Banc de Binary Pushy Account Manager

Investment ForumCategory: Broker QuestionsBanc de Binary Pushy Account Manager
Jon Bowker asked 5 years ago
Hi,

I’ve recently got involved with Banc de Binary I made a small deposit with a view at having a trial at trading, soon after the deposit I was contacted by my “account manager” who told me about the higher accounts and the benefits.

Long story short I ended up upgrading to the silver account £2500 to trial the “direct line to account manager” which on the silver account you get for 10 days.

Basically he calls you on Skype with a few other clients and gives you a trade and I place it, within the first 10 days I managed to get 3 trades in which profited me £500, the trial was apparently for him to show me that he will make me money and once he had built my confidence I upgrade to the gold account by depositing another 2.5k, anyway the 10 days was up and it was time to upgrade and to be honest I felt pretty confident until the point when I said I wasn’t going to upgrade immediately and he became a little pushy.

Things like I need to upgrade now so he can work out a trading plan over the weekend, this rang alarm bells and I haven’t gone any further.

Since then I have researched banc de binary more and upon further digging I found a few reports of customers who have dealt with account managers and lost thousand, they seem a little more gullible than me but no the less I don’t want to continue trading with a company that has any bad reviews against them.

Is this something you have heard of before? and should I steer clear? Or are banc de binary a legitimate company.

To be honest I have lost confidence it them and I’m thinking of withdrawing my £3000 which I hope they will do with no problem. Is there company’s you can trust who offer similar things to what I have mentioned above.

Thanks

Jon Bowker.

5 Answers
Paul answered 5 years ago
While Banc de Binary are a legitimate company and are regulated by CySec, they are, in my opinion, far from ‘legit’.
Your experience echoes mine, however I must put my hand up to being one of those gullible people you mention, and I have basically kissed goodbye to over £18,000.
Due to the scam which is called ‘bonuses’ I cannot withdraw any of the funds I now have left (approx £4000).
My story:
I went through an account manager who talked me into parting with £12,500, to which he added a £12,500 ‘bonus’ and, in ONE day, took my account balance down to £4000.  Stupidly, believing the rubbish excuses he came up with I deposited a further £6000 into the account (I did say that I was gullible, yes?), maxing out credit cards and bring bank account balances almost to zero to do so. This was on a Thursday, and, having told him many times that this was money that I could not afford to lose and that I needed it back by the following Tuesday, he made promises of me being able to withdraw the funds the following Monday.
On the Friday, realising my mistake, I attempted to withdraw my additional funds (which had not yet had a bonus applied to them at this point).  On the following Tuesday (stuff happened that meant I couldn’t log on in the intervening period), my account manager called me and told me that, in order to process the withdrawal, he had to “set up the wire” and that this could not be done while a withdrawal was in prgress, and that I had to cancel it.  This I did…and then I heard nothing.  On the Wednesday, I restarted the withdrawal which prompted a call from the account manager again (suprise, surprise), once again saying that I had to cancel the withdrawal.
I explained (at great length) that I could not afford to lose the funds and that they were needed to pay bills, etc., and that I would be happy to get my £6000 back and then continue trading with the remaining £4000.  But, apparently this isn’t how things work!  He told me that if I withdraw my £6000, due to the bonus agreement I signed (doh!) my account balance would reduce to zero and the acount closed as the £4000 would become forfeit!  Stoically, I continued to say that I was OK with this (I really wasn’t, but hey!) and that I just wanted my £6000 back.  Ignoring all of this.he offered to hand me over to one of their ‘senior account managers’ who are reserved for “VIP” accounts, and that they could “trade up” my account back into profit.  This I declined, and said I wanted to go ahead and withdraw my funds.
Cue a call from a “senior account manager” who told me that I had been upgraded to a VIP due to the large number of losses I had incurred, and that it was in their best interests as well as mine, to make sure that I recovered my losses.  Anyway, long story short, despite me insisting again, and again, that I could not afford to lose the £6000, the senior acount manager convinced me that she could trade up my account in one day (apparently she has access to info prior to the ‘regular’ account managers and can get trades in at the point that the info is fresh) and assured me that I would be withdrawing my funds the following day.
So, I reluctantly agreed, on the condition that I would be able to withdraw my funds the following day.  Cue a £6000 “bonus” on the account (making a balance of £16,000 at this point).  On the Wednesday morning the SAM called and gave me 10 trades to place there and then at £1600 a pop… Well, only two actually won!  So at the end of the day, my account balance was now down to £5,800.
Next day (Thursday), the SAM called again, and babbled about how the market had gone against everyone, blah, blah, blah, and we placed the remaining funds on 5 £1000 trades in an effort to trade up so that I “could withdraw my funds at the end of the day”.  Only two of the five won.
My account, such as it is now stands at just over £4000 which I am unable to withdraw until I have generated a “volume” of £362,000 which, let’s face it isn’t going to happen.
And my account manager is now ignoring my calls and emails…suprise, surprise.
Basically, my advice is to stay away from Banc de Binary.  In fact stay away from Binary Options – it is NOT “trading” in any sense of the word, it is simply gambling; and the “brokers” are not brokers at all either, they are simply “bookmakers”.
The account managers at Banc de Binary:

  • Will say literally ANYTHING and use high pressure sales tactics to persuade you to part with your cash.
  • Wiill use “bonuses” to lock in your deposits so that you will NEVER get your money back (unless YOU are a fantastic gambler and manage to make huge profits to cover the 20x volume condition yourself – THEY won’t do it for you).
  • Are NOT stock market analysts, and know no more about proper trading than you or I do.
  • Celebrate when they “land” an “upgrade” to an account (when you’re on the phone to them, listen to the background noise – you will hear them cheering and clapping, heralding them reeling in yet another soon-to-be-poor sucker).
  • Are the “penny share salesmen” that you see in “Wolf of Wall Street” – they have no shame in ripping you or anyone else off, as long as they get their winnings.

Regards,
Paul.

robert golding answered 5 years ago
i have had this experience from bdb as well. i had a 20 minute phone call from one of there account managers trying to get me to upgrade my account from 250 to 1500. i let him tell me how good it would be and that he would add 1000 to my account to bring me up to the silver account. despite telling him i had no money he let me attempt to withdraw 1500 from the card i signed up with. as the card was maxed out it didn’t go though of course. after ignoring his calls he emailed me telling me how i was losing out and that not answering his calls was a bad thing. tough, its up to me if i answer the phone or not. It’s my money to lose not his. i shall trade on my own thanks.

These account managers are nothing more than salesmen. would you ask a casino what you should bet on? BO trading is just a casino anyway. yes you can make money i am sure but don’t trust them to tell you how. they win either way after all.

The BDB bonus terms are clearly stated in the t and c’s and on the site.

I don’t think BDB are a scam, just be careful when talking to their “account managers”

Ronald answered 5 years ago
My short history with Banc de Binary started with me getting interested with binary trading from reading an article of an famous Danish and international actor who had made a considerable profit trading binary options.  So I was interested in finding out what it was all about. I googled and read articles and got more interested and was willing to give it a try. I am not a gambler and didn’t want to through my hard earned money out the window so I searched for the best binary broker 3 were always on top and recommended and I went for Banc de Binary as they seemed to be the most experienced. I deposited 500 Eur in an account. Almost immediately the phone rang. I didn’t pick it as it wasn’t a number I knew (a Belgium number) It took some time to get the account activated as there were several documents that needed to be signed. Well a month went by before I had time to pursue my interest in binary options and during this time the phone rang at least twice a day (same Belgium number). Finally I picked up the phone and talked to an account manager who at first wanted me to explain what I wanted to do and what my expectations were with binary trading and so on and so forth not pushing anything on me for the first 5 minutes and sounding quite interested on my thoughts. I explained I did not want to become a millionaire over night and just wanted to get the feel of it and see how it went. Then the sales talk started deposit another 5000 Eur and then I would get the advise of a pro who knew the business and would most certainly gain some profits. I would most certainly get a bad experience of binary trading as I would lose my investment based on the fact that I had no knowledge of trading.  I still said I wanted to try my own luck but after a few more minutes listening to his well prepared sales talk I gave in as I was also promised some lessons on how to trade by some of the BdB’s top traders. On top of a guarantee that he could quadruple my account in a month. Not that I believed that but double would be nice too (in my dreams). So I transferred another 5000 Eur to my BdB account. A week went by where no trades were placed. I had 2 online lessons and didn’t get much wiser as I had already done some investigation on my own. Then the trader called again and said I should have a chat with a “senior account manager” who was the guru of binary trading. The guy talked so fast I had trouble understanding what he said but in the end he offered to upgrade me to a Gold account which was for VIP’s if I invested another 15000 Eur if I did this then BdB would also add another 20000 eur into my account so I would have 40500 Eur to trade with. In that case I was sure to earn money as it was also their money. We would be partners. It sounded to be a good deal and again even though I was more than hesitant I felt that doing this I would gain even more security minimizing the risk of trading. However I didn’t have that kind of cash on my savings account so I took a loan for the 15000 Eur. My bank was reluctant but gave me some slack as I have never borrowed that amount of cash before. I transferred the funds and hoped for the best (in hind sight stupid). After about another 5 days and a few lessons I was growing impatient as I really needed to earn some money so as to pay off my debt. The trader finally gave me 3 trades of 4000 eur pr trade. Quite a lot of money in my book but I trusted him as he was the pro or at least that’s what he said. The trades went well 2 won1 lost. We won 6000 Eur in 1 day. Wow I could see this was turning out to be a good decision. A great burden was lifted from my shoulders. I already had dreams of sitting on a golden beach somewhere living of the funds generated by BdB. That dream was short lived  pop…bubble burst. They gain your trust and then they screw you. The next day the trader fed me 18 trades in short succession all based on good signals from trading central he said. I didn’t have time to think I just acted on what he told me. Well out of the 18 trades 12 losses and 6 wins we had lost 75 % of our funds in 1 day. He told me the market was volatile. Well if you knew that why trade for Christ sake.  He would devise a winning strategy so we could regain the losses the following day. Right that didn’t go as planned either. The next day the account was halved and the day after that, following another winning strategy, halved again until on day 4 there was only 600 euro’s left on the account where I decided to stop following this traders expert advice. I could have done better just flipping a coin. All those promises and it all turned out to be empty words lies. I really wanted to play it safe and have some kind of security unfortunately that did not play out and Banc de Binary ripped me off. That’s probably why you hear all that clapping in the background when they call you. They say it is because a client has won a lot of money. I strongly doubt it. probably another sucker like myself that just lost a bundle.  
I still have 600 Eur on my account and they keep pestering me to trade and win the money back. Invest more so they can double my funds. Yeah right thanks for nothing. I tried to file a complaint to their complaints department. As I suspected no help there. It was certainly not Bdb’s responsibility I had lost my money based on their traders advise. Nothing to do with them at all. It was my own decision. I had signed a disclaimer saying so.  Yep that’s what the complaints department wrote. Also I pointed out that they advertised that they were insured. Could they explain what the insurance covered ? Again the complaints department patiently explained that the insurance was for their employers and not clients that had lost their money. Why would I as a client have any interest in BdB’s insurance for their employers? Every company has to have an insurance for their employers so why advise it. Stupid. Anyway getting nowhere with Bdb’s complaints department the next course of action is to complain to Cysec and see what can be done from their side. I don’t think anything is going to happen there either but let’s see.
My advice would be stay well away from Banc de Binary. Based on my personal experience it is a total scam. I cannot empathize this strong enough.
Go to Las vegas and play the roulette instead at least you will have a ball knowing you are going to loose it all at one point but at least you know. BdB cheat, lie, pester and scam. Don’t invest a cent in their “business”. You will regret it.  I have been a blundering idiot to trust BdB don’t make the same mistake as I have.  
I have mails, skype conversations the lot to prove what I write is what has happened.  No I am not competition from another trading company trying to give Banc de Binary a bad rep. BdB don’t need help for that they manage quite well on their own.

richard gough answered 4 years ago
I had exactly the same but told them to get lost when they wanted another 25000.

I had 3100 in when my account manager gave 30 trades in 27 minutes and lost over 1800, when she gave them, some I thought were ridiculous.

22losers on the high end of my 10% per trade the 8 winners were on the low end. 10 to 20 per trade.

Moe answered 4 years ago
Stay away from these con artists at any cost. NEVER ever accept the trading bonuses as that only means you can effectively never withdraw your cash.