Best Binary Broker!
Perfect for beginners!
Free Demo Account! Free Trading Education!
Only for experienced traders!
LotusCFD Review: Is Trading With Lotuscfd.com Safe?
Lotuscfd.com Review: this is the website of a forex and CFD brokerage with incomplete corporate details. Is LotusCFD a legit broker or scam? Read this revealing review to find out important details about this Forex trading company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.
Click HERE to start the recovery process
We are not informed of what the name of the company running this brokerage is and from where it is operating. Nothing is said about regulation or license. Our readers should be aware that this is not a mistake but a tactic to escape the need to provide proof of being under a regulatory commission.
Licensed companies are always forthcoming with registration details. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of LotusCFD
Lotus CFD discloses that it provides clients with unlimited liquidity and the fastest execution payout. They also claim to offer many trading assets and binary options. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
LotusCFD Trading Platform
This broker does not provide clients access to the MetaTrader trading platform but rather some sort of web-based type. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Best Binary Broker!
Perfect for beginners!
Free Demo Account! Free Trading Education!
Only for experienced traders!
Trading instruments offered to traders are binary options, Forex currencies, and CFDs on commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:100 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Spreads are fixed at 1 pip.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on LotusCFD
The means of making deposits and withdrawals with this broker are VISA, MasterCard, Bank Wire, PAYEER, WebMoney, Perfect Money, Skrill, Neteller, and Bitcoin. We find these options encouraging because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required to trade with the broker is $1000 which is higher than the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal is subjected to certain account trading policies set by the broker. Legit brokers do not place these kinds of restrictions on withdrawals.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is LotusCFD Licensed?
No. LotusCFD is not a properly licensed and registered broker. The page itself is silent of regulatory details.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the broker or its customer support service, dial +44 20 3286 9060 or email at [email protected]
LotusCFD is not licensed and thus we give it a low rating. Besides the missing registration, we find the high deposit minimum discouraging as well as the lack of a MetaTrader trading platform. The spreads used are good and the transaction options are encouraging as well.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
LotusCFD Review – is lotuscfd.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
LotusCFD is a UK-based hybrid broker, offering trading in both binary options and forex on a web-based platform. Its clients can choose from the above accounts, yet it is not clear whether and how the trading conditions differ.
Apart from their account type and trading conditions, we have serious concerns about this broker – mainly regarding their lack of financial regulation. You may read more details below.
Seemingly low spreads, generous leverage
This broker has not specified any spreads on its website, but when we logged into its platform, we found the benchmark EUR/USD spread fixed at 1 pips, which is a very good pricing.
Besides, LotusCFD is quite generous in terms of leverage, which we always consider as an advantage. The broker says it offers leverage levels as high as 1:1000, and the ones we saw on the platform were 1:500. Both ratios will accommodate even the most aggressive trading strategy. And yet, traders should have in mind that using high leverage brings along greater risk of loss.
Trading in forex, binary options, as well as cryptocurrency CFDs
As was mentioned above, LotusCFD allows you to trade in wide range of forex pairs, cryptocurrency CFDs, and binary options, and you can switch between them on its platform via a drop-down menu. Nonetheless, if you are keen on trading Bitcoin and other digital assets, we would advise you to select a more reliable broker from the list below.
Not regulated, negative feedback
LotusCFD claims to be “fully regulated and governed by the European MiFID regulations”, which is a ridiculous claim considering that the broker offers trading in binary options, which is prohibited throughout the European Union. The entity operating the brand, Twinoption Ltd., is allegedly based in London, UK, but it’s not licensed by the local Financial Conduct Authority (FCA), or another EU financial regulator, as all forex brokers in the country should.
This is a sign of trouble because financial regulation is the single most important factor for the safety of any investment. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.
We should also note that the company also operates another brokerage brand, Twinoption, whose reputation is quite bad, judging by the plethora of negative comments we got on Forexbrokerz.com (see below the review).
Spreads not specified, no demo accounts
As was mentioned above, the website of LotusCFD lacks essential trading information, such as what are the broker’s target or typical spreads, commission and transfer fees, etc. Besides, Hope Area does not offer free demo accounts, so potential clients of this broker are unaware of the trading costs, as well as other key aspects of its service.
MetaQuotes software not supported
Unlike most brokers, LotusCFD does not support the popular MetaTrader 4 platform. Instead, it offers its clients a web-based interface that is suited for trading in both forex and binary options. It is intuitive and easy to use, but there is no room for comparison with the MT4. The latter is highly praised for its superior charting, support for Expert Advisors, customization options and more.
Click to zoom in.
Unfavorable clauses in the T&C
Furthermore, in the broker’s Terms and Conditions we read that LotusCFD has set certain trading volume requirements for withdrawals.
Click on the image to view full size.
Most brokers such conditions only when it comes to withdrawal of non-deposited funds such as bonuses, so we find this clause unfavorable to clients of LotusCFD.
Although forex and binary options broker LotusCFD seems to have several advantages, they are definitely outweighed by the disadvantages listed above. This is an unregulated broker with very little credibility that could be one of the many scams on the market.
As usual, we urge traders to exclude such risk by only dealing with companies licensed by reputable financial agencies, such as the FCA in the UK or CySEC in Cyprus. These authorities require compliance with a number of strict rules that give significant assurance for the security of the clients funds.
To sum up our recap of LotusCFD in a few words:
|Seemingly low spreads, generous leverage||Not regulated, negative feedback|
|Trading in forex, binary options, as well as cryptocurrency CFDs||Unfavourable clauses in T&C|
|Spreads not disclosed|
|MetaTrader not supported|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Checking your browser before accessing scamrecovery.net.
This process is automatic. Your browser will redirect to your requested content shortly.
Best Binary Options Brokers 2020: