Thinking of getting into business with LPL Finances? Here is what you must know about this broker. Carefully read this review to find out if lplfinances.com is the trading platform you will want to trade with.
Table of Contents
About LPL Finances Broker
LPL Finances is an offshore brokerage company with a lot of offers for traders. The location of the broker shows Kemp House, 160 City Road,
London, EC1V 2NX, UNITED KINGDOM.
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LPL Finances presents a zero spread difference in Buy/Sell and offer 11 crypto pairs for forex traders.
In spite the trading instruments LPL Finances claims to offer, traders must know they are dealing with an unknown broker whose regulation claims are false.
lplfinances.com: Reasons to Avoid This Broker
lplfinances.com is a platform with no financial authority overseeing its financial services. Its regulation claims are not legit as FCA doesn’t recognize LPL Finances.
Another red flag we noticed in lplfinances.com is that there is no demo account for traders. If traders can’t test LPL Finances broker on a free account, how then can we know its viability in the forex market.
LPL Finances’ presentation of large deposit on each account type is a red flag. Since this broker does not offer money back guarantee, trading on any account type is clearly a risk. This is a big warning for forex traders to avoid losing money with this broker.
The crypto CFDs offers by lplfinances.com is totally unacceptable in the UK another red flag. The Financial Conduct Authority has stopped the use of such asset because of the high risk.
Withdrawal and Deposit
Withdrawal process
LPL Finances presents a mini withdrawal of $250 for Wire Transfer and $100 on other options. Traders are eligible for a withdrawal request when they trade 25 times the bonus as well as the deposit.
LPL Finances places an inactivity fee of 10% on a dormant account of 6 months.
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
LPL Finances minimum deposit is indicated $10,000.
LPL Finances presents payment methods like Neo Bank, Debit/Credit cards. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
LPL Finances Platform
LPL Finances operates on a Web Trader. The refusal to make use of industry standard such as MT4 or MT5 that are widely accepted for trading is a reason why you should avoid this broker.
LPL Finances leverage is 1:100. This is a high leverage to risk money on, so it is advisable you don’t consider doing that. In fact, it is against the regulatory leverage set by the UK, FCA.
Different account types LPL Finances offers are the Standard Account for $10,000, Silver for $50,000 and Gold for $100,000.
In spite the attractive offers LPL Finances broker presents, we can’t find a free account for traders to test the platform before considering a deposit.
LPL Finances Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its licensed and regulation claims are false and must be avoided.
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Conclusion: Is lplfinances.com a Legit Broker?
No, lplfinances.com is not a legit broker for traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for forex traders to avoid crossing path with lplfinances.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
