LBinary Review

UPDATE: LBinary is no longer operational. If you are a trader looking for a binary options broker then we highly advise that you sign-up with a credible brand such as 24option for a more rewarding and secured trading experience.

LBinary started its operations in 2013 and is one of the latest brands to upgrade with the Spot 2.0 platform. Have they also upgraded the quality of their services?

Advantages
1. Demo account
Disadvantages
1. Broker is not regulated
2. Payouts are much lower than published rates

 

Read the Bottom Line!
 

 

(3/5)

Minimum Deposit

The required minimum deposit at LBinary to open an account and start trading is $250. 43% of the brokers in the industry today are requiring a minimum deposit of $200 which is a bit lower than this prerequisite.

Lbinary minimum deposit

The type of account and the benefits will depend on the amount that was deposited:

  1. Account manager: It is better to rely on a third party signal provider and not with the account manager because they still work for the broker.
  2. 60 minutes lesson: Just a basic trading guide
  3. Trading strategy: Not proven to increase the chance to make profits

This is a little above the normal deposit that other brokers request, but not excessive.

 

Minimum Deposit

EZTrader ($200)
anyoption ($200)
BDSwiss ($100)
24option ($250)
Finpari ($250)
TopOption ($100)

 

(4/5)

Design and Layout

The design is almost identical with the standard layout that has been used by most binary options brokers today. But they have managed to keep it simple which makes for ease of navigation and the colours are easy on the eyes.

Lbinary platform design

(3/5)

Banking Methods

LBinary accepts credit cards and wire transfer for transferring funds. The majority of the brokers today support the same banking options which means this brand is able to match the industry standard. But since they cater to various countries worldwide, it would have been much better if they added more payment options.

(3/5)

Minimum Trade

The $25 minimum trade size is not the lowest but belongs to the average range. 32% of brokers in the market today also require the same minimum trade size which means that they are at par with the industry standards.

 

Minimum Trade

EZTrader ($25)
anyoption ($25)
BDSwiss ($5)
24option ($24)
Finpari ($1)
TopOption ($5)

 

(3/5)

Available Assets

LBinary provides a total of 72 tradable assets which is close enough to the average number of total assets in the market today which is 76. This means the opportunity to make profits are is already within the competitive range.

Lbinary assets

 

Available Asset

EZTrader (91)
anyoption (97)
BDSwiss (68)
24option (104)
Finpari (151)
TopOption (180+)

 

(10/10)

Trading Platform

LBinary belongs to the rare 12% of brokers in the industry today that are using the new and improved Spot 2.0 platform which is more powerful than its predecessor.

Lbinary platform

(8/10)

Quotes

Having a broker that is able to display the actual market figures is an added advantage for traders but during the test that I made, I encountered a 10-minute delay with the quotes that were coming from this broker. It still falls within the acceptable 20-minute delay but still poses as a disadvantage when markets are rapidly changing in values.

(7/10)

Payout Rate

The whole purpose of binary options trading is for making money and for this reason the payout rate should be high because this will measure how much money can be earned. With LBinary, the highest payout rate is 85% but after browsing through the different assets I was only able to get a maximum 80% rate which is lower than what they published and also lower than the 33% of brokers who are offering the standard payout rate.

Lbinary payout rate

 

Payout Rate

EZTrader (81%)
anyoption (75%)
BDSwiss (85%)
24option (88%)
Finpari (90%)
TopOption (85%)

 

(9/10)

Withdrawal Processing Time

It’s a common dilemma of most traders to have a broker that takes a lot of time to process withdrawal requests. Some take days while some can even go as far as a month.

Lbinary withdrawal processing time

With LBinary, withdrawal requests are processed in 7 business days which is faster than the 21% of the brokers today that have are able to meet the average withdrawal processing time of 10 days. Of course it would have been better though if it was much faster.

 

Withdrawal Processing Time

EZTrader (Up to 7 days)
anyoption (Up to 7 days)
BDSwiss (Up to 7 days)
24option (Up to 3 days)
Finpari (1 day)
TopOption (Up to 7 days)

 

(9/10)

Customer Service

Honesty and integrity has always been a huge concern for many traders because there are brokers that do not inform them about the restrictions in using bonuses while others give all the facts by presenting their terms and conditions.

Lbinary customer service

LBinary’s support was very accommodating when I inquired about their bonuses although there were some delays with the delivery of the responses. Nevertheless, the answers were very straightforward and simple which is what most traders are looking for in terms of support quality. The only drawback though is the time of delivery.

(0/10)

Regulation

LBinary belongs to the 59% of unregulated brokers, but when we asked customer support about their banking procedures and the safety of our funds we were told that they use electronic encoding to encode all banking transactions that you make with your account, to make it safe and secure. Investors’ funds are held in a segregated account. These funds are used only for trading options through the website. Trading is conducted only upon the client’s instructions and their liabilities and exposures are professionally handled. LBinary guarantee pay-outs of your profits based on their terms and conditions. Up to now they still haven’t applied for any license and it seems that they are not planning to do so in the near future.

(10/15)

Brand Reputation

Other than being a non-regulated brand, LBinary has a mix of happy and unhappy clients based on the research that I did with this broker. Some are satisfied with their services but there are also some who are saying that this broker still needs a lot of improvements. Taking both sides into consideration, this broker has an average reputation which is common with most brokers.

Our verdict (69/100)

LBinary may have done some enhancements with their trading platform but there are still a lot of factors that have been ignored such as the slow customer service, the unexceptional company reputation and the lack of regulation. Overall, they still need to make a number of refinements to land in the upper league of reliable binary brokers.

UPDATE: LBinary is no longer operational.

We highly advise that you register with a more established binary options broker such as 24option for a more rewarding and secured trading experience.
Read 24option Review! ►

13 Responses

  1. Ashton PR
    Ashton PR at |

    For me LBinary is just a run of the mill broker and there’s nothing exceptional about them. Beware of this broker because they are still not regulated so your funds are not insured in case the company ceases operations!

  2. Eddy Evans
    Eddy Evans at |

    Good Day

    I am a pretty angry puppy at the moment, and I would like to find somebody who will be able to help me.
    About a year ago I registered and joined LBinary, who, although not regulated, seemed ok judging by a lot of FORUMS I read.
    Since then I decided to leave the Binary Options trading and enter the more formal market.
    In August 2015 I attempted to close my account, to no avail. I then went ahead and placed a withdrawal of $1250.00 from a balance of $1596.15, leaving some $300.00 in the account.
    To date they have not honored that withdrawal.
    To make matters worse, I log into my account just now to find that there is $1.90 left!!! Coming from South Africa, that represents a heck of a lot of money!
    Their customer care (one Ethan Miller) says first that the account has been closed due to non use, then changed his story and said my “robot” traded for me. I see this “robot suddenly started trading on 17/11/2015, and managed to max out the account by 18/11/2015. I NEVER signed or authorized a robot to trade on my behalf!!!!
    Please can someone help me, or at least tell me who I can contact who could assist me?? I want my money back!
    I have placed a complaint with IC3 already, but I have never heard back from them.
    I hope you can assist in some way.
    Eddy Evans

  3. Hank Boyle
    Hank Boyle at |

    I have not taken a bonus. LBinary will not return my finds. NO response. Client service refers me to my manager. The manager cancels all requests for withdrawals. NO explanation. That is my factual review of LlBinary. This is what you get with an unregulated broker

  4. Johnny Weisz
    Johnny Weisz at |

    Lbinary is no longer operational and you need not to worry about another scammer in front of you.

  5. Joshua Mertill
    Joshua Mertill at |

    The broker is no longer active in scamming more traders. This news is very good.

  6. Azzeddine Beijk
    Azzeddine Beijk at |

    Finally we have a closure about this broker who has been a scam advocate all those times.

  7. Alexander Churchill
    Alexander Churchill at |

    This broker will no longer have the chance to play cons to new traders because they are no longer operational.

    1. Christian Walker
      Christian Walker at |

      It is nice to know that the general public will no longer access this scam broker.

  8. David Lawrence
    David Lawrence at |

    Well, it is about time that they put an end to these bunch of crooks.

    1. Brandon MacDonald
      Brandon MacDonald at |

      The new traders no longer need to push themselves away from this broker because the regulating body already has put an end to most of their violations.

      1. Kermit Cathey
        Kermit Cathey at |

        This is actually an achievement to entities like CySEC because they are implementing strict rules now. Good job for them.

  9. Odell Story
    Odell Story at |

    Well we are hoping that all other scam brokers will finally close because of this.

    1. Eli Delaney
      Eli Delaney at |

      Let us all hope for the best so that everybody will be given protection against scammers.

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