Banc De Binary closed

Big news is the binary options industry: Banc De Binary is about to shut down. The company decided to close the binary options broker.

Banc De Binary was one of the first binary options brokers, however they never had a positive image. Banc De Binary has been fined by Cysec in the past (the fine was €350.000) and they also faced several lawsuits.

The company also had to pay $11 million to the US for accepting US customers a few years ago. The founder of BancDeBinary had to pay $150,000 in addition to the fines mentioned previously.

FinanceMagnates says that an insider confirmed the news. The insider said:

“Its just not worth the tarnished reputation. I don’t see how we can continue operating under such scrutiny and public image.”

According to the same site, all arrangements have been made to stop accepting new traders.

signupWe tried registering an account on their website and all we get is this message: Selected country is blocked. We tried it with several countries from the list.

The same insider concluded:

“All client funds are being sent back to their original source. We’re just waiting for the official announcement from the board to begin the process. They are literally about to kill a five hundred million dollar company, but even worse – the icon of the binary option industry,”

We recommend you to withdraw all your funds as soon as possible. It would not be the first time when such a company disappears from one day to another without paying back the deposits.

UPDATE: This is the email all affiliates got today:

As you know, after much deliberation, BDB Group’s management has decided to cease its online activity effective as of January, 15th 2017. That means we are starting by shutting down our affiliation program immediately.

Let me reassure you that you will be paid in full for your services up until the 15th of January 2017.

> Most trusted binary options broker: At the momet IQ Option is the most trusted broker. Read the review here.

What do you think about this? Leave a comment below and tell us your experiences with Banc De Binary.

How To Invest In Nintendo Stock

nintendoThe Pokemon franchise has always been very popular, however with the new Pokemon Go game even more people go aware of this brand. Pokemon is owned by Nintendo and there has never been a better time to trade Nintendo stocks.

Deposit $10 or more and start trading Nintendo stocks now

What is Pokemon Go? If you haven’t heard about this game, then you haven’t watched the news lately. Pokemon Go is a game for iOS and Android devices, where kids and adults go outside to catch the so called ‘pocket monsters’. The important part to remember is that this game is so huge that whole wall street is talking about it.

Since the launch of Pokemon Go, the Nintendo stock skyrocketed and it is expected to grow even more. Are you a pokemon go fan? Do you like Nintendo? Or do you simply want to make some money with stock trading?

With binary options trading you have the simplest form of trading. You can start with a minimum deposit of $10, which is way lower than what you need with traditional trading methods.

IQOption, a binary options trading company has added Nintendo Co. , LTD to its list of tradable assets. Also for a limited time they offer 27% bonus to all new traders who deposit $10 or more. With the launch of this game, the Nintendo shares have risen 85% and the could rise even more.

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cysec

24Options Related Company Has Been Fined €156,000 by CySEC

CySEC recently fined Rodeler Ltd., the parent company of the famous binary options broker 24Options, for a sum of €156,000. Rodeler Ltd. is also the parent company of 3 other brokerage firms including GrandOption. The financial regulator has been in the talk with the brokerage company about the faults that it had found with them. They made the announcement about the decision on the fine on the 12th October 2015.

The letter that was sent from CySEC to the company, Rodeler Ltd. shows that they have violated two legislation items on the first page of its regulation.

The first legislation that Rodeler Ltd. has violated is The Investment Services and Activities and Regulated Markets Laws. The second legislation that Rodeler Ltd. was found to be convicted of is The Prevention and Suppression of Money Laundering and Terrorist Financing Law.

CySEC has explained how they arrive at the total fine based on the violations against the different parts of the provisions in the 24Options regulation. The reason that they break down the fines is to serve as a reminder to other binary options brokers that they will also get the same fine if they decide to act as a fraud and deceive customers by acting unfairly towards them. The fine that is calculated is based on a number of factors and will vary across different brokerage firms. The fines that CySEC imposed on Rodeler Ltd. are outlined below including the fine amount per section.

First of all, the company was fined for €10,000 for not keeping a proper record of the complaints submitted by the clients and solve them within the shortest period. It also did not keep track of the actions that they have taken to settle the clients’ complaints. It fails to keep sufficient record of the advertising materials used on its website. In addition, it also did not provide any operational manual on, a manual that guide its clients on certain policies and processes.

Secondly, Rodeler Ltd. was fined €20,000 for not doing anything to prevent the operational risks in regarding to the outsourcing of their operations to a different third party company.

Thirdly, CySEC fined the broker for €30,000 was fined for not acting in a way that will benefit the clients when assigning the deposit bonus to the clients.

CySEC has found out that the information provided on the site is not explained in enough details or unfair or deceptive to the clients. For this, they have been fined for a sum of €30,000.

CySEC has also found that the information they presented to the clients are not presented in a way that is easy to understand concerning how the binary options works and the risks that are associated with the binary options trading activity. It fails to provide clear information on a certain financial asset on the trading platform. The company was fined for a sum of €15,000 regarding this issue.

24Option was discovered to not take the initiative to ask their clients on whether they have any understanding on the financial instrument and know how to trade it. They fail to take the actions to warn the clients about the risks of trading the financial instrument when they know that the trading of the financial instrument is not suitable for the clients. This violation has led to CySEC imposing a €40,000 fine. 24Options also got a €10,000 fine for failing to implementing the appropriate procedure in regarding customer identification.

Finally, 24Options was fined for an amount of a €1,000 for not complying with the requirement stated in the L.188(I)/200 and Directive 8. They also did not find any evidence that suggests that they are going to take action to comply with the law. The fines outlined above totaled to €156,000 which has already been settled. Before CySEC has announced the fine, Rodeler Inc. did attempted in taking some actions to meet its requirements. CySEC said that the total fine did take into consideration the actions that Rodeler Inc. has taken to improve its company’s compliance with the regulation.

The CySEC Board Decision also offer a clear outline on the steps that 24Options need to take in order to comply with the rule. The outlining of the corrective steps shows that Rodeler Ltd. can still continue to do business in the binary options industry. The fine imposed on Rodeler Ltd. is a good opportunity for other brokerage firms to learns from the mistake and make sure that they will scrutinously obey the CySEC law.

Following the settlement of the fine, CySEC emphasized once again that the reason that they are investigating and fining brokerage firms is that they want to reduce frauds in the Cypriot trading market. CySEC has set up strict rules over the binary options brokers in the jurisdiction of Cypriot in order to enable the industry to have a healthy growth.

IQ Option Bonus May 2016

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Revisiting BAC- Still Weak

For those who may have missed the article posted in February, I made a short call that BAC looked weak compared to the market, and that is was trending back toward the $15 mark, and maybe was heading even lower.  Now, a little more than a month later, the (early) results are in.

Bank of America was in fact weak, and as of Friday’s close of business it currently sits at $15.54, having closed as low as $15.31 recently.  Here is the chart of what has taken place since the day I published that article, February 24th 2015:

bac 4-4 CallAs you can see a short position taken the next day would have never been out of the money, with the price having trended downward the entire time.  Those of you who followed us in should have made a tidy profit already.

Because BAC is sitting right above the support level right now, it is tougher to take a position here except as a small flyer position.  I would be interested in shorting BAC lightly through $15, if it manages to break through I think we could see a pretty significant drop.

At this point I am exiting a good portion of my position so I guarantee that my trade was profitable.  If it keeps going lower I won’t be surprised, but I am happy to take the money on a significant portion of my options position right now because this trade is at a spot where all profits could just as easily be lost.  I’m keeping just enough so if there is a big drop, it will still be a nice little bonus.

We certainly don’t hit every trade right on the money, but it is nice to have a strong hunch be confirmed at times like this.  The next time we see something like this in the markets we will let you know.  Happy trading!

 

Bank Of America Looks Weak

For those of you who like to trade Bank of America, right now it is trading very weakly compared to the market as a whole and the other banks.  Today, Bank of America was down 1.1%.

BAC 2-23

While the S&P 500 was essentially unchanged (down .01%) on the day.  The other banks were not down quite so much, JPM declined .75%, Citigroup was down .89%, and Goldman declined by .63%.

Even the late day rapid buying in the SPY had little effect on BAC.

I first noticed this on Friday of last week, when the SPY traded sideways and up for most of the week, while Bank of America was selling.

For those of you who believe in BAC as a short there are some interesting levels approaching.  There is support at $15, and another support at $14.50.

bac 2 year 2-23

I don’t know that BAC will make it through the support, but right now based upon the weakness it does look like it at least wants to re-test the support, possibly at $14.50.

Bank of America is also trading at P/E of about 45, which is way above the other major bank’s averages of about 11.  When you look at the forward P/E it is more in line with the other banks, however.

Bank of America is a notoriously difficult trade, so keep this in mind before you take any positions, but it wouldn’t surprise me to see it test that support.  If it gets below $14.50 you can be pretty confident that it will get to $14.  I think if you want the trade the entrance is up here at this $16 level though.

Keep in mind that a great earnings announcement could completely change this picture.

Looking longer term, if earnings don’t disappoint and the market keeps going up, at some point BAC is going to re-test, and ultimately blast through this long term resistance level.

bac 10 year

I don’t expect it in the immediate future, but keep in mind that if it does get through, this is going to be a trade that you want to be a part of.

If I was going to give my best guess right now we are going to see a short term test of the support, followed by the long term break of the resistance sometime this year or next depending upon the market and earnings.