Our LCM FX Review Gives You the Reasons to Avoid This Broker
LCM FX is yet another entry on our suspicious broker list. Registered in New Zealand, it offers a premium trading platform with above-average trading conditions but without a license.
Read about all that and much more in our LCM FX Review so you can see for yourself who you are dealing with.
|Address||New Zealand (allegedly)|
|Phone||+ 64 9 9722150|
LCM FX Reliability – License and Fund Security
Not many brokers can say they have a website as sophisticated as LCM FX. On the surface, there are no signs of any fraudulent activity, you have all the information you as a client need, but it’s what lies beneath that first layer that is concerning.
The all-important piece of paper every broker must have is a trading license. LCM FX says the company behind it is registered in New Zealand, so we checked in the Financial Markets Authority (FMA) register.
We found that LCM FX was once regulated, but its license has since been revoked! Although you can take it as a positive sign that the broker was once registered, the fact they are currently deregulated is concerning.
Therefore, we would not advise you to do business with this broker! They cannot guarantee any fund safety, which exposes you to great risks.
Trading Platform Overview at LCM FX
LCM FX offers MetaTrader 4 to its clients, which they proudly present. So much so that the first thing you see on their website is a promotion banner for their platform, and we must say it is warranted.
Together with MT5, MT4 is the best thing forex trading has to offer in terms of trading software. It is a fan favorite among traders because of its functionality, well-rounded set of tools, and user-friendly interface.
MT4 with LCM FX is available for PC and mobile. This broker also offers what they call a Multi Account Manager (MAM). This software allows you to have all your accounts in one place and manage them from there.
But while all we mentioned is encouraging, the lack of a trading license is still a capital issue and should not be forgotten!
LCM FX Trading Accounts
If you want to invest with LCM FX, you have two account options:
- Standard Trade – $100
- Pro Trade – $1,000
The minimum deposit the broker requires is $100, which is right around the industry average. Even with their more premium account, you do not have to invest a ridiculous amount of money, which cannot be said about certain other shady brokers.
The maximum leverage with LCM FX is 1:500, which can be a double-edged sword.
On the one hand, this leverage allows you to have a bigger profit margin, and no trader will complain about that. On the other hand, high reward possibilities come with higher risks too. You can just as easily lose a lot of money quickly, so always be cautious!
LCM FX does not give bonuses, but you can open a demo account for risk-free trial trading before you decide to go live.
Deposits and Withdrawals
This broker accepts a couple of payment methods, namely:
- Visa/MasterCard credit and debit cards
- Bank transfers
Accepted currencies are USD, EUR, and GBP. The broker also claims they run a zero withdrawal fees policy. However, take this with a grain of salt since unregulated brokers usually charge high fees for any withdrawal.
They have a cap on the minimum amount you must withdraw for each method. It’s $100 for USD, EUR, and GBP withdrawals and $50 for Skrill.
How is the Scam Performed?
Contrary to popular opinion, scams are usually not that elaborate and can be quite easy to pick up on if you know what to look for. Lucky for you, we will give you the rundown of the warning signs.
Before you even get into contact with the broker, you can search their website. You should try finding spelling mistakes, see if their site takes forever to load, and also if there is enough information to satisfy the basic needs of clients.
The next step is communication with scammers. If they start telling you stories that sound too good to be true, strongly consider leaving. No legitimate broker will make a deal with you that doesn’t predominantly favor them, so if they make you an insanely attractive offer, that’s a red flag.
And if you fell for the LCM FX or any other scam, contact us. We can assist you by reporting your scammer.
LCM FX Summary
Our LCM FX Review shed light on all the details you needed to know, and hopefully, you understood all the dangers of dealing with them. Never trust an unregulated broker with your money!
So take everything you learned today and use it to your benefit in future endeavors. And if you need help finding a perfect broker, be sure to give us a call. We can advise you about anything, and we’ll do that free of charge!
FAQs About LCM FX Broker
What Kinds of Accounts Does LCM FX Have?
LCM FX has only two accounts. Those are Standard Trade and Pro Trade.
How is My Security Ensured When Using LCM FX?
Your security is not ensured at all; on the contrary. LCM FX is not regulated, which makes doing business with them highly risky.
What Funding Methods Are Accepted at LCM FX?
LCM FX accepts only a few payment methods. Those include card and wire transfers and deposits over Skrill.