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Lima Forex Review - is it scam or safe?

Lima Forex Review - is limaforex.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Individual  $25 000 1:100  N/A

 

Lima Forex is a Peruvian forex broker that offers its clients a single account type, as well as several specialized ones (PAMM and ETF). Apart from their account types, we have serious concerns about this broker and the details will be highlighted below in this review. So, make sure you read it prior to investing any money.

 

 

Lima Forex Advantages

 

Leverage up to 1:100

In our view, the only possible benefit of this broker is that it allegedly provides solid leverage ratios, up to 1:100. Such levels will suit the needs of most traders.

 

For those of you who are not acquainted with margin trading,  Leverage is a double-edged sword and can dramatically amplify your profits, however it can also just as easily amplify your losses.

 

 

Lima Forex Disadvantages

 

Not regulated. Incomplete company information

Unlike most brokers operating without a legitimate license Lima Forex actually admits that it is not regulated:

 

Click to zoom in (if you understand Spanish)

 

Nonetheless, this doesn’t make it more reliable. While it is true that the Peruvian legislation does not specifically cover forex and CFD intermediary services, there are many foreign brokers operating in the country, and some of them are licensed by well-established financial authorities such as the FCA in UK,  or CySEC in Cyprus.

 

We keep reiterating that regulation is the single most important factor for the safety of any investment. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients.

 

pic 

 

Click on any image to view larger.

 

All the more so, considering that Lima Forex’s website does not feature a company name, nor a contact number. There is only an address in Lima, Peru, however our investigation on the matter revealed that this is the address of the local American restaurant chain Popeyes.

 

Blacklisted by the CNMV

Furthermore, we found out that Lima Forex and the company behind it are blacklisted by the Spanish financial watchdog, the CNMV. This is a sign of trouble because the broker obviously targets European investors without being authorized. What is worse, in most cases financial regulators issue warnings against unregulated brokers after they have received complaints and alerts from traders who have fallen victims to scams.

 

 

No clarity on spreads, platform, no demo accounts

Lima Forex has not announced on its website essential parts of its offer such as the cost of trading and the platform it uses – the is no download link, nor a mention of the MetaTrader4 – the most popular forex trading platform.

 

 

>> Choose some of the best MT4 brokers <<

 

 

What is worse, the broker does not provide free testing service either, so there’s no way to get informed on the spreads and the trading software. Such lack of transparency is typical of scam brokers. Taking into account the numerous complaints from people from Spain, Peru and Chile who said they lost money at Lima Forex, you’d better not risk it with this broker.

 

Excessive initial deposit

Clients of Lima Forex are asked to invest a minimum of $25 000, which is 100 times higher than what most forex brokers require as a start.  Most brokers allow you to open a standard account with $100 - $250 or less, while some big names like IG do not have a minimum deposit requirement at all. 

 

 

Conclusion

 

Overall, Peruvian brokerage Lima Forex appears to be one of the many scammers on the forex market. It targets Spanish and Latin American investors without any legitimate license. There are also a lot of questions regarding the company behind the operation and the trading conditions that remain unanswered.

 

All in all, traders should direct themselves to better trading options to which we have linked throughout this review. If you are looking for a brokerage with Spanish-speaking support and website and platform available in Spanish, you may check out a list of forex brokers that are legally operating in Spain.

 

 

>> Forex brokers in Spain <<

 

 

And finally, here is a summary of our review on Lima Forex:

 

Pros Cons
Solid leverage No legit license, blacklisted by the CNMV
  Incomplete company info
  Spreads and platform unclear
  No demo accounts
  Excessive initial deposit
   

 

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Traders` reviews for Lima Forex

Spread

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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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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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