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LatAm FX Review - is it scam or safe?

LatAm FX Review - is latam-fx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS LatAm FX
LatAm FX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Minimum deposit Maximum leverage Average Spread*
Mini  $200 1:200 2.3 pips
Classic  $5 000 1:200 1.7 pips
Platinum  $25 000 1:100 1.0 pips

 

*Spreads are as announced on the broker’s website. However, those on demo accounts are higher.

 

As its name suggests, LatAm FX is a forex broker that targets investors from Latin America. It offers the trading accounts listed above and uses Trading Station platform.

 

Is it safe to invest with LatAm FX? Probably not. Read on to understand why.

 

 

LatAm FX Advantages

 

Uses FXCM’s Trading Station

One of the few things we like about this broker is the fact that it offers trading on FXCM’s in-house award-winning platform Trading Station.  The platform comes equipped with a powerful charting package, including an array of custom indicators, and also offers automated strategies. Here is a snapshot:

 

 

LatAm FX’s Trading Station. Click to zoom in.

 

Solid leverage

Leverage is a bit controversial topic, yet many traders like using solid leverage levels. That is why we consider the fact that LatAm FX provides up to 1:200 in leverage as an advantage. Such leverage ratios are not dangerously high, but will suit almost all trading styles.

 

 

LatAm FX Disadvantages

 

Not regulated

According to the information on its website, LatAm FX is operated by Latam Global Markets Inc., a company registered offshore, in the Seychelles. This basically means that that the broker is not licensed, nor under the supervision of any financial authority.

 

Before investing with, LatAm FX or any other offshore entity, you should know that doing business with non-regulated (or offshore) companies is extremely risky. First, the forex trading itself is quite hazardous. Second, when investing with an unregulated company, traders have no assurance for the security of their funds. Third, most unregulated brokers turn out to be scams.

 

High spreads, limited CFD offering in demo environment

According to the information on its website, LatAm FX’s typcal spreads on Mini accounts are 2.2 – 2.4 pips on EUR/USD, which is not a competitive pricing. When we tested the broker’s Trading Station in demo mode, we found the spreads even higher, floating around 2.9 – 3.0 pips on EUR. USD.

 

Those of you who are familiar with the industry will know that even a spread of 2 pips is more than expected for a major pair. 

 

 

>> Check out the spreads of some top-tier brokers in real time <<

 

 

Besides, although LatAm FX claims to offer wide range of trading instruments, only forex and gold were available for trade on its demo Trading Station.

 

MT4 not supported

Although FXCM’s platform is good enough, most traders still prefer the popular MetaQuotes software. MetaTrader 4 (MT4) has become the industry’s standard platform for a reason – it is a perfectly equipped trading terminal that provides all the necessary tools and features to analyze price dynamics of financial instruments, trade, and create and use automated trading programs (Expert Advisors).



>> Find the best MT4 brokers here <<

 

 

Conclusion

 

LatAm FX is yet another unregulated broker on financial markets. It obviously targets Latin American traders, but its offer is not that attractive, and the broker is definitely not a reliable one.

 

You’d better select among brokers regulated by trustworthy authorities such as UK’s FCA, or Australia’s ASIC, where regulation and supervision is strict and your funds will be safe. In fact, many of them have Spanish versions of their websites, as well as Spanish-speaking support.

 

Let’s sum up the above:

 

Pros Cons
FXCM’s Trading Station offered Not regulated
Up to 1:200 in leverage MT4 unavailable
  High spreads, limited CFD offering on demo accounts

 

Latest news about LatAm FX
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Traders` reviews for LatAm FX

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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