LondonEX boasts a diverse, professional team whose singular goal is to help would-be investors achieve their financial goals through trading.
This is of course, nowhere near the truth. LondonEX is comprised of a team of professional scammers.
In fact, it is probably the same team that is behind Lonmarket, another infamous swindler company.
The reason we believe this to be true is that their websites are identical. Other than the name, these two sites have no differences whatsoever.
They even offer the same deals with the same conditions. Looks like somebody got a bit lazy here.
|Address||Saint Vincent and the Grenadines|
|Phone||+ 1 784 369 05 32|
Regulation and Fund Security at LondonEX
Like any other financial institution that operates with money, brokerages need to be regulated in order for them to provide a satisfying level of safety.
LondonEX is unregulated and doesn’t own a trading license, they are nothing more than scam brokers.
The company claims to have its headquarters in London, which would mean that they need to be authorized by the FCA, which they are not.
Further inspection reveals the company to be based in Saint Vincent and the Grenadines. Now, this is a big red flag.
In the recent past, the regulators of SVG proclaimed themselves to be unauthorized for binary and Forex trading options.
This effectively turned the Caribbean island into a promised land for unscrupulous brokers such as LondonEX.
If a company cannot obtain a trading license in their country of residence, they have to seek regulation in the countries where their services are provided.
After checking with BaFin, FCA, and ASIC, we confirmed that this financial swindler has no regulations and operates illegally in countries such as Spain, France, Germany, and the UK.
In essence, LondonEX is an unlicensed broker who poses a great threat to anyone who puts their trust in this fraudulent project.
Trading Platforms Supported at LondonEX
Surprisingly LondonEX offers its victims access to a professional trading platform the MetaTrader5 which is currently the industry standard when it comes to trading software.
This could be said to actually be a positive factor, but without regulation, the company can offer its users unregulated trading conditions.
For example, LondonEX offers its clients leverage of up to 1:1000 which can cause some serious damage to unsuspecting victims.
Besides the MetaTrader5, the company also provides a much simpler platform called WebTrader which is basically the children’s version of MetaTrader.
This platform lacks many advanced options and is, therefore, more beginner friendly. Users can access WebTrader from their browser without the need to download any additional software.
What Trading Account is Available at LondonEX?
LondonEX offers its clients 5 different types of accounts. These include
The Raw account takes a commission of 10$, while the others don’t take any commission. The only other differences that we could ascertain were the differences in the spread.
LondonEX Deposit and Withdrawal Methods
LondonEX claims to allow payments through various methods including local banks, Visa and MasterCard. No minimum deposit is specified anywhere which is suspicious by itself.
When it comes to withdrawal things get tricky, as you can expect. If you transferred your money through Visa or Mastercard, you can request a chargeback.
The scam broker will, of course, do anything in its power to delay the withdrawal for 6 months after which you cannot request a chargeback and your money is gone for good.
LondonEX Offers Deposit Bonus Up To 200%
The hefty and attractive deposit bonuses that the LondonEX scam offers its victims are nothing more but another manipulation technique designed to get you to sign on quickly and prevent you from withdrawing unless you achieve an impossible rollover.
The scam broker promises a whopping 200% “Power Up” bonus to help you get a good start and increase your starting capital.
The 200% bonus is purely fictional, if you comb through their terms and conditions, you will find no mentions of any bonuses. Besides, regulators have to forbid brokers from giving bonuses to their clients, especially because of investment scams such as this one.
Highly Recommended Forex Brokers
If you are determined to become an investor after learning about phony brokers such as LondonEX, you would do well to learn about regulated and well-trusted brokers who can actually help you invest your money properly.
Below you will find our list of some of the more prominent and most importantly, licensed, brokerages that can help you on your investment journey.
Remember to think twice before you start investing, as even a little knowledge can take you a long way when it comes to finances.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||10$||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||100$||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||100$||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||5$||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya, SVG||4.3||5$||Hfm.Com|
|FBS Broker||Cyprus, Australia, Belize||4.85||1.2$||Fbs.Com|
To sum it up. With a number of complaints against the broker and even more withdrawal issues reported by victims from around the globe, it is safe to say that the people behind the LondonEX scam are nothing more than dishonest scam brokers.
They will stop at next to nothing in an attempt to get your money. Stay informed about these kinds of scams if you want to be able to recognize them before you get defrauded.
FAQs About Londonex Broker
What Is The Londonex Minimum Deposit Amount?
LondonEX has no minimum deposit amount.
What Are the Deposit and Withdrawal Options for Londonex?
The broker allows depositing and withdrawal through wire transfers, MasterCard, Visa, and local bank transfers
What Account Types Does Londonex Provide?
LondonEX offers 5 types of accounts including Raw, Standard, Fixed, VIP, and Crypto.