Banc De Binary was one of the largest binary options brokers on the market, but apparently it is now going down in flames because after it announced that it will cease its operations and lost its CySEC license now the French regulator, the Autorite des Marches Financiers (AMF), issued a notice in which its advises clients to cease business with it as soon as possible. Traders should contact the broker immediately and seek to get their funds back and terminate all operations, according to the watchdog.
@Sig I stand corrected then. I just never researched them in too much detail - none of the traders I've learned from seem remotely interested in them, online forums are full of dissatisfied comments about binary options in general, and I've also not been able to see the attraction either.
Not saying they're useful, CantorExchange has no volume and there are some issues with Nadex, but at least they won't take your money!
Has Nadex opened up its heads or tails coin toss binary options yet? How would we be guaranteed that the coin toss is legit?
They don't have such a product, and as a CFTC regulated exchange they wouldn't ever have such a product since they need to be trading a commodity or dirivative of a commodity. For some history look at the difficulty their predecesor, HedgeStreet, had listing event binaries. What was your point exactly? Your question is like asking how we'd be guaranteed a coin toss option on CME or CBOE would be legit.
IG isnt is a scam in that they never refused me my binary winnings in the last 14 years, i have traded with them. Starting doing binaries with them in early 2003. Those were the days, free money to be had in all the obvious volatility mis pricings and small/bid ask spreads. However they do play dirty sometimes eg reject orders. And the spreads are so wide these days as to be an obvious rip off, and their pricing is a lot better as well, harder to beat, so i very rarely trade them now. The UK regulator is looking into Binaries at the moment and may ban them in the uk as well.
I agree with both the rejected orders during high volume periods and the spreads, although the spreads are a known entity. As I think we've discussed before, I don't think the rejected orders are playing dirty as much as a management team that doesn't have control over their technical team and lacks the background to understand that, a conclusion I came to after some pretty extensive conversations with both. Those are the "issues" I obliquely referred to in my original post.
There was a time i was making so much money, back in 2007, withdrawing thousands every day, they put me on manual dealer price checking. They would hold my orders for over 60 seconds and then adjust their prices (implied vol). Then reject my order because the price i clicked had therefore changed. They used to price volatility so wrong and the spreads were 5 ticks or less in most markets.