Overall Rating = 10/10 – Banc De Binary Broker Review (Revised on June 25th, 2012)
(Update on Withdrawal rating since I tried out their Money Booker withdrawal)
Revised on Jan 5th, 2012 (Update on Deposit Rating to reflect that no brokers accept PayPal, so all brokers automatically get 9/10 for deposits)
Revised: Oct 20th, 2011 (Update on Platform Review to correct trade size limit)
Originally Reviewed on Mar 9th, 2011
Deposit: Rating – 10/10 (Revised Review)
Initially when I was first told about BBinary, they were praised of their PayPal services. Upon joining the site, no PayPal =(. Like every other broker that exists, BBinary accepts all the major credit cards. Luckily for some, instead of PayPal, they accept Money Bookers (mainly geared towards Europe/Asia) which is a convenient to deposit/withdraw if you have an account. Thus, because of this deposit method, BBinary is receiving a perfect 10/10 rather than 9/10 like the other brokers.
Platform: Rating – 10/10
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.
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 %.
Open an account and start trading now!
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 – 10/10 (Revised Review)
Recently, as noted on blog, I deposited $500 to test BOSE signals (which I no longer promote due to the discrepancy in their signals) via credit card. After testing out the signals, I decided to withdraw my balance since I didn’t have time to trade anyways so no point keeping money there. Since I already withdrew via credit card in the past already. I told them I wanted to withdraw this balance via Money Bookers for the sake of writing a review on the process. Regardless of withdrawal method, it takes between 1-2 business days for them to approve the withdrawal. It takes 1 day if you already verified your account and 2 days if you haven’t sent in your identification documents yet. Anyways, after being approved for the withdrawal, the money was sent to Money Bookers pretty much instantly within an hour of receiving my “Approved Withdrawal” email. Thus, given this instant withdrawal, I’m giving BBinary 10/10 on the Withdrawal Rating.
“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.
Hopefully my Banc De Binary Broker Review has helped you out in deciding if Banc De Binary is the right broker for you.