Lincoln FX Review: Clone Firm Vanished After an FCA Warning
In the trading world, seeing a clone firm is nothing new. More often than not, scammers abuse the popularity and license of legitimate trading firms and pose under their names.
One such will be discovered in our Lincoln FX review. But that doesn’t mean you should give up on trading. You should just change your approach.
All You Need to Know About Lincoln FX Broker
As you will have a chance to see throughout this review, Lincoln FX is a bogus clone firm. The company has been exploiting Lincoln Finance Ltd., a legitimate, FCA-approved trading company.
However, the scheme was exposed, and the firm vanished with all clients’ money. Let’s learn more about their current status and your options for successful market investments.
| Broker name | Reliable Broker Must Have | |
| Legal name: | Lincoln FX Capital Ltd | Transparently displayed in the disclaimer or legal documents |
| Regulation: | Unregulated | Within your legal jurisdiction – local regulator |
| Registered in: | UK (allegedly) | Your country or the country whose license applies in your legal jurisdiction |
| Established: | 2019 | The older the domain – the higher the possibility the company is trustworthy |
| Website: | lincolnfx.capital | Domain should be from local or international zones, no .xyz etc. |
| Financial Authorities Warnings: | FCA, FSMA, FI, Finanstilsynet, MNB, CNMV, CONSOB, HCMC | None |
| Contacts: | +442038685253 | Phone, email, social media, web form |
| If withdrawal is possible: | Highly unlikely | Yes |
| Fees: | Hidden Fees | Transparent fees – list of spread and commissions |
| If Active on Social Media: | No | Often present on social media |
| Investor Protection: | No | Compensation fund |
Lincoln FX Regulations and Regulatory Warnings
As you had a chance to conclude, Lincoln FX regulation was not a real thing. They “borrowed” a legal firm’s name and license number for their crimes. Yet, it didn’t last for long. Many European regulators reacted and prevented the spreading of this vicious scheme for good.
In January 2020, the UK FCA issued an official warning, informing citizens that Lincoln FX is not related to Lincoln Finance Ltd, a legitimate company operating through the domain lincolnfinance.co.uk. This warning was republished in several countries, including Estonia and Hungary.
In February of the same year, the Spanish regulator, CNMV, issued their own alert regarding the clone firm. They wanted Spanish customers to understand that they had been misled.
Finally, in August 2023, Greek HCMC issued an announcement regarding Lincolnfx.capital, indicating that this firm has nothing to do with a legitimate one. The announcement was transferred through numerous European countries, including Belgium, Italy, and Norway.
What Attracted Customers to LincolnFX?
To be quite fair, we’re still unsure what attracted LincolnFX customers. Possibly, it was a slick website design or a possibility of higher-than-allowed leverage. Maybe it was the Lincoln FX trading platform, MT4. Note that it was provided through a third party, a company named TheChange Ltd.
Whatever it was, it didn’t serve them well in the end.
| Trading platforms: | MT4 |
| Account types: | Micro, Standard, Premium, VIP |
| Financial Instruments On Offer: |
|
| Maximum leverage: | 1:500 |
| Minimum Deposit: | N/A |
| Commissions/bonuses: | 0.2-1 pips spread Welcome bonus Referral bonus |
| Mobile app: | Yes |
| Desktop app: | Yes |
| Autotrading: | Yes |
| Demo account: | Yes |
| Education or Extra tools: | No |
How Was Lincoln FX Scam Perpetrated?
After the regulators expressed their concerns about the company, we’ve seen many accusations. Namely, the Maltese regulator started looking into the business of Phoenix Payments Ltd, better known as Paytah. Turns out it was of the facilitators of the scheme, helping Lincoln FX and various other scam brokers to transfer deposits to their accounts.
Furthermore, Venus Exchange finally shut down its operations after being exposed as a payment provider of Lincoln FX, Wealth Capital, and SwissCapital, among others.
The company seemed to target the entire world, with the main accent on the following:
- United Kingdom,
- Kenya,
- Azerbaijan,
- Brazil,
- United States.
Deposit and Withdrawal Methods
As can be seen from the officials’ accusations, the brokerage operated through several Baltic crypto processors, including Paytah and Venus.Exchange. Both of these were registered in countries like Estonia and Lithuania, allegedly licensed for their business.
As crypto was the only deposit method, it was the only way to withdraw your money, too. Yet, as you may know, crypto transactions are encrypted on the blockchain, and proving whether money was sent and to whom can be quite challenging.
This is why we always advise our readers to work with trusted companies offering legitimate and traceable payment solutions, such as credit cards or PayPal.
How Can I Make Money While Trading Online?
If you were one of the victims of the Lincoln FX scam, it might be difficult to believe that making money from Forex trading is even possible. Yet, it is, especially in today’s world. You can use many tools to help yourself without being involved with shady brokers and fishy offers.
One such is AI.F, an incredible trading assistant designed to help you comb through vast market data and make your decision whether to buy or sell. The product is about to be launched, so it offers a 14-day free trial to anyone who signs up.
Don’t miss your chance; do it today. Improve your trading experience and forget about the bitter taste of scheme brokers.
FAQ
What is Lincoln FX?
Lincoln FX is a clone firm of a UK-regulated Lincoln Financial Ltd. The company has been banned all around Europe for its illicit activities.
What is the Minimum Deposit With Lincoln FX?
The company requires an unknown minimum deposit for all of its four account types.
Can I Make Money From Online Trading?
If you avoid scam brokers and exploit all the right tools, you can possibly make money from online trading.
