LCM FX Review – What Are Tricks Their Victims Fall For?

LCM FX broker is owned by St. Vincent and Grenadines-based Lucror Ltd. As an offshore institution, it has all predispositions to be a scam broker. But checking their official address gets us to the New Zealand entity Lucror Capital Markets Co. Which is the owner of another domain lucrorltd.com.

To find reasons why this broker doesn’t deserve to earn your trust read this LCM FX review carefully. Don’t miss our Kurmay Global and ProfitiX reviews to discover more about the trading business and safety.  

How Are You Protected at LCM FX? License and Security

Very quickly upon opening the company website, you realize there is nothing good about it. Starting with regulations that should be clearly presented. Since they can’t get a license in SVG, we were hoping to see something in the FMA register. However, those were empty upon search of both entities. In addition to that, none of Tier 1 trusted regulators issued a license either. Starting with FCA, BaFin, or ASIC.

As a non-licensed broker operating offshore, we can conclude it’s nothing more than an investment scam. If they are not they wouldn’t get a warning from the Russian Central Bank. Take a look:

With this in mind, you know that this scam broker can’t provide any funds security. Most likely they don’t have negative balance protection and segregated bank accounts for deposits. Not to mention compensation funds if the company must be closed. Even though they claim to provide the safety of the funds it’s hardly believable that offshore broker without a license is doing so.

Trading Platform Overview

The only positive thing about LCM FX scam brokers is their trading software. Obviously, they learned that trusted software like Meta Trader can attract more traders. Its cutting-edge technology allows traders to have extremely fast trading executions. But also numerous advanced features like EAs for automated trading.  

Besides, this software has installed more than 80 indicators and many charting options. This all combined gives a perfect platform for pro, but also beginners traders. On top of all, the platform is available for any device. Even for all iOS and Android devices. Important to realize is that with the usage of mobile platforms traders don’t lose any functions or features.

Account Types at LCM FX

Account types mostly present the opportunity for traders to upgrade and have better trading conditions. Of course, in exchange for a higher deposit. Which in the end, brings more money through trading. However, with LCM FX broker scam it works a bit differently. In fact, the logic is the same. But the money deposited goes straight to the scammer’s pockets.

In this case, account type options are:

• Standard       $100
• Pro               $1.000
• Demo           $0

The company approves leverage of 1:500. While with most EU-regulated brokers it’s 1:30 maximum. The reason for that is the high risk involved in trading. Generally speaking, in combination with negative balance protection makes a perfect recipe for a disaster.

Also, the broker claims not to have any commissions. Which is suspicious at best. Especially knowing that most legit brokers are making profits from commissions.

Deposits and Withdrawals Process

As per the company presentation, all deposits and withdrawals the company is processing without fees. Even though they have Visa and Master Card logos presented, they only provide information for two options:

• Bank transfer Up to 72 hours deposit processing time / Withdrawal processing time during 24 hours
• Skrill             Instant deposit processing time / Withdrawal processing time during 24 hours

But if you were looking for a more detailed withdrawal policy you will leave disappointed. It’s not rare that scam brokers like LCM FX will make up non-existent fees along the way. In the end, they don’t comply with any regulations. So, anything they say can be overruled.

How is the Scam Performed?

This scam is easily exposed. They are luring traders mainly through quick money advertisements. Once you get on their contact list, they will relentlessly call you and try to persuade you into depositing. Have in mind that nothing is for free and that if they can make so much money they would do it on their own.

Everything is nice and shiny as long as you are not withdrawing any money. Once you do so, you can expect an issue. As can be seen in LCM FX broker reviews. Brokers often use excuses like AML laws, inadequate documentation or additional fees or taxes to prevent withdrawal from happening.

LCM FX Summary

LCM FX broker is not licensed in the first place. Besides attractive trading software, they have nothing to offer. Above all, funding methods are quite suspicious and unreliable. Traders don’t have any kind of funds protection. And if all this is not enough for you, Russian Central Bank issued a warning against them.

Don’t be ashamed if you already got scammed. There are solutions to get your money back. Our expert recovery team is at your disposal. You can book your first meeting today!

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