BANC DE BINARY : The Biggest scamming company regulated by CYSEC
Complaint 342061 Details

Banc de Binary (My worst nightmare)

Banc de Binary is a CYSEC regulated company which has fancy office addresses in trump tower (NYC), Kings street (London) so on and so forth. Don't get fool by those fancy addresses as they are nothing more than just a virtual office located in those nice areas. Initially I thought it’s a regulated company, so I didn't gave in much to look them up online thinking what could possibly go wrong- BIGGEST MISTAKE EVER!!

I joined BDB on May of 2015. There was a minimum deposit of $250 required in order to get access to their demo account. I funded the account right away and everything seems fine up until a guy named "Roberto Gonzales" called me. Right off the bat, he sounded very professional asking what is my profession, how much I make/spend monthly, do I have credit card, etc. I asked him do I have to enclose all those details just to open demo account. He claimed that as my account manager, he needs to know what my financial background is in order to provide an excellent trading plan so that and I quote “we could make money together ".

The next day, he called me very enthusiastically, telling me there is a VIP signal service coming up for AAPL stock , and the signal is so accurate, in fact (99.9%), that I could double up my profit in no time. Sounds too good to be true!! That's exactly what I thought of it as well. He was very persuasive on the conversation, so I told him, look there is $250 in my account and that's all yours, go for it and double it up. Then, he began to slowly let me in to the real picture by saying me that those protected trade signals comes in a form $5,000 min/package, and I need to deposit additional amount to be eligible for those trade. I thought he was out of his mind, so I told him I'd consider it and let him know later. That was the end of it. He tried calling several time after that, I completely ignored all his calls.

Fast forward a month and half down the road, getting extremely frustrated by their slow website with ridiculous price slippage, I decided to withdraw my balance of $748 and move on. One week after I placed my withdrawal request, I received a call from BDB. This time, a new guy named "Benjamin Remington" called and told me that my previous account manager "Roberto Gonzales" was fired by BDB and now he is my newly appointed account manager. The offer on the table was that I would be able to have one risk free trade with my account manager on NFP news release that coming Friday. Now, this was total news flash to me!!! I'm a fully time forex trader for quite some time now, and as far as I know there's issue from time to time where the ISM news got leaked and some other stuff, but no way this guy is going to predict the direction of the market prior to the NFP news release. Since it’s a risk free trade, why not give it a shot. That was my reasoning at that point.

Days leading up to Friday, he’d constantly sends me trading signals on skype with exact option to trade and the expiry time. Skeptical at first, I tried smaller amount and the result was spot on. I couldn't have asked for anything more. In the meantime, I didn't know he was subconsciously feeding my inner greed. Thursday, a day before NFP, he called and said tomorrow you can both trade with the balance on your account and double that, or u can invest a bigger amount and get much more out of it. I have to be honest; I was so blind-sided by greed that I agreed to deposit an additional of 15,000USD to upgrade to platinum account. I was directed to placed 6 diff options 20min prior to the news release, and 10 min after news release my new balance is 30,748USD. I was extremely pleased with the investment

Right after the profit taking, my manager called again and says how he was so proud off me, and that he could see us trading many NFP to come, yada…yada…yada… Along the conversation, he tells me to deposit another 10,000USD for the upcoming ALIBABA trade report that was about release in few hours’ time. I was puzzled and asked him, there's more than 30KUSD sitting in my account, that should be more than enough, then why I have to invest more money to trade. He actually never gave me a straight answer on that. That immediately raises an alarm. Feeling something bad to the gut, I refuse to put in additional fund.

I began researching on "banc de binary protected trade scam" on google. The results on the 1st and 2nd page on google search gives nothing but good review about the company. Then I come across this site "http://www.scambook.com/company/view/45549/Banc-De-Binary" which has detailed review about banc de binary. Surprise, there had been 87 complaints launched against BDB and most of them encountered somewhat similar to my incident. Then I began to get a clear picture of what’s really happening on summing up on all the written complaints.

Basically the account manager will lure traders in with series of accurate signals, but once the manager sucks him/her dry out of fund, then the client will be given series of losing trade signals in order for them wipe out their account hoping to recovering from the loosing trade. The trick here is that the clients are pulling the trigger on option, so no one but the client is to be blame. The list of account managers on the other end gives out fake name, so no one will actually be accounted for those losing trades should you launch for an investigation. This exactly what is called “Organized Crime”.

Knowing this information, I made a withdrawal request right away. I knew they’d somehow talk me out of withdrawal so I refused to answer their call for the whole week. After a long process of haggling with customer support, they reluctantly refunded my initial deposit. I actually have to thank God for that!! Nothing else would have convinced this blood sucking scammers to have refunded my 15,000USD deposit. Once they refunded my money, I asked them why the remaining balance weren't being transferred to my account as well. They’d give all sort of excuses like don’t have bank wire details so on and so forth. The customer support will try to milk your wound by showing that they actually care and they are doing their very best in pushing the account department to expedite the withdrawal process. That's downright BS!! I noticed this whenever I logged in the chat to ask regarding my withdrawal, they'd always ask for my bank wire and card details. That shows the previous bank wire details that I texted them weren't actually stored in their system. I mean, for how many time u actually need my card details provided that the previous withdrawal had already went through.

Frustrated over this issue, I called my account manager; once again he tries to negotiate with me. My mind was so made up, that nothing he says or offer can convince me to stay in BDB. He escalated the phone call to another account manager saying that only this guy has the power to release my money and he would like to have a few word with me. That manager came on the phone and introduced as "William Shadwell". That rehearsed speech goes over and over again. I told him "No please, I just want the money back". Seeing that I'm not giving in, he started to raise his voice and threatens to have legal action taken against me. Wow, simply wow!!!... Quoting him: "Since u r so hard-headed and acting like a child, I'm gonna ask the legal department to investigate your account on the basis of money-laundering. They'd see that u put in the money and emptying your account all in a day, so who do u think they gonna believe. Even by the end of the investigation, it could be money-laundering case or it could be not, but I'd just have the fun of it and u won't see your money back for the next 3 month, 6months maybe or even a year, who knows". I was so pissed hearing this entire thing, I had to just hang up the phone. My balance of 15,748USD still remains in my BDB account. Since then, I had launched a complaint to CYSEC and did receive an acknowledgement of case that had been open, but no further updates from them.


My final advice:

Banc de Binary is no nothing more but daytime robbers that are fully LICENSED & REGULATED scamming company, so please stay the hell away from these blood sucking leeches. My heart is literally burning as I'm writing this and I hope this thread will be useful and detail enough so that u don't have to fall prey to the same mistake like I did.


1) Before checking the lowest spread or commission on any brokerage, please do take your time and go online to read about the broker u r going to invest in. I've listed few independent reliable sources that u can compare the brokers and read reviews about them:

i) http://www.forexpeacearmy.com/community/forums/scam-alerts.30/
ii) http://www.scambook.com
iii) https://www.100forexbrokers.com/compare-forex-brokers-spreads
iv) http://www.fxstreet.com/brokers/forex-brokers/


In some of unfortunate event, u was caught in between same situation as me:

i) Only communicate through chat, so that you’ll have proof /evidence in a written form and could hold them accountable for
ii) Have a screenshot of the account/website if you are filling for a dispute or a claim; because they could simply wipe out your account balance and claim that those loosing trade were placed from your IP address

Hope this is useful
Take Care