LondonFx is a forex and CFD broker that works with a lot of sketchy trading software. They are popular, but nothing about them can be termed as “desirable”. Their reputation is nothing short of a nightmare and people have certainly lost a big chunk of their savings account to them.
Owners are unknown and as this firm is operating from Marshall Islands, it is indeed hard to make them caught up for their mistakes. Social proof depicts their gimmicks in a detailed manner and they are known to use many high-pressure sales tactics.
Funnily enough, we could not find much information about the trading conditions and other related policies. As the number of uncertainties are more, retail investors should never ever dare to proceed with them or else he or she might end up burning a hole in their pocket.
To know more about this organization and the ways of recovering funds from them, continue reading.
Is LondonFx Regulated?
LondonFx features few details about their status on the homepage. However, just because you saw the certificates firsthand does not mean you should trust them completely.
This entity is regulated in Marshall Islands and the guidelines followed by them aren’t something that gives confidence to the users. First and foremost, the funds are not totally secure. Data regarding the way they manage the capital is not disclosed.
Performance reports and information regarding other policies aren’t covered by them as well. In short, at every turn there is some kind of uncertainty present. Given the way this firm is structured and operates, we do not think they will be active for long.
LondonFx and Bitcoin Trading Scam
Many trading bots and automated systems work with offshore brokers for mutual benefits. The creators of bogus systems will get commission and the offshore broker will acquire clients through the underlying app for dirt cheap prices.
Unfortunately, the only person who will be risking it all will be the clients. Moreover, the worst part about the entire thing is the kind of conflict of interest that is present.
Think about it for a moment, the only way these kinds of crooks make money is if they bluff to you and cause you harm. Bitcoin Trading software is a well known scam and the fact that this broker works with them is a scary sign. As the odds are stacked against you, do not be inclined towards proceeding with them in any way or form.
Trading Interface
This broker claims to support the MT4 platform. However, as we could not test them out, we do not have any clue about what to expect from them. Spreads are high and trading costs are not completely clear.
Leverage offered by them is also not mentioned precisely. Moving on to charting, if they really do support the MT4 platform, then we do not have to worry about it that much.
Custom tools and indicators should work well with them. Note that there aren’t any clear guidelines on short term trading activities. In other words, we do not know whether they allow scalping and other short term day trading strategies.
Aggressive Sales Techniques
Account management service and social trading are present on their platform. While the entire idea about making passive income might sound interesting, be aware of the risks involved.
First and foremost, there is zero evidence to prove that this firm has a high win rate. The way their trading algorithm works is not explained and there is no backtesting done as well. If you are contacted by them, then do not let their words fool you.
Also, regardless of what they promise you, never input your credit card details or else you will be hurt financially. Using gimmicks and ultra-aggressive tactics are something that offshore entities often do.
So, if you ever recognise the sense of urgency being created by the other party, it is definitely worth it to move in the opposite direction.
Payment Methods
Around $250 is required to open an account with this broker. Payment methods supported by them are debit/credit cards and wire transfer. Information about fees or inactivity charges are not revealed upfront.
Also, processing time for all types of transactions isn’t stated as well. In short, opening an account with them is worse than gambling in many ways. Even the policies are not outlined well.
LondonFx User Reviews
In the initial days, this firm did get positive ratings. However, as time progressed people saw through the veil of lies. If you search for information about this platform on any social media platform or forum, chances are you will be shocked by the amount of negative feedback.
Users are having a tough time with them and the number of complaints appear to be going up. Social proof is exposing the way this firm works better than any other metric and as rational beings, we should not ignore the hard cold facts.
Is LondonFx a Scam?
LondonFx looks like an offshore scam. They operate mysteriously and the policies they enforce are not crystal clear. Without any doubts, they have the upper hand and they can twist things around to reach their goals whenever they want.
If you have lost your hard earned money to them, then take action quickly. Get in touch with us via the form below and we will guide you through the entire recovery process for free.
Once we have a few basic details, our team will create a custom actionable blueprint for you.
Verdict
Trading scams are growing exponentially and the trend isn’t getting weak anytime soon. So, the only way to fight it is by being aware and educated about the markets.
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