Beware! LBLV is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
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.
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 !!
Sultan
Thanks , it is informative and I read your review on a time when they are trying to convince me to deposit 5,000 $. It seems they are really good at it .
Gema
I have been waiting for the money to be withdrawn, it has been 8 days.
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Laukiu atsiemimo pinigu ,jau 8 dienos.jie man nustojo skambinti…as inesiau virs 9000£,bet pati uzdariau platformos saskaita.
Emzey
Hi. I got pretty much the same situation. Still got 2 months till the end of the contract. Just a question did you have to pay penalty for not fulfill the contract? I kinda said goodbye to my money so now I’m just playing around on the trading platform but I don’t want to pay any penalty for them. Thanks for your answer
saeed
Very low company,scammers.Same happened to me.after I did requested a withdraw they are not responding to my emails neither whatsapp nor phone calls.I did the request from My account 181202153 for 1 month now.agent bilal used to call me daily, now he sees my messages and dont answer.he was very upset that i did a withdraw request and didnt deposited more money.everything goes into this company will not get back.Now i will contact my embassy and authorities and interpol.its not allowed to leave them do what they are doing.I urge everyone to do the same.
Mockingjay
Hi. Can Interpol do something to intervene? FSA is useless
Mayette
Hi. So were you able to withdraw the amount?
Ahmed
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 .
Jack Ronaldo
they did the same to me
СЕРГЕЙ
Became a client of this “company” in July 2019. The stories about the beautiful life lasted until March. When I realized that I would no longer replenish the deposit, I began to give unprofitable positions. Everything in the future will go to the fact that you will not be allowed to withdraw your deposit, not to mention the profit. If they will give to withdraw the alleged profit, then note that the money will come as a return of your own funds. In this office you will never get profit! Moreover, they will take your money. Think about it! They will say that it is more profitable to replenish through e-wallets and through bitcoin exchanges. They will impose contracts. Do not sign in any way! Install a program for recording telephone conversations. When applying for a chargeback, banks allegedly do not accept call recordings. Nothing like this! Insist on yours! Accept! Take screenshots of your personal account every day if you are an LBLV client. Do not connect anyone to your computer via remote access. All information provided by the company represented by the analyst is checked and analyzed 10 times. Don’t trust them! Under the terms of the offer agreement, the company supposedly owes you nothing! You owe her! Everyone is against you! Take the time to translate and read. My advice to you, if you have a positive deposit, do not get fooled by the kitchen’s promises to settle any issue. Just put all your money on the withdrawal. If the company does not withdraw, then terminate the contract with it and issue a chargeback if you replenished the deposit with cards. If one analyst cannot siphon money out of you, they exchange him for another more experienced one under any pretext. Yes. I stepped on a rake. But then I did not have such information. So people, think about it. My trading account is 151992230. I can provide you with any information. It turned out to be so much that you can even make a film.
Emzey
Hi. I got pretty much the same situation. Still got 2 months till the end of the contract. Just a question did you have to pay penalty for not full filling the contract? I kinda said goodbye to my money so now I’m just playing around on the trading platform but I don’t want to pay any penalty for them. Thanks for your answer
Mayette
How do you get your money back?
Jack Ronaldo
Fake and scam broker
they open fake trades for you, and once you request withdraw they will open another trades to zero your account
beware they scam
LBLV Representative
Good day,
For questions and/or concerns, you can message us on our official customer support email at [email protected]. You can also reach us using our toll-free number +18886041711. Thank you.
Roberto Costa
Bastards, thieves… Those LBLV rogues stole my money too… The said advisor was Roberta Tavares and the other deceiver used the name of Rogério Brandão, all a false name for sure.
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Safados, ladrões… Esses pilantras da LBLV Roubaram meu dinheiro também…A dita assessora era Roberta Tavares e o outro enganador usava o nome de Rogério Brandão, tudo nome falso com certeza.
Experienced lose
They will be very nice at start, very courteous, once you have deposited they move on to the next target. trade else where, customer service will not response. emailed or chat. They are very clever, they will innitiate trades to make you little money first and then they give you signals to make bad trades and then you will try to chase losses afterwards, and thats when they ask you to deposit more, endless calls, if you dont deposit more you will lose your innitial deposit (strike your fear) then they will open up another opportunity call for 5k and then 10k etc.. High Spreads, high Swap fees, high commission every lot is $10 and then extra 3% on the profit, you lose the momment you oppen up trades.
LBLV Representative
Good day,
Please reply with your account ID and we will assign one of our representatives to help you with your concern.
Anees Ahmed
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 ~ 5000 $ , but today morning the account manager FAHAD Dog 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 .
LBLV Representative
Good day,
Please send your account ID below for us to check the status of your account.
Randa
Please note that the account manager Fahed Abdullah after 20 days , he always advised me to deposit more money but I asked him to try the withdrawal first , he told me that the robot can’t open more than one order per day, when I insist to withdraw he blocked me and he asked me to open account in another company.
People like Fahed will destroy your reputation and no one can trust your company.
My account is 177398251 and all my request to withdraw before the crazy orders in cryptocurrency.
He is the one who open and close the trades not the robot.
Thanks
LBLV Representative
Good day,
Thank you for providing your account ID. We have already forwarded your concern with the relevant department.
LBLV Representative
Update: We are informed by the Finance Department that your previous withdrawal was cancelled due to insufficient funds.
Gema
Jo. they, there is a crumb. it is not possible to return the money. your broker has my account. but kazkodel does not transfer my money. withdraw it is not possible.
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Jo.jie,ten suka bruka.neimanoma susigrazinti pinigu.jusu brokeris turi mano saskaita.bet kazkodel neperveda mano pinigu.atsiimti neymanoma.krepsiusi
Dragica
Do you know person by name Michael Levis in broke trading thanks
Dragica
Mayette
Please let me know how you resolve this
Md
Who is your broker. May I have his number please
Janet Oliver
Thank you for confirming this for me I was stupid enough to join them after they bombarded me with phone calls saying they were nothing like the previous brokers I was with (Brokerz and Investous) who still have my money on account and one of them are using it to trade with but stupit me fell for it again bell started ringing when they were being huffy when I refused to give more cash they said well you won’t make any money with the amount you have you may as well have it back I will give you it right now I said OK he changed the attitude and subject immediately then he said OK I will let you think it over and ring you tomorrow I said OK as I knew I was going to cancel the account b4 it was used bt he didn’t ring back for a few days when they did it was a woman bt I couldn’t talk as I had been called into the care home as my mum was taking really ill I explained that to her she said OK I will leave it for a few weeks I asked her to ring me after Xmas bt 3 days later the guy called Leo phoned I explained that I couldn’t take about it as my mum had died the night b4 and he said oh sorry bt we had arranged to phone you today I was so mad told him not to phone me again bt he keeps phoning constantly throughout the day so for the last 3 weeks my phone has been on silent as I can’t deal with it
LBLV Representative
Good day,
LBLV doesn’t tolerate this kind of behavior. Please reply with your account ID and we will inform the relevant department not to ring you until you are ready to trade again.
Flamarion
My ID: 162379578
Md
I have tried emailing you but said someone will get back to me, but my broker is not responding. Tried call toll free number, but no ome is answering. Is there any broker number i can contact dorectly. On someone should call me back from LBLV please.
STEVEN McLOUGHLIN
Janet…hopefully you have not sent them any money. Please don’t! I have lost a lot of money to this company. They are only interested in taking your money.
Dragica
Hello
Please can you tell me if anyone been dealing with person caked Michael Lewis executive account manager LTD financial service
Thanks Dragica
Iulia
Good afternoon! I used to share my desk with more people from LBLV team. Is it secure or it’s scam?
Hack Exposer
@Iulia it”s a SCAM dont share ur desk on app called “AnyDesk” they have control over ur PC (u can resarch it ) without you ,,, they can run it and black screen you while u dnt use it and then they use ur bank account (DONT SAVE PASSWORDS ON UR CHROME or any OTHER BROWSER) ,,, Don”t download the LBLV software for tradeing ( it could be malicious script with wich they can collect you PC information and can remote control it ) If you have been called by them every day … Only solution is to go to ur operator and change ur number , then if they contact u on email just block them . We will make them stop doing the scams with love ur “Hack Exposers”
Flamarion
I’m from Brazil, I opened my account in December 2019, Analyst Maicon Gerrad (I don’t even know if this is his real name) started doing very profitable operations, I withdrew money a few times, but it must have been 6 months since I started telephone contact, called every week, asked to deposit 1 $ 15,000 which in 40 days would return the deposit date to me in May / 2020. I recently left Telegram and don’t answer my calls because I was blocked, I’m having technical problems on the platform, I asked for support, but until the moment I was not successful.
I have already sent several emails to those indicated below, but none have responded.
[email protected] / [email protected] / account[email protected] / [email protected] +18886041711
My ID: 162379578
Stephen Paul Prescott
Hi can you tell me how can I withdraw some money as I have a total of 400 dollars, thanks again
Mayette
Hi. Can you advise how I can get out of this platform?
They are not allowing me to cancel my contract.
STEVEN McLOUGHLIN
I too have fallen victim to these scammers. Constant pressure to deposit more and more funds.
Four different account managers most likely using fake names…all saying they can do better than the last but ultimately sucking my account dry with bad signals, analysis and advice. Anyone reading this please do not deposit any money with LBLV. Unless you are a VERY experienced trader you will not see it again as their advice is worthless! They offer a so-called ‘Rookie’ account but if you don’t listen to their incessant badgering to upgrade to the next level you will not hear from them as they are only interested in big numbers. I don’t know how these scumbags sleep at night. I think I will be receiving a margin call some time today but I have no more funds to attempt to save my account. They have not replied to my request for help in this matter and no advice forthcoming.
I will have lost around $50k initial investment + profit and I will try to recover this using one of the companies advertising this service.
*AVOID LBLV AT ALL COSTS*