Broker Withdrawal - Do Not Use LBINARY

Investment Forum › Category: General Questions › Do Not Use LBINARY – Please Warn Others

Anonymous asked 5 years ago

Under NO circumstances should you trade with Lbinary.

To cut a long story short. I invested a lot of money with them and I was said to be a VIP trader! But they lost the lot, nothing but a few cents in my account, in just one night.

The broker was told NOT to trade below a certain figure but he did so without my authority. LBinary’s trading accuracy was around 40%, That means about 60% of the time the trades LOST.

Just over a year ago their CEO Joseph Goldenberg admitted their wrong doing, fired the brokers concerned and committed to paying me back at $5000 per month. Unfortunately he left, but his successor, Ron Ramzi committed to continue the agreement.

But last August, the payments stopped, and any attempt to contact Ron has been fraught with difficulty and rudeness from the customer service team.

My Advice: DO NOT TRADE WITH THEM THEY ARE DISHONEST AND UNTRUSTWORTHY!

I am happy to share my story so contact me if you want to know more.

4 Answers

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Moderator Staff answered 5 years ago

LBinary is not a licensed broker.
Never let a “broker” trade for you.
Always use a licensed and regulated binary options broker.

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Kevin answered 5 years ago

My experience with Lbinary was not good either. They added bonus to my account even though I specifically told my account manager no bonus or any other monies that would affect withdrawal! Now they say I can’t withdraw my money, total scam bucket shop. Untrustworthy and dishonest sums it up for sure.

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Mary answered 5 years ago

Hi I am told that Lbinary have applied to be a licensed broker and that they had to sort out all their dirty laundry first – It would be advisable for everyone who has been scammed by them to notify the authorities eg
CySEC in Europe, then go here to see the CySEC complaint procedure.
ASIC in Australia, then go here for ASIC complaint procedure.
CFTC in America, then go here to file a complaint.
The FTC in the UK
The FTC in the USA
BBB Better Business Bureau in the USA
http://www.sec.gov/investor/alerts/ia_binary.pdf
Fraud squad in the UK
I am trying to compile a list of places to post and authorities and regulators to notify so any other suggestions will help.
I am making it my mission to expose Lbinary to the alert the world and other scammers like them . Thankfully the FTC in the UK is starting to take action

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Mary answered 5 years ago

Sorry it is the FCA in the UK – I found this article which is an interesting read and talks about customers being mislead in a deceitful way which is the MO of alot of binary option companies such as LBinary
Legal Implications of Possible FCA Regulation
Let’s state the obvious: even when/if the FCA will start regulating binary options, problems with brokers will still occur, whether it’s an honest mistakes or a dirty trick. Traders will still make poor trading decisions and then lash out on their broker on public forums; however, key requirements of the FCA regulation will most likely include segregated accounts (traders’ and brokers’ funds are kept in separate accounts), suitability checks to ensure the products are not mis-sold (selling a service or investment to a customer in a deceitful or misleading way). Also, dispute resolution processes will be implemented, making it easier for clients to resolve any issues that may arise. As a recent addition, the British Register now includes firms that are or have been regulated by the FCA and known scammers are highlighted with red text to make it clear that the FCA doesn’t recommend doing business with such firms. Bottom line: traders, rejoice if the FCA steps in and your broker will seek their regulation, because you will benefit from a way higher standard of security.