LSA Trading Review
The markets are teeming with brokerages these days because there is a huge demand for them. Millions of people all over the globe are engaging in online trading and this means they need their services. If you check out even a handful of them, you will find that each of them promises you the best trading experience. Obviously, no company will ever disclose its own flaws and this means you have to do your own digging to find out, which means looking at this LSA Trading review.
It is important to not skip this step, no matter how eager you are to start trading. This is because, first the broker you choose will affect your trading experience. Secondly, there are scam and fraudulent brokers in the market disguised as legitimate ones and if you don’t do your research, you could become a victim. This is not something anyone wants to deal with and the only way to avoid it is by choosing a platform with caution. LSA Trading is one of the platforms you will find and its regulatory claims might impress you, but you have to check it thoroughly before you make up your mind. What does that include?
You can go through the following LSA Trading review to find out if this brokerage is a legitimate one or not:
Licensing and Regulation
The best way to determine if a broker is legitimate or not is by taking a look at its licensing and regulatory status. Genuine companies are usually registered and licensed in the jurisdiction they are based in and are subject to rules and regulations when it comes to offering trading services. These are meant to protect the company as well as its clients. A look at LSA Trading shows that the broker claims to be licensed by the Financial Commission (FinaCom) and a regulator called IFCOMM.
Someone who is not familiar with the financial markets will be impressed that the broker is a regulated one, but you have to follow up and verify all claims before declaring a platform legitimate. The problem with LSA Trading is that even though it claims to be based in London, it does not have a license from the Financial Conduct Authority (FCA). This is the regulatory authority for the United Kingdom and brokerages cannot operate in the region without a license from them.
Therefore, any regulation from FinaCom or any other regulator immediately becomes irrelevant. Secondly, you will find that even though LSA Trading has a fabricated license on its website from the FinaCom, it is not authentic as the regulator itself has issued a warning against the broker. Furthermore, the other regulator that LSA Trading has mentioned i.e. the International Finance Commission (IFCOMM) is also a fraudulent entity. It has been blacklisted by the Swiss Financial Market Supervisory Authority (FINMA), which does not raise the credibility of the broker at all.
People need the services of an online broker to trade because these companies provide a trading platform that gives you access to the markets. There are different types of trading platforms that exist, but the most renowned and top solutions are the MT4 or the MT5 trading platforms. Legitimate and professional brokerages offer one or both of these platforms to their clients to help them trade smoothly and seamlessly.
The fact that LSA Trading advertises the MT5 trading platform would obviously attract the attention of many traders. The problem is that there really isn’t a platform available on their website. Even after you sign up, all you will find is a dashboard that seems to have a technical analysis section and an economic calendar that you cannot use for trading.
This clearly indicates that the LSA Trading platform is nothing but a scam because they don’t even have a trading software, which is the most crucial offering of a broker.
It is understood that you wouldn’t want to sign up with a broker without knowing what trading conditions they offer. This means taking a look at the leverage you will be provided because this will give you room to make trades. Secondly, it is also necessary to check what kind of minimum deposit you will be asked to make because you want to ensure it meets your budget.
Unfortunately, you will be disappointed with LSA Trading in this regard because you can scour their entire website and not find any such information available. There is no mention of what kind of leverage they offer and neither have they bothered to disclose the minimum deposit they will need. These are all warning signs because authentic and legitimate brokers are open and transparent about their offerings, so their clients are aware of what to expect.
Another important avenue you need to explore when it comes to an online broker is their payment methods. Yes, every trader wants to find convenient and simple payment solutions that allow them to make deposits and withdrawals easily. There are wire transfers, debit and credit cards and even online payment options that brokerages offer.
The problem with LSA Trading is that this is another piece of information they have not mentioned. You will find no details available about the payment methods they support and this is a big concern. It is recommended that you opt for a broker that offers debit and credit card support, such as VISA and MasterCard because these come with a chargeback option. This means you can get a refund if there is a problem.
Since LSA Trading has not bothered mentioning their options, there is no way to know if cards are included. Plus, as mentioned earlier, genuine companies do not hide information from their clients.
Considering the fact that the claims about regulation by LSA Trading are false and that they are offering vague details about their services, it is easy to assume that it is not a legitimate broker. They don’t have any signs of a good and reliable broker, so it is best to skip this option.