LBinary is rather fresh off the press, which is evident from their simple platform. They are a white label internet based binary options trading broker under the umbrella brand, Chelestra Limited. Spot Option provides LBinary with a trading platform featuring indices, commodities, and indices with multiple trading options (See below). But LBinary handles the rest of their services such as banking, customer support, marketing, education, etc.
While their website is rather dull in comparison to other web-based platforms, they are still competitive brokers in the market. In fact, simplicity of the website is particularly attractive to inexperienced investors. But people with more expertise will probably by-pass them for something with a little more oomph.
Lbinary boast 85% profits, which makes them competitive in the industry. But it does not make them stand out either. The only thing that really sets them apart is their compatibility with smartphones and their social trading component. Yet, I was disappointed that very few people utilized the social feature. I was really hoping to connect with other passionate investors. Furthermore, the Smartphone app constantly shut-down at pivotal trading times. So I would not get too excited about these features.
TRADING OPTIONS AND FEATURES
The LBinary platform offers a variety of trading option including:
MINIMUM DEPOSIT:
The minimum deposit for trades is 250*
MINIMUM WITHDRAWAL:
The minimum withdrawal amount is 500 for Wire Transfers, 100 for Credit/Debit Cards*
MINIMUM TRADE:
LBinary offers minimum trades range from 25 to 1,000.
ACCOUNT TYPES AND FEATURES:
Micro: E-mail Support, Account Manager
Silver: E-mail Support, Account Manager, 60 Minute Lesson
Gold: E-mail Support, Account Manager, 60 Minute Lesson, Quick money transfer, Trading Strategy
Expert: E-mail Support, Account Manager, 60 Minute Lesson, Quick money transfer, Trading Strategy, One:One trading
Platinum: E-mail Support, Account Manager, 60 Minute Lesson, Quick money transfer, Trading Strategy, one:one trading, VIP phone line
PAYMENT METHODS:
Visa, Mastercard, American Express, Delta, Maestro, Maestro UK, and Bank Wire Transfer
LANGUAGES
Arabic, English, French, Italian
COMPLAINTS
LBinary's "Try it now" feature is misleading on their account breakdown page. When I read this, I would expect it to be a trial feature. However, the call to action button takes the site visitor to an account sign-up page. And when you sign up, expect to be hounded with requests to deposit funds without the option to try the account first. Secondly, Cyprus Securities& Exchange Commission (CySEC) has repeatedly reprimanded them. But LBinary is based out of Gibraltar, a tiny British territory hanging on the tip Spain. So the only reason that CySEC may have the right to complain is if LBinary is permitting investments from Cyprus.
CUSTOMER SERVICE
The customer service and support was inconsistent. Sometimes knowledgeable experts answered the phone who clearly wanted a colleague to discuss finance with, while others were nothing more than pushy sales guys who simply wanted to fill their pockets with my money. Moreover, I get the feeling that the customer support team did not know the first thing about technology at times. So I would not expect much support. You are on your own.
VERDICT
LBinary seem to be a legitimate company, but they have some questionable tactics. For instance, the terms and conditions state that they have the right to withdraw indeterminate funds from dormant accounts. Overall, I would give them about 3 out of 6 stars.
*All currencies are listed in GBP. It is up to you to verify what currencies are accepted.
While their website is rather dull in comparison to other web-based platforms, they are still competitive brokers in the market. In fact, simplicity of the website is particularly attractive to inexperienced investors. But people with more expertise will probably by-pass them for something with a little more oomph.
Lbinary boast 85% profits, which makes them competitive in the industry. But it does not make them stand out either. The only thing that really sets them apart is their compatibility with smartphones and their social trading component. Yet, I was disappointed that very few people utilized the social feature. I was really hoping to connect with other passionate investors. Furthermore, the Smartphone app constantly shut-down at pivotal trading times. So I would not get too excited about these features.
TRADING OPTIONS AND FEATURES
The LBinary platform offers a variety of trading option including:
- Binary Options (Call/Put)
- 60-Second
- Rollover
- Pairs
- Ladder
- Long-Term
- One-Touch
- L-Binary Follow (social platform)
- Live trading and Mobile trading
- Competitive asset index including stocks, currencies, commodities, indices, pairs
- Free e-book
MINIMUM DEPOSIT:
The minimum deposit for trades is 250*
MINIMUM WITHDRAWAL:
The minimum withdrawal amount is 500 for Wire Transfers, 100 for Credit/Debit Cards*
MINIMUM TRADE:
LBinary offers minimum trades range from 25 to 1,000.
ACCOUNT TYPES AND FEATURES:
Micro: E-mail Support, Account Manager
Silver: E-mail Support, Account Manager, 60 Minute Lesson
Gold: E-mail Support, Account Manager, 60 Minute Lesson, Quick money transfer, Trading Strategy
Expert: E-mail Support, Account Manager, 60 Minute Lesson, Quick money transfer, Trading Strategy, One:One trading
Platinum: E-mail Support, Account Manager, 60 Minute Lesson, Quick money transfer, Trading Strategy, one:one trading, VIP phone line
PAYMENT METHODS:
Visa, Mastercard, American Express, Delta, Maestro, Maestro UK, and Bank Wire Transfer
LANGUAGES
Arabic, English, French, Italian
COMPLAINTS
LBinary's "Try it now" feature is misleading on their account breakdown page. When I read this, I would expect it to be a trial feature. However, the call to action button takes the site visitor to an account sign-up page. And when you sign up, expect to be hounded with requests to deposit funds without the option to try the account first. Secondly, Cyprus Securities& Exchange Commission (CySEC) has repeatedly reprimanded them. But LBinary is based out of Gibraltar, a tiny British territory hanging on the tip Spain. So the only reason that CySEC may have the right to complain is if LBinary is permitting investments from Cyprus.
CUSTOMER SERVICE
The customer service and support was inconsistent. Sometimes knowledgeable experts answered the phone who clearly wanted a colleague to discuss finance with, while others were nothing more than pushy sales guys who simply wanted to fill their pockets with my money. Moreover, I get the feeling that the customer support team did not know the first thing about technology at times. So I would not expect much support. You are on your own.
VERDICT
LBinary seem to be a legitimate company, but they have some questionable tactics. For instance, the terms and conditions state that they have the right to withdraw indeterminate funds from dormant accounts. Overall, I would give them about 3 out of 6 stars.
*All currencies are listed in GBP. It is up to you to verify what currencies are accepted.