Warning! LotusCFD is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
LotusCFD will be revealed for what it is here. If you have chosen LotusCFD and are planning to deposit, please read this review before taking any such action.
We were unable to find any information concerning a regulation. This issue was furthered by the lack of such critical information in any of the legal documents. Without these details, we are left with no choice but to label LotusCFD as an ULICENSED broker, making this firm a risk to all investors.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)
We effortlessly registered, and were presented with the trading platform that wouldn’t give us any spread because of the fact that we were getting only one price value. It’s important to mention that LotusCFD comes also as a binary options trader, although when we tried to open it we had difficulties, and thus cannot vouch for it.
The leverage according to the Home page is 1:100, which is surprisingly low for an illicit broker, however on the trading platform we were given the ability to change the leverage to a max value of 1:1000 which is huge and a very dangerous gamble for those that do not know how to use it.
The trading platform gave us Forex Pairs, Commodities, Crypto, and Binary Options.
The website is available in a huge assortment of languages: English, Afrikaans, Albanian, Amharic, Arabic, Armenian, Azerbaijani, Basque, Belarusian, Bengali, Bosnian, Bulgarian, Catalan, Cebuano, Chichewa, Chinese, Corsican, Croatian, Czech, Danish, Dutch, Esperanto, Estonian, Filipino, Finnish, French, Frisian, Galician, Georgian, German, Greek, Gujarati, Haitian, Hausa, Hawaiian, Hebrew, Hindi, Hmong, Hungarian, Icelandic, Igbo, Indonesian, Irish, Italian, Japanese, Javanese, Kannada, Kazakh, Khmer, Korean, Kurdish, Kyrgyz, Lao, Latin, Latvian, Lithuanian, Luxembourgian, Macedonian, Malagasy, Malay, Maltese, Maori, Marathi, Mongolian, Myanmar, Nepali, Norwegian, Pashto, Persian, Polish, Punjabi, Portuguese, Romanian, Russian, Samoan, Scots Gaelic, Serbian, Sesotho, Shona, Sindhi, Sinhala, Slovak, Slovenian, Somali, Spanish, Sundanese, Swahili, Swedish, Tajik, Tamil, Telugo, Thai, Turkish, Ukrainian, Urdu, Uzbek, Vietnamese, Welsh, Xhosa, Yiddish, Yoruba, Zulu. The only other broker, again unregulated, that offers such a huge collection of languages is Just Perfect Markets.
The trading platform might seem pleasant at first but as we continued using it, the terminal kept disappointing us. First off, it gave us only one buy/sell value, which means that we could not calculate an actual cost of trade. Next, the charts have no options for customizing, no indicators, and no chart management. Furthermore, there are no pending orders, and no extras no give the terminal a modern feel. Overall, this trading platform is one of the most basic we’ve encountered.
The alleged binary trading options platform we were not able to access because the broker would not allow it, either because of our account or because of technical difficulties.
As mentioned the spread value we could not derive, while the leverage is capped at 1:1000 which is dangerously high for those that aren’t absolutely sure that their trades will bring them profit.
The platform is available only as a web based trader.
LOTUSCFD MINIMUM DEPOSIT
There is no minimum deposit. Users can fund their account with as little as $1.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
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.
LOTUSCFD WITHDRAWAL TIME AND FEES
Users are required to trade $500 as turnover in order to make their first withdrawal.
Users should expect to see their money in their account after 10 days.
There is no mention of withdrawal fees.
ADDITIONAL FEES AND TAXES
The withdrawal of bonus is only available if a user has completed a volume of trading equal to 30 times the given bonus.
The indemnification clause is here to protect the broker from the financial damages it will undoubtedly cause all those that deposit with it.
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
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
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
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!
LotusCFD is not worth it; it will surely not return your deposit, finding continuous excuses for not doing so. Do not invest here!