Lplinvest Review – See Through the Ruse

Lplinvest Review

Do you want to start online trading? Nowadays, many people are eager to dive into the space because it has proven to be profitable regardless of the economic situation. But, this doesn’t mean that you throw caution to the winds in your eagerness to begin. You still have to take your time, which means not invest your money with the first broker you come across. Scam brokers are certainly not a myth and can leave you empty-handed in one go. This is a situation you want to avoid at all costs and it is only possible if you are diligent. This Lplinvest review can tell you just what you need to look at.

The reason most people fall for these fraudsters is because they are unable to distinguish them from authentic platforms. The scammers are quite skilled at what they do and they deliberately add features and services they know will lure in potential victims. They also create an impressive front to draw attention and if people were to sign up without really looking, they would end up becoming a victim. You have to learn to see through the ruse and this is something you should do in the case of Lplinvest as well.

When you first check out LPL Invest, which is also known as LPL Financial, you will discover that it claims to be a global forex and shares brokerage, which is operating from Dortmund, Germany and is regulated in multiple jurisdictions. They also claim to be offering their services to somewhere between 500,000 and 5 million traders globally. These two figures are given separately in their presentation. But, what is the reality? You can find out below:

A blacklisted broker

The licensing and regulation of a broker is what determines its authenticity and gives traders peace of mind because they know they are dealing with a reliable firm that can be held accountable. Yet, you will find that Lplinvest is only claiming to be licensed and has actually been blacklisted rather than authorized. According to the brokerage, it is owned and operated by a company named WP HOLDING UND MANGEMENT LTD, which is located and also regulated in Germany.

However, BaFin, the financial regulator in Germany, has clarified that the company has not been authorized to provide any services in the country. The warning has mentioned that by all appearances, the brokerage is providing their services without proper authorization, which means it cannot be trusted. Furthermore, Lplinvest also claims to be licensed by the Australian Securities and Investment Commission (ASIC), the Financial Conduct Authority (FCA) in the UK, and the Financial Sector Conduct Authority (FSCA) in South Africa.

But, when you go through the online registers of these authorities, you will not find Lplinvest listed anywhere. This is further proof that the broker is just lying about its licensing and regulation and this makes it a scam. As a matter of fact, if you do some digging, you will come to know that this may just be part of a serial scam. What does this mean? It means that it has the same layout and even content that can be found on a number of other websites. One such website is cptfinancial.com. This is another indication that Lplinvest is just a scam because these groups tend to operate similar websites and shut one down and set up another with a different name.

Attempts to steal your information

Another reason that should push you away from Lplinvest is the AnyDesk feature that you will see on their website. It is part of their presentation and this application is designed to assist users in being able to access their PC environment no matter where they are. If you follow the instructions given by the broker i.e. download and install the AnyDesk application on your device and share the installation details with them, then you are essentially exposing yourself.

The scammers behind the Lplinvest website will be able to access all the data you have on your computer, or smartphone, which includes all sensitive information you may have. Your credit card numbers, banking information and passwords will be accessible, which leaves you vulnerable and they can easily steal your data as well as the money you have in your bank account.

Unproven trading platform

The most vital feature that a broker has to offer to traders is the trading platform because this software is used for executing trades in the financial markets. Hence, it is understood that this needs to be top of the line in order to do its job. Unfortunately, this is not something Lplinvest is capable of delivering. They provide an oversimplified web trading platform that does not offer you anything special. In contrast, if you were to sign up with an authentic and genuine broker, you would find a good and dependable trading platform like the MT4, the MT5, or the cTrader. These are known as the top trading platforms in the market and any broker worth their salt would offer these to their clients.

Crypto payments accepted only

The payment methods of a broker are definitely relevant, not just because of the convenience, but also because of safety. You want to be able to get your funds back, even if there is a problem, but this is only possible when the right payment methods are provided. The presentation of Lplinvest shows a horde of payment options, such as VISA, MasterCard, Skrill, PayPal and Neteller, but the reality turns out to be polar opposite.

You will learn that Lplinvest only accepts payments in cryptocurrencies like bitcoins. While it does make them sound like a very modern broker, you should bear in mind that crypto payments are permanent and irreversible, which means no chargeback is possible. They also tend to be quite anonymous, so you will not be able to track them at all.

Bottom Line

These flaws that you find in Lplinvest can help you see through the ruse and figure out that this is a scam broker and not an authentic one.