Uk Based Forex Brokers! scam or real

Beginner Questions
1

I recently open an account with the Uk based forex broker named LotsFx, using mt4 platform
I am a newbie in the Forex trading world.
I really want to know are they really genuine brokers or just like other scammers around the trading world.
kindly enlighten me with your thoughts and opinions.

2

Warning flags for this broker -

LotsFX do not say that are authorised to offer brokerage services in the UK by the FCA.

They say they are owned by Euro Investement House Ltd. The spelling is odd and I can’t find out much about them.

Neither LotsFX nor Euro Investement House Ltd. nor Euro Investment House Ltd. appear on the UK FCA register.

LotsFX say Euro Investement House Ltd is a regulated investment services firm authorised in the conduct of its activities by the UK Foreign Exchange Commission. I have never heard of the UK Foreign Exchange Commission. The UK FCA is the regulatory body for brokers operating in the UK.

LotsFX say their parent company, LOTSFX Group, is a company traded on the London Stock Exchange’s Main Market and a constituent of the FTSE 250 index. I can’t find any evidence that this is true.

I don’t believe this as a broker that can legally operate in the UK.

3

Check if they are in FCA register, if not but they advertise that then they are outright scam. But be ready to trade with small leverage with FCA brokers with because of leverage caps so you may also consider some reputable offshore brokers if you prefer high leverage.

4

what you think Mate ?
regulated trading broker always safe and sounds for any kinds of trader ?

5

You should be more experienced, because, I see many fake companies (brokers) and addresses in the UK. You must know how to check the license

6

yes , so many fake brokers in there , be careful when choosing a broker.

7

honestly speaking , i dont believe the broker permanent address , because i have seen a indian broker who adressed from Australasia. its the issue

8

Also note that the broker may have many branches. But if you’re sure you’re right, it’s ok

9

Thanks for the kind information.
kindly suggest to me about the best regulated (low brokerage) brokers for forex trading in UK or USA.
how to find them?

10

Forex brokers offering accounts to UK residents must be registered with the FCA. Google brokers to find them, then check their registration at the FCA website.

FCA-registered brokers must offer amongst other protections -

  1. client funds segregation from the company’s operating capital
  2. deposit protection by membership of the FSCS
  3. low margin rates, typically only 1:30 for major forex pairs
  4. negative equity protection, so you can never lose more than your deposited funds
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