Is LCMFX Scam or Legit Broker?
LCMFX is not a safe broker to trade with. LCMFX is an offshore broker located in Saint Vincent and The Grenadines. The broker boasts about its high-level services and years of immaculate experience, however, it does not hold any license from world-known financial authorities, which is a big red flag when it comes to Forex trading.
- LCMFX has its office in Saint Vincent and the Grenadines. However, brokers registered in SVG FSA are not trustworthy. The regulatory body does not set many requirements before the financial firms. This is proved by the license's low set-up costs, lack of business planning and other significant requirements.
About LCMFX
| 🗺️ Registered in | Saint Vincent and The Grenadines |
| 🗺️ Type of License | Offshore |
| 🛡️ Is LCMFX safe to trade? | No |
| 🗺️ Recommended Licenses | FCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺 |
| 🖥 Alternative Broker | FP Markets - licensed by ASIC in Australia |
What is LCMFX?
LCMFX is a registered business name of Lucror Ltd, which is a privately owned brokerage firm with a registered office in Saint Vincent and The Grenadines. The broker does not mention its address, however, the number provided indicates New Zealand (1005, Level 10, 300 Queen Street, Auckland CBD 1010, New Zealand). An essential thing is, we found that there is also another broker under the company– LUCROR (www.lucrorltd.com), with the same registered address. Thus, these two are the same company, operating under different names.
- LCMFX states its superior level of service to retail and institutional customers. Besides, the broker mentions about its lowest spreads and commissions in the industry, with no requotes, delays, or interventions. LCMFX also mentions its good customer support with 24/5 access and availability in different languages.
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LCMFX mentions on its website that it does not open or maintain accounts for Caribbean Islands-based entities or residents. Governmental restrictions along with their internal company policies prohibit LCMFX from opening accounts originating from restricted and/or OFAC-sanctioned countries.
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Another thing the broker seems to prioritize is the safety of its client’s funds, assuring that they are held in the top trusted financial institutions and Banks. However, this is when it gets tricky. In fact, LCMFX is an offshore broker, and it is not a secret that brokers with offshore licenses do not provide a sufficient level of safety and security. Among other disadvantages, if something happens with the company, it is unlikely that clients will be compensated. They will simply lose all of their investments. Whereas, top-tier authorities such as UK FCA, ASIC and CySEC provide compensation schemes and guaranteed stop-loss strategies.
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Also, we cannot overlook the numerous negative reviews and complaints from LCMFX clients. Many traders point out the problem with the withdrawal process. Some of them were never able to get their profits or invested funds. Besides, traders even warn that in many instances managers of the brokerage firm persuade them to make large investments, however, the invested money never goes to the client’s account.
Overall LCMFX Ranking
Taking into account our findings relating to security and regulations problems with LCMFX, we do not rank positively LCMFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and many negative reviews from traders.
- LCMFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
| Ranking | LCMFX | Tickmill | Admiral Markets |
|---|---|---|---|
| Our Ranking | ⭐ | ⭐⭐⭐⭐⭐ | ⭐⭐⭐⭐⭐ |
| Is Broker safe? | No | Yes | Yes |
| Advantages | None | Trading Platforms | Trading Environment |
LCMFX Alternative Brokers
Taking into account our findings of LCMFX reliability and safety issues, here are much better Alternatives to LCMFX with tight regulations and favorable conditions. We select Good Brokers and reliable options for your comparison below:
- AvaTrade – Good Instruments and CopyTrading
- Pepperstone – Low Spreads and Competitive Trading Conditions
- XM – Wide Range of Trading Opportunities
Account types
LCMFX offers its clients two main account types: Standard Trade and Pro Trade. For Standard account types spreads start from 1.8 Pip, while for Pro Trade the offering is considerably lower – 0.9 Pip. The minimum Deposit for Standard Trade starts from $100, and for Pro Trade from $1,000. The available leverage for Currency trading is 1:500, the same for both account types. Traders can deposit funds in USD/EUR/GBP.
Deposit & Withdrawal
LCMFX offers several methods for deposits and withdrawals of the funds: Bank Transfer, Visa/Master cards, and Skrill. Clients have the chance to choose the one that is more convenient for them.
- The minimum deposit with LCMFX is $100.
- The minimum withdrawal fee is $100 for Banak transfers and $50 for Skrill.
- There are no commission fees. The processing time is estimated up to 72 hours for Bank transfers and instantly for Skrill. However, we recommend our readers not to forget about the problems that former clients reported about the withdrawal process and be very careful.
LCMFX Review Conclusion
We always recommend traders avoid unregulated and offshore brokers. Still, it is also fair to say that not all offshore brokers are spam. Nevertheless, the safety of funds is the most important part of Forex trading, thus we recommend finding well-regulated and reliable brokers.
Our revelations showed that LCMFX, like many other offshore brokers, has some attractive offerings that can draw traders. However, to be on the safer side, it is best to choose brokers with UK’s FCA or Australian ASIC licenses and sign in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.
- Overall ranking and experience for LCMFX is Negative
