Table of Content
LTD FX Review – Sign That This Broker Is A Scam
Table of Content
LTD FX review is dedicated to yet another shady brokerage. Even though they have a legitimate-looking website that offers not only one but two addresses of the company, our research has shown that they are not only an unregulated but a blacklisted entity, as well.
If you are still showing any interest in this broker after the last paragraph, keep reading, because we have a lot more negative things about this firm. We are exposing shady trading companies every day, and that way, saving many innocent people from getting ripped off.
|Broker Type||Forex currency pairs, stocks, indices, cryptocurrencies,|
Regulation of LTD FX and Fund Security
This phony broker is part of BestProducts Ltd, which is behind two scam brokers – LTD FX and Finbinance. In the footer, we found claims that they have two locations. One is in the United Kingdom and the other one is in Canada. These countries have strict regulations and only companies that meet those requirements can operate legally.
The first thing we did was we went to the Financial Conduct Authority’s register of licensed entities and we didn’t find LTD FX or Best Product Ltd among them. After that, we took a look at the Canadian FCAC, and the result was the same.
What we managed to find are warnings from two different regulators – Italian CONSOB and Spanish CNMV. A broker that’s blacklisted by two credible regulatory bodies can’t be legit.
Also, we found in the legal documents that the broker adheres to the laws of the Republic of Marshall Islands. The Marshall Islands do not have any regulators that have the power to onboard brokers. Which means that all brokers registered there are unlicensed.
Also, this country offers by far the easiest way to open a firm there, not even requiring the physical presence of the firm’s offices or its representatives. So, as one can imagine, the laws over there are very loose.
The leverage is from 1:200 to 1:500. Bear in mind that it is capped at 1:30 in the UK/EU and 1:50 in the USA for retail traders. This is another sign that this is a fishy enterprise.
Overview of the LTD FX Trading Platform
Ltd-FX offers access to a very basic web-based trading platform. There are not nearly enough features on offer here, although it has more options than other platforms used by scammers. But even so, what we have here is not enough.
Although the web trader has some useful features, it can’t be in the same league as MetaTrader 4, MetaTrader 5, cTrader, and Sirix. These powerful trading programs are widely used due to being reliable, user-friendly, and offering a range of tools (e.g., automated trading, market analysis, stop loss, copy trading).
Available Account Types at LTD FX
LTD FX offers several accounts:
- Entry: €250 minimum deposit, 30% bonus, spread at 1.5 pips, leverage 1:500
- Silver: €2,500 minimum deposit, bonus 50%, spread at 1.2 pips, leverage 1:500
- Gold: €10,000 minimum deposit, 100% bonus, spread at 0.8 pips, leverage 1:400
- Platinum: 50,000 EUR minimum deposit, 100% bonus, zero spreads, leverage 1:200
There is no reason to invest €250 for a basic account when you can open a micro account for as little as $5 at some trustworthy broker.
They don’t offer demo accounts, which is quite usual for scam artists.
Trading Instruments Overview
With LTD FX you can trade in the following markets:
- Forex currency pairs
It’s not a bad offer, but you always have to keep one thing in mind – we are dealing with an unregulated and blacklisted trading company. Whatever they say and offer doesn’t matter.
Deposit and Withdrawal Procedures
According to the withdrawal area, the payment methods are credit cards, debit cards, Bitcoin, and wire transfers. So these should be the available depositing methods. The minimum deposit is $250, which we already talked about.
This broker asks you to pay some huge withdrawal fees – $50 for wire transfers, $25 for credit or debit card withdrawals plus a processing fee of $10 and $25 for ePayments. An additional 10% will be charged if you have not verified your account or have not reached 200x turnover. This is a rip-off because the broker is essentially blackmailing you to keep your money invested with them up until the point you reach that turnover.
No legitimate company would ask for such enormous amounts of money for a simple withdrawal – most brokers would charge you just a few dollars unless you are withdrawing via wire transfer. Fees can indeed get bigger when you are using this payment method but rarely as big as those imposed by Ltd-FX.
LTD FX Scammed Me How Do I Procure a Refund?
You shouldn’t be ashamed if you got scammed and your money is stolen. These are experienced salespersons and it’s their daily routine. Since we got that out of the way, let’s talk about your options.
First of all, if you deposit money with credit/debit cards you can use a chargeback – a reversal of a credit/debit card transaction. It’s performed by the issuing bank. The request needs to be submitted within up to 540 days.
If you choose wire transfer as your payment method you can use a recall. It’s reversing funds to a bank account. Once the payment is accepted, the transfer cannot be reversed, which is why it’s important to act quickly.
Crypto transactions are hard to track, but there are tools following the transaction by the ID and connecting it to a certain wallet within the exchange. Once tracked, a customer can submit a legal letter to the exchange requesting a refund.
Most importantly, always leave a negative review about a scam broker. You can save innocent people’s money.
LTD FX Summary
- LTD FX claims to be located in the UK and Canada, and we know that’s not true because we checked the FCA and FCAC, and didn’t find this broker.
- They are blacklisted by the CONSOB and CNMV.
- They offer an oversimplified trading platform that’s nowhere near MT 4 and MT 5.
- The minimum deposit is $250, which is higher than what legitimate brokers ask for.
- They have huge withdrawal fees.
FAQs About LTD FX Broker