Crypto Lloyds Review: Stay Away from This Fraudulent Broker
As you can tell from its name, this vicious scammer earns the reputation on the back of a legitimate bank. They claim to have over ten years of experience in the financial market when their domain is actually two years old.
According to our research, the company presents itself as a part of the Lloyds bank, asking customers to invest in cryptocurrencies. Don’t fall for the scheme.
Let’s start with our in-depth Crypto Lloyds broker review and find out everything about the company. All the reasons to avoid this investment scam are right here.
|Broker Status:||Unregulated scam broker|
|Blacklisted as a Scam by:||OSC, CSA, ASC, AMF Quebec|
|Broker Owner:||Crypto Lloyds Ltd|
|Online Trading Platforms:||WebTrader|
|Crypto Asset Trading:||Yes (BTC, LTC, BCH)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||FX, commodities, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
License and Regulations of Crypto Lloyds
Crypto Lloyds is claiming to be a brand of Crypto Lloyds Ltd. Besides this, we know nothing about the company. We have no information about headquarters, licenses, and more. All we have are three phone numbers from Canada, Cyprus, and the UK.
In their T&C, the company stated that the governing law is the law of Estonia. Therefore, we’ve turned towards FI, the official regulator of the country. Yet, Crypto Lloyd’s regulation is neither with this authority nor any other European regulator, including FCA, CONSOB, and BaFin.
Furthermore, the brokerage firm doesn’t comply with ESMA rules regarding leverage limits. Namely, the EU watchdog imposed a limit of 1:2 for crypto trading due to the asset’s volatility and market complexity. On the other hand, broker Crypto Lloyds offers from 1:4 to 1:20, depending on your chosen account.
In December 2022, the regional regulator of the Canadian province of Alberta issued an alert regarding crypto-lloyds.com. According to it, this broker participates in the Alberta capital market without being duly regulated.
Just a few days later, the warning was raised on a national level by the Securities Administrators of Canada. Around the same time, we got a notice from the province of Quebec with similar content.
Trading Platform Available at Crypto Lloyds
If you want to trade, which we don’t recommend, there’s only one Crypto Lloyds trading platform and that is a WebTrader. The broker offers a basic solution with several charts, indicators, and no special features. It’s no different than the TradingView chart you can use for free.
The best option for investing is usually a regulated broker with third-party software like MT4, MT5, or cTrader. Whatever you choose, you’ll get a broad range of TAs, social trading, EAs, and much more. While promising social trading features, the broker doesn’t deliver. Therefore, we advise you to steer clear.
Crypto Lloyds Account Types
Crypto Lloyds offers five different trading account types and those are the following ones:
- Starter – $250
- Premium – 0.25 BTC
- Platinum – 0.5 BTC
- Diamond – 1 BTC
- Buffet Club – 25 BTC
Besides the minimum one, all deposits are in Bitcoin, which is probably the means of payment as well. Higher accounts bring more monthly signals, education, bonuses, and higher margin protection.
A Crypto Lloyds Demo account is not available. If you want to test the infamous WebTrader, you must pay the money first.
Learning from other people’s experiences, we wouldn’t do it. There’s no reason to risk $250 when you can find a legit brokerage with a Micro account starting at as low as $10.
Deposit and Withdrawal Methods
The company has listed the following payment methods:
- Debit/credit card
- Wire transfer
However, since the deposit amounts are in BTC, we firmly believe they request clients to convert fiat to digital currency, then transfer it to a broker account. If so, be careful. Cryptocurrencies are not subject to chargebacks and are harder to reverse.
In regards to the withdrawals, they seem impossible. The company requires you to fill out the request from the Client Area, print and sign it, then send it to the compliance department along with all the necessary documents for account verification.
Offshore Brokers Fraudulent Tactics
The fraud is carried out in the same manner as many others of a similar kind. This scam broker will first try to get your information if you have left it on some of those sketchy internet ads.
After this, their experienced agents will call you nonstop to get you to invest. They will seem interested in your life, your problems and tell you many get-rich-fast fairytales until you crack under the pressure and invest.
It is easy to fall prey to their sweet talk, and don’t be ashamed if that ever happened to you. On average, it takes 2 to 3 deposits for a user to realize that something unlawful is happening. By that point, however, the broker will cut all communications with the users.
By reading through reviews, this is exactly what we found. There are way too many online complaints with the majority of them stating withdrawal issues and lack of communication as the number one problem.
Crypto Lloyds Summary
In this Crypto Lloyds review, we tried our best to present you with facts on how a scam broker operates. Not only they failed to provide the actual country they are based in, but they also falsely claim to be a regulated firm.
They allegedly give their clients an opportunity to invest in forex, shares, commodities and crypto, but in reality, what they are doing is stealing your money and creating the false picture of it being traded on their cheaply made trading software.
Additionally, the Crypto Lloyds scam broker even got multiple warnings issued by some of the biggest regulatory bodies, including OSC, CSA, ASC, AMF and Quebec, all for providing fake trading services.
Think twice before taking any risks while investing money and keep in mind that this scam will try to convince you to invest as much as you possibly can while legit brokers will ask for as little as $5 as an initial deposit. Don’t forget to always do proper research as a necessary step especially if you are new to trading. Many phony brokers appear overnight so you need to be cautious.
FAQs About Crypto Lloyds Broker
Is Crypto Lloyds Regulated?
No, Crypto Lloyds is not a regulated firm you can trust. Moreover, they have been issued multiple warnings for being a scam.
What is The Minimum Deposit for Crypto Lloyds?
The minimum deposit for any Crypto Lloyds clients is set at $250, even for total beginners.
Is Crypto Lloyds a Trustworthy Broker?
Absolutely not. They possess no licenses and follow no regulations when it comes to trading so stay away from them.