banc de binary

Social Trading, SCAM or Legit Way to Make Money?

February 1, 2017 by Dan Wright 3 Comments

Social Trading on Forex Versus Binary Options: An Industry Overview and Analysis

As we surveyed the Forex binary options landscape for the past year looking for legit trading robots, copiers, social trading tools, and signals providers, we have stumbled onto countless scam systems and provided many exposing reviews. All of these fake apps and automated software providers keep boasting about impressive performance and accuracy levels that if real would put investors like Warren Buffet or Chris Sacca to shame. Needless to say most systems being offered these days are scams and worthy of being blacklisted for a variety of reasons. First and foremost because they are designed to steal money from traders (that’s you) by operating in cahoots with unregulated offshore brokers in what is referred to as a revenue or profit share scheme. The SEC, CFTC, AMF in France, ASIC in Australia, have all issued severe warnings and informed its citizens of the risks related to binary options.

Social trading is an excellent alternative to binary options trading robots (automated trading systems or auto traders) and a truly legit way to make money trading online!

It’s also known the securities fraud carries a large fine and prison terms in certain cases, however this does not deter various crooks from conducting their business in a less-than-reputable way. The recent closure of Banc de Binary has signaled to us that regulation is beefing up and the industry fat cats are staring to feel the heat as fines prompted by a lack of consumer protection have taken their toll.

Quick Update: We are not recommending Tradeo anymore since they have made it super difficult to register an account and get started trading. There is no possible way you can profit using their service since they are very slow to respond and do not provide effective customer support. Etoro is a better alternative and far more professional.

CySec which is considered to be the leading regulatory body in all matters related to binary options has taken a very proactive approach about enforcing its policies. Even more so, due to recent regulatory constraints some regulated brokers no longer allow automated trading on their platform. Banc de Binary ex-employees have told us that the combination of fines, tougher enforcement, and banning of trading robots are the main reasons why this broker has shut down its operation. In essence, the big binary options and Forex brokers have become a victim of their own success, and since they are the ones processing the most money the regulators turn to them to line their coffers and fine them for violations. In this instance we believe the lines have become blurred and putting regulated brokers out of business is detrimental and pushes the industry to operate illegally (but that’s a different discussion).

Market Makers Versus Electronic Communications Networks
In binary options most of the brokers are market makers, and this means they make money when you lose yours. In Forex this is not necessarily the case, as many brokers only provide the trading environment and collect a certain fee based on volume of trades executed. This is the case with Tradeo and Etoro, and part of the reason why we have chosen to focus on these 2 brokers (Tradeo is no longer recommended due to poor results).

Is Social Trading a Good Alternative to Make Money?
The short answer is a resounding YES! However, social trading in Forex, just like binary options or all forms of online trading is risky. Fortunately we have selected a couple of regulated Forex brokers specializing in social trading and are now recommending these platforms to our members and subscribers. Tradeo is a relative newcomer although we have tested this platform and it performs according to our expectations.

A few words about Tradeo and social trading. This platform is really about “the wisdom of the crowds” and sharing information. For example, if you see a certain trader is getting a lot of positive feedback on his trades, chances are he knows what he is doing. So the obvious next step would be to select the number of lots which is the measurement of units you wish to trade, choose the stop loss feature as a form of risk management, and click the copy button.

It’s super easy and and the best thing about it is that you have thousands of traders just like you to talk with, share your experience, and help improve your performance.

The two screenshots (above and below) show how the actual copying is done. After funding a trading account you simply select the “traders” option in the scroll down option and after you are satisfied with their performance you can copy their trades. The statistics and performance levels are totally transparent and for everyone to see. In fact, you can start trading and making good money almost immediately.

The educational center is also very informative and they teach you exactly how to copy traders. The stats and charting features are also very impressive, however they are just a means to validate trades and check on the trends. It is not a requirement to know how to interpret the signals, you simply need to know which trader to copy and let the system take care of the rest. The minimum deposit on Tradeo is $250, which is an acceptable amount according to industry standards.

A Few Drawbacks
The first drawback has to do with the fact that the broker is also providing the trading tools and social signals. This means the broker is not just providing the trading arena, it’s also gathering other traders in the platform and based on their actions it is understood that you will execute trades. There is no reliance on 3rd party software which could actually assist you in some cases, and this means all the power is concentrated in their hands. To be specific, if you could use a Forex EA (expert adviser) then you may be able to achieve better results. In this case, you are using their trading solution and confined to a certain set of operative actions. However this is dwarfed when compared to the risks taken when trying out a new and untested auto-trader.

Excluded Countries
Unfortunately traders from the USA, Canada and Australia will not be able to trade on Tradeo. Our Australian and Canadian (Quebec excluded) subscribers can signup via Etoro, and that platform operates much in the same way and is also regulated by ASIC. US and Quebec residents are welcome to read our Option Robot review.

The screenshot below tells the story, simply select “copy people” and you are on your way. The execution is also fully automated and after you select the amount you wish to risk and invest its basically on autopilot. You can always stop it and choose to copy another trader. You can also build a portfolio of traders you wish to copy and the software will take trades according to the first on the list.

Can You Really Make Money With Social Trading Or Am I About To Get Scammed?
The short answer is you can profit for sure, however you have to understand who to copy and how to control your budget. We have actually contacted the staff and the answers we received were on point. The minimum deposit is now $200 on Etoro and they have to verify your account for regulatory reasons. The educational section is also extremely advanced and we found the customer service to be both courteous as well as professional.

Our Recommended Signals and Trading Robots
If you still want to try out a good auto-trader simply refer to our recommended section. We have actually tested most of the trading robots and these are the ones that always come out on top.

Review Conclusions and Recommendations
When it comes to social trading versus binary options there is some confusion. Binary options brokers have a feature called “follow me”, which is supposed to mimic real social trading. In reality it has nothing to do with social trading and everything to do with getting customers to trade regardless of what the outcome is. We have received various complaints about the follow me feature and questions as to how this really works. Naturally we are skeptics and started to dig in deeper, our findings indicate a clear pattern of deception so we do not recommend you use this feature. Instead if you choose to trade manually it’s best to have a strategy in place and start looking at charting tools such as candlestick charts and bolinger bands. In short, if you have had it with auto-traders and are looking for a legit way to profit online, we highly recommend social trading on regulated platforms. If you are US or Canada based please contact us for alternative solutions. As always, if you have any further questions or dilemmas feel free to contact us through our Facebook Group or YouTube Channel.

Binary Banc Review, SCAM Broker Exposed

December 4, 2016 by Patrick Jones 6 Comments

Binary Banc is a SCAM broker and we have blacklisted it in our detailed and factual review and investigation. We have recently received a non-payment complaint in regards to Binary Banc, an unlicensed broker registered in the shady jurisdiction of Tbilisi Georgia. For those of you who are new to binary options trading, you should know that a broker which declines withdrawals must have a very good reason for doing so since it considered to be the cardinal sin in the industry. Our most recent complaint about declined withdrawals just arrived from a US-based day trader who was scammed out of a whopping sum of $64,000, and after we started digging in deeper we found out Binary Banc (not to be confused with Banc de Binary) is managed by ChargeXP Investments Ltd. which is owned by a group of criminals who could care less about ethical business practices or the welfare of their customers. This is what we refer to as a “deposit only broker”, and it soul purpose of existence is to generate short-term and immediate gains for its owners. It is viewed as someone’s personal cash cow and explicitly used for stealing money, defrauding, and victimizing unsuspecting traders looking to make a few bucks trading binary options online. Keep reading to see how we document the scam and why Binary Banc deserves to be besmirched, ruthlessly exposed, and dragged through the mud.

Official Scam Broker Website and Login Page: https://binarybanc.com/

Binary Banc Broker Review
This broker is unregulated and unlicensed by any trading jurisdiction or or regulatory body such as CySec or ASIC. It is powered by the Panda software which is known to have a checkered past and a dubious reputation for wiping out bank accounts and providing fake signals.

The broker offers the standard run-of-the-mill assets such as Forex currency pairs, commodities, indices, and stocks. All of these are powered by the fraudulent software which looks appealing and legit to the naked eye, but in reality it is totally rigged and the so-called “senior account executives” are there to bleed you dry and steal your credit card details so they can over-charge you.

The various trading options include 60 seconds, hyper, ladder, long term contracts, binary, one touch, and a social trading or “follow me” feature that allows you to copy other traders.

Account types include Micro, Silver, Gold, Platinum, Royal, and Corporate. All of these are set in place in order to give you additional perks such as bonuses or training sessions, if you invest more heavily. They also offer a video library with online courses and webinars which are only available for active traders.

Documented Complaints and Verified Proof of Fraud and SCAM
Here we have an email which we received from Eric Minkin who has actually taken real screenshots of his account’s trading history. It seems he actually MADE money with this broker, but they are not letting him cash it out. All they do is tell him to keep depositing and deferring payments due to different reasons, but in reality this is the worst type of scam imaginable since the customer is literally seeing how much money is being stolen from them and they can’t do anything about it.

Above you will see a screenshot of what Eric sent our staff. It is a preview of the open positions in the trading history section of the binary bank software. You can very easily see the winning history, (which I may say is very impressive) and the actual balance which has been accrued. Below is a formal letter sent to the binary bank management team asking them about cashing out and banning them from trading on his behalf. It’s fair to say this person did everything in his power to get paid, but he has been thrown to the wolves and is now fighting as hard as he can to claim what is rightfully his.

To the owners and management of Binary Banc, it does us no honor to openly discredit your broker and company and we will gladly remove or revise our review if and when you remedy the situation and start paying your customers. If you feel we have judged you too harshly we are willing to issue a clarification, but you must contact Eric and at start paying him what he is owed. Otherwise this post will remain as is and we will make sure it gets the maximum possible exposure on YouTube as well as other social media channels.

Signals, Trading Robots, and Other Systems
We are approached on a daily basis with requests to endorse new apps and trading systems. The vast majority of these auto-traders are a waste of time, but every now and then we find a solid app and decide to showcase it in our recommended systems.

Review Conclusions and Recommendations
Binary Banc is a SCAM broker and we have blacklisted it in our fair and impartial review. We have also seen it has been exposed by various review sites and complaints boards, so all the dots are starting to connect and the picture is very clear. If you have stumbled onto this broker after being enticed by a fake signals provider or fraudulent trading robots like Gemini 2 or Jarvis Formula, you had better hold on to your wallet and never give out your credit card information. We are absolutely certain Binary Banc will steal your money and defraud you, this is a 100% guarantee. We also think trying to piggy back on the reputation of a reputable broker such as Banc De Binary is not only distasteful, its also grounds for a trademark infringement lawsuit. In short, don’t deposit and never give any of your personal information such as email or phone number because they will relentlessly badger you until they have had their pound of flesh.

Fight Back, Learn How to File a Scam Complaint with Your Authorities

January 3, 2016 by Patrick Jones 2 Comments

Binary options scams such as Insured Profits, Free Money System, Channel Ranger, and Mockingbird Method are getting increasingly more sophisticated and aggressive. Fortunately I have done all the research for you so all you need to do is bookmark this post and use it as a point of reference when you want to file a scam complaint with your local authorities.

Residents of the USA
There are a variety of options available to you, however the most effective and relevant branch of the government ready and willing to assist you would be the Federal Trade Commission and not the SEC.

Many viewers find this surprising and are not aware of it, however the FTC has a section completely dedicated to false advertising practices in its portal and even extremely wealthy organizations such as Nestle and the Coca Cola Corporation have been pursued by this relatively unknown regulatory body and have paid massive fines. Please make a note, Binary Scam Alerts is not going after the brokers in this specific case. This is a job for the SEC and USDOJ, and they have been resolute about bringing to justice and fining scam brokers which have defrauded US customers in the past, such was the case with Banc De Binary who was charged with multiple counts relating to Illegal Off-Exchange Options Trading. I may add that since then BDB headed by Oren Laurent AKA Oren Shabat has underwent strict regulation with CySec and is no longer accepting US customers. It’s also considered by many to be one of the leading brokers today offering investments in binary options.

How Does it Work?
Step 1. Go to the FTC website.
Step 2. Click the Would Like to Link in the Top Menu
Step 3. Select the Division of Marketing Practices section and proceed to file a complaint.

The complaint process itself is a bit tedious due to the nature of the business, so it’s crucial you gather the information, take screenshots, document phone calls and emails, and start asking questions about guaranteeing profits or am I registering for a software or a broker?

Residents of Australia:
You would need to report to the Australian Competition and Consumer Commission. Actually they have made it extremely simple to do so, and here is the screenshot below describing exactly how to go about doing it.

In terms of what type of scam, you would choose investment, and then proceed as to how you were contacted. If it was via Email make sure to save it as it will most likely be used as evidence in a court of law. It’s worth mentioning that if you have difficulty reading, there is a “listen” button available and using it will help you hear what you need to do.

The Advertising Standards Authority is the legal entity empowered to battle false advertising in the United Kingdom. Interestingly, you can even file a complaint via phone with this independent regulator and then be on your mary way and enjoy some tea cakes and crumpets.

I must add, the ASA was the most courteous and willing to assist in ways I could not imagine. When I spoke to them I really felt they were going out of their way to help me, and that is something which is very important whenever whistle blowing is involved. I was assured by the top person on shift that there is no way these people would have access to my private information and in any case these are not the type of people that retaliate so there is no cause for concern and that I would be completely safe.

Additional jurisdictions such as Canada, New Zealand, Singapore, Sweden, and the Netherlands have similar regulatory bodies that employ the same type of complaint process. So if you have been previously scammed and would like some form of retribution and justice, make sure to contact our desk and we can personally guide you on how to file complaints because we have done it ourselves. Furthermore, if you believe your money has been illegally stolen as a result of these scams we can help you get your money back. Additionally, if you are looking for free access to binary options signals or educational tools just contact us by leaving a message below this post or by subscribing to our YouTube Channel or Newsletter and we will revert as soon as possible.

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