Online fraud is spreading every day. Hackers and scammers try to lure innocent people into their traps to get their personal information and card details. It’s not easy to protect yourself from all this in this wild world. However, with our Scam Broker Reveal review, we do our best to minimize your risk of loss. Today we would like to introduce you to the broker Lions FM.
LionsFM claims to have over 10 years of experience trading low-risk assets and to provide stop-loss. They provide access to the global foreign exchange market through intuitive platform options, including an award-winning trading station.
However, Lions FM is another offshore broker incorporated in the Republic of the Marshall Islands in 2020. Our in-depth research shows that they are not worth your trust. Let’s discuss the main red flags that raise our suspicions together.
Is Lions FM Legit?
First, an essential part is its regulation. Doing business with brokers is a big risk if they do not have a license and license. Fraud brokers also recognize this and even try to lie about their regulatory privileges.
Lions FM is not regulated. But how did they get their license in the Marshall Islands? The Marshall Islands is an offshore region that attracts a wide variety of companies that escape the strict regulation or compliance of international services for one reason or another.
The country is also famous for being where you can start a business without having to set foot on the islands – the whole process can be done online.
So it’s not hard to see that your funds are not safe on Lionsfm.com. It is an unlicensed, unauthorized, and unregulated Forex broker with so many scams features that you should avoid using it.
Lions FM Trading Conditions
Now let’s discuss trading conditions. First, what trading platform do they operate?
Lions FM claims to offer MetaTrader4 to its clients, but the platform cannot be downloaded and traded. MetaTrader5 is also inaccessible. This is a big red flag as they abuse the MetaTrader name and try to exploit its reputation.
The only trading platform available is a proprietary web-based software, which lacks most of the features of the MetaTrader4 software package.
The minimum initial deposit for a basic account starts at 250 EUR. However, we couldn’t find any details about the account and its features, another red flag for the company.
Lions FM Deposit And Withdrawal Methods
The Lions FM website provides some information on deposit methods. The site states that you can use VISA/Master Card, WebMoney, faspay, PM pay, VoguePay, and LOAD as your payment methods. Still, we cannot verify that these payment methods are acceptable.
Anyway, let’s discuss payment information. As strange as it sounds, the withdrawal page does not open. You will be taken directly to the error 1020 page, making it impossible to obtain legal information about withdrawal terms, required working days, etc. That’s terrible.
This website does not provide clients with legal documents that meet industry standards. In the absence of important information, traders are often unaware of most of the conditions that generally apply.
No information was found for inactive account policies. This is a set of rules for dealing with inactive accounts and one of the critical conditions that traders should know.
Bonuses – Don’t Trust It!
The company offers so many bonuses and promotions that even beginners will be suspicious. They do their best to push traders to register and create accounts on their platform. Note, however, that trade incentives are prohibited in the EU and UK.
This further proves that Lions FM is not legal and dangerous for traders. In general, bonuses are not free money but a leverage tool that further increases a trader’s risk and reduces trading performance. Trading incentives favour brokers, not dealers.
Lions FM Review: Final Thoughts
Finally, we confirm that Lionsfm.com is a scam company and advise everyone to avoid it. Hundreds of brokers have been working hard over the years to establish themselves in the market and gain the trust of traders around the world. If you can’t find one, check out our Forex brokers list, read our honest reviews and choose the best option for you. The transaction was successful!
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