Finding the right online trading broker can be risky if you don't properly research and consider important factors such as regulation, fees, platform, security, and customer support. WikiFX has 40,000 brokers listed to help you identify the status of the broker's regulation and have the freedom to select for the right broker. It is also important to do your due diligence and seek advice from a financial advisor to ensure you make an informed decision.
Another scam broker “LS Markets” illegally providing financial investment to the public, so beware
Let's investigate and see if this broker has enough legality to provide financial service to the public.
Overview LS Markets
According to to its official website https://www.lshqtz.com/ the said firm has offering variety of instruments to be traded. It offers Forex, Stocks, Indices and Commodities. They also provide trading education to attract investors and other promotions. They claimed that they have gotten series of awards from different financial regulators.
LS Markets and its regulation
On its official website, they claimed that they are regulated by three financial regulators namely, ASIC, NFA and BVI Virgin Islands.
However, upon checking the name of the firm on the three financial regulators website, shockingly the name of the said firm is not found.
BVI FSC
ASIC
Upon searching its name the status of the result is still not registered and has a reg ID that is not similar as what stated on their offical website.
US NFA
This type of broker will definitely lose your money, as it is confirmed based on its regulatory status that they are not even regulated among the three financial regulators stated on their official website.
Furthermore,
WikiFX has also gotten few complaints against the said broker from its investors.
Final word
To avoid unauthorized online forex brokers, the public should:
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Verify the broker's regulatory status and ensure it is authorized by a reputable financial authority such as the FCA or CFTC.
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Research the broker and read reviews and warnings from regulatory agencies and other sources.
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Use secure payment methods and avoid unsolicited offers.
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Stay informed and keep up to date with the latest information and warnings from trusted sources.
By following these steps, individuals can protect themselves from financial losses and avoid the risks associated with unauthorized forex brokers.
Stay tuned for more Forex brokers review.
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