WikiFX Fraud Alert: Beware of LoyalFXMarkets!!!

Investors who are still trading forex at LoyalFXMarkets had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

To start with the most essential, you may check the recent warning issued on November 1stby the Financial Conduct Authority (FCA) in the UK against LoyalFXMarkets on the screenshot below (source: https://www.fca.org.uk/news/warnings/loyalfxmarket)

The FCA points out that this broker is not authorized to offer financial services in the UK, has not met any requirements, and is therefore not a reliable investment choice. Clients of LoyalFXMarkets would be not entitled to the same protections as clients of licensed UK brokers.

WikiFX also paid a visit to the brokers official website to learn more. LoyalFXMarkets brazenly claims that it is based and regulated in the UK, which is obviously a lie given the FCA warning shown above!

And the text of the Terms and Conditions provides further evidence of the fraudulent nature of LoyalFXMarkets by naming India as the applicable jurisdiction.

Futhermore, LoyalFXMarkets claims to offer the most popular trading software MetaTrader 5 (MT5), but the installation file that can be downloaded from the LoyalFXMarkets website is a demo version taken directly from the softwares developer, MetaQuotes.

At the time of writing this review, LoyalFXMarkets does not allow new account registration. Because of this, WikiFX was unable to determine if registration provides access to functioning trading software. It should be noted that the presence of some kind of trading software is no guarantee that this is a genuine broker. Financial scammers often use trading platforms to fool their victims that their money is actually being invested.

The minimum deposit LoyalFXMarkets asks for is $100. There is an abundance of reliable brokers who offer trading accounts for the same or even lower prices! The broker also claims that you would be able to get access to leverage as high as 1:1000 if you start trading with it. No legitimate UK broker could legally offer such high leverage – leverage caps exist in the country and prevent brokers from offering leverage higher than 1:30 on forex majors to retail traders. The reason for that is that trading with such high rates could lead to much bigger losses, especially if you are still an inexperienced new trader. If you would like to trade with higher leverage, make sure that you have sufficient knowledge and experience and only seek out brokers who can legally offer higher rates.

LoyalFXMarkets supposedly supports a fair number of deposit methods – wire transfer, credit/debit card, Neteller, Skrill, VLOAD, and WebMoney. However, since WikiFX was not offered the possibility to actually open an account, we cannot confirm that all of these deposit methods will actually be available. Keep in mind that scammers would often urge you to deposit in crypto – since such payments are both anonymous and irreversible.

Now let's search “LoyalFXMarkets” 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, LoyalFXMarkets currently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

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.

In conclusion, LoyalFXMarketsis a scam offshore broker that has become the subject of a scam warning issued against it by the British authorities. It seems that the firm has been offering its services in the UK without the proper authorization, which is unfortunately quite common nowadays. That is why you need to be very careful before committing to trading with any certain entity!

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.