The Cyprus-regulated binary options broker Banc De Binary announced the launch of a new trading system aimed at the inexperienced binary options traders. It is called Novice Trader and its main goal is to ensure that beginner traders do not incur significant losses while they develop their skills.
According to Banc De Binary, the Novice Trader system identifies new and inexperienced traders and automatically limits their trading in the first week of membership. The system that has passed successful beta testing and is now permanent limits the novices to making individual trades worth a maximum of $10.
The identification is based on Banc De Binary’s Know Your Customer (KYC) onboarding process during which new clients answer to series of questions regarding their experience and qualifications in binary options trading.
Besides the $10 restriction, the Novice Trader system also offers access to a Novice Account Manager – a designated employee of Banc De Binary who walks inexperienced traders through their initial steps in binary options trading, a free educational kit that includes webinars, training sessions, and an e-book and demo accounts allowing traders make unlimited trades without spending real money.
“Binary options trading is a great tool for individuals and is straight forward. Before you execute a transaction you know exactly how much you will win or lose on that transaction. It still involves substantial risks, and we want to make sure people understand these risks before trading,” said Tracey Ludlam, Head of Account Opening at Banc De Binary. “The Novice Trader system ensures that new traders don’t lose out due to inexperience, and that they have more knowledge when going on their binary options trading journey.”
Banc de Binary was founded in 2009 and is regulated by the Cyprus Securities and Exchange Commission. It offers trading in more than 200 tradable assets, such as forex, stocks, commodities, and indices. It says on its website it serves retail and institutional clients in more than 100 countries.
Banc De Binary is affiliated to Belize-registered BDB Services, which operates Belize-registered but unregulated bancdebinary.com.
In February Banc De Binary reached an agreement with the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to pay more than $11 million in settlement, after it was accused of illegally targeting US citizens.