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LKM Groups Review - is it scam or safe?

LKM Groups review - Is lkminvest.com scam or good forex broker?

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

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 LKM Groups is an anonymous, unregulated forex and CFD broker, offering four account types with a leverage of up to 1:400 and the MetaTrader4 platform. The brokers claims to be based in London, but we are not convinced about that as they are not registered with the local financial regulator. In any case, if you are thinking about opening an account with them be sure to read this review first.

 

LKM Groups Advantages:

 

Over 70 currency pairs

 

Talking about advantages this is surely one. When we opened a demo account with LKM Groups, on their trading platform we counted 75 currency pairs, many of which exotic or minor like USDTRY, USDNOK, USDSEK, USDHUF, USDSGD, USDPLN, USDRUB, USDZAR, USDMXN, USDILS, USDHKD, USDCZK, USDDKK and USDCNH.

 

And there were other trading instruments as well, namely CFDs on gold, silver, platinum and palladium, natural gas, oil and 9 indices. Still, as we do not see any crypto CFDs here you may check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:400

 

The option to trade with higher leverage is also considered an advantage, although higher leverage significantly increases the risk for losing your funds with any more pronounced fluctuation of the market. And exactly because of this in the past few years most regulators caped the maximum leverage allowed on the retail forex market, leaving Australia the only regulatory hub where margin trading is still unrestricted. Besides, here you may check our list of brokers, regulated in Australia:

 

>>Brokers regulated in Australia<<

 

MetaTrader4 supported

 

MetaTrader4 is undoubtedly the most widely used trading platform on the market. And apart from its user friendly interface and excellent charting tools, it also features over 80 customizable market indicators and numerous market bots, allowing traders to run automated trading sessions. And besides, here you can also check our list of broker offering MetaTrader4 as well:

 

>>MT4 Brokers<<

 

LKM Groups Disadvantages:

 

Anonymous website, no license

 

As we noted LKM Groups, owned by LKM Groups Ltd., claims to be based in the UK. And they even tries to convince their customers that they are regulated by the local Financial Conduct Authority (FCA). 

 

 

Unfortunately, as we checked the FCA registers we were unable to find neither the broker nor the company it represents there. So basically this is just another unregulated web site, which dose not have legal right to provide financial services on regulated markets like the EU, UK, Australia, Canada, Japan or the USA. 

 

Bear in mind that your funds are safe only with brokers licensed by official financial authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). 

 

And besides among other benefits you can enjoy with regulated brokers, with all EU licensed brokers your funds will be guaranteed by special client compensation funds – up to 20 000 EUR with CySEC regulated brokers and up to 50 000 with brokers regulated by the FCA in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Unusual Terms and Conditions

 

While going through LKM Groups Terems and Conditions we came across a rather strange clause, according which the client gives LKM Groups authorization to withdraw finds form his or her bank account. See for yourself:

 

 

On top of that LKM Groups reserves the right to keep all clients money with a third party outside the jurisdiction, where they are based. This is also highly unusual.

 

 

Unusual withdraw conditions

 

Here we are not talking about bonuses, that are usually linked to special withdraw conditions and are highly controversial as a whole. LKM Groups requires you to trade 1 million euro for every 10 EUR you have deposited and this is simply outrageous. See for your self:

 

 

And finally have in mind that LKM Groups reserves the right to change their Terms and Conditions on their sole discretion.

 

Excessive minimum deposit requirement

 

The minimum deposit requirement to start trading with LKM Groups is 500 EUR and that is at least twice higher than the cash most other brokers require as a starting investment. And besides some big name like FBS and IG do not have a minimum deposit requirement at all.

 

High spreads

 

LKM Groups says that with its starting Economy Account the benchmark EURUSD spread will float around 2,2 pips.  Have in mind  that such a spread is almost twice higher than the spread traders would usually considers acceptable with a standard account. Here you may chek our list of brokers offering tighter spreads as well:

 

>> Lowest spread forex brokers<<

 

Few payment methods

 

LKM Groups accepts payments with VISA, MasterCard, American Express and bank wire, but not e-wallets like Neteller and Skrill and that is another disadvantage. Here we should note as well that recently Skrill adopted a new anti scam policy, according which only brokers with legit licenses will be allowed to use its services in Europe. As we already noted, LKM Groups does not have a license.

 

Conclusion:

 

LKM Groups is a unregulated, anonymous website about which we have very strong suspicion that they are involved in scam. On top of that they have some very strange terms and conditions, restricting your right to withdraw. That is why we strongly recommend you to avoid such websites and to deal only with brokers, regulated by respected financial authorities such as the FCA, CySEC or ASIC.

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Traders` reviews for LKM Groups

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