LionFXM Review is an offshore broker that targets Italians for the most part. This entity is operating from St. Vincent and the Grenadines and its regulatory status is pathetic, to say the least. The money of the clients isn’t held in segregated accounts and in case of bankruptcy, the end user will not get any compensation whatsoever.
In other words, there is no such thing as a value proposition if anyone chooses to indulge in this platform. As expected, it is hard to find information about anyone on the management side of the firm.
Reputable Regulatory bodies have issued warnings against this platform already and regardless of which way you look at them, we just cannot find any nice things to say about them. If you want to get to know them in detail, then the following content is something you should go over.
LionFXM Regulation and Warnings
LionFXM is a broker operating from St. Vincent and the Grenadines. Obviously, the law isn’t that strict over there and many scam brokers operate from that locality. They are offering services to Europeans illegally and they do not follow any standard practices.
For example, funds are not held in segregated accounts. There is no insurance plan present. Conflict of interest is high and the lack of transparency is also a concerning trait. Moreover, the Italian regulatory body CONSOB has already issued a warning against them. In plain words, this firm does not deserve to handle your money.
If anyone ignores all the warning signs, then most likely he or she will lose a lot of money in the near future. Choosing a broker is an important task for a trader and for safety reasons, always look for the regulated platforms. Remember, the goal is to ensure the safety of the funds, do not get distracted just because you want to save some money on commissions.
Trading Conditions
This platform is one of the vaguest forex brokers ever. For starters, they do not reveal any of the trading conditions. We have no idea about the kind of spreads present. Commissions rates, swaps, and other associated fees are also not mentioned.
Even the amount of leverage offered by them is not public. Unless you open an account with them, there is no way to check them out. Obviously, it isn’t worth the hassle to input your personal information just to see the trading conditions.
The lack of key information should tell you tons about them and the way they treat the clients. As the uncertainties present are too much, you should never be inclined towards working with them in any way.
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LionFXM Trading Platform
LionFXM features a web-based trading interface. The platform is colorful, but in terms of functionality, it isn’t adequate enough. Trading functionalities are extremely limited, no custom tools are supported.
Automated trading will be nothing short of a nightmare and even charting isn’t that great. Undoubtedly, professionals would never choose such a basic platform for any reason. The default indicators provided are decent, but the lack of support for custom tools is a big deal breaker for many people.
MT4 and MT5 platforms are the retail investor’s favorite software as it provides everything one might ever require. From backtesting to running multiple charts, the kind of versatility it brings to the table is unparalleled in the retail environment.
Deposit and Withdrawals
Nowadays, a lot of regulated brokers allow people to get started with trading for as low as $100. Unfortunately, to get started with this platform, one has to deposit at least $500 capital which is more than the industry average. Available deposit options are credit/debit cards and cryptocurrencies.
Information on fees is not clear and the processing time is also not stated. Dormant fees are also a mystery and they have unfair control over the funds as soon as it leaves your account.
Given their nature, we would never even dare to reveal our banking information to them. A trading bonus is present, but before accepting it, read the terms and conditions carefully, or else chances are your money might be stuck with them for a long period of time.
Is LionFXM Scam or not?
LionFXM is a scam and they are offering their services illegally as well. They follow a lot of cheap gimmicks and the traits are too easy to spot. Moreover, even regulators have issued warnings against them.
Due to all the facts pointing south, we highly suggest you walk away in the opposite direction. There are tons of regulated options available and to be on the safer side, talk to your accountant and financial planner before making the shift. At the end of the day, it never hurts to be extra safe, right?
Conclusion
The LionFXM broker is a perfect example of an offshore hustle. Though their interface might look decent at first glance, the reality is entirely different. If you have deposited with them, then withdraw the funds immediately.
In case you are unable to get your money back from them or any other online investment portal, fill out the form below and let us assist you in the recovery process.
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