Lamdabrokers.com Review: this is the name of a Forex broker that claims to be located in Cyprus. Is Lamda Brokers a legit Forex Broker or scam?
While going through the website, the broker claims to be based in Cyprus. As we are well aware, all Forex brokers based in Cyprus are to hold licenses from the CySEC. This is mandatory for any legal broker there. We find that Lamda Brokers is not among the list of Forex brokers regulated by the CySEC. Nor by the FCA as it claims.
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They claim to be an award winning Forex and commodities broker. There services and facilities are not limited to individuals as they mention that institutions are part of their clientele. Traders using EAs and scalpers are said to be allowed unlimited access to liquidity. It claims to have 2,500+ live accounts opened, 24.5 million orders executed and $1.34 Trillion in trading volume.
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.
Some sections of the website serve as educational forums explaining Forex trading and leverages. We find this encouraging along with the mention of a demo account.
Lamda Brokers Trading Platform
It is mentioned that Lamda Brokers trading software is operated on MetaTrader 4 and 5 platforms available to all their clients.
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 system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes 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.
Trading instruments offered to traders are: 37+ Forex currency pairs, precious metals, and CFDs on commodities like energy and cryptocurrencies. 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.
Maximum leverages can reach up to 1:400 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from 1.2 pips on the standard account.
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 Lamda Brokers
The means of making payments and withdrawals with this broker are: VISA, LamdaCard, Bitcoin, Neteller, and Skrill. We find the availability of e-Wallets encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.
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.
Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.
Is Lamda Brokers Licensed?
No. Lamda Brokers is not a duly licensed Forex broker. It is unwise to trade with unlicensed brokers because they do not have any obligation to be fair to their clients. Misappropriated funds may prove difficult to be recovered.
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 a representative of the customer care, call: +90 216 207 0303 or +30 694 413 6506. Clients can also start up a live chat with the link on the website.
We find the lack of licensing by this broker a disadvantage. Also, since Lamda Brokers do not provide terms and conditions, it is difficult to know what fees and charges are present or absent. It gives trading conditions which are tempting and also offers an affordable minimum requirement.
The disadvantages however, outweigh any advantage that traders may be considering. It will be unsafe to trade with this broker.
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