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Lagal CFD Review - is it scam or safe?

Lagal CFD review - Is legalcfd.com scam or good forex broker?

RATING: 1 / 1 REVIEWS Lagal CFD
Lagal CFD is an offshore broker. Your money is not safe.

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Lagal CFD is a unregulated forex and CFD broker with some focus on the crypto market. They are offering several account types on a web based trading platform and also managed accounts, which we find disturbing and will discuss latter in our review at length.

 

Account type Min. deposit Max. leverage Spreads
Entry Accpunt $250 n/a n/a
Traders' Account $3000 n/a n/a
FX Traders' Account $10 000 n/a n/a
Pro Traders' Account n/a n/a n/a

 

Lagal CFD Advantages:

 

A good array of crypto CFDs

 

And although Lagal CFD offers quite a variety of crypto CFDs with most major coins like Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum Classic, Ethereum, FunFair, Gas Coin, IOTA, Komodo, Litecoin, NEO, Nxt, Augur, StarCoin, Tron, Stellar, Monero Ripple, Tezos, Verge, Zcash and Ox, there are quite a few classic forex pairs – just 23, with South African Rand, Turkish Lira, Russian Rubble, Mexican Peso and Hungarian Forint the only exotic currencies in the list.

 

Other trading instruments include CFDs on some stocks, 8 indices, gold, platinum, silver and oil. Still, if you are interested in trading crypto assets – the biggest selling point with Lagal CFD - you may try our list of brokers also trading Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Acceptable minimum deposit requirement

 

Lagal CFD offers four account types with 250 USD minimum deposit requirement for the Entry Account. That is in line with what most other brokers would ask for, and yet, have in mind that with some big, well established players like FBS and IG you can start trading with just 5 USD or even less.

 

Lagal CFD Disadvantages:

 

No license

 

Lagal CFD is owned and operated by FTM Consulting EOOD, a company based in Bulgaria, which unfortunately does not have a license to provide financial services by the local Financial Supervision Commission (FSC) or any other official regulator for that matter. That makes Lagal CFD's operations throughout Europe, the US, Australia or any other regulated market totally illegal.

 

As a rule of thumb unregulated brokers can not be trusted, because the safety of your investment will be guaranteed solely by the integrity of the people, who run them. Honestly that is not too good of a bet. 

 

So here our advice as always is to deal only with brokers, licensed by official regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or even the Bulgarian FSC.

 

Among other benefits, trading with a regulated broker will grant you a negative balance protection, which means you can not loose more money than you have invested. Additional safety comes form the fact that regulated brokers are obliged to allow external audits and file regular reports. They also have to maintain at all times a certain minimum operational capital and to keep all clients funds in a segregated, form their own account. On top of that regulators throughout Europe such as CySEC require brokers to participate in client compensation schemes, which basically insure traders money for at least 20 000 EUR, payable in case a broker files for bankruptcy.

 

Besides the insured amount with FCA brokers is as high as 50 000 GBP, so here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

If you accept a trading bonus by Lagal CFD you will have to cover a certain minimum trade volume requirement equal to 30 000 USD for each bonus dollar you have received. We should note that this might prove quite challenging even for professional traders. 

 

Also, it turns out Lagal CFD are offering what they call MAM accounts, which are basically managed accounts from which you have no right to withdraw the first 6 months after you have made the deposit. That we should note is a highly controversial practice, which is avoided by all legit brokers. Basically,  Lagal CFD is a Market Maker, which means that they make money, if traders loose. That is why it is a conflict of interest that they offer managed accounts. See for your self:

 

 

Skrill and Neteller not accepted as payment methods 

 

Lagal CFD accepts payments with major cards like VISA and MasterCard, but does not accept e-wallets like Neteller and Skrill. Besides, since last October Skrill requires all brokers to present a legit license, if they want to use its services in the European Union. As we noted Lagal CFD does not have a license to provide financial services, so its not a surprise that they do not use Skrill. Besides, here you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting payments with Skrill<<

 

No demo account available

 

While checking the  Lagal CFD trading platform we noticed the benchmark EURUSD spread to float around 0,9 pips – 1 pip, which is good, if we are talking about a standard account. Unfortunately we can not be sure if the trading platform mirrors an entry level account or one of the premium accounts. Also, Lagal CFD does not mention what leverage do they offer. In any case here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Another setback is that Lagal CFD does not support a reliable trading platform such as MetaTrader4, but instead offers a pretty lousy web based platform, lacking many of the standard features readily available with MT4, like the option to run automated trading sessions, with the help of specially designed trading bots, as well as the numerous market indicators and charting tools. See for yourself:

 

 

Here you may check our list of brokers, supporting MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Lagal CFD is a unregulated broker with rather limited credibility, which on top of that offers managed accounts – something that our experience shows is a recipe for a scam. As always in such cases our best advice is to trade only with brokers regulated by reliable financial institutions such as FCA, CySEC or ASIC.

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Traders` reviews for Lagal CFD

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Scamed by legalCFD

I invested $250 us dollars and got my account up to $320000.00 us dollars they had no idea how I did it. When it came to me wanting to withdrawal money they where rude abrupt and threatened me with legal action because I wouldn't pay the upfront withdrawal request of 12% and they closed my account with all the money I had accumulated from trades.

Daniel 01/14/2019
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