BinaryBet.com

[BinarySoft Chris]

So if I understand you well, you mean that they give different clients different quotes? Because you have a potentially big profit (high expected value) they give you worse quotes to trade on than to other traders who doesn't need to trade out?

Are you sure about this?

I highly doubt binarybet give different quotes to different clients. After all, anyone can go to www.binarybet.com , select Live Prices, and the prices there should be identical to the prices you see when you log in.

 

[stevespray]

I’ve spoken at length with a few members of dealing staff based at one of the leading spreadbetting companies which offers Binary Bets. The original nature of the phone call was to complain that the company was manipulating its quoting procedure to the detriment of the punter. In essence they admitted that they did it. They offered a number of reasons. Most remarkable were comments relating to the company’s need to protect itself from clever customers. They basically acknowledged that the pricing algorithm that they were using wasn’t full proof. They acknowledged that it was almost impossible to have a mathematical model which worked in all conditions. On that basis they justified that they were entitled to use ‘other methods’ to ensure that they maintained an edge on profitability. These other methods obviously relate to dealing procedures which are of a highly dubious nature such as delaying tradable quotes to customers as well as the manual processing of orders which leads to the company being able to examine incoming orders using an element of hindsight gained from the delay which they introduce.

As I’ve mentioned in other posts, Spreadbetting is practically unregulated. No one in the regulatory authority appears to have enough experience to understand the nature of the dubious practices which clearly take place at a number of these companies.

Under FSA regulations any company which is FSA regulated must treat its customers fairly. This rule prevails over any customer agreement which the company has with you. Someone has already mentioned that they feel the small print absolves the company of any requirement to deal fairly with the opening / closing of Binary Bets but this would appear contrary to FSA requirements. Proving ‘un-fair practice’ is of course quite difficult. The company will always have a number of ready made justifications as to why a particular ‘unfortunate event’ occurred at a particular time and it is often hard to argue against a particular reason that they offer as a defence against unfair practice. All I would say on that point is that it is always worth complaining when a particular instance occurs. At least this way the compliance departments are aware of a) what goes on downstairs, and b) that the customer isn’t stupid and can see how the company is moving the goalposts.
Hopefully in time the relevant authorities (FSA and Financial Ombudsman Service) will become more aware on how the companies can implement practices to negate the customers profitability. In my experience this is actually starting to happen although there is still a lot of naivety on their part.

Steve.

 

[bizmanny]

Hopefully in time the relevant authorities (FSA and Financial Ombudsman Service) will become more aware on how the companies can implement practices to negate the customers profitability. In my experience this is actually starting to happen although there is still a lot of naivety on their part.
Steve.

Good point. May be if everybody complain when they see their manipulation. They might change in the future. (If there are enough complain).

 

[Greed Is Good]

So if I understand you well, you mean that they give different clients different quotes? Because you have a potentially big profit (high expected value) they give you worse quotes to trade on than to other traders who doesn't need to trade out?

Are you sure about this?

Positive. By delaying the regular profit taking traders quote they are already giving you a different price as opposed to someone who is not doing so well will get an instant fill on their trade as BB know they are more likely to hand it back.

Someone posted on this site about a year or more ago where they mentioned that 3 full time professional day traders all working in the same room/office had different quotes from BB based on how successful they were.

 

[BinarySoft Chris]

Positive. By delaying the regular profit taking traders quote they are already giving you a different price as opposed to someone who is not doing so well will get an instant fill on their trade as BB know they are more likely to hand it back.

Someone posted on this site about a year or more ago where they mentioned that 3 full time professional day traders all working in the same room/office had different quotes from BB based on how successful they were.

Giving a different price and getting an instant fill are two different concepts. I'm not surprised if BB are delaying or rejecting orders from very successful clients, but I'd like to see someone who is very successful login to their account and then also go to the binarybet.com website and view their free public prices and see if they are any different...

Besides, if the current prices posted on binarybet.com homepage are BB's current unbiased opinion of what they think the true odds are, if they are quoting different prices to successful clients surely these clients will realise that (by comparing to the free public prices) and then go the other way?

 

[dgproject]

[...]surely these clients will realise that (by comparing to the free public prices) and then go the other way?

Or just open multiple accounts imo...

 

[bizmanny]

I would agree with most of what greed is good is saying. That does not mean you will not make any money because of their tactics. But is good to be aware of what tactics they are using.

 

[bearfaced]

Jules - quite simply because I believe so many people DO NOT KNOW HOW TO TRADE at all, and that finspreads made £100s millions in profit last year that I believe there needs to be some justice in helping people learn how to trade the binaries. (why does Vince Stanzione or Greg Secker charge a few hundred quid for their sessions if they are such successful traders? Because THEY WANT TO MAKE A DIFFERENCE.

And quite frankly what I know is worth much more than £40 on eBay but I'm not a mug and I'm not going to give this information away.

 

[FTSE in mouth]

Yeah right barefaced! Secker and Stanzione don't do it out of the goodness of their hearts. Secker is no more a trader than I am the Pope. Secker is a salesman who likes to make money selling courses that cost a whole lot more than a 'few hundred quid'.

Are you bitter because you have to peddle your wares on eBay as you haven't learned how to make real money trading or selling expensive seminars yet?

 

[bearfaced]

No

 

[leunt]

Jules - quite simply because I believe so many people DO NOT KNOW HOW TO TRADE at all, and that finspreads made £100s millions in profit last year that I believe there needs to be some justice in helping people learn how to trade the binaries. (why does Vince Stanzione or Greg Secker charge a few hundred quid for their sessions if they are such successful traders? Because THEY WANT TO MAKE A DIFFERENCE.

And quite frankly what I know is worth much more than £40 on eBay but I'm not a mug and I'm not going to give this information away.

Where did you get that fins made £100s millions from?What planet are you on?

 

[bearfaced]

The Planet that takes into account that IFX markets (owns finspreads) was just merged with cityindex and the rest of the spread betting platforms and takes the combined returns of the group into account http://www.ifxgroupplc.com/

Sorry - I should have communicated this a bit clearer....

 

[ns1000]

The Planet that takes into account that IFX markets (owns finspreads) was just merged with cityindex and the rest of the spread betting platforms and takes the combined returns of the group into account http://www.ifxgroupplc.com/

Sorry - I should have communicated this a bit clearer....

Not really 100's of millions though even so. Nov 2005 profits were 1.9 million.

 

[seeing_eye]

But don't you know that Bearfaced can turn £1.9m into £100m in his sleep? That's why he needs to sell a ripped-off guide on ebay. Take a look at his other posts for some cooked claims.

Seriously though, beware of this guy - he's a complete scammer. Selling trading software on ebay:
http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=270057182065

which is Technicator's Charter 3.1 software, available FOR FREE from
http://www.technicator.net

Cheeky b'stard, I say... Guess if he's clutching at £4.99 for someone else's free software, his trading can't be going too well though.

 

[Paulds11]

Binaries.. DONT DO IT if your NEW to trading!!!!!!!!!!!

Please remember that a binary bet is not a trade, it is a gamble

 

[Pippppin]

Paulds11...

it is lose, not loose
I lost count how many times this appeared in your post

 

[Paulds11]

What are you talking about?

after all those points you choose to highlight a single misspelled word in order to attack my credibility? I believe you work for IG or have interest their. People be warned.

I think you need to remember these boards are not the sole preserve of individuals with hidden agendas, they are for people to communicate sentiments relating to the relevant subject. matter. e.g. the fact that CASH indicies can actually be modified during the day by IG to a variable that skews the actual underlying instrument so we are not actually betting on the specific futures market at all, we are betting on whatever IG choose at any part of the day to represent "fair market value".

Once I knew that I stopped betting on all CASH indexes' supplied by IG period.. that just doesn't make any real sense in the long run and people need to really understand this.

Or that

 

[dgproject]

What do you guys think of the quotes Binarybet is offering? Do they reflect true value?
(I mean, when their price is 38 to sell and 44 to buy, do you consider 41 as being true value?)

 

[BinarySoft Chris]

What do you guys think of the quotes Binarybet is offering? Do they reflect true value?
(I mean, when their price is 38 to sell and 44 to buy, do you consider 41 as being true value?)

In general, binarybet seem to have the most reliable pricing model (they are the hardest I've found when trying to pick off erroneous prices), although it's impossible to determine true value at any moment. It's a bit of a vague question - it depends on all the various factors which go into the odds calculation.

 

[dgproject]

Thanks, I had the same idea about their quotes.