If you are looking for Londonex reviews, you are in the right place. Do you want to trade with Londonex FX? See complete review to know about this platform.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is Londonex FX?
Londonex located at Londonex.com is an offshore brokerage company with a lot of promises for forex traders. The company’s office address is based London.
The broker offers different account comparison such as Raw, Standard, Fixed, VIP and Crypto.
In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
Londonex Minimum Deposit:
Londonex deposit is not indicated. In comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
On the website, the funding provides an array of payment methods including credit/debit cards, bank transfers, Skrill, Neteller and e-wallet payment systems.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
Londonex withdrawal amount is said to be $100, meanwhile the broker claims zero withdrawal fee.
Londonex Platform:
Londonex platform provides trading on the popular MetaTrader5 platform. However, Londonex does not hold the MetaQuotes license, instead it is held by LonMarkets, a company with the same logo but a different name.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for Londonex leverage, it can get up to 1:1000. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Things You Should Know about Londonex.com Forex Broker
First of, Londonex.com is based in London. Londonex says that is regulated by the Financial Services Authority (FSA), UK. Bear in mind that it’s common knowledge among traders that the Financial Services Authority (FSA) was the overarching regulator of the financial sector. However, in 2013, the FSA underwent a change and was renamed the Financial Conduct Authority (FCA).
On a quick check on the database of FCA, UK shows the broker operates illegally and outside of any regulatory oversight.
Again, the company shares a license for registration in the offshore country of St. Vincent and Grenadines. Before you trust this broker, take a look at the official warning of SVG.
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Londonex Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
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
Verdict:
Londonex FX located at Londonex.com claims to appear like a trustworthy trading broker, however, that cannot be ascertained. By all appearances, we would advise traders to steer clear from this broker as it likely a platform run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.
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