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?
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.
The type of account and the benefits will depend on the amount that was deposited:
- 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.
- 60 minutes lesson: Just a basic trading guide
- 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.
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 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.
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.
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 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.
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.
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.
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.
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
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’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.
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.
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.
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.