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Password Security Breach at LBinary Leads to Fraudulent Trades

stevecstevec Posts: 4
Just wanted to pass on my recent experience with LBinary. On 4/9 I sent my LBinary broker written instructions to cease trading my account. I then changed the password on my my account to ensure I would be the only one with access. On 8/10 I tried to log into my account but couldn't because the password had been reset. When I eventually gained access, I discovered someone had placed a large trade (100% of my funds) without my permission. The trader in question (a Senior Analyst at the company) subsequently admitted to making the fraudulent trade. I have provided all the evidence to senior management at LBinary but they have declined to address the situation with me directly.

A customers password security is paramount in this industry. Actions like this not only jeopardize the trust customers have in the individual company but also the industry as a whole.


  • Options
    lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited October 2014
    "NEVER TALK TO A BROKER OVER THE PHONE" These companies have the CRIMINAL intent of STEALING your money period. "Banc De Binary - Lbinary - NRGBinary" each have tons of complaints on various forums/Forex Peace Army on and on. This is the main reason nobody in their right mind should ever deal with above mentioned companies because they are what gives binary options a BAD NAME... These people get to look at themselves in the mirror knowing they are SCUM. You must have done very little to no research first in finding a broker. I repeat never ever talk to a binary options broker over the phone. I don't care if they offer you a threesome with Jennifer Love Hewitt and Nicole Kidman as a BONUS with funding a new account. "BONUSES and BROKERS TRADING FOR YOU ARE 100% TRAPS..."

    PS - "If you do find a broker that offers the Jennifer Love Hewitt/Nicole Kidman threesome offer as a bonus, please phone me first!"
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    stevecstevec Posts: 4
    Hi there, I did do some basic due diligence, including making sure that the trader in question actually worked for LBinary and was not a random third party purporting to work for LBinary. I also did a Google search of the trader which came up empty.

    Update on my situation: after two weeks of trying to get the attention of someone in management at LBinary I finally touched base with their chief trading officer. The tipping point seemed to be when the trader in question started swearing at me via email. This was almost as amusing as it was unprofessional. I took a screen grab and sent it to customer service and received an email from their CTO straight away. My two request were simple and exceptionally modest considering how I was treated.

    1.) No one from LBinary is to access my account to trade, deposit bonuses or anything else moving forwards without my written consent.
    2.) I will have access to my money at all times (twice I have tried to make withdrawals before and twice nothing happened!)

    Not sure how this will shake out but it certainly makes for an interesting/infamous story!

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    lotzofbotzlotzofbotz Posts: 1,552 ✭✭✭✭
    edited November 2014
    Come on you did not do any Due Dilly because if you did you would have not touched Lbinary with a 10 foot pole. You are a NUwB and can't see the pitfalls and that is ok, again I would recommend coming in the mornings in the live chat and ASK QUESTIONS! OMG I have such a big mouth I love talkin SH_T while I wait for trade setups... I won't give signals or trade for you but what I can do is point you in the right direction and keep you from falling down one of those HOLES. Maybe me and Bryan should do a webinar on how to do "DUE DILIGENCE"? Hmmm what do you think Bryan? Take 1 day get a bunch of people record how we would avoid a bad brokers scams and other marketing crap that is used to trap NooBs... I can tell you that I know people on the ground in the industry that actually either know the people in person or have visited the offices of many of the brokers and certain of these brokers you would be wise to stay clear of. Lbinary is one of them as they are very unprofessional and poorly managed/capitalized.
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