Lamda Brokers

Lamda Brokers fools us with its looks and aesthetics. Once you go a little deep, you will uncover the truth of this broker. Read on to find out.

The broker’s regulatory claims are plain and simply ridiculous. It states to be located in the south of Cyprus, and that it is regulated by the FCA at CySEC, which makes no sense, since these are two separate license issuers, once located in the UK and the other in Cyprus.

One cannot, and isn’t, a part of the other. Furthermore, the broker has no legal documents to speak of; both Terms and Conditions and Privacy Policy redirected us to the About Us page. This broker is clearly UNLICENSED, and users should know that whatever they deposit will most certainly never be seen again.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

What’s more is that the registration process failed us, because we did not get a confirmation mail after completing registration. This means that any info concerning the trading conditions will be taken from the website, and this is never a 100% trustworthy source of such delicate information.

With that said, the leverage offered at Lamda Brokers is 1:400, and the spreads are said to starts from 1 pip (no specific asset).

Speaking of assets, they are as follows: Forex Pairs, Commodities, Crypto, Indices. Since we could not access a trading platform, we cannot say for certain that these are the actual tools at the trader’s disposal.

The website is 10% in Turkish, yet there is no option to translate the entire site in Turkish, or to make everything only in English, which makes the whole experience of navigating quite the mess.

LAMDA BROKERS LOGIN

The Platforms section of the website promises both the MT4 and MT5 trading terminals, but fails to deliver on it, for the simple reason that a registration was not possible, or rather unsuccessful. The site claims that both platforms are mobile-friendly and desktop adapted. We cannot say anything more; our hand are tied.

LAMDA BROKERS MINIMUM DEPOSIT

The minimum deposit according to the Accounts Page is $100, and $50 in the FAQ. Which one it actually is, we don’t know.

The deposit methods are indicated as images on the bottom of the Home Page.

They are bitcoin, Skrill, LamdaCard, Neteller, Visa, Bank Transfer, Papara, and MasterCard.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

LAMDA BROKERS WITHDRAWAL TIME AND FEES

The broker has no Legal documents, no client portal made available to us, and absolutely no withdrawal information anywhere on the website. We are left empty handed. The usual details we fill this section with will not be included because we have no source to draw from.

ADDITIONAL FEES AND TAXES

Nevertheless, we want to remind readers that many offshore brokers have no intentions of paying you back. Any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use this to build a stronger case against you in the event that you request a chargeback.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The most sound advise we could give you is to immediately file for a charge back with you credit card company.

Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Lamda Brokers is useless. Nothing here reassembles a functioning broker. Keep away!