Banc De Binary vs. 24Option – Who is the Best Binary Broker?
In the last few years, the market of Binary Options has become quite revolutionary, a number of players are entering this field helping it grow by leaps and bounds. This growth is mainly due to the increase of the traders in this market. These traders enjoy a huge number of benefits that are being offered by the brokers who continuously push the boundaries to provide benefits to the traders. It is quite obvious that each trader will try to provide the best of services to their customers, yet few are always ahead in this race.
Today, we are going to compare Banc De Binary vs. 24Option to help the traders get the best brokers in the market. Both Banc De Binary and 24Option are the oldest and the highest profile brokers in today’s market.
Banc De Binary vs. 24Option – Overview
Banc De Binary has been in the field of Binary Options since 2009; it is hailed as one of the biggest pioneers in this business till date. They use the trading platform of Spot Option which is known for its excellent functionalities and user-friendliness. It is a giant industry with wide public exposure, a huge collection of promotional and educational materials as well as their sponsoring of Liverpool FC.
24Option has also been in operation since the year 2009. It is an equivalent opponent of Banc De Binary. Over these years they have become a prolific broker with wide public coverage and an enviable reputation. They have some of the distinguished names (from the sports world) associated with them as their official partners such as Juventus FC, Olympique Lyonnais and Boris Becker. Tech Financials provides them their trading platform.
We are going to compare Banc De Binary vs. 24Option on the basis of 5 crucial parameters. Let us discuss them one by one.
- Brand Power – Both Banc De Binary and 24Option are the most heavyweight and recognized brands in the market and they seem to score the same when their brand weight is considered. While the former had the partnership with Liverpool FC, the latter seems to counter it well by partnering with praiseworthy adversaries like Juventus FC and Boris Becker. Moreover, they seem to match each other perfectly on the yardstick of their presence in the social media through YouTube and educational videos as well as through commercials.
- Public Image – Although both of them have invested heavily in building their respective public images, recent incidents have affected Banc De Binary adversely. They were convicted by the US authorities for illegally providing the Binary Options to the US citizens and has to pay a penalty of 11 million US dollars to the U.S. SEC (Securities and Exchange Commission) and U.S. CFTC (Commodity Futures Trading Commission). Also, they were fined 350,000 Euros by the CySEC (Cyprus Securities and Exchange Commission) for several violations. On the contrary, 24Option suffered a not-so-major blow when they were fined an amount of 156,000 Euro by CySEC. This clearly gives 24Option an upper-hand over Banc De Binary.
- Platform Technology – The trading platforms used by both Banc De Binary and 24Option are equal contenders. However, the Spot Option platform is more preferred by the traders using the casual binary options mainly because of its user-friendly features. At the first encounter, the Tech Financials platform of 24Option looks a bit complicated. The former provides the tool of Strategy Advisor that makes predictions on the basis of Relative Strength Index, Moving Average and Bollinger bands, while the latter works with the tool called Professional Chart that allows the traders to add technical indicators, draw trend lines and change the time frames. Both these platforms are in demand with a different set of customers. Thus, both the businesses score equal since their respective platforms are meeting the demands of their respective group of customers sufficiently.
- Customer Support – Both Banc De Binary & 24Option have shown tremendous online presence on different forums. These two hardened fighters answer all the inquiries without much delay or fuss. Their operators on the Live chats are polite and easy-going, though at times they sound too pushy for selling their respective products. Overall, both score equally on this parameter as well.
- Clients’ Opinion – On this scale, 24Option seems to perform better. It has maintained a clean image over these years without any major fines or “horror stories”; their clients are happy with the services. On the contrary, a huge number of customers have complained about their pushy salespersons, withdrawal problems and not to forget the US troubles.
Banc De Binary vs. 24Option – Conclusion
As of now, it can be concluded that 24Option is the better Binary Broker when compared to Banc De Binary. However, if the latter makes a radical change by not getting into troubles with the several regulatory authorities and stop losing accounts and their pushy sales, it is sure to rematch 24Option in climbing the competitive ladder