Lifecoin FEX is nothing but a fraud. There is plenty of evidence to support that claim and we have compiled it in our truthful Lifecoin FEX Review.
This fraudulent broker is based in the notorious offshore domain of Saint Vincent and the Grenadines (SVG). We shall proceed to explain exactly why that’s bad news in the following section and also list the warnings issued against this fraud.
Lifecoin FEX cannot and must not be trusted. As we mentioned, this financial swindler is hiding behind an offshore company called HY Marketing, based in SVG. What you should know about SVG is that the local regulator, the Financial Services Authority (FSA), does not regulate Forex trading.
This means that Lifecoin FEX is providing services and dealing with clinets’ money without an authority overseeing the whole business. The bogus website’s potential to scam traders is great.
The warnings state that Rmd Development Ltd was behind the scam but this company is not incorporated in SVG. At the time the warnings were issued, Lifecoin FEX claimed to be based in London, which was a cunning lie.
Lifecoin FEX is an unregulated scam platform that you have to avoid at all costs. Instead, find a licensed provider that operates under reputable jurisdictions such as the aforementioned ESMA, or the CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc.
Everything seems fine… until you request a withdrawal. Then there are lots of “good” reasons why it doesn’t work. In the meantime, despite the order situation, investments continue to be made (probably in cross trades :/) until finally everything is “regrettably” gone…
Withdrawal issues are usually the first indicator that a scam is at play. Keep in mind that it is illegal for a broker to demand you pay an upfront withdrawal fee. If you fell into this trap, please contact us for help. We can recover your funds!
Lifecoin FEX promises clients that their “funds are 100% safe and secure,” which is arguably the biggest lie we found on the website. First of all, this fraudster cannot make up his mind about where the brokerage is based.
Secondly, we already listed the regulatory warnings and negative reviews that clearly expose this trading scam. Don’t be fooled, your funds are absolutely not safe. Legitimate brokers segregate clients’ funds in an account in a top-tier bank with security. Scammers simply put the money in their pockets and vanish.
Unfortunately, the scammer managed to claim victims. Note that Lifecoin FEX is not authorized to provide services in any of these domains. The Spanish CNMV issued a warning against this illicit broker a couple of months after the website was created.
Lifecoin FEX says in the website’s FAQ section that the available platform is web-based. Hence, it can be accessed via both desktop and mobile devices.
WebTrader is a lackluster platform with limited features and ineffective trading tools. Aside from basic charts, graphs, and indicators, there is not much else. Lifecoin FEX does not support proper third-party software such as MT4, MT5, or cTrader.
This platform is most likely rigged, which is why you should call us if you’re having withdrawal issues.
Here’s a short overview of the alleged trading instruments that LifecoinFEX.net promises:
Lifecoin FEX’s maximum leverage is 1:500, which is not in line with the regulatory cap in Europe (1:30) or North America (1:50). Extremely high leverage is risky and often results in losses.
The broker offers discounts for each account type but we believe that this is just a ruse. Account prices, i.e. minimum deposit requirements are high. For instance, the lowest account tier costs a minimum of 5,000 EUR. There are plenty of legit brokers that allow clients to create a Micro account for just 10 $.
Absolutely. Withdrawal issues are inevitable with this phony broker. For the payment methods, the broker listed:
The good thing is that transactions can be reversed. For example, credit/debit card transfers can be reversed via a chargeback within 540 days. The minimum deposit is 5,000 EUR and the fees were not disclosed. All we know is that there is no registration fee, which may also be a lie.
Lifecoin FEX is an offshore scammer with no Forex trading license. This entity has been active since May 2021, targeting traders from Germany, Spain, Ukraine, and the UK.
The Spanish CNMV and Italian CONSOB issued warnings against this fraudulent platform while traders also complained about getting scammed.
If you’re having issues with recovering your funds from this broker, contact us for help! Our team can help guide you through the chargeback process.
Book your free consultation with our team today and start the chargeback procedure.
Absolutely not. Lifecoin FEX is an offshore scammer with no Forex trading license.
No. Lifecoin FEX does not segregate funds. Two European regulators have issued warnings against this broker.
If you lost money to this offshore Forex scam, please book a free consultation with our team.
Absolutely not. Lifecoin FEX is an offshore scammer with no Forex trading license.
No. Lifecoin FEX does not segregate funds. Two European regulators have issued warnings against this broker.
If you lost money to this offshore Forex scam, please book a free consultation with our team.
The post Lifecoin FEX Review: Why LifecoinFEX.net Is Not Worth Your Money appeared first on Global Fraud Protection.
