Is B4Binary a scam broker?
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B4Binary is owned by Service Global located at Saint Vincent and the Grenadines and started their operations in 2015. They have an office in the UK.
They use the Tradologic trading platform for binary options. The platform offers all major and minor currency pairs. The trader can also trade in stocks, indices, and commodities. Cryptocurrency, especially bitcoin options is also available along with binary options on commodities like coffee and platinum.
B4Binary website is available in multiple languages i.e. English, Italian, Russian, Spanish, Arabic, Chinese and other to say a few. There are charting tool and indicators which help traders to improve their trade. The platform is fast on executing trades.
On offer is high/low, touch/no touch, range, up/down and turbo etc. They have binary options of different time frames of 15, 30, 45, 60 seconds, and 2, 5 minutes options. Since the least time frame is 15 seconds the trades should be executed at lightning fast speed (in few milliseconds) which gives traders an edge over others.
Also on offer is managed account which is one of the major sources of complaint. If your accounts are managed it means that you are giving keys of your safe, to someone you do not know enough about. He may or may not mess up your accounts and you do not have much control over it. It is in these managed accounts where people get scammed online and then cry over the spilled milk.
Deposit and withdrawal can be made by credit/debit card (Visa and MasterCard) bank wire transfer. Minimum deposit is $ 5000.
B4Binary is a scam broker as it is not regulated by any of the known financial regulators like ASIC, FCA, CFTC or any other known strict regulators.
The minimum deposit of $ 5000 is too high. Even most of the regulated brokers ask for the minimum deposit of $250 or so. Not all the regulated or unregulated brokers are scammers. But because of huge numbers of unregulated brokers are scammers it becomes impossible to trust anyone. Most of the brokers start off on the right note but on the way somewhere they start scamming people. Most of the people who have been scammed are the greedy one. When they choose any broker they just see how much return they will get. They do not want to investigate further than what they see brokers claim on the advertisements. And when they lose their money they realize that they have been scammed. A profitable trade with an expert advisor is good as long as you are depositing money. They show true colors once you request for withdrawal. Your expert advisor till now suddenly starts losing trades in a row. In a very short span of time, everything gets washed out. Never fall for the bonus until you read their terms and conditions minutely and in between lines.