Do you want trade on LoyalFXMarkets.com? Here is what you must know about this broker. See reviews to find all about it.
About LoyalFXMarkets
LoyalFXMarkets is an offshore brokerage company with a lot of promises for traders. The broker contact shows United Kingdom.
The broker offers different account packages such as Basic, Classic and Standard.
Added, it trades on the following instruments like forex, stocks, commodities, crypto, bonds and indices.
To clarify, regardless of the trading instruments LoyalFXMarkets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Withdrawal and Deposit
Withdrawal process
LoyalFXMarkets is indicating 1 working days with zero minimum withdrawal fee on any withdrawal request.
LoyalFXMarkets Minimum Deposit
LoyalFXMarkets minimum deposit is stated $100.
As for the payment methods, the broker mentions different options. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
LoyalFXMarkets Platform
LoyalFXMarkets claims to operate on MT5. Even though this is the standard trading software in forex market, it still doesn’t make this broker different from other scam trading platforms.
As for the leverage, it can get up to 1:1000. Truly, 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
Why You Should Avoid LoyalFXMarkets.com Broker
First of, LoyalFXMarkets com has no financial authority overseeing its financial services despite claim of being located in the UK. We discover the broker is not authorized by Financial Conduct Authority (FCA) UK. See below-
Another red flag we noticed in this broker is that there is no demo account for traders. If traders can’t test the broker on a free account, how then can we know its viability in the forex market.
More so, 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 cons for forex traders 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.
LoyalFXMarkets 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
Conclusion:
Here, LoyalFXMarkets claims to be a genuine trading broker is not legit. From indications, we would advise traders to steer clear from this broker. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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