jbinary219
Recruit
- Messages
- 7
Before I start, I just want to make it clear that I have now been reimbursed in full and don't wish to pursue a case. I want to make people aware of the shady business practices that this broker uses and to warn others to stay away.
I traded with LBinary for about a week. I signed up stupidly without doing much research, thinking it was a great way to make money. During my trading period I lost money (not a huge amount, about £150) and decided to withdraw, cut my losses and stop trading. This wasn't a problem and I got my money out OK. The problems started a few months down the line when I got a call from a "broker" saying he had £500 to withdraw to me. I knew this wasn't right, because I'd cleared my trading account out and withdrew everything to my bank account a few months earlier. Perhaps naively, I called his bluff and said he could withdraw to my bank account. Note I said WITHDRAW, which I took to mean taking money out of the TRADING account and putting it into my BANK account. If I wanted to do it the other way around, put money into my trading account from my bank account I would be making a DEPOSIT, not a withdrawal. This seemed clear enough to me, and it's the terminology used by almost every broker I've come across in my research, in that WITHDRAWING means putting money into the bank account. Anyway, 10 minutes later I get an email saying they've charged me £500, which is NOT what I asked him to do. I withdrew the money straight away and was told there was a 7 business day waiting period. I waited 7 business days - no withdrawal, still pending. I got in touch via chat and they said another 7 business days after withdrawal is approved. I was then told there was a delay as they were updating the site. After contacting chat and phone numerous times, each time to be told "it will be approved soon" or "within 24 hours" or "it's been escalated to the manager of the finance department" and I was even hung up on twice, seemingly all to try to get me to go away. After 14 business days it was eventually approved, and I did eventually get the money they stole back, although I did threaten legal action if the money was not returned. I almost missed a rent payment because of these scumbags (before anyone says "don't trade with money you can't afford to lose" I didn't request them to take the money, I wasn't interested in trading and I actually told the broker that I wasn't interested any more, to send me the money he "owed" me and to close my account) and I've now cancelled the debit card I used with them. I asked them to close the account which they did as I'm no longer able to log in, but a few days later I get a phone call from my "broker" (the same one that stole money from me) asking if I was still interested in trading, and when I told him no he told me I wasn't worth his time and hung up.
Just my story - and I'd be interested in what people have to say. I've cut my losses and want nothing to do with this broker or any binary options broker, and I would strongly suggest to others if they want to avoid shady business practices to concentrate on real forex trading rather than this binary options gambling. Again - I do not wish to file a case, as I haven't lost out financially, I just want people to read my story and make their own decisions.
Many thanks for reading.
I traded with LBinary for about a week. I signed up stupidly without doing much research, thinking it was a great way to make money. During my trading period I lost money (not a huge amount, about £150) and decided to withdraw, cut my losses and stop trading. This wasn't a problem and I got my money out OK. The problems started a few months down the line when I got a call from a "broker" saying he had £500 to withdraw to me. I knew this wasn't right, because I'd cleared my trading account out and withdrew everything to my bank account a few months earlier. Perhaps naively, I called his bluff and said he could withdraw to my bank account. Note I said WITHDRAW, which I took to mean taking money out of the TRADING account and putting it into my BANK account. If I wanted to do it the other way around, put money into my trading account from my bank account I would be making a DEPOSIT, not a withdrawal. This seemed clear enough to me, and it's the terminology used by almost every broker I've come across in my research, in that WITHDRAWING means putting money into the bank account. Anyway, 10 minutes later I get an email saying they've charged me £500, which is NOT what I asked him to do. I withdrew the money straight away and was told there was a 7 business day waiting period. I waited 7 business days - no withdrawal, still pending. I got in touch via chat and they said another 7 business days after withdrawal is approved. I was then told there was a delay as they were updating the site. After contacting chat and phone numerous times, each time to be told "it will be approved soon" or "within 24 hours" or "it's been escalated to the manager of the finance department" and I was even hung up on twice, seemingly all to try to get me to go away. After 14 business days it was eventually approved, and I did eventually get the money they stole back, although I did threaten legal action if the money was not returned. I almost missed a rent payment because of these scumbags (before anyone says "don't trade with money you can't afford to lose" I didn't request them to take the money, I wasn't interested in trading and I actually told the broker that I wasn't interested any more, to send me the money he "owed" me and to close my account) and I've now cancelled the debit card I used with them. I asked them to close the account which they did as I'm no longer able to log in, but a few days later I get a phone call from my "broker" (the same one that stole money from me) asking if I was still interested in trading, and when I told him no he told me I wasn't worth his time and hung up.
Just my story - and I'd be interested in what people have to say. I've cut my losses and want nothing to do with this broker or any binary options broker, and I would strongly suggest to others if they want to avoid shady business practices to concentrate on real forex trading rather than this binary options gambling. Again - I do not wish to file a case, as I haven't lost out financially, I just want people to read my story and make their own decisions.
Many thanks for reading.