LotsFX.com Review Is LotsFX A Safe Forex Broker

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LotsFX Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Bronze $100 1:100 N/A
Silver $500 1:200 N/A
Gold $2 000 1:300 N/A
Platinum $5 000 1:400 N/A
VIP $10 000 1:500 N/A

LotsFX presents itself as a UK-based forex and CFD provider, offering the above accounts, tight spreads, zero commission, and high leverage ratios. However, there is no way to confirm these assertions, as the broker does not offer free testing service. Apart from their trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

LotsFX Advantages

Acceptable minimum deposit, high leverage

We always try to come up with any possible benefits a broker might offer its clients, so here is what looks good about LotsFX at least on first glance.

The broker offers high leverage levels, ranging from 1:100 to 1:500 on different account types. Leverage ratios that high will suit traders of all skill levels and preferences. Yet, it is not appropriate for everyone. Inexperienced traders can lose everything in a matter of minutes using leverage ratios that high. That is why many jurisdictions have capped the leverage brokers can provide to significantly lower levels.

Also, we should note that clients of LotsFX can open a Bronze account with the broker with $100 and that is in line with the market average. Yet, keep in mind that some major brokers like IG and FBS do not have a minimum deposit requirement at all.

LotsFX Disadvantages

Falsely claims to be licensed in the UK and South Africa

On LotsFX’s home page, we read that the broker (supposedly owned by Euro Investement House Ltd.) is a regulated investment services firm authorised by the UK Foreign Exchange Commission, as well as by the Financial Sector Conduct Authority (FSCA) in South Africa.

Click to view larger.

We remind readers that brokers in the United Kingdom fall under the oversight of the Financial Conduct Authority (FCA.) Upon running a check in the online registries of the FCA and the FSCA, we can quickly conclude that the broker is not licensed by any of the financial regulators mentioned.

So, the people operating the brand are not bound by any government regulator, which means that potential clients (or victims) have no one to turn to in case they have legitimate grievances. We keep reiterating that the lack of legit financial regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of the clients’ funds.

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Trading costs & platform unclear, no free testing service

As we mentioned already, LotsFX does a rather poor job at presenting its trading conditions. The broker’s website does not mention any reference spreads, and demo accounts are not available either. It also remains unclear what platform does the broker offer, as it mentions using an in-house web-based platform, but there is a MetaTrader4 available for download on the website, provided by a third party.

The lack of transparency on the costs of trading should always be seen as huge negative, but having in mind that the broker doesn’t hold a legit license, we should not be surprised. We would advise clients to always be as informed as possible before deciding to trade with any financial service provider.

Urges clients to install AnyDesk / Team Viewer

Another disturbing fact about LotsFX is that the broker urges clients to install TeamViewer and AnyDesk – software that allows anyone to access your PC from another station, which is very risky. It may actually be devastating to your private information like bank account passwords, credit card information etc. Simply put, if you provide an ill-minded broker with your log-in details, all your online accounts could be drained.

Conclusion

Taking into account the false claims of regulation and the lack of transparency regarding the cost of trading, we can safely conclude that LotsFX seems like a typical forex brokerage scam.

Overall, you can feel safe about your investment only with brokers licensed by a reputable governmental agency like UK’s FCA, Australia’s ASIC of Cyprus’ CySEC, because of the strict regulatory regime they are subject to. So, if you want a piece f advise, always check carefully whether the broker you plan to invest with is indeed licensed in the respective online registry.

And finally, here are the highlights of the present review of LotsFX:

Pros Cons
Acceptable minimum deposit Falsely claims to be licensed
High leverage Trading costs & platform unclear
Urges clients to install AnyDesk / Team Viewer
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

LotsFX Review

LotsFX Review

LotsFX information

  • Website: www.lotsfx.com
  • Owner: Euro Investement House Ltd
  • Address: Tower 42, 25 Old Broad Street, London, EC2V 1HN, United Kingdom
  • Email: [email protected]
  • Warning:CNMV(Spain) has issued a public warning against this broker.

LotsFX regulation.

A broker must pay for regulated licenses to be able to offer trading. LotsFX doesn’t pay for licenses but it does offer trading which is prohibited by law.

Your money isn’t safe with LotsFX.

To be able to offer trading, you must buy a regulatory license from a country where you want to settle. If you offer trading without licenses, you don’t respect the laws and become a fraudulent broker. Brokers who don’t have regulated licenses like LotsFX will not give you your money back because they are outlaws.

Public warning against this broker.

The CNMV has issued a public warning against LotsFX. That is to say that he has offered trading in a country where he doesn’t have a regulated license. A broker who receives a public warning is 99% a scam.

Never trust the broker.

It’s essential to always check the licenses of a broker because fraudulent brokers lie to make you deposit the maximum amount of money. If you unfortunately deposit your money and are asked to pay a fee to withdraw your money, don’t do it because you will give them even more money.

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Our Verdict.

LotsFX is a scam that doesn’t have regulated licenses. We advise you to avoid this broker if you don’t want to have a problem. If you have been a victim of this broker, don’t hesitate to leave us a comment to report this broker and avoid other people from being victims.

LotsFX.com Review Visit site

About LotsFX.com

LotsFX is a forex broker. Lots FX offers the MT4 forex trading top platform. LotsFX.com offers a number of forex pairs, cfds, commodities, shares and icides for your personal investment and trading options.

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Consumer Reviews

Service use: Live

Length of use: 6-12 Months

I made a post on 2nd October 2020, I was too rush about making the decision of falsely accusing this firm. Due to my banking issue only my profits were delayed. Yes I have received my profits to my bank account. I do solely take complete responsible for misunderstanding the situation. My judgmental call was wrong. They responded and took the necessary steps to release the withdrawals. I will continue trading with this company.

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