Banc De Binary Caught Cheating - I grew account by 1000%

Should i have taken the $9500 settlement Fee

  • Yes

    Votes: 0 0.0%
  • No

    Votes: 0 0.0%

  • Total voters
    0
  • Poll closed .

luckyboi

Junior member
15 0
I deposited $2000
My bonus was $2540

Required turnover is 88300
Current Account Balance £26668 - 7th February 2014

It took me close to 2 years to reach this target. I worked with my account Manager Alexis Williams about my bonus target and around october 2013 november, i had 38k remaining, and Alexis told me this is not actually a lot and i should start trading again and in no time i should be able to withdraw. He offered me signals however i did not take them and decided to trade my self and told him when i reach my target i shall call him and we can then open a GBP account. Prior to my discussions with Alexis Williams in october 2013, i had a account manager named Mohammed Attar and he also offered for me to deposit £500 dollars and he will reduce my turnover to 10k, and he also also told me the figure of 88300. I also had various chats to the customer service reps and they confirmed my bonus target is 88300, and i asked them if i ever had refunds would it effect my bonus turnover target, the customer service agent assured me it would not.

I was $2400 below my anticipated 88300 target and i called my account manager telling him about my plans and i will be ready to withdraw tomorrow , he said yes thats good and we agreed we shall open a GBP account once the withdrawal is done.
Then the day i reached my target and submitted my withdrawal a whole string of problems started. Firstly after a few hours i went on live chat to ask if they have recieved my withdrawal request to be on the safe side, in case a computer error has not occured, i was told by the customer service agent, my account has gone to the legal department and we cannot assist you with your account. I am worried concerned and thinking how did my account go to the legal department they day i reached my bonus target and ask for a withdrawal, bare in mind prior to this i have submitted withdrawal request twice before and they would be cancelled, i was never told my account has gone to the legal team.

After a few days, Shane called me and told me my withdrawal has been cancelled and my bonus turnover target is 250,800 because i had refunds on my trade no fault of mine and that adds onto the bonus volume. I was shocked and obviously sent shane all the records of me contacting Banc de Binary and them telling me, my bonus turnover is 88300, hoping they will honour it. However after 2 days Shane calls me and tell me, they accept every thing ive heard about my account in the past is incorrect and now they shall tell me the correct amount which is 250,800. They was no other way and that was there final decision.
I sent a official compliant to all the email address provided by customer service and eventually Shane phoned me to offer me 9500 as a settlement fee. I told him that is completely unfair as that calculation is based on my first bonus and deposit and i reached my bonus turnover for my first
bonus. I did reply back as i am in financial difficulty and they know my situation and i try to negotiate the amount to $18k, however a whole week and no response.

I have a contract sent to me for the settlement amount, which is burglary, i did not want to complain to cySEC as i heard the process is very long and i will not get my money in weeks and it could take time, so i try to settle and resolve with Banc de Binary but i have no other alternative and would really appreciate some immediate action on my account and hopefully the whole amount in my bank account.

Since i have reached my turnover target of 88300 and tried to withdraw, they have removed my cancellation button feature for no reason, this is usually removed if it is abused, however it was not abused and they have said it was done automatically but have not reinstated it.
I also started to notice very unusual behaviour with the price of the asset i trade, i have this all documented evidence, and at 1 stage my account was 43k but because of the manipulation in price them trades was lost. They would have a 3 pip difference from the actual market price, which was the same price as their competitor 24 options and when the option had 10 minutes to expire, it would then update and become same price as 24 options. So if someone did not win the trade more than 3 pips, they would lose.

In the video you will see the price 3 pips different to 24 options price, however at 1:50 which is 10 minute to expiry the price becomes same as 24 option price, it start moving and the difference become low. I have other videos with similar examples, and this only happened after i submitted my withdrawal before this i have never seen this before.

I told them about this issue, and they sorted it out and the asset was available for 1 week to trade but currently the whole asset has been removed completely from the platform. Finally even the refund they give are very suspicious as a eg, i entered a trade and the trade was cancelled, however the money was taken from my account. I contacted customer support and she said the trade was cancelled and no money has been taken, but when it was investigated some how the money was taken, so they returned my own money back to me and then added a bonus turnover target on my account.
Just to be clear, I have emailed Banc de Binary for 1 whole month before going public about my problems, they were given plenty of notice to resolve the issue..
Many Thanks
 

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Forexmospherian

Legendary member
39,928 3,300
http://www.thisismoney.co.uk/money/...-bank-Banc-Binary-court--Britain-lets-in.html

Looks like they are bar stewards and not even a real bank.

Regulated in the UK but not in US - you do have some recourse with the FCA - but have you got things confirmed in writing via e-mails etc?

Have not got a clue about trading binary options and do not know much about them at all - but this other post is also interesting - so I hope it helps

http://www.realbinaryreviews.com/brokers/bancdebinary/

You are correct not to accept a smaller amount - unfortunately you might end up with one - but before you do - threaten to close the down and also let them know all the Police Authorities you will be contacting - including those in Cyprus as well.

GL
 
Last edited:

Jarvis Goldman

Newbie
1 0
So far I've had a good experience with Banc De Broker and my broker Virgil Wiseman has been a strict yet very helpful account manager, It was not at all what I expected, I soon found out that there was nothing I could do on the financial markets with my original deposit, once I managed to upgrade my account to the PBA, I started to finally see progress in my account with the assistance of my account manager and his signals, platform can be a bit slow during major trading events, profit withdrawal take a little bit of time sometimes but nothing extreme, obviously not every day is a win but that’s to be expected, I am overall happy with my results, trading with Virgil’s signals is pretty easy and productive, but after my first trial to trade alone my 500 i understood that in order to be succesful in this business you need much more capital.Good to see results out of my bigger investment!
 
 
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