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LotsFX Review: Lotsfx.com Dull Forex Scam

LotsFX Review: Lotsfx.com Dull Forex Scam

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LotsFX (Lotsfx.com) is another awful Forex broker scam platform ripping off anyone who signs up. Lots FX is a crude broker who will do or say anything to entice investors to sign up. With most members already crying foul after opening an account with this broker, something is wrong. Why are members complaining in regards to issues such as withdrawal? Read this detailed and honest LOTSFX review for more info.

LotsFX Review

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LotsFX Review

After receiving numerous email complaints from members, it was clear trouble was brewing. Why is LotsFX becoming such a headache to anyone who signs up? Read this detailed review as we will expose the loopholes and tricks used by online scam artists. Lots FX is another brutal online investment trap which must be exposed. These are professional scam artists who will do anything to get investors to sign up. What are some of the tricks used by these scam artists to lure investors?

What these scam artists are doing to investors who sign up is harsh to say the least. These scam artists are openly stealing from members of the public. To find out the depth in which these scam artists have gone, you need to know how much is stolen. Francesco invested over $75,000 with this broker and has never been able to withdraw funds. These scam artists have blocked his accounts and are not picking his calls. And this is why we have to expose these scam artists for their vile activities.

About LotsFX

They claim to be the world’s fastest growing CFDs and Forex provider. Euro Investment House Ltd claims to be the mother company of this broker. They go ahead and post fake details at the bottom of their homepage. What they claim is absurd, first they falsify their location by claiming to be based in the UK. Secondly, they add salt to injury by claiming to be based in South Africa. These scam artists are targeting investors from these two countries. Most complaints have been from citizens of these countries.

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Scam artists will do or say anything to make their products appear to be true. A huge problem with LotsFX is anonymity. Their entire website does not give any names of people who are running this website. Who are the founding members of this brokerage firm? Anonymity is a dangerous partner to associate with. Any online investment platform with such a huge anonymity should be ignored. Thanks to our years of trading experience, we know how to spot scams from a mile away.

Is LotsFX Licensed?

According to the disclaimer at the footer of the homepage, they claim to be licensed. Upon further investigation, we uncovered some shocking details. Both the institutions mandated to license this broker in the two mentioned countries have never licensed Lots FX. We are dealing with an unlicensed entity which makes recovering funds all the more impossible. A closer look reveals LotsFX has been blacklisted by the FSCA.

Numbers posted on their disclaimer are all random and don’t represent a license or registration number. These are some of the reasons why we are exposing these scam artists. Now you know the extent to which scam artists will go to feign legitimacy. A real broker must be recognized by ASIC, COSNOB. CySEC, FCA, FSA, FSCA, NFA, and SEC. Make sure you sign up with brokers who are duly and properly licensed.

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Features of LotsFX/ Advantages

To be honest, we could not find any advantage with this broker. Only notable and mentionable attribute is having a live chat support. Although they respond quickly, they are a part of the scam.  Stay away from such scam products as they are potentially financial suicide.

Disadvantages of LotsFX

Account Types

LotsFX Account Types

LotsFX is furnishing users with five different account types to choose from. These accounts are named Bronze, Silver, Gold, Platinum, and VIP. We have a problem with the welcome bonus issued by this broker. Why issue a bonus and later ask for it? These bonuses are traps which ensure users deposit more funds. Don’t open an account with these scam artists.

Deposit and withdrawal

These scam artists have ensured users deposit funds easily and quickly. They have made depository channels available to anyone on the globe. Depository channels include American Express, Bank transfer, Maestro, MasterCard, Neteller, PayPal, and Skrill. A huge problem with LotsFX is withdrawing funds. And this is what makes investors like Francesco have a rough time withdrawing their funds.

Fake Awards

A real broker will post actual images of the awards and not use badges. These scam artists thought they would run away with posting award badges on their website. A look at some award ceremonies in the past three years shows no recognition of these scam artists. As we said earlier, scam artists will do or say anything to dupe unsuspecting online investors.

Unknown Platform

Why can’t they indicate the type of platform users will be using? Is it a web based platform? These are simply scam artists who fail to mention the types of spreads offered. Is their platform well secure? Do they have proper SSL Encryption to protect users from third party attacks? We highly doubt it as their website lacks even the most basic of security features. Hackers can easily take over this website during transactions and steal credit card data. You will lose your funds as hackers will sweep your bank account clean.

Are funds safe with LotsFX?

Just as we have clearly shown with security flaws, funds are not safe. LotsFX is openly putting your funds at risk without offering any protection. A real broker should have DDoS Encryption to safeguard their client’s interest. It is highly likely members are depositing funds straight to owner’s bank account

Another unsettling issue is in regards to segregation of accounts. LotsFX is merging assets in one account which is extremely risky. Pooling funds in a single account could prove disastrous especially if creditors are involved. Putting your eggs in one basket is what makes this platform a risk. They can decide to close shop at any given time and issue no notice. It will leave investors without a proper compensation plan. Stay away from such brokers who don’t safeguard funds.

Is LotsFX a Scam?

Evidence clearly points out we are dealing with a shoddy platform. LotsFX is a scam which must be avoided at all costs. Joining any of their affiliate programs is helping them to steal more funds.

Bottom line

LotsFX Forex Broker Review

Adding this broker to our scam blacklist will protect our readers from signing up with these scam artists. Stay away from these scam platform and warn your family and friends.

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Wishing you all the best in your trading experience.

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