Lamda Brokers Review Is Lamdabrokers.com A Scam

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Lamda Brokers Review: Is Lamdabrokers.com A Scam?

Lamdabrokers.com Review: this is the name of a Forex broker that claims to be located in Cyprus. Is Lamda Brokers a legit Forex Broker or scam?

While going through the website, the broker claims to be based in Cyprus. As we are well aware, all Forex brokers based in Cyprus are to hold licenses from the CySEC. This is mandatory for any legal broker there. We find that Lamda Brokers is not among the list of Forex brokers regulated by the CySEC. Nor by the FCA as it claims.

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They claim to be an award winning Forex and commodities broker. There services and facilities are not limited to individuals as they mention that institutions are part of their clientele. Traders using EAs and scalpers are said to be allowed unlimited access to liquidity. It claims to have 2,500+ live accounts opened, 24.5 million orders executed and $1.34 Trillion in trading volume.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Some sections of the website serve as educational forums explaining Forex trading and leverages. We find this encouraging along with the mention of a demo account.

Lamda Brokers Trading Platform

It is mentioned that Lamda Brokers trading software is operated on MetaTrader 4 and 5 platforms available to all their clients.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are: 37+ Forex currency pairs, precious metals, and CFDs on commodities like energy and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages can reach up to 1:400 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from 1.2 pips on the standard account.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Lamda Brokers

The means of making payments and withdrawals with this broker are: VISA, LamdaCard, Bitcoin, Neteller, and Skrill. We find the availability of e-Wallets encouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Trading bonuses are not offered and we have found that this is a means brokers use in tying down clients. Its absence is an advantage.

Is Lamda Brokers Licensed?

No. Lamda Brokers is not a duly licensed Forex broker. It is unwise to trade with unlicensed brokers because they do not have any obligation to be fair to their clients. Misappropriated funds may prove difficult to be recovered.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker or a representative of the customer care, call: +90 216 207 0303 or +30 694 413 6506. Clients can also start up a live chat with the link on the website.

Conclusion

We find the lack of licensing by this broker a disadvantage. Also, since Lamda Brokers do not provide terms and conditions, it is difficult to know what fees and charges are present or absent. It gives trading conditions which are tempting and also offers an affordable minimum requirement.

The disadvantages however, outweigh any advantage that traders may be considering. It will be unsafe to trade with this broker.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Lamda Brokers review – Is lamdabrokers.com scam or good forex broker?

Lamda Brokers claims to be a regulated forex and CFD broker based in what they call South Cyprus. There are a number of issues about the broker however, to start with the simple fact that there is not country called South Cyprus. We have Cyprus, which is part of the European Union and the occupied by the Turkish army norther part of the island, which is not officially recognized as a separate country except by Ankara.

On top of that, Lamda Brokers claims to be regulated both in Cyprus and the UK, which also turned out not to be true. So if you are about to open a trading account with them be sure to read the following review first.

Account type Min. deposit Max. leverage Spread s
Silver Account $100 1:400 1,2 pips, floating
Gold Account $250 1:400 1 pip
Platinum Account $1000 1:400 1 pip
ECN Account $3000 1:400 1 pip
MAM Account $3500 1:200 1 pip

Lamda Brokers advantages:

Lots of trading instruments

As we always start our reviews with any possible advantages about the broker, with Lamda Brokers this might be the selection of trading instruments, including 37 currency pairs some of which minor or exotic like USDNOK, USDSEK, USDPLN, USDMXN, USDZAR and USDTRY, as well as a selection of CFDs on gold, silver, natural gas, oil several indices, Bitcoin and Ethereum. If you are tempted by the idea of trading crypto however, here you may check our list of brokers offering bitcoin CFDs as well:

Falsely claims to be regulated

As we already noted Lamda Brokers, owned and operated by Lamda Brokers LP, claims to be based in a unexciting country – “South Cyprus” and to be regulated both by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC).

So we diligently checked the registers of FCA and CySEC, but were unable to find Lamda Brokers there.

That means Lamda Brokers is deliberately trying to mislead their customers in an apparent attempt to scam them.

Our advise in such ceases is always to double check any information a broker publishes on its home page and to trade only with properly regulated brokers. On top of that with a FCA broker you will even get an insurance on your account, which will cover up to 85 000 GBP of your funds. Here you may check our list of brokers regulated in the UK:

Client Agreement not available on the Lamda Brokers homepage

By signing for a trading account every trader must agree with certain Terms and Conditions, set by the broker in a legal document. But when we tried to open that document with Lamda Brokers it turned out we can not see it. Bear in mind that you should never agree with something you have not read.

Conclusion:

The fact that Lamda Brokers deliberately tries to mislead their customers that they are authorized in Cyprus and the UK speaks for it self – Lamda Brokers is not a legit broker and most probably is involved in scam. Here we will repeat our usual advise to chose only among licensed brokers, regulated by well known institutions like the FCA in the UK or CySEC in Cyprus.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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