Lot-Forex.com is a company that is very shady and not very professional. Their website is enough to make people not want to buy from them. This broker seems to have learned everything a forex scam does and put them all into action at once.
This broker’s site is full of bugs and other technical problems. It was a pain to sign up for an account and try out their services. This broker does not offer any trading terms either.
You don’t have to read the whole review to know that Lot-Forex.com is a scam. But if you want to know why this company is a scam, you can read this review of Lot-Forex.com to find out.
License and Rules for Lot-Forex.com
Lot-Forex.com says it is based in Cyprus, which has one of the best forex controllers in the world. They didn’t have a license from CySEC because their website was so bad. On its website, however, this broker shows a fake license from CySEC to trick traders.
Lot-Forex.com is a broker that isn’t controlled and doesn’t have a license. By putting a fake license on their website, they are lying to people.
Positively, CySEC will warn people about this broker as soon as they find out about this shady business.
The broker’s address is always the first thing you should look for. Which region a broker is in depends on where he or she lives. If the broker is from an offshore place like the Marshall Islands or St. Vincent and the Grenadines, you should stay away from them.
Aside from where a dealer is, you should always check to see if they have a license. Brokers who aren’t regulated or registered are very risky because they can steal your money (through hidden fees) and even your personal information.
The Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) have a lot of rules and laws. These rules make sure that the broker doesn’t hurt the users’ best interests or trick them.
Also, the people in charge of rules have insurance plans in case one of their licensed brokers breaks a rule or steals money from their clients. With brokers who aren’t qualified, you don’t get any of these things.
The rules for trading on Lot-Forex.com
Even though a broker’s license can tell you a lot about how reliable it is, the trade conditions are the second most important thing to look at. What kind of trading tool is it? What’s the minimum investment limit? This in-depth review talks about these things to figure out if Lot-Forex.com is a good exchange or not:
Platform for trading
Lot-forex.com says that its clients can use the well-known MetaTrader 4 and MetaTrader 4 systems. But when looked into those sites, it was found that they don’t offer real trading accounts. On those sites, you can only use a test account.
So, Lot-Forex.com is lying when it says that its clients can use MT4 and MT5.
Metatrader 4 and Metatrader 5 are the most-used trading tools in the business. They come with a lot of tools and benefits and have great customer service. About 80% of the industry uses these tools because of this.
This broker is trying to look good by using the fame and good name of MT platforms. Lot-Forex.com is a scam because it doesn’t have a trading platform to give.
First, you can’t believe anything a shady dealer tells you. Also, this broker’s promises have all been shown to be false, so there’s no reason to believe anything else they say.
The trade conditions this broker says they offer are full of warning signs.
The least you can put down on Lot-Forex.com is $1000. Most brokers who are licensed keep their minimum deposits around $100 or $50. That’s because they want new people to be able to try out their services without having to spend a lot of money.
Most of the time, a broker who has a high minimum investment is a scam.
On the other hand, shady agents don’t want you to try their services because, most of the time, they are bad. They make you put up a lot of money at the beginning so that they can take at least that much from you. You should stay away from agents that require you to put down a lot of money right away.
Use of Credit and Spreads
This broker gives its clients maximum leverage of 1:1000, which is just crazy. Even a skilled trader shouldn’t use such a high level of risk.
You should be wary of a broker who gives you a lot of power. There are limits on how much leverage brokers can give their clients by many different types of financial officials in different parts of the world.
In the US, for example, a broker can only offer a maximum leverage level of 1:50.
They put these limits in place because a high leverage ratio can quickly cause you to lose a lot of money. Especially for new traders, these kinds of leverage rates are very risky.
Since Lot-Forex.com doesn’t have a real trading platform, no one knows what spreads it gives.
Payment Methods & Costs on Lot-Forex.com
Methods of Transaction
Lot-Forex.com doesn’t say anything about the ways it takes payments. It has, however, said that all refund requests sent after 10:00 am will be handled the next day. And if you ask to take money before 10 a.m., it will be done the same day.
Since this broker has kept quiet about how transactions work, nothing can be said about them.
Like most forex scams, Lot-Forex.com has kept its clients in the dark about the fees they charge. When looked through their terms and conditions, nothing was found about the fees they charge.
Most of the time, a broker who hides this kind of information turns out to be a scam. Good agents don’t hide information about their fees because they don’t have to. Only scams use such shady ways to trick people.
Bonus deals were not found on their website, but that doesn’t mean they don’t have any.
You shouldn’t trust a broker just because it gives you free money. Bonuses can be very risky because they let the broker put limits on withdrawals that the user doesn’t know about. Bonuses are also used by Forex scams to get people to sign up for their sites.
Because of this, the UK’s financial regulator, FCA, doesn’t let its agents give their clients bonuses.
Is Lot-Forex.com a Fraud? Yes!
In the last few years, the forex market has grown at a very fast rate. Because of this, many different kinds of scams have also moved into this area. Most of the time, a scammer would try to get new traders to sign up on their site by offering them bonuses and making false claims. Most of the time, these dealers have unfair terms and conditions, but few people read them before agreeing to them.
When a person finally signs up and puts money into their account, the broker can do whatever they want. They can take the user’s money by charging secret fees, or they can steal their personal information.
Most of the time, these agents work from places outside of the country, like St. Vincent. These places don’t have financial officials like the US or the EU, so shady forex brokers have moved there.
Lot-Forex.com Review: Conclusion
Lot-Forex.com is a scam, for sure. This broker’s website is terrible and has a lot of technical problems. On the other hand, the broker shows a fake CySEC document to lie about its license. This broker doesn’t deserve our trust. Don’t touch it!
Hopefully, this review of Lot-Forex.com helped you decide if this company is right for you. In the forex business, there are many scams like this one. Before you sign up with a new broker, it’s best to stay alert and do some study.