LCMFX Review: this is the name of a Forex broker that claims to be based in New Zealand. Is lcm-fx.com a legit broker or another scam?
The broker is said to be registered in New Zealand where it is based. However, we found that although it previously held a license there, in 2019, it seems to have been deregistered. The registration page of the commission tags it “Overrun”.
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It offers traders a Multi Account Manager feature and claims to have multiple partnerships. Security of funds is assured also and the leverage maximum and trading platform offered are encouraging. The address of this broker is:
Suite 1008-1009, 300 Queen Street, Auckland, 1010 New Zealand.
When we investigated the trading instruments offered traders, the broker announced that it would soon start cryptocurrency trading. This is good to know as many traders are beginning to delve into digital currency trades.
LCM-FX Trading Platform
The broker claims to offer traders the opportunity of using the MetaTrader 4 trading platform.
Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.
This platform is a very good sign along with MT5, 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 are not very encouraging as they include about 30 forex pairs, and CFDs on silver and gold. But like we mentioned earlier, it is soon bringing crypto trading into its portfolio.
Leverage offered can reach a maximum of 1:500 which is high and competitive. Spreads however are unfavorably high and found to start from about 3 pips.
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 LCM-FX
The broker allows deposits and withdrawals via credit and debit Visa and Master Cards. Bank Wire Transfer are also allowed and it supports Skrill payments. It is an encouraging find.
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.
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 LCM-FX Licensed?
No. Like we mentioned in the beginning, the broker seems to have lost its license as we found that its parent company, Lucror Capital Markets LP, has been deregistered by the commission in New Zealand.
Non regulated brokers are very dangerous to trade with as funds misappropriation are not under the jurisdiction of any authority. Traders have been warned to avoid such brokers.
To contact the customer care agent of this broker, dial: +649-9722150 or email: email@example.com
LCM-FX is not licensed and the spreads are not encouraging as they are higher than the obtainable average. Other trading conditions seem to be good except the small trading instrument portfolio it offers.
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