Lima Forex Review Is LimaForex.com A Legit Broker

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Lima Forex Review: Is LimaForex.com A Legit Broker?

LimaForex.com Review: or Forex Lima is a Peru based broker. They claim to offer high leverage that will stop loss and guarantee fixed spreads. They also offer a “wide variety of currencies, indices, securities, and assets”.

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It is claimed that Lima Forex charges no commission or other hidden fees. This broker holds no license and does not claim otherwise. Unlike other unlicensed scam brokers. There is only one account type open to clients.

There is no information on the parent company of this broker and the address provided is not for it. Investigation turned up the fact that this address is for a restaurant.Lima

Trading Platform For Lima Forex

Lima Forex does not mention what trading platform is used by the trading software. This is a bigturn off because traders always want to know this. There is also no demo account that can be used to test this broker.

The leverage offered by this broker is up to 1:100. This is good offer. No trading products are mentioned as well. Lima Forex generally does not provide enough useful information.

Deposits And Withdrawal Methods

The page does not state the means that are open for payments. Minimum deposit is $25,000 and this is an outrageous amount. Obtainable average minimum is between $100 and $250. Other details like withdrawal charges are not revealed as well.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Lima Forex A Licensed Broker?

No. Lima Forex holds no license. This means that any fund misappropriation does not fall under the jurisdiction of any commission.

Further, it is revealed that Lima Forex is among the brokers blacklisted by the CNMV. The Spanish authorities has stated that traders are to avoid this broker.

Support

To contact a customer care agent, send an email to: [email protected]

Conclusion

First, the leverage offered by this broker is encouraging. However, many red flags like the lack of license, high minimum deposit, blacklisting by CNMV and lack of a demo account makes it difficult to trust Lima Forex.

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Lima Forex Review – is limaforex.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Individual $25 000 1:100 N/A

Lima Forex is a Peruvian forex broker that offers its clients a single account type, as well as several specialized ones (PAMM and ETF). Apart from their account types, we have serious concerns about this broker and the details will be highlighted below in this review. So, make sure you read it prior to investing any money.

Lima Forex Advantages

Leverage up to 1:100

In our view, the only possible benefit of this broker is that it allegedly provides solid leverage ratios, up to 1:100. Such levels will suit the needs of most traders.

For those of you who are not acquainted with margin trading, Leverage is a double-edged sword and can dramatically amplify your profits, however it can also just as easily amplify your losses.

Lima Forex Disadvantages

Not regulated. Incomplete company information

Unlike most brokers operating without a legitimate license Lima Forex actually admits that it is not regulated:

Click to zoom in (if you understand Spanish)

Nonetheless, this doesn’t make it more reliable. While it is true that the Peruvian legislation does not specifically cover forex and CFD intermediary services, there are many foreign brokers operating in the country, and some of them are licensed by well-established financial authorities such as the FCA in UK, or CySEC in Cyprus.

We keep reiterating that regulation is the single most important factor for the safety of any investment. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.

Click on any image to view larger.

All the more so, considering that Lima Forex’s website does not feature a company name, nor a contact number. There is only an address in Lima, Peru, however our investigation on the matter revealed that this is the address of the local American restaurant chain Popeyes.

Blacklisted by the CNMV

Furthermore, we found out that Lima Forex and the company behind it are blacklisted by the Spanish financial watchdog, the CNMV. This is a sign of trouble because the broker obviously targets European investors without being authorized. What is worse, in most cases financial regulators issue warnings against unregulated brokers after they have received complaints and alerts from traders who have fallen victims to scams.

No clarity on spreads, platform, no demo accounts

Lima Forex has not announced on its website essential parts of its offer such as the cost of trading and the platform it uses – the is no download link, nor a mention of the MetaTrader4 – the most popular forex trading platform.

What is worse, the broker does not provide free testing service either, so there’s no way to get informed on the spreads and the trading software. Such lack of transparency is typical of scam brokers. Taking into account the numerous complaints from people from Spain, Peru and Chile who said they lost money at Lima Forex, you’d better not risk it with this broker.

Excessive initial deposit

Clients of Lima Forex are asked to invest a minimum of $25 000, which is 100 times higher than what most forex brokers require as a start. Most brokers allow you to open a standard account with $100 – $250 or less, while some big names like IG do not have a minimum deposit requirement at all.

Conclusion

Overall, Peruvian brokerage Lima Forex appears to be one of the many scammers on the forex market. It targets Spanish and Latin American investors without any legitimate license. There are also a lot of questions regarding the company behind the operation and the trading conditions that remain unanswered.

All in all, traders should direct themselves to better trading options to which we have linked throughout this review. If you are looking for a brokerage with Spanish-speaking support and website and platform available in Spanish, you may check out a list of forex brokers that are legally operating in Spain.

And finally, here is a summary of our review on Lima Forex:

Pros Cons
Solid leverage No legit license, blacklisted by the CNMV
Incomplete company info
Spreads and platform unclear
No demo accounts
Excessive initial deposit
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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