LandFX: analysis of trading reality with a broker
Day by day, the number of people looking to earn money in financial markets is increasing, bringing with it an increase in scammers preying on newcomers. They disguise themselves as honest companies and are not always recognizable at first glance. One such company is LandFX, which we will tell you more about in our review.
The essence of the LandFX website
The LandFX website is presented on the Internet quite qualitatively – simple design with informative content. However, experience has taught us not to trust superficial impressions. It is important to carefully study the information provided by the intermediary.
The first thing to pay attention to is the experience of the trading agent. It is claimed that the company has been providing services since 2013. Checking the registration date of the domain name will indicate that the site has indeed been in existence for a long time – since October 17, 2012.
However, there is no information in the web archive about the site’s operation before 2019, which may indicate its ownership by another company.
Legal form of interaction
The company’s units are managed by Land Prime LTD. The company’s location is hidden, but user reviews point to offshore registrations in Saint Vincent and the Grenadines. A few years earlier, the local supervisory authority warned about uncontrolled broker activities in this region, which becomes a convenient field for financial predators.
The company claims that its activities are regulated by the Finance Services Authority (FSA), but the specified license number (23627 IBC 2016) is fictitious. There is no FSA. Instead of the FSA, the Financial Conduct Authority (FCA) was created in 2013 as the financial regulator of the United Kingdom.
LandFX UK Limited, holder of license number 709866 from 2016, is listed in the database of this regulator. The company has a website similar to LandFX, but with its own rules.
Trading opportunities and conditions
LandFX offers free education, but according to user reviews, this is just a trick. Scammers seek to attract traders by simulating profitable trading on virtual funds. A savvy choice of tools allows financial fraudsters to manipulate quotes and drift with deposits.
LandFX offers two types of trading accounts:
- Standard. Minimum deposit – from $300. Leverage up to 500 times (with more reliable intermediaries, it is reduced to 20-40 times), spreads from 0.8 pips, a 10% bonus on deposits, Margin Call 30%, non-zero commissions, hedging allowed.
- ECN. Minimum investment – from $2,000. Leverage up to 200 times, trading on MT4, spreads from zero, commission from 0.3 pips.
Reviews and experience
Experienced users reveal the truth about their interaction with LandFX. The company is accused of fraud and refusal to withdraw funds.
Deception methods at LandFX
LandFX actively promotes its product through affiliate programs with generous rewards, as well as artificially boosted accounts on social networks. Many clients start with demo accounts and then move on to real ones, lured by generous offers and the prospect of high profits. Remaining uninteresting to the company, their deposits are quickly depleted. Special software is used for this purpose. Claims against the user due to documents are impossible, as the company excludes its financial responsibility (which is firmly stipulated in the internal rules).
Review conclusions
LandFX does not bring the desired profit. This offshore company makes every effort to extract all possible funds from you. Be cautious, the Central Bank of Russia has already blacklisted them. The pseudo-intermediary has serious documentation problems, does not strive for honest work, and refuses to take responsibility for potential client losses. The best solution is to avoid this broker.
