LBinary

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.
 

Pharaoh

Colonel
Messages
19,964
From LBinary's point of view, they were "withdrawing" the money from your credit card.

Nice to know that LBinary is trying to be original with their "Stupid Broker Tricks".
 

jbinary219

Recruit
Messages
7
Thanks for replying, that's how it was justified to me.

It still doesn't explain why I was hung up on though and why it took so long to get my money out - I'd advise anyone considering dealing with them to think again, there are some pretty horrendous stories on this forum of people who've lost a lot more than myself. I consider myself very lucky to have got out fairly unscathed.

Interestingly I received a phone call from someone earlier today saying I had problems with my account and the credit card I had on file was inactive. I don't know who it was as the number was restricted (so if it wasn't LBinary I'm not pointing the finger but it was very suspicious seeing as I'd just made the original post) so I told them the only way they'd know that was if they'd tried to charge it and I didn't know who they were so they shouldn't have had my details in the first place. I asked who was calling and they hung up. Very suspect.
 

ys321

Private
Messages
12
You should apply for a charge back. That is the only way you are ever going to get your money back from these people. They stole £2600 from my bank account in a similar fashion. Then I complained to the fraud department at my bank, month and a half later I get my money back.
 

paulm1162

Sergeant
Messages
125
Cover all angles dealing with these scammers, they stole £12000 from my debit card and when they paid it back they made sure to place the full amount for the authorised trades back to my credit card as they knew a charge back was inevitable, but they can just say "look we've paid it" even though I had emails galore and screenshots to show what they had been up to, but the banks don't care, so long as they get there money and even the FCA can't do anything to MBNA as they have a whole team called section 75 to wriggle out of their responsibilities
 

willyboy88

Recruit
Messages
7
Paul,
what are you trying to say?
Do you mean they give u back your money but you never receive it?


Cover all angles dealing with these scammers, they stole £12000 from my debit card and when they paid it back they made sure to place the full amount for the authorised trades back to my credit card as they knew a charge back was inevitable, but they can just say "look we've paid it" even though I had emails galore and screenshots to show what they had been up to, but the banks don't care, so long as they get there money and even the FCA can't do anything to MBNA as they have a whole team called section 75 to wriggle out of their responsibilities
 

paulm1162

Sergeant
Messages
125
Yep!
they showed on my lbinary account that a charge back was made and allegedly paid, but in truth this was not the case, just something to show on my records, according to Lbinary the same money has been used for several purposes 1) to pay me back out of their account 2) three months later, same money, to pay charge back, which they had already refused.
Alas the banks as well as the FCA can't see the obvious, although the FCA can only chase MBNA (dodgy, will be changing soon).
I really hope you do get your money back mate
 
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