WikiFX Scam Alert: Do Not Trust LotsFX!!!

LotsFX has come to the attention of the Financial Conduct Authority in the UK, which warned on October 4th that LotsFX was not licensed but was providing financial services to the public in the UK. You can see the warning in the screenshot below.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us”, the FCA says adding that “this firm is not authorized by us and is targeting people in the UK. You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”

WikiFX also paid a visit to the brokers official website to learn more. LotsFX presents itself as a UK-based forex and was licensed by Financial Conduct Aothority(FCA), but the FCA license is obviously a blatant lie given the warning shown above. Fraudsters are attempted to present itself as a legitimate licensed company to prove their authenticity so as to achieve the purpose of cheating users.

In addition, LotsFX asks for at least $250 in order to open a trading account – which is actually quite a lot. Many great brokers would open an account for much less – even for as little as $10 on some occasions.

What‘s more, LotsFX was allowed to set the leverage as high as 1:500 with this broker – no legitimate UK’broker would let you do that. Leverage caps in the EU and England ban brokers from offering leverage higher than 1:30 on forex majors to retail traders. This only goes to show once again that LotsFX is not a legitimate British broker. Trading with extremely high leverage can be very dangerous and lead to huge losses – which is why you should always be careful with your leverage settings.

Another disturbing fact about LotsFX is that the broker urges clients to install TeamViewer and AnyDesk – software that allows anyone to access your PC from another station, which is very risky. It may actually be devastating to your private information like bank account passwords, credit card information etc. Simply put, if you provide an ill-minded broker with your log-in details, all your online accounts could be drained.

Now let's search “LotsFX” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/4891172000.html), LotsFX currently has no valid regulatory license and the score is rather negative - only 1.73/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Please note that WikiFX is also reminding the majority of users: low scores, please stay away!

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

From all the above information we can know that trusting a broker like LotsFX is simply not worth it – you will certainly end up robbed. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!