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Lamda Brokers Review - is it scam or safe?

Lamda Brokers review - Is lamdabrokers.com scam or good forex broker?

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

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Lamda Brokers claims to be a regulated forex and CFD broker based in what they call South Cyprus. There are a number of issues about the broker however, to start with the simple fact that there is not country called South Cyprus. We have Cyprus, which is part of the European Union and the occupied by the Turkish army norther part of the island, which is not officially recognized as a separate country except by Ankara.

 

On top of that, Lamda Brokers claims to be regulated both in Cyprus and the UK, which also turned out not to be true. So if you are about to open a trading account with them be sure to read the following review first.

 

Account type Min. deposit Max. leverage Spreads
Silver Account $100 1:400 1,2 pips, floating
Gold Account $250 1:400 1 pip
Platinum Account $1000 1:400 1 pip
ECN Account $3000 1:400 1 pip
MAM Account $3500 1:200 1 pip

 

Lamda Brokers advantages:

 

Lots of trading instruments

 

As we always start our reviews with any possible advantages about the broker, with Lamda Brokers this might be the selection of trading instruments, including 37 currency pairs some of which minor or exotic like USDNOK, USDSEK, USDPLN, USDMXN, USDZAR and USDTRY, as well as a selection of CFDs on gold, silver, natural gas, oil several indices, Bitcoin and Ethereum. If you are tempted by the idea of trading crypto however, here you may check our list of brokers offering bitcoin CFDs as well: 

 

 >>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

Leverage as high as 1:400 is rarely seen these days, especially since the European regulators followed the moves by their colleagues in the US, Canada and Japan and capped the maximum leverage allowed with forex transactions at 1:30. Now even the Australian Securities and Investments Commission (ASIC) is moving in the same direction, so basically the only remaining regulatory hubs where legit brokers can still offer higher leverage are South Africa and New Zealand.

 

A choice between MetaTrader4 and MetaTrader5

 

These are probably the most popular trading platforms on the market. Both feature numerous market indicators and trading robots that may help you run automated trading sessions. On top of that the platforms have excellent packs of advanced charting tools. 

 

 

Here you may check our list of brokers offering MetaTrader4:

 

>>MT4 Brokers<<

 

Acceptable minimum deposit requirement

 

You can open a trading account at Lamda Brokers with just 100 USD and that is fine. Still, you should have in mind that some big players like FBS and IG will allow you to start trading with just 5 USD or even less.

 

Acceptable spreads

 

As tested with a demo account the benchmark EURUSAD spread floated about 1,1 pips – 1,2 pips, which looks fine with a standard account. Still, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Lamda Brokers Disadvantages:

 

Falsely claims to be regulated

 

As we already noted Lamda Brokers, owned and operated by Lamda Brokers LP, claims to be based in a unexciting country - “South Cyprus” and to be regulated both by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). 

 

 

So we diligently checked the registers of FCA and CySEC, but were unable to find Lamda Brokers there.

 

That means Lamda Brokers is deliberately trying to mislead their customers in an apparent attempt to scam them.

 

Our advise in such ceases is always to double check any information a broker publishes on its home page and to trade only with properly regulated brokers. On top of that with a FCA broker you will even get an insurance on your account, which will cover up to 85 000 GBP of your funds. Here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Client Agreement not available on the Lamda Brokers homepage

 

By signing for a trading account every trader must agree with certain Terms and Conditions, set by the broker in a legal document. But when we tried to open that document with Lamda Brokers it turned out we can not see it. Bear in mind that you should never agree with something you have not read.

 

 

Conclusion:

 

The fact that Lamda Brokers deliberately tries to mislead their customers that they are authorized in Cyprus and the UK speaks for it self –  Lamda Brokers is not a legit broker and most probably is involved in scam. Here we will repeat our usual advise to chose only among  licensed brokers, regulated by well known institutions like the FCA in the UK or CySEC in Cyprus.

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Traders` reviews for Lamda Brokers

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Price feed

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Deposit/Withdraw

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