To trade or not to trade with LCM FX, that is the question. Well, our answer is no, simply because of a few basic facts about this broker.
Based offshore, LCM FX does not have a trading license. It doesn’t end there though. There are more fraudulent details about this trading scam, which is why you must read the entire LCM FX Review and arm yourself with the truth!
LCM FX is run by Lucror Ltd, a company based in the offshore domain of Saint Vincent and the Grenadines (SVG). Not what you want to read.
The local Financial Services Authority (FSA) does not regulate the Forex trading market, as explicitly stated on the FSA’s website. Thus, LCM FX’s regulation is worthless; this broker is unlicensed!
At the time of this writing, LCM FX had six negative reviews to their name on TradersUnion in 2023 alone. It seems that this offshore brokerage isn’t doing traders any favors.
We were not surprised when traders complained about withdrawal issues and poor customer support. Also, LCM FX requested traders pay fees in advance before withdrawals, which is illegal.
These LCMFX scammers make frequent calls to potential clients. And they psychologically pressure them to replenish their account with at least $ 5,000. And then they take the account management into their own hands and let it all go…
There is a big problem with the withdrawal of funds. Three weeks have passed since the withdrawal order was issued, the money is hanging on the deposit, requests remain unanswered.
LCM FX offers the world-famous MetaTrader 4 trading platform. This amazing software was designed by MetaQuotes and released in 2005.
MT4 offers cutting-edge tools such as automated trading, live market reports, a user-friendly interface, branch optimization, over 20 timeframes, and advanced charting.
Although MT4 is a huge advantage, LCM FX’s unregulated status is still an issue. There are plenty of legitimate brokers that also offer this trading platform but actually have a trading license.
LCM FX provided a detailed explanation of how MT4 functions on mobile. In general, mobile trading is great when you’re in a hurry or not able to sit behind a computer/laptop.
According to the website, LCM FX’s MT4 is available for both Android and iOS operating systems. Mobile trading is always an advantage but still doesn’t compensate for the missing license.
From various sources, we learned that LCM FX is active, or used to be active, on social media – Facebook, Instagram, YouTube, Twitter, etc.
In addition to social media, LCM FX uses mobile phone calls and email to communicate with clients.
In terms of trading instruments (FX pairs & CFDs), LCM FX offers the following:
LCM FX offers two different trading accounts with various spreads. Per the website, the Standard Trade account offers variable spreads from 1.8 pips with no commissions.
On the other hand, the Pro Trade account features spreads from 0.9 pips, also free of commissions. What’s odd is that LCM FX’s MT4 showed a spread of 0.2 pips for EUR/USD. That’s suspiciously competitive, especially if there are no commissions.
To elaborate on the previous section, let’s take a look at LCM FX’s trading account types:
Offshore brokers are often associated with super-high leverage. LCM FX, like most dubious providers, offers leverage of up to 1:500. Trading at such a high level is extremely risky.
It’s a double-edged sword; it could bear lucrative profits but more often leads to losses. Hence why ESMA imposed a leverage cap of 1:30 for retail clients.
LCM FX promises a risk-free demo account. It’s the same case as with MT4 here – a demo account is an advantage but cannot replace the missing license.
Even offshore scam brokers sometimes offer demo accounts as a cunning bait. Do not forget the complaints from traders, the real problems come with the live account.
LCM FX’s withdrawal policy says the broker doesn’t charge any fees. As for the payment methods, three are available:
The minimum deposit is 100 $ and the withdrawal amount is 100 $ for wires and cards and 50 $ for Skrill. Withdrawal processing time allegedly takes up to 24 hours.
To sum up, LCM FX is a shady offshore broker with no trading license. If you have evidence that this broker violated any terms and conditions, please let us know. You’re not the only victim of LCM FX scam.
Global Fraud Protection is willing to help you get your hard-earned money back. Our team will gladly guide you through the chargeback or recall process but you must act quickly!
If this broker steals your money, start the chargeback process. The easiest and fastest way to book a free consultation with us is via Online Chat.
No. LCM FX is not licensed to provide trading services; this brokerage is unregulated! Trading with LCM FX is risky!
LCM FX does offer several partnership programs but we wouldn’t trust any of them since this entity is not regulated.
Yes. LCM FX does offer a risk-free demo account for practice.
The minimum deposit that LCM FX requires for a live account is 100 $.
No. LCM FX is not licensed to provide trading services; this brokerage is unregulated! Trading with LCM FX is risky!
LCM FX does offer several partnership programs but we wouldn’t trust any of them since this entity is not regulated.
Yes. LCM FX does offer a risk-free demo account for practice.
The minimum deposit that LCM FX requires for a live account is 100 $.
The post The Truth About This Scam In the LCM FX Review appeared first on Global Fraud Protection.
