The minimum deposit is $500 which at the time of depositing entitled me a 15% deposit bonus of $75. In order for me to withdraw, I’d need a 20x $500 + $75) = $11,500 in trade volume. I will update this review upon reaching the point at which I can finally withdraw (assuming I don’t wipe my account before then. But from what my friends tell me, their withdrawal services along with everything else provided is top-notch quality. But until I actually experience it, I’m not giving this a rating at the moment.
“Live” Chat / Support: Rating – 10/10
By far, the best broker that offers live chat. Seriously, maybe it’s because they have a low number of clients right now or they really are that good and will hopefully stay that way forever. 5 out of 6 times I’ve always been able to connect with someone. Only once, did I get a message “no agents’ available right now”. Otherwise they usually always have someone available, but also not many other people need help at that moment. So the agents are usually available within 30 seconds. I’ve always been 1st in line for help whenever I need to ask something
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