Mr Stone - Binary Trading

Mr Stone said:
When the client deposits online it is classed as an online purchase
Click to expand...
Not true in UK since circa 2006. All these transactions will be classified as gambling transactions and treated as cash withdrawals. For that reason it is a bad idea to use credit cards as a deposit method. Debit cards are OK though. I see you accept credit cards. Do you have plans to support debit cards?
 
6am said:
Not true in UK since circa 2006. All these transactions will be classified as gambling transactions and treated as cash withdrawals. For that reason it is a bad idea to use credit cards as a deposit method. Debit cards are OK though. I see you accept credit cards. Do you have plans to support debit cards?
Click to expand...

Hi 6am,

We actually currently support about 80 various depositing methods, debit cards included if provided from Visa/Mastercard. We can also take moneybookers, paypal, cashU, amex etc.

In terms of returning profits again simple enough. You can get the deposits refunded to the card used to make the initial deposit, and the profits sent either via direct wire transfer/online wallets/direct using debit details into your account. Some banks can also hook up with our processor meaning within 24 hours funds are there which is pretty special.

Mr Stone
 
Mr Stone said:
Lastly the regulation/licensing route. My partner and I would both prefer the less costly and simpler route of obtaining multi-gaming licensing rather than financial regulation through ASIC, CYSEC or the FSA. We are looking into Macau, the gambling association in the UK, Cyprus and also Belize. Not sure if we will take from any of those or another, but our feeling right now is to go down the gaming side rather than the financial side.
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Well that was the point I was making really, you obviously are aware of all the
current regs including PERG 2.3

TBH, if I was you I would want to gain FSA approval via the CFD wrapper route.
I can't say it sits easy with me, but you are correct,
the overseas persons exclusion does apply to you regarding PERG 2.3.

Surely you would stand out more and give your customers greater peace of mind with FSA approval.
 
Hi Liquid,

All correct again bar one point which is crucial to all of this.
For us to have true and full regulation from ASIC (Aussie version of FSA) or the FSA I can tell you even without the cost issue and time issue....There is another reason why it just couldnt happen.

If you operate once, as a non regulated broker and take clients in a non regulated enviornment, the cchances of you gaining or even being put on any kind of list for FSA/ASIC appoval is less than 0.001%

We had no choice starting out. Simply didnt have the operational ability or funds to do it right from day one. Hence the gaming license route making more sense.

If you can help me find a better way believe me I am all ears! Seriously, if you know more about it, I would really appreciate any sound advice on that - [email protected]

Mr Stone
 
Mr Stone said:
Hi Liquid,

All correct again bar one point which is crucial to all of this.
For us to have true and full regulation from ASIC (Aussie version of FSA) or the FSA I can tell you even without the cost issue and time issue....There is another reason why it just couldnt happen.

If you operate once, as a non regulated broker and take clients in a non regulated enviornment, the cchances of you gaining or even being put on any kind of list for FSA/ASIC appoval is less than 0.001%

We had no choice starting out. Simply didnt have the operational ability or funds to do it right from day one. Hence the gaming license route making more sense.

If you can help me find a better way believe me I am all ears! Seriously, if you know more about it, I would really appreciate any sound advice on that - [email protected]

Mr Stone
Click to expand...

Other than dissolving and reforming a new company, no I don't have any suggestions.
Even then director exclusions may apply.
I doubt that is a realistic option.

Anyway, as the current regs stand you are legit:
FSA Handbook - Full Handbook
FSA Handbook - Full Handbook
 
Oretty much our thinking aswell.

we are not looking to be the biggest or even I suppose appeal to those truly seeking out a fully regulated outfit. We do however want to be known as a top niche brand and platform to use.

All we need to do that and make it happen is keep the pricing real and not manipulate, and pay withdrawals as fast as humanly possible when requested. That and good support, daily info, service etc. But yeah, that is about it, just looking to take very good care of a small amount of happy traders and enjoy it. If it gets much bigger it would be best for us simply to sell, start again and appoint a new name director so that regulation wise we can obtain what we want and need....I am doubtful for that happening right now, but you know what they say, never say never.

Mr Stone
 
I've just started trading with GOptions and am up to $600 from $200 so far from just trading 60 seconds. I will feedback my experiences as the weeks go on.
 
Hi Chatter,

I didn't realise you were on here also :)
Thank you for bringing some attention to us and great to see you are having the rsults you were after.

Mr Stone
 
Hi Chatter,

Nice one for the upload.

Pboyles you can keep trying to do what you are doing but it isn't working. The platform can handle UP TO $500,000k loses in a single month. Any client can be paid UP TO $100K wins in a month. Your argument is invalid once again.

Chatter keep up the good work, I have also another thread with live trade examples, just killed the EUR/USD breakout. 4pm we should see more big moves. keep an eye on the eco calendar this week, big big Germany news to come.

Mr Stone
 
Mr Stone said:
Oretty much our thinking aswell.

we are not looking to be the biggest or even I suppose appeal to those truly seeking out a fully regulated outfit. We do however want to be known as a top niche brand and platform to use.

All we need to do that and make it happen is keep the pricing real and not manipulate, and pay withdrawals as fast as humanly possible when requested. That and good support, daily info, service etc. But yeah, that is about it, just looking to take very good care of a small amount of happy traders and enjoy it. If it gets much bigger it would be best for us simply to sell, start again and appoint a new name director so that regulation wise we can obtain what we want and need....I am doubtful for that happening right now, but you know what they say, never say never.

Mr Stone
Click to expand...
So Mr Stone you have good thinsg at heart

Then for the benefit for all could you please clarify the following
1) For your clients to win do you have to loose? If the answer is NO then
How do you manage your risk? and don't hide behind " Tarde secret"
A) By netting positions betwene o/p cleints and earn the spread which means you act like a true exchange which is fine But what if one side is heavy than other and you can't hedge ?
2) If you company goes down do your clients become unsecured creditors?
3) For example is your FTSE or DJ underlying is on the actual Index or the futures or some value derived by you?
Simple question yah!
 
moka2 said:
So Mr Stone you have good thinsg at heart

Then for the benefit for all could you please clarify the following
1) For your clients to win do you have to loose? If the answer is NO then
How do you manage your risk? and don't hide behind " Tarde secret"
A) By netting positions betwene o/p cleints and earn the spread which means you act like a true exchange which is fine But what if one side is heavy than other and you can't hedge ?
2) If you company goes down do your clients become unsecured creditors?
3) For example is your FTSE or DJ underlying is on the actual Index or the futures or some value derived by you?
Simple question yah!
Click to expand...

1. When a client wins he loses.

2. He is unregulated, if the company disappears you'll get nothing.
 
MarketBuy said:
I was just wondering what payment processor you use?

I've been to your site but it wouldn't let me use my VISA. I called them and they told me to find out what the processor is as it's probably an issue on their end.

Thanks Mr. Stone
Click to expand...

Probably easier just to take your money outside and burn it. Cut out the middle man and get the same result.
 
MarketBuy said:
Believe it or not, I've actually had a few good trades and withdrawn cash no problem. I just don't stick around long enough to donate right back to them.

Just never heard of this guy's site. Just wanted to see who they use to process the payments as my Visa never gets shut down.

I take it you guys lost on his platform?
Click to expand...
OK, I'll run with it...

How come you decided to pick an unregulated broker when there are regulated
brokers to choose from?
 
MarketBuy said:
Because I see Binary for what it is. Gambling. I have real trading accounts and trade for a prop firm. I know the markets better than most. Binary is my Roulette.

I'd care about regulation if I had $50k in an account but the occasional couple hundred bucks just for total amusement purposes, not too concerned.

I think the majority of these brokers use SpotOption and those idiots have their CYSEC license which is total nonsense but again, if you come at this knowing full well it's a casino masked with fancy financial terms and the attempts at getting their "clients" to believe they are in fact actually trading, it's more amusing than anything licensed or not.

Quite simply, binary options appear to be for people who think trading really is as easy as the "100% bonus" and "double your money in 60 seconds" ads make it seem. It's not. Even the best traders in the world are happy with 50/50 odds. The key is proper risk management and that is where these binary brokers take their cut. 100% when you lose, up to 80% back when we win. That alone says "casino".
Click to expand...

Fair enough, but I can spend a couple of hundred on much more interesting things than gambling.
 
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