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LyxMont is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Lyx Mont scam works by getting you to believe you can become rich by trading with them.
Signing up with an online broker is how you take your first steps in the online trading world. But, this does not mean that it is easy to do so. While there is no denying the convenience and benefits that traders can enjoy due to online trading nowadays, you should not forget that there are risks that you have to consider as well.
One of the biggest ones is the possibility that the brokerage you choose could be a scam. These are quite the common phenomenon in the trading markets, which means that you are likely to wonder about a broker’s authenticity no matter how good it seems. But, how to be sure? This LyxMont review could be helpful in this scenario.
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Most of the people venturing into the online trading world are aware of scam brokerages that could try to swindle you, but are not familiar with how they operate, or what ways they can be identified. This is one of the top reasons that these fraudsters have continued to be successful in conning people, despite people being aware of them.
You do not want to take such a risk because it could mean massive losses, so the best approach is to know what to expect. In this way, you will be able to select the right brokerage for your trading needs and not fall into a trap.
While scams cannot be legitimate brokers, they try their best to mimic them as closely as possible, making it difficult for people to see through their façade. But, if you are willing to make the effort, you will be able to do so.
It is what you can do with LyxMont, which has presented itself as an innovative forex brokerage. It claims to bring professional services and offerings to the table, but you can see that this is not the case when you take a closer look. In fact, LyxMont seems to have all the signs of a scam. What are they? You can see them as follows.
The most prominent sign of a scam broker is its lack of licensing and regulation. Almost every jurisdiction requires companies to be licensed for providing their services because it adds a layer of security. Licensed companies will have to maintain standards, provide security and can also be held accountable, which ensures maximum consumer protection. There is a criteria to be met before a license is issued and scammers cannot meet it.
Where does LyxMont lie in this regard? When you go through its website, you will notice that the topic of licensing and regulation has not been conveniently discussed by the brokerage.
There is absolutely no mention of this anywhere and this is suspicious because legitimate companies are usually open and upfront about their licensing because their goal is to reassure their clients. Since LyxMont has not mentioned anything itself, you have to do some digging.
When you look into where LyxMont is based, you will find out that the company is registered in Saint Vincent and the Grenadines. This is essentially an admission that the brokerage is a scam because the offshore location has a reputation of being a hotbed for scams. Why? This is due to the fact that the financial regulators of the region have stated that they do not regulate the forex industry. It implies that companies based there are not under any kind of oversight.
Therefore, it is not surprising that it has attracted the wrong kind of attention. It also means that LyxMont does not have any credibility because it is operating from such a location.
Bonus and its policy
If you do some research into the signs of a scam, one of them will be the offer of trading bonuses. This does not make sense because bonuses should be considered a good thing. But, the problem here is that these bonuses usually have strings attached and since they became more and more outrageous over the years, regulatory authorities decided to ban this practice. Thus, bonuses are not permitted in a number of countries and it is frowned upon in others.
It is mostly scammers that offer these bonuses and they have malicious policies attached, which you will get to see firsthand at LyxMont. Not only is it offering trading bonuses, it has a malicious policy to go with it. The policy says that traders receiving a bonus at LyxMont have to meet a minimum trading volume requirement before they will be allowed to make withdrawals from their account. No legitimate company would or should stop you from accessing your own funds.
This is the first problem with LyxMont’s bonus policy. The second is that the minimum trading volume requirement that has been outlined is so high that even professional traders may not be able to achieve it. Hence, your money will remain inaccessible and LyxMont will be able to take your funds.
Trading platform access
The trading platform is primarily used for your trading activities and it varies from broker to broker. A web-based trading platform is advertised by LyxMont and you should certainly check it out before signing up in order to ensure it can get the job done. However, you will find that you cannot take a look at the platform that LyxMont is offering because it first requires you to register and verify your account.
This means that you have to share personal information and documents with LyxMont before you can see the trading platform and this is not something a genuine broker would do. Not only should you be able to view the platform, they should also give you a demo account to test it out. But, LyxMont is doing no such thing and demands that you hand over your documents.
You will also see that there is a lack of transparency at LyxMont in regard to the trading conditions it supports because there are no spreads or leverage mentioned on the website. It also has a minimum deposit of $500, which is considered high.
All the problems that you are able to identify in LyxMont show that the broker is likely another one of the scam operators in the market.