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  • #1
  • First Post: Jun 30, 2014 10:37am Jun 30, 2014 10:37am
Binary Broker

I been using this 24****** for binary trading, I decided to censored the url so not to promote the site.

I think those who trade binary know what company I am talking about.


There this issue going on... initially I am making money with my broker.


I deposit $500, I win to $2000 in like 4 days, using simple methods, I even create a trading system thread at trading system to teach people how to win in binary for free.


Then here this issue came in, as I withdraw out all my initial deposit, my account was revert from Gold to Standard, its okay since its normal procedure.

The account manager told me to keep an amount but I decided to withdraw all, thanks god the withdrawal reach my bank after like 10 days?

Even if I file for withdrawal, it still need my account manager to approve then it will process. *This process alone take around 3 business day* and 5 business day or so to reach my bank.




Okay the main story continue now...


My withdrawal was done, my account is "Standard".. so I start place position again as I left like 800 or so, so I realize I start losing. sometime by fractional pips.

Then I open position, I saw that 0.5 pip or so was add to my initial opening.

Lets say EUR/USD is at 1.3610 now, when I open position, it is price at 1.3616 or 1.3615 , like additional 0.5 to 0.6 pip, and it sucks when volatility is low during the period of time and that fractional put me at a bad odds .


I know its common practice, so I record 2 videos, I sent to my account manager, I din't use picture because he might say price changes all the time or lag or whatever, I record it, clearly, and you know what my account manager tell me?


After few days of investigation from the technical department team, he told me that I need update my java,flash or browser. It could be those plugin issue, I was like what bullshit he saying as I am Grad with Computer Science Degree, and he telling me shit on this. 1 of my video clearly shown that the price did not even change after 5 seconds after I place trade, as the movement was low.

Anyway after the complain, all trades I place on my "Standard" account add 0.5 - 0.6 pips spread, very unfair practice.


When my account was "Gold" and balance was high, there no "additional" spread or whatever, after I start take out all my money, the system start to "add additional thing" to my position.


So anyway be careful of this 24****on broker.





Anyone got broker to introduce for binary trading other than Nadex or IG because they don't have binary option for my country - Singapore due to regulation.


Thanks for reading, I just want share my story and let more people be aware of such bucket shop practice.
Learn to Trade is Important. Keep your bias & ego aside.
  • #2
  • Jun 30, 2014 10:51am Jun 30, 2014 10:51am
From all the binary brokers I've seen, the only ones I would minimally trust would be Saxo Bank, Nadex, IG and Dukascopy.

But from them only IG and Dukascopy ofer Low/High style options with lose all or win fixed 70%-90% payouts.

I opened an account with Dukascopy. But I didn't trade too much with them, so I can't speak of what they'll due when I'll try to withdraw. But being that they are a fully regulated bank, I would expect them to oblige.

But unlike other binary brokers, Dukascopy has a bid/ask binary option. In that you need to make the spread to be profitable. But their EUR/USD spread is around 0.2 pips in liquid times.
  • #3
  • Jun 30, 2014 11:57am Jun 30, 2014 11:57am
Quoting Adal
I opened an account with Dukascopy. But I didn't trade too much with them, so I can't speak of what they'll due when I'll try to withdraw. But being that they are a fully regulated bank, I would expect them to oblige. But unlike other binary brokers, Dukascopy has a bid/ask binary option. In that you need to make the spread to be profitable. But their EUR/USD spread is around 0.2 pips in liquid times.
You can't be wrong with them ... Dukascopy is one of the most reputable broker.
MT4/MT5 EAs/Indicators/Alerts coder
  • #4
  • Jun 30, 2014 12:01pm Jun 30, 2014 12:01pm
Quoting FerruFx
{quote} You can't be wrong with them ... Dukascopy is one of the most reputable broker.
Quoting Adal
From all the binary brokers I've seen, the only ones I would minimally trust would be Saxo Bank, Nadex, IG and Dukascopy. But from them only IG and Dukascopy ofer Low/High style options with lose all or win fixed 70%-90% payouts. I opened an account with Dukascopy. But I didn't trade too much with them, so I can't speak of what they'll due when I'll try to withdraw. But being that they are a fully regulated bank, I would expect them to oblige. But unlike other binary brokers, Dukascopy has a bid/ask binary option. In that you need to make the spread...

Thanks for recommend Dukascopy, I would give them a try. Din't know they offer binary option.
Learn to Trade is Important. Keep your bias & ego aside.
  • #5
  • Jun 30, 2014 12:01pm Jun 30, 2014 12:01pm
I hope so.

But I thought long and hard, and I can't see how they could possibly hedge these binary options. Which makes me think that they don't, and their strategy is hope that they will have few winners Which would also explain the $10k bet limit and lack of API (to avoid attracting professionals).
  • #6
  • Jun 30, 2014 12:39pm Jun 30, 2014 12:39pm
Quoting Adal
From all the binary brokers I've seen, the only ones I would minimally trust would be Saxo Bank, Nadex, IG and Dukascopy. But from them only IG and Dukascopy ofer Low/High style options with lose all or win fixed 70%-90% payouts. I opened an account with Dukascopy. But I didn't trade too much with them, so I can't speak of what they'll due when I'll try to withdraw. But being that they are a fully regulated bank, I would expect them to oblige. But unlike other binary brokers, Dukascopy has a bid/ask binary option. In that you need to make the spread to be profitable. But their EUR/USD spread is around 0.2 pips in liquid times.

Quoting FerruFx
{quote} You can't be wrong with them ... Dukascopy is one of the most reputable broker.

I have some issue with verifying dukascopy, as I live not in Switzerland and mailing over is a issue, was you guys able send the verification document by email?
Learn to Trade is Important. Keep your bias & ego aside.
  • #7
  • Jun 30, 2014 12:46pm Jun 30, 2014 12:46pm
Quoting chaosbun
{quote} {quote} I have some issue with verifying dukascopy, as I live not in Switzerland and mailing over is a issue, was you guys able send the verification document by email?
No, I sent the papers through post mail. I find it hard to believe that you can't send by post something from Singapore to Swiss.
  • #8
  • Jun 30, 2014 12:57pm Jun 30, 2014 12:57pm
Quoting Adal
{quote} No, I sent the papers through post mail. I find it hard to believe that you can't send by post something from Singapore to Swiss.
Oh okay.. possible to send by mail , just it not fast enough. I will find a method. Thanks for answering.
Learn to Trade is Important. Keep your bias & ego aside.
  • #9
  • Jul 1, 2014 10:59am Jul 1, 2014 10:59am
actually I realize Dukascopy also got this spread issue,

lets say I take a short position, the spot price it compare with is the "Bid" price, so there a spread of 0.7-0.9 pips in the market.

The payout is better, like 90% compare to 24***** which only pay 83% at it best.

I am trying with demo account as my live account is still waiting for approval.


Anyone got broker that the market price you open with and no additional spread, with reliable withdrawal and deposit?
Learn to Trade is Important. Keep your bias & ego aside.
  • #10
  • Jul 3, 2014 4:40am Jul 3, 2014 4:40am
Quoting chaosbun
actually I realize Dukascopy also got this spread issue, lets say I take a short position, the spot price it compare with is the "Bid" price, so there a spread of 0.7-0.9 pips in the market. The payout is better, like 90% compare to 24***** which only pay 83% at it best. I am trying with demo account as my live account is still waiting for approval. Anyone got broker that the market price you open with and no additional spread, with reliable withdrawal and deposit?
doesn't 24 option? (is that it? ff blocked it) have spreads on options?
  • #11
  • Last Post: Jul 3, 2014 4:53am Jul 3, 2014 4:53am
Quoting fxsafe6
{quote} doesn't 24 option? (is that it? ff blocked it) have spreads on options?
When i was gold status. There is no spread. The reason why you think there spread because you are in the same scenario as me.
Learn to Trade is Important. Keep your bias & ego aside.
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