LondonFX.com review – 5 things you should know about londonfx.com

LondonFX.com review – 5 things you should know about londonfx.com

Rating: 1

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

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What can you expect from a broker named LondonFX.com? Personally, the moment we read the name was the moment we knew for sure that we were not dealing with a regulated broker. Conventionality is the enemy of any modern FX broker, whose difficult task is to stay away from cliches but still deliver a one-of-a-kind experience. LondonFX.com hasn’t considered this at all. Yes, the website is well structured, but it really does not matter how well it’s put, but how well it delivers. And LondonFX.com does not deliver. Read the review to find out why.

There was no way to open an account, at least for us, because of the nature of the account creation process. Instead of a typical registration tool, users have to leave a message with the broker’s agents and wait for them to open an account for the user. This is a very dangerous prospect, and we have never seen a legit broker do this. Only scammer ones.

Therefore, we are left with only one way around: all payment and trading details are taken from the website. We cannot fully put our trust in this broker for obvious reasons. So take the following with a dash of skepticism.

What we learn from the website is that the leverage is capped at 1:200. Unfortunately, we find no spread values, and for that matter, there are no tradeable assets revealed anywhere. However, on the home page, we see three crypto bases assets, conveying the possibility that LondonFX.com is predominantly a crypto-based broker, despite what the name suggests.

The website is available exclusively in English.

LONDONFX REGULATION AND SAFETY OF FUNDS

The client-broker agreement is said to be governed by the laws of the Marshal Islands, which is what we find in the terms and conditions. One thing we know of the Marshal Islands, that is especially helpful to understanding the broker, is that anyone can open a local online business without ever stepping foot on the small island nation. You can imagine how enticing this sounds to any scammer broker. Moreover, the Marshal Islands have no FX regulator, making it one of the perfect breeding grounds for scammer brokers.

Other than that, the terms and conditions tiptoe around regulatory information, and never give us anything more specific than the Marshal Islands details.

We can very safely say that LondonFX.com is NOT LICENSED, and therefore is a risk to all investors.

Never rely on unlicensed brokers. They are scams and will steal from you! Put you money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand a safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose broker cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.

LONDONFX TRADING SOFTWARE

We have information on an alleged MT4, but there is no real proof of this being true.

Seeing that we could not create an account, we have no way of knowing for sure if the broker actually supplies its users with an MT4.

Unregulated brokers tend to surprise us at times with the inclusion of the MT4 and even the MT5, but this one seems to have neither.

LondonFX.com might or might not have a web trader. It shouldn’t bother anyone, because we advise against investing here!

LONDONFX DEPOSIT/WITHDRAW METHODS AND FEES

According to the terms and conditions, users have the following payment options: credit cards and bank transfers. The website claims the minimum deposit to be €250.

Withdrawals are processed within 2 days, however, it may take more time.

Gold, Platinum, and Diamond Account holders get 1, 2, and 3 free withdrawals, respectively. This suggests that there are withdrawal fees. The terms and conditions confirm the presence of a range of fees, not only concerned with withdrawing but also commission applied to the usage of the website. Many of these fees are very common amongst the scammer broker community.

None of this information is verified, and it may be completely false. This is just one of the many reasons why readers shouldn’t bother with LondonFX.com. It’s unregulated, a risk to all, and a potential scam!

How does the scam work?

The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalog of psychological trickery is vast, and their patience is unbreakable.

An initial deposit leads to a second one, a third one and so forth.

As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising, but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, care-free lifestyles, expensive items, and beautiful vistas. All are stock images to start you imagination and propel you to give away your contact address, and in the perfect scenario, to invest.

Once the client wishes to withdraw, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the account, shut the entire website, or just not return phone calls and emails.

What to do if scammed?

If a user has lost funds by means of a credit or debit card, then the first thing to do is the file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.

Bank account swindles are harder to get bank but not impossible. First of all, change you bank account user name and password, and then call the bank to find a plan of action together.

Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.

Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and in return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!

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18 Comments

  1. Londonfx is def a scammer….wooed me with a spin about only depositing a small amount.
    Showed me big margin results and gradually gained my trust to move my superannuation into
    my/their account…looks like have lost the lot.

  2. DO NOT OPEN AN ACCOUNT WITH THESE PEOPLE!

    I joined this trader on the 16th of August. I got swept up all the fuss around cryptocurrency and because I don’t know what I’m doing I had no idea I should check if LondonFX was FCA approved. It isn’t. I paid the joining fee, then got asked to bring my total up to 1,000 Euros. My money was doubled but then my account manager kept asking for more money. My bank sent me a fraud alert and they did a background check and warned me to pull out.

    I’ve been trying to get my £1,000 back and close the account but they keep trying to pressure me into keeping the account. Also, because they haven’t closed the account yet, I can’t make a claim through my credit card company because the broker technically can let me have access to my funds.

    There are a couple of other things as well. They always spoofed their numbers when they called me, they never rang with the same number twice. They’ve only started calling from a London landline since I’ve requested to close my account.

    Also, you can’t just withdraw money from your account, you have to have your account managers permission. Which I thought was odd, but now it makes sense, they don’t want you running with your money the second something seems off.

    1. Has anyone had any luck in tracking these guys. I put in a full report to ASIC (australia), but that will take up to 28 days to process. i’d hate to think more people are getting suckered in every day.

  3. Research before investing with this “company”
    If you have recently handed over your hard earned money to this company try a simple withdrawal, I’ve been attempting since 09/07 to get my $2000USD capital returned.

    After some basic research you’ll find plenty of scam alert warnings about this business, now I can only try warning others to stay well clear, most if not all positive reviews are fictional as is their stated address.

    Because of zero regulation this company is a power unto themselves, I’ll never invest with an unregulated company again…big mistake..

    The maximum leverage that LondonFX claims to offer is 1:200, which is extremely high. High leverage is dangerous since traders could end up not only losing all their funds but also going bankrupt.

    This is something that has happened in the past, which is why many financial regulators around the world have placed limits on the amount of leverage brokers are allowed to offer their clients. In the UK and Europe (where this broker claims to operate), that limit is set at 1:30. So, 1:200 is not just too high a leverage, but it is also not viable.

    This is one example of their attempt to proclaim legitimacy by producing transaction ID numbers, completely comical.

    Transaction Id: d08e2bc3-7d24-499b-a4ad2bf82a30872
    Transaction Id: 01bb1b51-a8c4-4990-8f7cbdcd394045b
    Transaction Id: a9b9fddc-4640-446b-93d97c08d31209d

    Thanks for your time.

  4. The issue is the LondonFX.com are considered regulated by bitcoinloophole.com and set with the other brokers such as Binance. They steel your money and never return it back. Watch carefully DO NOT transfer lines neither by credit card or from your crypto wallet to third parties by email or otherwise.
    Eve though, I am experienced with years of reading and still got caught with a $500 worth of bitcoins…

    WARNING FROM LondknFx.com. DO NOT TRANSFER ANY MONEY THERE.

  5. Hi All, I joined London fx a week ago, and made the initial deposited of 250euro through PayPal.
    I created an account and straight away there were red flags,
    Before I could even access my account they kept requesting my bank details, passport, Driving license, and being very pushy in the process.
    I understand that documents are required, but surely not this soon, They were happy enough to take my 250 without documents.
    So any case, within an hour of joining I had a bad feeling so I did some research, and behold there were a vast amount of people that can not withdraw their funds.
    I have emailed them saying i am uncomfortable sending documents and for this reason, i would like to withdraw my funds and close my account.
    We keep going round in circles, they say they can not refund me until i send my documents in.
    STAY WELL CLEAR THESE PEOPLE ARE SCAMMERS

  6. On the 14th July we invested US$250 as a test. Within a week we made $500. Then every day or so we’d get calls wanting us to invest more money so we could make a larger profit. This made us feel uncomfortable as we felt pressured, so we said no, we would not be putting more money in. On the 13th August our so called broker advised he would passing our account onto a junior to look after as he only looked after larger accounts. I advised I wanted to take the money out and did not want to continue. He then stopped the account from trading which we were happy with. I asked for assistance to take the money out as it was clearly blocked. After a number of phone calls from a number of different people, all of which english was not their native language, who tried to convince us not to take the money out but who advised they would call back the next day to help release the money, of course have not done so. In the mean time $700 has disappeared from the account which noone can account for. We went into this knowing we could lose the $250 we invested but let this be a lesson to anyone else. There is another site giving them glowing reports. Please do not believe the information on it.

    1. Richard raymond holtham

      exactly what i have experienced julia. i get pestered all the time and i cannot open my account , firstly , the initial deposit of £300, as you said , a test. making a profit, leading me into a false sense of security. so i opened a new account with my bank , for any profit from the test could be transfered to the account, then as you said the calls to invest more from them. so not really knowing what i was doing the account manager convinced me to invest a further £1000. more if i agreed. so before i actually paid the £1000, i asked the manager to transfer the profit to the new account, then before i realised what he was doing, i had transfered the £1000. he kept saying to me i have to open the account , and change from bitcoin to sterling as the bank doesnt accept bitcoin. the manager had set up the bitcoin account and trusting this man, having trust in what he was doing and shown various pages of the ups and downs of the market seeing what i thought was good profit. whilst he was doing this by remote in my pc.this was going for a a few months and still i hadnt received the profit from the initial £300 . getting angry by this time , what is the reason WHY? dont you put the profit into my new account, he replies that i have to do this myself. sounds easy enough, but as he had set up the account i dont have the passwords etc. yes i did write the passwords , buyt nothing works , i cannot open the account ,now ive been informed that london fx has been compromised, its not safe to use. more phone calls from this manager, and attempts from him to get me to part with more money and still i havnt received a penny. getting angrier and angrier with each call he was making. showing the profit i was making and i cannot access the account . what i find out hearsay probably this manager is using my money and drawing the profit for himself, as i find out,the initial is still there , making money , and he is taking it ,and having the bareface gaul to try for more money from me , ive threatened him as well, very angry now.

  7. stay away they will rob every penny off you please stay away

    1. Hi
      Thank you for that advice, unfortunately its too late for me
      Any ideas to try and recover my money?
      Thanks
      Rich

  8. The latest tactic….
    I’ve posted many times about my experiences with this company, this post made them delete the trust link on the bottom of web site…..

    Don’t screen share for any reason…
    Hi Guys,

    I’ve been posting reviews about this company for months, it’s clear I’m never receiving my $2000usd withdrawal.
    The latest trick they have is to request to screen share your computer, this ploy is used to gain access and control your system to fraudulently obtain passwords, and details etc…don’t do it!

    After all the reviews I e posted across every website I could find, the unorganised company still try and gain money by deceptive means from myself….unbelievable.

  9. Hello, their website disapeared, any idea how to against these people ?

  10. Even i have been scammed of a huge money
    Any ideas to recover
    He is telling now you pay tax and u can withdraw.
    He scammed me again took the money again and cut the call

  11. Stay away… same story as abouve .

  12. Im so furious… I was taken in by the hype and how much money can be made, I traded day and night and built the Equity up.. now im not sure if there was anything at all.
    All correspondence just stopped when i said im not putting anything more in and they
    There must be a way of tracking these guys.. A$15k i invested gone… open to any ideas ?

  13. Do not get caught up with these SCAMMERS !!! They want to remotely get into your Bank Account By Anydesk. They want to get your photo holding up a card with the Date and Bitcoin only on it,a Credit card Statement/Hydro statement/Home Property Tax Statement and they make it as if you have to be approved.THIS IS ALL A BIG SCAM DO NOT GET CAUGHTFOR YOUR OWN SAKE !!!! THEY WILL CLEAR OUT YOUR BANK ACCOUNT !!!!!!

  14. They are not a trading platform but scamers….You will lose all your money…..Ask to get your money and see what happens…

  15. Not only LondonFX so also Definite area are scammers.
    there should be a hotline to be able to trace these scammers behind these platforms.
    ———————-
    Niet alleen LondonFX zo ook Definite area zijn oplichters.
    er moet een meldpunt komen om deze oplichters achter deze platforms te kunnen traceren.

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