Loyal Forex Review: Think Twice Before Trading With This Broker

Our Loyal Forex review will uncover the broker’s fake regulation coming from the Nevis Financial Services. Not only that the broker is a scam but their regulator is as well, meaning that they are operating without a license. Luckily for traders, the broker is no more, so it’s one less scam to worry about. 

If you want to avoid brokers like Loyal Forex and LeaderFinancing, due diligence and education are crucial. Make sure that you’re aware of potential scams so you can easily avoid them. Now without further ado, let’s start our Loyal Forex review. 

Who Is Loyal Forex?

There is speculation that Loyal Forex was a part of the Prime4x broker, however, no evidence supporting that has been found. Either way, the Loyal Forex broker is a scam. There is little to no information available about the broker ever since it ceased operations. That is why our Loyal Forex review is here so if the broker reappears, you will be educated on what to do. 

By presenting itself as a reliable, regulated, and transparent broker, it makes traders believe that trading with it is secure. Unfortunately, there is nothing secure about this broker and the fact that they offer fake regulation confirms it. The lack of transparency is visible from miles away and we are here to uncover everything. 

Regulation Info

Loyal Forex was offering a false sense of security to its traders by providing a fake regulatory body. NFACS is not a financial authority, especially not a reliable one. Today, both the broker’s and the regulator’s websites are shut down and traders are finally safe from the Loyal Forex scam. 

The broker operated mostly by targeting traders from Indonesia and Singapore amongst other nations. It’s vital to note that neither the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan or OJK) nor the Monetary Authority of Singapore (MAS) regulates the broker. The broker operated with a license from a fake authority and, therefore operated without a license. 

Loyal Forex Broker Profile

LoyalForex was a CFDs broker, trading in forex, metals, indices, commodities, and energies. The brokerage used the popular and innovative Meta Trader 4 platform, and unfortunately, that was their only benefit. Even the MT4 can be manipulated and while that isn’t done easily, it’s still possible. 

Just like FewaTrade, LoyalForex is not worth your time and investments. Better dedicate the time to educate yourself about potential risks that trading brings, including scams. Knowing how to recognize a scam can ensure a safer trading environment, which is something all traders want. 

Is Loyal Forex Safe To Trade With?

Considering the fake regulation and the fact that the broker is not operational, we can say with certainty that trading with Loyal Forex would bring nothing but chaos into your life. Scam brokers have many tactics so if you are new to trading make sure to contact a professional like us to help you out. 

Furthermore, many traders online confirm the scam and complain about the broker’s way of business. Loyal Forex may not exist anymore, however, many others are similar or even worse. That is why educating yourself is crucial and placing your trust in Loyal Forex or similar brokers would only bring you to a financial loss. 

Who Are the Traders They Cater To?

With brokers like Loyal Forex, everything is going perfectly up to the moment you want to withdraw your funds. Before you deposit funds, they will appear as a reliable brokerage, always there for you and your needs. However, the moment you try to withdraw your profits, they will lock you out of your account and pretend that you don’t exist. Classic scam broker scheme. 

Traders from Malaysia, India, Indonesia, Singapore, and the UAE were affected by the Loyal Forex scam the most. The broker would flag your account for suspicious activity, making you believe that it’s your fault your funds are lost. Reliable brokers would never do that and once you request for a withdrawal, the request should be approved within 1-2 days. 

Deposits and Withdrawal Methods

Fortunately, depositing your funds is no longer possible at Loyal Forex. According to some traders, both deposits and withdrawals were not possible without OKPAY, an online payment system. Using online payments makes it impossible to file for a chargeback, so always make sure that the broker accepts credit/debit cards. 

Withdrawals are a taboo subject with Loyal Forex. Whoever requested one, they were either locked out of their accounts, flagged for suspicious activity, or simply ignored forever. Either way, it’s safe to say that the broker was only taking money without any plan of returning it. 

Can I Make Money While Trading Online?

To make money while trading online, you will need a reliable and transparent broker by your side. Make sure to know what you want to trade with, stay up-to-date with the market as it can shift without expectation, and be aware of your financial possibilities. 

We present to you your new best friend, our AI bot. Say goodbye to spending hours to try to analyze charts and data because our bot does it for you! It gives clear recommendation, manages your risk, and it bases its suggestions on a data-driven analysis. Whether you are a seasoned trader or only a beginner, our AI bot empowers you with knowledge to make confident trading decisions with minimized risk. 

Ready to start your profitable trading journey? Book your free consultation now and take the first step toward being a successful trader. However, it’s crucial to remember that while making money trading is possible, it’s not a get-rich-quick scheme and it needs to be approached strategically, with dedication, and constant learning.

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