Social trading is a fast growing phenomenon and one that is ideal for new traders. It is the fusion of social media resources like forums and chat rooms with binary options. At heart it is community based trading. Social trading allows interested people from around the world to interact, share, learn and trade binary options in an environment safe from affiliate marketers and scammers.
Forex brokers recognized the benefits of social trading long ago. In fact, this form of a trading has gotten so big in the forex industry that there are now at least a dozen dedicated social trading platforms. Some binary options brokers have begun to venture into the social arena. Those of you who know me will also know that I can be found on the Communitraders Social trading website, an off-shoot of Binary Options That Suck DOTCOM. I also helped to write the Ebook, Forex Copy Trading Survival Guide so I actually know what I’m talking about.
LBinary Social Trading Review
LBinary, operated by Live Binary LTD is the leader in binary options social trading. They have incorporated a copy trading system into their platform so that traders can follow pro traders or build up their accounts and become pro traders themselves. For now, the platform is very limited but yet still offers the best copy trading available through a binary options broker.
Traders are ranked in a leader board format and have several statistics handy for you to examine. These include the traders name, amount won, # of positions, success and number of followers. When you go and check it out you will notice that there are a lot to choose from. To the side of each persons information is a tab where you can choose to follow the trader. I like the way it is set up. You can follow each trader for a day, a week, a month, a year or other lengths of time defined by the platform. This way you can follow someone for a test period before taking the plunge and following them in earnest.
I also like the way they have the investment amount set up. Of course you can choose to go unlimited and make whatever trade the person you are following makes. I don’t recommend this at any time, it is way risky and could easily wipe out an account. Instead pick from a list of amounts ranging from $50 to $3000 per trade. This figure can be set as an amount per trade or as a limit, meaning you will make identical trades up to that amount.
The leader board can be filtered to help you find the best traders to fit your style and needs. The first screen you will see will be what they call “cross asset” traders. These are traders who don’t specialize in only one asset. You can filter by any asset available on the platform.
My Last Thoughts On LBinary Social Trading
I think that Lbinary’s social trading platform is a great start and one that can be built upon. The only two things I can see that can be counted as a negative at this time can both be corrected with ease. First, there is no forum. Without a forum there is no real social aspect to the platform which makes it strictly copy trading. A forum would also give the pro traders a chance to build a profile and tell us how and why they do what they do when they are trading.
The second is that there just aren’t that many traders, and not very many of those have built up much of a record yet. I can overlook that because the social aspect of the platform is still new, time will surely fix it because this is a good broker and a good feature. Anyway, to get the best of social trading forums you need to be using Communitraders. Who know’s, maybe at some time in the near future the full version of CT will include interfaces with reputable brokers like LBinary.
Quick Review Of LBinary
LBinary is a Spot Option white label operated by Live Binary LTD. The company is located in the Seychelles and is not CySEC regulated. This is good news for at least one reason, they allow U.S. traders. As far as being a Spot Option brand goes it is one of the best. If you like the trading platform then this broker is a good one to choose. It has all the typical options available from this class of broker including high/low, one touch, 60 seconds, Options Builder and the Open Platform.
Assets and Availability
LBinary also has one of the most complete asset lists of any broker. There are over 100 international stocks, more than a dozen major currency pairs including Bitcoin binary options, 20 international stock indices and 6 commodities including gold, silver, copper, oil, wheat, sugar and coffee. Each is available during its normal trading hours; trading can be done nearly 24 hours a day, 7 days a week depending on which assets and options you are using.
Deposits and Withdrawals
Deposits can be made in US dollars, British pounds or euros. Minimum deposit is $250 with no maximum if using wire transfer. Credit cards and debit cards are limited to $5,000, Western Union transfers to $10,000. Withdrawals to credit cards are limited to the original amount deposited but wire transfers have no maximum limit. The minimum withdrawal is $500 for wire with no minimum for credit or debit cards. There are no fees for CC or debit withdrawals but $25 for wires. Once your paperwork is processed it will take up to 2 full weeks for withdrawals to process and post to your bank or credit account.
There are bonuses available but I never recommend taking them, even with a reputable broker like this. The bonuses usually come with stipulations like a 30 times deposit+bonus trading minimum like this one. This means you have to trade your total account 30X its value before you can withdraw. This is OK if you don’t want to make any withdrawals for a long time, or can clear the bonus really fast. Usually what happens is that trying to clear the bonus will drive you to trade more than you should and lead you to lose your money.
LBinary has one of the best trader education pages on the internet. It consists of a video program and on page information that ranges from the usual introductory stuff you would expect through candlestick charting, strategy, trader psychology and money management.
There are not very many user reviews on the internet, which is a good sign in disguise. I think you can agree with me that if it was a bad broker the internet would be filled with complaints. The obvious lack of these complaints is evidence the broker is doing something right. I use LBinary and like it.