LBLV Review – 5 things you should know about lblv.com

LBLV Review – 5 things you should know about lblv.com

Beware! LBLV is an offshore broker! Your investment may be at risk.

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LBLV is a Seychelles based forex and CFD broker offering several account types on the MetaTrader5 platform and a leverage as high as 500:1. However, we have some very serious doubts about their regulatory status so make sure you read this review first, before opening a trading account with them.

Trading instruments include over 50 forex pairs with a choice of exotic currencies like Brazilian Real, Czech Krona, Danish Krona, Hungarian Forint, Norwegian Krone, Polish Zloty, Russian Ruble, Swedish Krona, Turkish Lira, Chinese Yuan, Hong Kong Dollar, Israeli Shekel, Mexican Peso, Romanian Lei, Singapore Dollar and South African Rand.

There are also plenty of CFDs on indices, stocks, commodities like oil, natural gas, nickel, aluminum, zinc, tin, copper, lead, coffee, sugar, soybean and wheat, precious metals like silver, gold, platinum and palladium and even crypto coins including Bitcoin, Ethereum, Ethereum Classic, Litecoin, and Ripple.

As tested with a demo account the benchmark EURUSD spread was fixed at 3 pips, which is at least twice the level trader would generally consider acceptable with a standard account.

LBLV regulation & safety of funds

LBLV is owned by LBLV Ltd., a Seychelles registered company, but is operated by QuantumTeam OU, a company based in Tallinn, Estonia. The broker says to be regulated by the Financial Services Authority (FSA) of the Seychelles, but that is not serious. FSA is basically just a registry office, keeping record of all kinds of offshore businesses, based on the island and nothing more. They are not a legit financial authority like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) for example, as FSA does not have any requirements whatsoever for the companies registered there.

That leaves us with no choice but to review LBLV as a unregulated, offshore entity with rather limited credibility.

Brokers, regulated by reputable institutions like the FCA in the UK, ASIC in Australia and CySEC in Cyprus on the other hand are required to conduct their operations transparently, filing regular reports and allowing external audits.

Also they have to follow a strict set of financial and ethical rules, among which to keep all clients money in a segregated, protected form creditors account, to provide all clients a negative balance protection, to maintain a certain minimum capital adequacy ratio and in some cases even to insure traders finds.

So if you are with a FCA broker, your trading account will be insured for up to 50 000 GBP, while with CySEC brokers the insured amount is 20 000 EUR.

LBLV deposit/withdrawal methods and fees

LBLV accepts payments in various ways, including major credit or debit cards like VISA and MasterCard, e-wallets like Neteller, Skrill, QIWI Wallet, UnionPay, WebMoney and Yandex and bank wire. The minimum deposit requirement ranges between 5000 USD, for the basic Rookie Account, which in our view is excessive, and 1 million USD with the VIP Account, which is simply absurd.

On top of that we came across some rather unusual clauses in LBLV Terms and Conditions. For example the broker reserves the right to “impose a limit on the withdrawal request, and can also put a limit on the withdrawal per account”.

Also the company says they “ imply several fees for processing the Client’s withdrawals along with transaction fees”, that can be changed whenever the broker decides. All that is highly unusual. Besides, the amount of those processing and transaction fees is not mentioned on LBLV website.

Finally, beware of any trading bonuses LBLV might offer you as they are linked to a minimum trade volume requirement, which will prevent you form withdrawing your finds, unless you have fulfilled it. Unfortunately, we are not told what that minimum trade volume requirement is as well.

How does the scam work?

Scam brokers usually try to hook you with a promise of easy and risk free money and for that purpose there are specially designed robo scam web sites like Crypto Revolt and Bitcoin Evolution. If you come across one of those sites, you will probably watch a nicely cut video add, about how you can get instantly rich by just registering with some innovative trading platform. And if you do register, leaving your e-mail and phone, you will be instantly transferred to the web page of a unregulated, offshore broker, where you will be invited to deposit about 250 USD.

And if you do invest those money and start trading, be sure that your first trades will be amazingly successful. The reason for that, however, will be rather simple – scammers will manipulate your account so that they can more easily convince you to invest more. And surely you will get a phone call as well. It will be from your “senior account manager”, who will professionally explain, that if you want to make some real money you will simply have to invest more – like 10 000 USD.

Chances are that you will be tempted to invest those money as well and actually you will not know that you have been scammed until the moment you decide to withdraw some of your funds. It will turn out you do not have the right to withdraw, because you have not fulfilled some minimum trade volume requirement, possibly linked to the trading bonus you have so carelessly accepted. Of course it could be something else, but the bottom line will be the same – you will not get a single penny back.

What to do if scammed?

Honestly, if you have fallen victim to a scam you do not have too many options. Still, be sure to immediately file for a charge back with your credit card company. Fortunately with their new anti scam policy VISA and MasterCard allow you to file for a charge back within 540 days.

Also, if for any reason scammers have tricked you to give them your online banking password or credit card number, immediately cancel your credit card and change the password for your online banking service.

Finally, if scammers have stolen form you, do not waste your money and time with the so called recovery agencies. You will just be asked for some money in advance and basically that is how the story will end.

Rich Snippet Data
Review Date
Reviewed Broker
LBLV
Broker Rating
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2 Comments

  1. Carlos Augusto

    In Brazil, Brokerage Company LBLV, I am the owner of account 139053040. I have contact with several people who have experienced the same situation. In July 2019 they contacted me to transfer $ 100. They start to profit and ask you to withdraw a part. When you withdraw and see that you have a very good chance of profit, people usually start to transfer more money and, from that date on, the treatment changes completely. I was attended by a person called Luana Braga who asks to make deposits in an account in Pernambuco, whose corporate name has nothing to do with the company’s practice. After the transfer, the analyst sends normal market signals for you to follow your supposed operations using the MetaTrader tool. When the first withdrawal is requested, there are inconveniences, that is, they do not comply with any of this supposed contract. It binds you to a contract with a date of 6 months later without being able to withdraw your money and you will only be able to withdraw between days 1 to 10 with up to 9% of the PROFIT you get, IF YOU CAN, because once the money deposited you cannot to withdraw. And don’t stop there, it also links you to a second contract regarding the volume of giant operations to hold you for a long time and be able to work with your money. That is, money is illusory. You’ll never be able to cash out again. Another absurd point is that when you can perform well, the justification is that you did irregular operations. Huh?? How will I do irregular operations if I don’t have knowledge of the market? Well, even after the end of the 6 months of the supposed contract, they tie you up in this second contract and only after the signature inform you of the amount of the fine, which is totally disproportionate. I have absurd values ​​here and I will disclose to everyone to see the level of sophistication of this supposed company. They advise you not to put stop loss just so you can break the account and make you transfer more money. After your account is cleared they make a scheme for you to recover your supposed money and induce you to transfer a good part more. When you request the withdrawal, they will roll you up so that the withdrawals are not carried out and always place the blame on you. When I requested the total withdrawal, they replied informing me that I owed an absurd amount. About $ 45,000 !!! I recorded some facts on Instagram, but they erase everything and block you from discovering the obscure methods they do. Even if you fulfill all the steps of this abusive contract, you will not be deposited. IT’S AN ABSURD!! I met countless people who fell into this same situation, including humiliating audios. I will fight in all media not to happen to more people !!

  2. LBLV is scam broker , they steal people’s money .you can not withdraw your money .

    I placed order to withdraw the remaining money in my wallet account which is ~ 14000 $ , but today morning the account manager executed trades with big size to zeroes my wallet without my notice or opinion , I have closed these trades quickly and changed my password however after sometime I noticed another trades with very big sizes have been executed , I changed my password again but he is still able to execute more trades . during all this time I tried to reach the account manager in email, phone,whatsapp with no luck , also I tried to reach their customer service persons and they said they will inform the account manager .
    The account manager did these trades without my notice or opinion , he is not authorized to do so and the number of trades and size are very big which indicate that they wanted to zeros my account when I requested to withdraw my money .

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