Beware! Lsa Trading 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.
Lsa Trading opens with a typical scammer website. How did we know this? Well, for one, the home page has a slide bar that is actually a third-party widget, “borrowed” for reasons unknown, although we consider its use to be purely visual, to attract users, creating in them the illusion that Lsa Trading offers legit conditions. And this is just our first impression! The hole goes deeper than this, and the following review will speak of the main issues. Please read through it, especially if you seriously consider investing in this one. You will regret it!
The ease with which we opened an account was a sign that things are not about to get better. It means that the broker will accept anyone in, meaning that it has made things easier for investors, encouraging them to deposit with the facility of registering. It’s a smart move, alas, reserved for scammer brokers.
We accessed a user area, and we were faced with a very simple and quite barren user area. Unfortunately, a hope for a trading software never became anything but. There was no trading software form which to take any trading conditions. Without a platform, we can easily state that Lsa Trading does not really provide any FX trading services, and cannot be considered a broker.
Therefore, there are no applicable spreads, no leverages, and not tradeable assets available.
The website is available in English and Turkish.
LSA TRADING REGULATION AND SAFETY OF FUNDS
The single details that we have to work with is a contact address in the UK, but in no way does this translate into a fully-fledged regulation. The broker is probably lying of its UK-based address, and it won’t be the first to do so. It is also definitely not regulated by the FCA.
We also stumble upon a claim that the company is protected by international law, but this is a long shot into the dark, and a filler assertion with no purpose behind it.
Last but no least, the terms and conditions claism that users need to make sure that they meet the demands of the nations they are currently residing in. This is classic unregulated broker stuff here. It claims that the user should be regulated and not it!
Lsa Trading is not licensed, and not worth the risk!
It’s easy to check for a license. Just visit the regulator that supports the brokers, or the one that is allegedly licensing the broker, and check its online registered for the name of the company. All Any UK, EU, US, or Aussie-regulated are superb in their own right, although many different, and the user should go first see which one serves her/his needs best. This is the main responsibility of the user. Everything else is covered by the overseer. They abide by legislation, and in turn, all regulated brokers are tightly scrutinized and regularly checked. All such entities follow strict operational guidelines that put the user and her safety as a top priority. It’s also good to know that the UK and CySEC offer client compensation funds that reimburse users of FCA/CySEC-regulated brokers that have gone into insolvency for one reason or another. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
LSA TRADING TRADING SOFTWAR
As we said, there was no trading software. First of all, the user dashboard has nothing to give users. There is no web trader there, nor any link to a downloadable one.
Second, the website advertizes an MT5, but here, also, there are no downloadable links.
Either Lsa Trading has made it very hard for users to trace a platform, or Lsa Trading simply does not have one.
LSA TRADING DEPOSIT/WITHDRAW METHODS AND FEES
We could not get any payment details from the user area of the broker. There were no deposting and wthdrawal options, and the company has not made it clear why that was. And, so, all the payment details will have to be taken from the website. Just be warned that the website of this unregulated broker migt very well be deceptive.
And so, with that out of the way, let’s see what we have. The minimum deposit is said to be.. nothing. There is actually very little payment info on the website. So insignificant is the payment info on the site that there aren’t even any payment methods revealed.
And forget about withdrawal details. There are none! The broker has left all of the major conditons out! The legal documents also offer no insight!
Lsa Trading is one hundred percent unregulated and a risk to all! It is not licnesed, and also a scam! It’s not even a proper broker!
HOW DOES THE SCAM WORK
It still, and always will boggle us how investment scams can be so effective considering how easy they are to dissect and explain.
The crucial moment with any investment scam is the online ads that have been fashioned by the fraudsters. Ads that promise ridiculous luxury items and services are right about it. The more ludicrous it sounds and looks, the bigger the lie.
Of course, there are other ways to stumble on these sources, but ads seem to be the most effective way.
These ads lead to investment websites that seem good at first but are actually just illusions. Their main goal is to attract the user and manipulate him into investing. It’s not too difficult a thing to do- usually, this happens over the phone with a rep of the broker and the user talking for some time, with the rep finally convincing the client to invest an initial sum.
The first investment is the gateway to the scam. Once the first payment has gone through, the user is trapped, because now he or she must look over the investment. Now moves in the expert scammer, those that will leech from you as much money as they can possibly take. Until the user has been alarmed and is aware of the scam.
When this happens, it’s usually too late. The user won’t be able to withdraw or will have a very difficult time doing so.
WHAT TO DO IF SCAMMED
A credit card or debit card chargeback is the safest move. MasterCard and VISA have a chargeback period of 540 days.
Bank transfer funds are harder to recuperate, although not impossible. First, the user should change his bank account user name and password, and then directly contact his bank in order o find a solution together to the stolen funds problem.
All crypto deposits are lost, and the only way to see them back is if the scammers are suddenly hit by a wave of redemption, and pay the client back. This rarely, if ever, happens.
Finally, please do not trust recovery agents or agencies, who are complete scammers in their own right and will take more money from you. They claim to offer ways of retrieving the lost money but will ask for a service fee before conducting this seemingly impossible venture. After a while, the user will realize that the money paid to these has also been lost.