LotusCFD (Lotuscfd.com) is another bane Binary Options, CFDs, Crypto Currency, and Forex scam brokerage platform. Lotus CFD is purporting to offer nonstop trading for a minimum deposit of $10. Members are promised unlimited liquidity, faster execution, and use friendly applications. With these kinds of obnoxious claims, most unsuspecting investors have signed up not knowing the consequences. Want to know more? Read this genuine and honest LOTUSCFD Review for more details.
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What makes this a big scandal is the manner in which members are complaining. After receiving numerous email complaints from members, we decided to investigate. It seems members are having their accounts closed with balances still reflecting. LotusCFD is cleaning up accounts and closing any account with a balance above $500. What they are doing is a scammer’s trademark when they are about to close shop. With authorities sniffing out scam artists, Lotus CFD is shutting down without giving users proper notice.
Members are crying foul after trying to gain access to their blocked accounts. Calling these scam artists is proving to be a daunting task as no one is picking calls. Members who shared their phoned details are having all access denied which is proof Lotus CFD is a scam. LotusCFD is another online scam platform which we must expose by all means. Keep reading this review and find out more regarding their scam playbook.
Checking with their about us page; they claim to be based in the UK. Notice should be given to investors that scam artists will do or say anything. In this case, these scam artists want you to believe they are based in the UK. What this does is give them credibility to target UK and European investors. Thanks to our years of trading experience, we know how to spot a scam from a mile away. Continue reading this full blown expose and find out the trickery used by online scam artists.
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Anonymity is a scammer’s best tool of trade as it allows them to operate without being traced. Who are the founding members of this platform? Can we get the actual names of people running this website? Why have they not posted the named and pictures of people handling funds with this platform? Wouldn’t you want to know the people tasked with handling funds? Anonymity gives them the right to run the scam without being tracked down by authorities or victims. For all we know, this could be a money laundering website.
After checking their website for proof of license and registration, none was found. LotusCFD is not licensed or registered by any organization that we know of. And this makes trading with this scam a huge problem. Lotus CFD is not following strict regulations and rules set by the trading industry. A good reason why they fail to have a license is lack of proper starting capital. A licensed broker must at all times insure deposits made by members.
Another disturbing issue we found with this platform pertains to lack of any documents to prove licensing. You would expect a platform to openly reveal their licensing credentials to members. It is proof we are dealing with an unregulated online entity. Safety of funds is not guaranteed as this broker has already crossed the line. Opening an account with this platform will easily lead to more problems.
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Could there be an advantage of dealing with a platform which is not licensed? Any unlicensed entity will keep your funds in a personal bank account ruling out any safety of funds. After a thorough check, we could not find any advantage of dealing with an anonymous broker. For all we know, this could be a hoax or platform in the hands of rogue offshore brokers. Beware of such rogue brokers who will stop at nothing to get your money.
With LotusCFD, there are no account types offered which is odd with a binary and CFDs provider. Why have they failed to give users information regarding the accounts available? Another problem with this platform is lack of proper details concerning required minimum deposit. We believe this is intentional as they are asking for a different amount depending on the broker. What these scam artists have done is create a situation where they dictate the minimum deposit without regulation.
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How about the fact that they are using a rigged demo account? Yes, we are convinced LotusCFD is using a rigged demo account to manipulate trading results. With their demo account, users are getting over 97% successful trades. Once investors see they are making a killing with a demo account, they will want to open a real account. A real accounts demands you deposit real funds which is what scammers are after.
At the footer of their homepage, you can see various testimonials. It is sad to note the level which scammers will go to scam investors. Account manager listed on the testimonial page is not in any social media platform. And this makes trading with LotusCFD a problem. They have posted fake claims to lure investors to sign up, stay vigilant.
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How can funds be safe with an anonymous and unlicensed online entity? Whatever plan you had with this broker, stay away from it. Whoever signs up with this platform is going to experience a troubling trading experience. LotusCFD is pooling funds in one account which is extremely dangerous. It means users are depositing funds straight to owner’s personal bank account. What happens when the owner decides to close shop?
Without a shadow of doubt, LotusCFD is a scam which must be exposed. To protect the good trading name, we must shun the use of this platform. Mark all their emails as spam and never click on any links sent by their email marketing team.
We will be adding this platform to our scam blacklist. Warn your family and friends from joining this illicit platform.
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Wishing all investors a happy and successful trading experience.
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