Lot-Forex FX Brokerage claims to be the award-winning company that provides services to both – private and institutional clients. From the first glance, their main webpage is quite informative and gives customers the ability to find out about important qualities that might influence their decision whether to use this platform or not. The website also provides information about regulation and license and says that it is registered in Cyprus, however after digging a lot, we found out that the registration number they use belongs to a completely different company. This is already suspicious because seems like they are trying to lie and target themselves as a trustworthy company while the reality is completely different.
Lot-forex specializes in CFDs and forex trading, as well as in spot metals, commodities, and indices. The leverage goes up to 1:1000 which is above the industry’s average. As for spreads, for EUR/USD it seems to be 1 pip. The platform uses two outstanding platforms – MetaTrader 4 and MetaTrader 5, which both are well-equipped and powerful platforms that can efficiently analyze price movements on the market. The lot-forex Forex broker has 6 different account types including micro, premium, zero spread, auto, PAMM, and the VIP. Each of them comes with different requirements, for instance, the minimum deposit for a Micro account is $1000, while it can go up to $50000 for the VIP.
The website has a promotions section featured, however, once you click it you are taken to a completely different page. The fact itself is quite bad, as they are once again misleading their customers with the wrong features that actually don’t exist.
Is Lot-Forex Legit?
As we already mentioned earlier, the website claims to have a license and wants to position itself as a regulated broker, however, the information they are sharing with us is far from the truth. Currently, Lot-Forex says that it is regulated in 3 different locations, including the UK, Cyprus, and Canada. The registration number belongs to a completely different company called Instant Trading EU LTD, which has nothing to do with Lot-forex. They also state that their holder company is HF Markets Group which actually holds Hot Foferx – one of the best brokers in the industry. All in all, we can say that this platform is not legit and that is the main reason why the majority of Lot-Forex reviews on the internet are negative.
Lot-Forex Review – Trading Features
In order for you to decide whether this platform is worth your time and money, let’s review its trading features and find out what Lot-forex has to offer to its customers.
Spreads
The spreads for EUR/USD is 1 pip, which is quite good as it correlates with the industry’s average and gives the customers the ability to make efficient trades. However, this alone is not enough to convince us that the website can be trustworthy as other indicators are also very important.
Leverage
The leverage is different for each type of account, however, the highest goes up to 1:1000. This might be good for traders with not a very big capital, as they have the chance to make a profit with a small investment in a short period of time. For beginners, this leverage can be quite risky as there is the chance to lose a decent amount of money. In the end, it is up to you to decide whether this feature looks attractive to you or not.
Account Types
As we already mentioned earlier in this Lot-Forex review there are six different account types available, which include Micro, Premium, Zero Spread, Auto, PAMM, and the VIP. A demo account option is also offered which is a good sign as you can test out their services for free without risking actual money. Each account comes with its own terms such as different spread types, daily profits, early withdrawals, etc.
Minimum Deposit
The minimum deposit requirements can also vary, depending on which type of account you decide to use. The Basic account comes with a $1000 requirement, which is very high compared to the industry’s standard, which is somewhere between 50 and 100 dollars. The minimum deposit amounts go higher for each account, for instance, the Auto account has a $10000 requirement, while Pamm has a $20000.
Bonuses
The website has a separate promotions section, which simply does not work. Bonuses are something that is an unspoken rule for such platforms, however, Lot-Forex does not seem to have them. This fact itself is bad, but lying about it is even worse. Seems like the platform is trying to trick new customers into their system with having nothing valuable to offer. The only information we were able to find about bonuses was on their homepage, stating that they have 100% credit and 30% rescue bonus, however, the details remain unknown.
All in all, we believe that the trading features of this broker are not attractive at all. The only thing close to the industry’s standard is spreads, however, we can all agree that this alone is not enough. Other features do not correlate with the average indicators, so, it is up to you to decide whether Lot-Forex is a scam or not.
Lot-Forex – Final Verdict
Finally, we do not recommend this platform to our readers for several important reasons that one should pay attention to. Obviously, the most important part is that the company is not regulated and licensed, and if something inconvenient happens, Lot-Forex simply will not face negative legal consequences and the customers are the ones who might suffer from losing their financial assets. Incorrect information provided by them is also a red flag because they are trying to prove something that is very far from the real picture.
