Table of Content
LoyalFXMarkets Review – Scam Behind LoyalFXMarkets.Com
Table of Content
LoyalFXMarkets Review, This unscrupulous and dishonest broker is anything but ‘loyal’, as its name suggests. Unsurprisingly, LoyalFXMarkets is anonymous, i. e. it’s unknown who runs this operation. We can tell you for certain that it’s someone shady and eager to do dirty business.
Nevertheless, we shall proceed to analyze what is on the table in terms of trading accounts, platforms, conditions and payment methods. But before that, special emphasis must be put on the broker’s illicit status and outrageous lies.
|Leverage||Up to 1:1000|
|Headquarters||Kemp House, 160 City Rd, London EC1V 2NX, the United Kingdom|
|Broker Type||Forex, Commodities, Indices, Stocks, Crypto|
|Platforms||MT5 & WebTrader|
Are You Protected at LoyalFXMarkets?
No chance in hell. LoyalFXMarkets is engaged in fraudulent activity so shady, it made us feel revolted. Check this out – the phony boldly claims that it operates in the United Kingdom. However, upon checking the register of the local financial market overseer, i. e. the Financial Conduct Authority (FCA), we found a clear warning issued against (dis)LoyalFXMarkets.
Therefore, the broker is unequivocally a scam. Dealing with LoyalFXMarkets is dangerous and extremely risky for your funds.
Keep in mind that for a broker to provide services in the UK, the FCA requires a minimum operating capital of GBP 730,000, a segregated account, negative balance protection, and indemnification in the amount of GBP 85,000 if the company goes bankrupt.
Available Trading Software at LoyalFXMarkets
LoyalFXMarkets allegedly offers Meta Trader 5, the best software in the industry. We say allegedly because it’s impossible to check; the download files were unavailable. Thus, nobody knows for certain whether the fraudster offers a genuine MT5 platform or not. It seems that the demo version of this platform was taken from a software developed called MetaQuotes.
But we admit, it’s clever bait since MT5 is widely considered to be the most advanced trading platform in the world. It features cutting-edge tools such as automated trading, API integration, and live-market reports.
There’s also WebTrader, the other side of the coin. This browser-based platform is rudimental, cheap-looking, unpolished, and lackluster. All it offers is basic charts and TA indicators. Don’t get us wrong, it could be suitable for absolute beginners, but we don’t recommend it.
Account Types Offered
When it comes to account types, LoyalFXMarkets says it offers six types:
- Basic – $100, leverage 1:1000;
- Classic – $500, leverage 1:1000;
- Standard – $1,000, leverage 1:400;
- Business – $3,000, leverage 1:400;
- Loyal – $5,000, leverage 1:200;
- Islamic – $1,500, leverage 1:400.
As you can see, these account types don’t make much sense but then again, what does this financial swindler do? Notice how the leverage is extremely high. If the broker were really regulated, it wouldn’t be allowed to offer leverage above 1:30 for retail clients. The levels offered could result in enormous losses.
As for spreads and commissions, the latter wasn’t specified. LoyalFXMarekts said it offers floating spreads.
What Market Instrument Can Be Traded?
We managed to compile a list of trading assets that LoyalFXMarkets allegedly offers. For each asset, we provided a couple of instruments as examples. However, since the platform was inaccessible, plus the broker didn’t accept new registrations, we weren’t able to check the validity of these instruments. That’s what you get when dealing with unlicensed con artists.
- Forex currency pairs – EUR/USD, USD/CHF, GBP/USD…
- Commodities – gold, crude oil, natural gas, corn, wheat…
- Indices – S&P 500, NASDAQ 100, UK 100, GERMANY 30…
- Stocks – Apple, Tesla, Netflix, Lloyds Bank…
- Cryptocurrencies – Bitcoin, Ethereum, Litecoin, Neo, Ripple, Cardano, Monero…
Deposit and Withdrawal Process
To our big surprise, the fraudulent broker actually provided a wide range of payment methods. Usually, scammers accept either credit/debit cards & wire transfers or cryptocurrencies. As for LoyalFXMarkets, it provided the following methods:
- Wire Transfers;
Quite a list, we must add. However, this is bad news because the trickster has more ways of getting your money. For some methods, there are ways of getting a refund while others may be irreversible.
The minimum deposit, as mentioned, is $100, which is not that much but still not worth risking with such as shady provider.
How Do I Get My Money Back If LoyalFXMarkets Scams Me?
From the aforementioned methods, the two most popular, i. e. credit/debit cards and wire transfers, have proven refund methods. The chances might be slim, but we suggest you try.
Firstly, we have a chargeback. This is used to reverse credit/debit card transactions. You can request it at the issuing bank within 540 days. But, if you’ve sent copies of your personal documents such as your ID card or passport to the scammer, the chargeback will fail.
For wire transfers, the same process is known as a recall. There’s a catch here as well. It will only work if the transaction hasn’t gone through yet. So, rush to the bank immediately.
- LoyalFXMarkets is an anonymous and unregulated scam broker;
- The fraudster lied about being registered with the FCA in the UK;
- There are warnings issued against LoyalFXMarkets by the FCA and CMVM;
- The minimum deposit is $100;
- The broker accepts a wide range of payment methods from cards to e-wallets.
FAQs About LoyalFXMarkets Broker
Is My Money Safe with LoyalFXMarkets?
Your money is not safe with LoyalFXMarkets. The broker is anonymous, dishonest, unregulated and above all, blacklisted.
How Long Does it Take to Withdraw From LoyalFXMarkets?
LoyalFXMarkets claims that all withdrawal processing times take up to one business day.
What Are The Funding Methods For LoyalFXMarkets?
LoyalFXMarkets accepts Visa/MasterCard/Maestro, wire transfers, Skrill, Neteller, WebMoney and Load.