LoyalFXMarkets attempts to deceive potential clients by claiming to be an award-winning forex broker in a global financial center. However, if you take a closer look, it becomes evident that this anonymous website lacks the necessary authorization to provide financial services.
The main objective of LoyalFXMarkets is to defraud individuals of their money. To learn more about why you should avoid this website, let’s examine its flaws in detail in this LoyalFXMarkets review.
|Headquarters||Kemp House, 160 City Rd, London, UK|
Is LoyalFXMarkets a Scam? Security and Regulation
A trustworthy financial services provider should provide clear information about its company, location, and licenses on its website. Legitimate brokers also offer access to legal documentation. However, the absence of these elements can indicate that a company is a scam.
LoyalFXMarkets, for example, provides no information about the company or its operations. The anonymous website has no company name, which immediately disqualifies it as a legit financial services provider.
Furthermore, the UK contact address provided is bogus. LoyalFXMarkets is not authorized to offer financial services, as confirmed by the UK’s Financial Conduct Authority database.
Note: Do not trust anonymous sites with false and conflicting information. Look for companies supervised by regulatory bodies like the CySEC and FCA.
Overview of the Trading Platform
LoyalFXMarkets asserts that it provides the most in-demand trading software – MetaTrader 5 (MT5). However, the installation file accessible on their page is just a demo taken right from the developer, MetaQuotes.
Authentic brokers utilize platforms that are tailored exclusively for them. Unfortunately, at the time of writing this, LoyalFXMarkets has suspended new account registrations. This makes it impossible for us to verify if registration enables access to functional trading software.
It is worth noting that the presence of trading software does not guarantee the legitimacy of a broker. Many financial fraudsters use trading platforms to fool their victims into believing that their funds are being invested.
Therefore, it is advisable to reach out to one of the many legitimate brokers offering either MT5 or the still very much-used MT4. These feature-rich platforms have earned their status as leaders by providing a wide range of customization options, multi-account functionality, script-based automated trading, and backtesting.
Trading Instruments Offered
This deceitful broker lures its victims by claiming to provide trading services in a wide range of markets such as crypto, indices, forex, stocks, and indexes.
However, in reality, the victims’ funds are not used for any fair trading activities but are instead pocketed by the scammer. Such scams are common in the financial world. Moreover, it is crucial to thoroughly research a broker’s background and credentials before trusting them.
Deposit and Withdrawal Methods
According to its web page, LoyalFXMarkets offers a good number of deposit methods to its potential clients. That includes wire transfers, credit/debit cards, Neteller, Skrill, VLOAD, and WebMoney.
However, we were unable to verify if all of these deposit methods were currently available since we were not given the opportunity to open an account. It is important to note that scammers often encourage victims to deposit funds in crypto as these payments are hardly trackable.
Regardless of the available deposit methods, investing in LoyalFXMarkets is likely not a wise decision. Keep in mind that this broker has a reputation for being unreliable. It is wise to do thorough research and due diligence before investing in any company.
How Do They Initiate The Scam?
Shady offshore brokers have a multitude of sneaky tactics up their sleeves. Common issues include difficulties with withdrawals and numerous complaints from disgruntled customers. On top of that, they often impose absurd fees that exceed 20%, with withdrawal processing fees being a popular name for such charges. They also hit you with profit fees, demanding payment before they process your withdrawal request.
As if that wasn’t enough, these deceitful firms often make unreasonable promises of assured returns, tempting you with big profits that seem too good to be true. Keep in mind that trading highly leveraged instruments carries substantial risks.
So, any broker promising guaranteed returns is most likely running a scam. Always be wary of offers that seem too good to be true, and do your research before investing.
Reliable Forex Brokers
In the vast and often treacherous world of FX trading, it’s essential to have a trustworthy broker by your side. There are countless brokers out there, some with good reputations and some not so much. To avoid falling victim to a scam, it’s advisable that you use one of the best forex brokers available.
These top-tier brokers are renowned for their transparency, security, and excellent customer service. They offer competitive pricing and cool features to help you succeed in forex trading. Let’s take a look at some of them.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Before making any decision, it’s essential to conduct thorough research to ensure that you’re dealing with an honorable entity. Always take the time to investigate the broker’s background, standing, and regulatory status before investing.
We hope that this LoyalFXMarkets review has provided you with valuable insights and facts to help you make an informed decision about this broker. Our goal is to help you navigate the complex world of trading safely and successfully.
If you’re ready to start trading, we encourage you to choose a reliable and safe broker from our list of top-rated companies.
FAQs About LoyalFXMarkets Broker
Is LoyalFXMarkets regulated?
No, LoyalFXMarkets is not regulated. Beware of this broker, as it’s a scam.
What are the funding methods for LoyalFXMarkets?
LoyalFXMarkets offers a variety of funding methods, including wire transfers, cards, Neteller, Skrill, VLOAD, and WebMoney.
How long does it take to withdraw from LoyalFXMarkets?
It is unclear how long it takes to withdraw from LoyalFXMarkets as the broker does not allow new account registrations.