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FXLATAM Review - is it scam or safe?

FXLATAM review - Is fxlatam.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz FXLATAM
FXLATAM is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


FXLATAM is an offshore broker offering five account types with a leverage of up to 1:200 and a web based trading platform. Unfortunately the broker is not regulated, so if you are thinking about opening an account with them be sure to read this review first 

 
Trading account  Min. deposit Max. leverage Spread

Gold Account

$500 1:200 3.5 pips
Platinum Account $1000 1:200 n/a
Diamond Account $5000 1:200 n/a
Emerald Account $10 000 1:200 n/a
Crown Account $50 000 1:200 n/a
 

FXLATAM Advantages:

 

Over 50 forex pairs, various asset classes 

 

When we opened the FXLATAM trading platform we found a nice selection of currency pairs – well  over 50, many of which crosses, minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD and USDDKK. 

 

And apart from the forex market there were also a number of CFDs on  agricultural commodities like cocoa, coffee, corn, cotton, orange, soybean, sugar and what, oil, natural gas, silver, gold, platinum and palladium, stocks, ETFs, bonds, 23 indices and even crypto coins including Cardano, Bitcoin Cash, Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum Classic, Ethereum, IOTA, Litecoin. NEO, Qutum, Tron, Stellar, Monero, Ripple and Zcash. In any case, if you would like to trade with crypto assets, here you may also check our list of brokers, trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

Leverage of up to 1:200 looks good and yet you should not forget that higher leverage always comes with higher risk and should be used with extra caution, as it can erase your funds in a matter of minutes. Still, if you like the idea of trading with higher leverage you can always check our list of brokers regulated in Australia - the only major regulatory hub where, higher margin trading remains unrestricted, especially after the regulators throughout Europe, the USA, Japan and Canada capped the maximum leverage significantly below 1:100:

 

>>Brokers regulated in Australia<<

 

FXLATAM Disadvantages:

 

Not regulated

 

FXLATAM  is owned and operated by AMI Group LTD, which is based in  Kingstown, St. Vincent and the Grenadines. This is an offshore territory in the West Indies, with rather lax legislation and a financial regulator that does not pay attention to forex and CFD brokers. Of course, if FXLATAM  wants to offer brokerage services for example in the European Union they can always apply for a license by let say the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities Exchange Commission (CySEC).

 

Unfortunately they do not have any license and that makes trading with them quite risky.

 

The problem with all unregulated brokers is that they are completely unaccountable for the way they handle your money, especially if they are based in an offshore territory like St. Vincent and the Grenadines.

 

And besides, if you trade with a FCA broker you will even get an insurance of up to 85 000 GBP on your account, so here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual minimum trade volume requirements

 

Honestly we have rarely seen anything that insolent. FXLATAM says you will not be allowed to withdraw your own money, without trading them at least 5 to 10 times, depending on the account type. This is highly unusual see for your self:

 

 

Trading bonuses with additional withdraw conditions

 

FXLATAM do offer trading bonuses, and although that may sound nice, in truth bonuses are just a trap. All bonuses come with some special withdraw conditions, usually a minimum trade volume requirement. 

 

In the case of FXLATAM you will have to trade your trading bonus plus your deposit over 25 times before you will be able to withdraw. And as we noted in the previous paragraph, FXLATAM goes beyond that and requires you to trade your deposit at least 10 times even without a bonus. This is outrageous.

 

High spreads

 

As tested with a demo account the benchmark EURUSD spread was fixed as high as 3,5 pips and that is clearly unacceptable. Bear in mind that with a standard account traders usually expect spreads to start below 1,5 pips. Besides, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

The web based platform offered by FXLATAM lacks many standard features readily available with well known trading solutions like the MetaTader4.

 

 

For example we miss the option to run automated trading sessions with customizable trading robots, as well as some advanced charting tools and the numerous market indicators. So here you may also check our list of brokers supporting the MetaTrader4:

 

>>MT4 Brokers<<

 

Skrill not available as payment method

 

It is true that FXLATAM accepts payments with several e-wallets like QIWI Wallet, WebMoney, Yandex and WebPay, but they do not accept Skrill and that is notable, because of the recent anti scam policy adopted by the payment company. Since October last year Skrill requires brokers to prove they hold a legit license, especially if they are targeting customers in the European Union. As we already noted, FXLATAM is not a regulated broker.

 

Otherwise FXLATAM accepts payments with major credit or debit cards like VISA and MasterCard, as well as bank wire and even bitcoins, so here you may also check our list of brokers, where you may pay with bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

High minimum deposit requirement

 

For their starting Gold Account  FXLATAM wants you to deposit at least 500 USD and that is too much. Bear in mind that with most brokers you can start trading with about 250 USD, while with some big well established companies like FBS and IG you will be able to open a trading account with just a few dollars.

 

Conclusion:

 

FXLATAM is not a broker we can recommend. They are not regulated and on top of that have some rather unusual withdraw conditions, like a minimum trade volume requirement even without a bonus. So here we will repeat our usual advise to trade only with brokers, properly regulated by some of the well known financial watchdogs like FCA in the UK, the Australian Securities and Investments Commission (ASIC) in Australia or CySEC in Cyprus.

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Traders` reviews for FXLATAM

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