The offshore FX broker LBLV offers five different account types. These account types are namely Rookie, Basic, Premier, Elite, and VIP. It also provides an Islamic account. The broker offers a variety of products and services which are sufficient to attract traders. Eventually, we have many concerns about its operating conditions. In this review, we have managed to cover both the pros and cons of this broker. With this review, traders will get a clear picture of LBLV.
The first pro of LBLV is that it offers to trade on the MetaTrader platform. MetaTrader is popularly known to many brokers and loved by more than 80% of online traders. The offerings of LBLV covers a plethora of CFDs on indexes, commodities, natural resources, and shares. It also deals with binary trading options. These binary options are consist of Bitcoin to Litecoin and Ripple to Ethereum against the dollar and euro. There is a boom in crypto-fx trading in recent time and many brokers want to encash this situation. Therefore several brokers started to offer their services on crypto-fx trading without proper licensing. This is also the case regarding LBLV.
The LBLV LTD is the sole proprietor of the brand name LBLV which is situated on the island of Seychelles. The LBLV allegedly claims to be licensed and regulated by the local financial authority of Seychelles. But the government of Seychelles scarps such claims and mentions that it does not oversees any operations of such forex brokers. Hence, it is clear that the LBLV is neither regulated nor licensed by any financial authorities around the globe.
The website of LBLV does not show any signs of spreads provided by this broker. Fortunately, it provides the demo account through which we can peep into the trading environment. While operating LBLV’s MetaTrader platform for demo account we came across the spread capped at 3 pips on prime currency pair of USD/EUR. This provided spread is noncompetitive and can cause loss.
Another heartbreaking fact about LBLV is the minimum deposits required to open an account. The basic account called Rookie needs $5000 as a minimum deposit which is quite high. The other two accounts namely Elite and VIP has minimum deposits of $100000 or more and these are absurd. Another fact of worry is the leverage offered of 1:400 or 1:500. This high leverage can make or break the traders completely. To attract more traders LBLV provides the deposit and withdrawal methods covering all kinds of options from cards to e-wallets and from bank transfer to other gateways.
Is LBLV scam or legit?
The offshore FX broker LBLV tries everything to attract traders. It showcases several trading instruments, highly lucrative spreads and leverages, also many deposit and withdrawal methods. Also, it features a footballer Ronaldinho in its advertisement. Unfortunately, it lacks regulatory supervision and poses a serious concern to investor’s funds. We can definitely say that this is a potential scam broker. Traders should avoid any potential scam broker.
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