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LBinary made a huge mark in social trading by putting forward the innovative iFollow – the feature that allows the traders to follow as well as copy their trends regarding their account…
LBinary is the term that recalls a simple, clean, and easy-going website. It was clean from pushy salesmanship, promotions, and annoying pop-ups. The platform was based on SpotOption 2.0.
Some of our readers have requested for a review about this traders. Most of them are interested to know how it performed, how did it deal with LBinary scam complaints and are there any sister websites operated by the same owner. Let’s begin with the brief overview.
If you’ve came to this review looking for some specific information on LBinary then you can use the navigation links below to quickly jump to the specific section that interests you.
- LBinary Background
- Is LBinary Regulated?
- LBinary Complaints
- LBinary Withdrawal
- Is LBinary a Scam?
- Our Verdict on LBinary
- Scammed By LBinary? Reclaim Your Money!
- A Much Better Way To Make Money
Live Binary Ltd. operated LBinary. The ownership was assumed by Chelestra Ltd. (Gibraltar). The introduction of the iFollow feature earned it some popularity in the beginning but it didn’t do much good in the long run. In fact, most of the traders felt more comfortable by avoiding this feature. It was either confusing or misleading.
LBinary failed to impress with its education section. It was too basic to appreciate. Even the beginners couldn’t find anything helpful by using the educational material. The video tutorials were nothing more than the free videos available on YouTube. In addition, the eBook was also a paraphrased copy of some free pdf versions available on the internet. The broker served with consistent market reviews updated weekly.
Is LBinary Regulated?
LBinary was an UNREGULATED broker. Soon after its introduction, the broker suffered from a public warning from CySEC in January 2014. Things didn’t change though, the broker continued to operate without acquiring a license.
The platform had never been transparent. The website or the support team never talked about the future possibility of getting regulated. The clients started leaving the platform. Things kept going downwards and ultimately, LBinary had to close its doors on July 1st, 2016.
It was in August 2015 that the clients started to reveal their frustration about the poor support service. In addition, they started to openly discuss the issues with the processing of withdrawals.
Even then, some of the clients continued to trade via LBinary only to face the most devastating situation. The broker shut down instantly without making an announcement. The complaints started to flood in but what could you do once this tragedy strikes? We can only feel sorry for the traders who never try to understand the importance of regulations and legal status. Transparency is the key but unfortunately, some traders don’t realize it until everything darkens soon after the realization of a huge loss.
The minimum withdrawal via wire transfer, i.e. $500 was higher as compared to most of the other brokers. You could withdraw at least $100 via Credit Card. You could use the same method for withdrawal that was used for the deposit.
Is LBinary a Scam?
LBinary scam warnings were true but unfortunately, some traders didn’t manage to protect their money from these illusionists. Most of us don’t even bother to go through the terms and conditions. We sometimes overlook lengthy text and this is what puts us in trouble in the near future. Public warnings are issued but we fail to pay attention. The problem is with human psychology. Our thoughts force us to think of potential profit. But we forget that the profit, in the long run, is only possible with the regulated entities.
The website mentioned that the traders’ funds were safe in separate accounts and the clients had the authority to make trading decisions. But the reality was different. There were no segregated accounts. The broker’s representatives kept pushing the trader into making certain trading decisions.
We noticed that the Terms and Conditions page of LBinary clearly stated that the money deposited by the clients belonged to the Company. Well, this is contradictory to what it talked about the segregated accounts. It was also stated that the company could deal with the deposited funds in its own right. It further states that if the company comes across a critical loss (regardless of the traders’ performance) the company will not be responsible to refund or make up for the traders’ loss.
Our Verdict on LBinary
LBinary has been another disappointing story and it feels like telling the same tale over and over. The encouraging thing is that most of the unregulated brokers have been buried by the regulatory authorities. Even then, you never know when these scammers come up with a new idea. Stay alert and develop a habit of going through each and every detail before trading on any of the online platforms.
Scammed By LBinary? Reclaim Your Money!
It has come to our attention that literally thousands – potentially even tens of thousands were caught out by the LBinary scam, and many (potentially you) haven’t yet reclaimed their funds.
In fact many are not even aware that they can reclaim their funds… And that might be you reading this review. Well we can tell you that you can indeed reclaim your funds & we have put together a free money reclaim guide which shows you exactly how to do it.
So if you have lost money to the LBinary scam then we highly recommend you check out our guide as to date it’s helped thousands of people to get their money back from scammers & we know it can help you too.
A Much Better Way To Make Money
Binary trading, even with the most legitimate of brokers – sucks! That’s our verdict here at Stopping Scammers, but thankfully if you are looking to make money then there are plenty of alternative ways that you can do it.
Whilst carrying out our investigations into scams & online opportunities we’ve actually come across many legitimate platforms – and there has been 1 platform in particular which has stood out from all of the rest.
In fact this platform in particular is so good that we actually decided to name it our number 1 recommendation for working from home & you can get access to it for free by clicking the link below: