Lbinary is a binary options broker that has been around for several years now therefore it managed to accumulate quote some many complaints. In this article I will look into these complaints to see if Lbinary is a scam or if it’s a legit broker.
Pretty much every binary options broker in existence has complaints written about it over the Internet. The longer a broker is in business the larger the number of these complaints is going to be. Lbinary is not an exception to this.
The first kind of complaints that we see about this broker is the issue of traders not managing to win money. The first thing to understand here is that it’s not brokers’ responsibility to ensure traders make money. Traders make money by making correct predictions about the future movements of various assets.
If traders aren’t knowledgeable enough then they will end up losing the money they have deposited at the broker. Binary options trading is not easy, and therefore many people end up losing the money they invested (this is why I created OptionsAdvice.com, to teach people how to win).
Many of these people will then go on various forums and claim that Lbinary is a scam however in reality these traders lost their money because they did not do their homework and invested money in positions that were losers from the very beginning.
Lbinary withdrawal problems
Another category of complaints is those of traders who have not managed to withdraw their deposited money. This appears to be a common problem among those traders who make a deposit, execute maybe 1-2 trades, lose these trades and then want to withdraw the remainder of their deposits fearing that they will lose that as well in case they continue to trade.
The issue here is that it seems that all these traders have opted to accepted the broker’s deposit bonus deal after making their first deposit. Lbinary, like many other brokers offers a deposit bonus on trader’s first deposit.
However, this bonus comes with terms and conditions according to which traders will only be allowed to withdraw their deposit and bonus amount if they generate a certain amount of trading volume. This rule exists to prevent traders from registering and then bailing with the free bonus money.
It seems that the traders who had these withdrawal problems at Lbinary accepted the offered bonus without reading the Lbinary’s terms and conditions. After they requested a withdrawal obviously this was declined by the broker as per the broker’s terms and conditions.
These two points would explain he overwhelming majority of all the complaints against Lbinary. For this reason I believe that Lbinary is not a scam. Provided that you know what you are doing you are perfectly fine to register and deposit at Lbinary.
More About Lbinary
When I looked into the history of Lbinary I also wrote a full review of this broker, which you can find linked here. This reviews relates in detail about the services and trading possibilities offered by this broker.