In this review, we will do an in depth analysis of London Binary Option (LBOption). Located in the heart of the City of London, this relatively new broker has already gained a lot of recognition for its exceptional customer service and versatile trading platform.
LBOption is also one of the few Binary Option brokers to be located in London. The founders of LBOption are also ex traders and forex experts. This is a breath of fresh air from the usual brokers who provide service and trade ideas without any previous experience trading these products.
For this review, we also managed to incorporate the experiences of previous traders who had used the LBOption platform. This would allow the FXaxe reviewers to get the best feedback from individuals who had already dealt with the broker.
|Support Features||Live Chat, Phone, Contact Form and Email
|Demo Account||Free Demo Account
|Deposit & Withdrawal Methods||Visa, Mastercard, Bank Wire, Skrill,
|Account Currencies||EUR, USD, GBP
|Languages Available||English, Spanish, German, French, Italian
|Option Types||High / Low, Pair Options, 60 Seconds, One Touch, Ladder Options
|Option Expiry Times||60 seconds to 1 hour
|Mobile Trading||iOS & Android
London Binary Trading Options
LBOption has a number of different trading account options that one can pick from. The account privileges will differ according to how much is initially invested by the trader. These benefits include using things such as broker training, bonuses and robot trading.
This is the entry level account at London Binary Option. The minimum investment for this account is a mere $100. Once you have deposited this amount, you are entitle to personal broker training once a week. You may also withdraw and deposit your funds with no fees and no strings attached. This account level also entitles you to a 25% bonus on your deposit should you so choose. Lastly, unlike many brokers, there is no trading commissions and there is 24/7 customer support.
With a minimum deposit of $1,000, you are entitled to the benefits of the Silver account. This has all the benefits of the basic but includes Trading alerts. This will allow you to make the most of valuable trading signals as they hit the wires. You are also entitle to use the London Binary automated trading software as well as strategies with fellow traders in “social” trading mode. With the silver account, you are entitle to a bonus of up to 50% and are allowed personal broker training sessions twice a week
In order to access the Gold account, you will need to make a minimum investment of $5,000. With this level of account, you get everything that is included in the Silver account but are now entitle to accept a 100% bonus. You may also have daily conversations with your broker about market conditions.
This account is mainly used by professional traders who would like to talk with their broker 24/7. It also entitles the trader to a 150% bonus on their deposit. The VIP account requires a minimum deposit of $10,000.
As with all Binary Option broker bonuses, you will want to carefully read the terms and conditions that are attached to the acceptance of a bonus.
In order for us to grade the customer service, a member of the FXaxe team posed as a potential trader to witness the service first hand. When we visited the site, we managed to get through to a senior broker pretty quickly. We were quite impressed with their knowledge, patience and friendliness.
We were set up with a practice account and traded on the platform. We had regular conversations with the broker and discussed potential trades and strategies. We were also able to get this support at odd hours of the day while trading Asian currencies. This was all available to us even though we had not yet funded our account. The broker was also not pushy during our testing phase and allowed us to focus on the trading.
We also reached out to a number of LBOptions’s current traders and asked them about their opinion of the service. They all gave positive feedback and confirmed that the customer service that we experienced continued after they began trading.
The trading platform at London Binary Option is incredibly functional yet user friendly. There are numerous tools that are provided which can assist the trader to make the most informed trading decisions. These include a number of technical indicators as well as advanced charting software. We also liked the fact that we could customise the layout of the trading panel to our specific preferences.
The platform used by LBOption is Hello Markets. This well know platform also has a mobile trading feature which can allow the investor to keep up to date of his trades while even on the go. One of the most interesting machines that is included in the LBOption platform is the automated trading software. This “robot” uses the same signals that are provided to the trader but makes the trades automatically. For the new traders starting out, the minimum trade size of only $1 is a great way to get one’s bearings in the market.
If you are the kind of trader who likes to trade spreads, the platform allows you to open a number of different trades at the same time. In terms of assets that one can trade, there are over 55 available. These include most currency pairs, commodities, popular single stocks and indexes. They also offer more exotic currency pairs such as the Indian Rupee, South African Rand and the Singapore Dollar. This can allow more advanced traders to trade less liquid and more idiosyncratic pairs.
Deposits and withdrawals
Reviewing LBOptions payments policy was quite helpful because of our contact with current and ex traders. They all confirmed the “no questions asked” withdrawal practice. The broker agent at LBO happily paid out client winnings usually within a few hours of the request being received. This is a great thing to hear in an industry that is known for having arduous pay-out practices.
When it comes to depositing your funds, there are a number of payment options available. LBOption takes all major credit cards as well as payments through Skrill and UnionPay.
Unlike most Binary Option brokers, London Binary Option is not registered in Cyprus and regulated by Cysec. When we were testing out the trading platform, we asked the broker why that was. Given that the FCA (UK Financial Regulators) are looking to take over Binary Option regulation in London, they said it was more prudent to prepare for the transition to this oversight body.
Although we would have previously raised concerns about this, the recent Brexit vote implies that future Cyprus regulations are likely to have much less weight than they used to. This is something that brokers who are regulated in Cyprus may have to deal with once the UK exits.
We found London Binary Option to be a breath of fresh air in the Binary Options industry. Not only do they appear incredibly honest but the level of interaction that we encountered with the senior broker was indeed welcome. The minimum investment for the basic account of only $100 was also surprising a positive especially for inexperienced traders.
With a highly functional platform that has a range of tradable assets as well as numerous tools, the London Binary Option platform was a pleasure to use. The lack of Cysec regulation initially concerned us but the fact that LBOption is co-ordinating with the FCA cleared this up for us.
Overall, LBOption can be the ideal platform for traders who want to regularly chat with their broker and get professional opinions about a particular trade or general binary option strategies.