Updated on January 18, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding LionsFM due to the issues we've identified.
Is LionsFM Scam or Legit Broker? ▲
Trusting LionsFM with your investments poses a significant risk, as it operates as an unregulated offshore entity. Owned by EQUAL TARGET LTD., registered under number 101932 in the Marshall Islands, LionsFM highlights the inherent dangers associated with offshore jurisdictions. These locales commonly attract firms seeking to bypass stringent regulations and compliance standards crucial for financial investment and trading entities. Unfortunately, historical data indicates that a majority of these non-authorized firms fail to return investor funds. Hence, engaging with unlicensed companies, particularly those rooted in offshore zones, is fraught with risk, leading to our strong recommendation against trading with LionsFM or similar entities lacking proper authorization.
LionsFM markets itself as a brokerage with over two decades of trading expertise, promising low-risk investment opportunities and expert guidance. They claim to offer comprehensive access to global forex markets through user-friendly platform options, notably including the acclaimed Trading Station. However, the broker's credibility is severely undermined by a warning from the Austrian regulator FMA, which states:
"LionsFM is not entitled to carry out banking transactions in Austria that require a license. The provider is therefore not permitted to trade on a commercial basis."
This blacklist status, issued by an EU authority, signals a clear breach of regulatory requirements meant to stabilize market offerings, safeguard clients from fraud, and ensure the reliability of financial service providers. Without the necessary license to operate within the EU and other regulated jurisdictions, LionsFM's legitimacy is highly questionable, further emphasizing the risk associated with its services.
The evidence strongly suggests that investors and traders should steer clear of LionsFM and any broker registered in the Marshall Islands. The broker's lack of transparency regarding its regulatory status, trading conditions, and contact information constitutes a major concern for potential investors. In the realm of Forex trading, the importance of partnering with well-regulated brokers, such as those in the UK or Australia, cannot be overstated.
LionsFM Update
It has come to our attention that the LionsFM website is currently inactive, indicating that the broker has ceased its trading services and is no longer accepting new account openings. Despite this development, we urge traders to remain vigilant and exercise caution, especially if approached with trading proposals from this entity. The discontinuation of LionsFM's online presence does not eliminate the potential risk associated with its past operations.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
LionsFM Review 2024
