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Logipip Review - is it scam or a safe broker?

Logipip Review - Is logipip.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Logipip
Logipip is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts

 

Account type Minimum deposit Maximum leverage Minimum trade size Spread
Mini $250 1:200 0.01 From 1.pip*
Standard $1,000  1:200  0.01 From 1.pip*
Pro $10,000 1:200  0.10 From 1.pip*


 *These are the broker’s claims, while our testing with the demo version revealed different conditions.

Logipip is a forex broker, which also offers CFD trading. The company’s website has some self-contradictory statements, regarding the trading conditions. This immediately leaves a negative impression.


 
The Company. Security of Funds

 

Company

Country Regulation
LogiPip Ltd. Saint Vincent and the Grenadines N/A

 

Logipip is registered in Saint Vincent and the Grenadines. Off-shore companies carry a lot of risks, which we have covered extensively in this post. On top of that Logipip does not claim to be overseen by any regulatory agency.



Financial regulation is the most important aspect of a broker’s credibility. This is due to the fact, an unregulated company may simply be a scam. You have no guarantee you will be able to withdraw your funds, after investing with such an entity.



Different jurisdictions have different agencies with varying degrees of stringency. Take the UK’s Financial Conduct Authority (FCA) as an example. It mandates brokers to keep clients funds in the so called “segregated accounts”. This is a mechanism which prevents free access to the trading capital, invested by clients. In essence this prevents the most basic fraud – not returning any money to clients. Another key ruling is the implementation of a compensation scheme. It functions pretty similarly to an insurance company. Brokers are forced to deposit a portion of their profits to a common pool, which later serves as a guarantee, in case one of them goes bankrupt. Trading with an FCA-regulated broker will cover your account up to £50,000.




Trading Conditions


 
Minimum Initial Deposit

There is a bit of misleading information on the minimum deposit requirement at Logipip. While the smallest account type starts at $250, the website also claims the minimum deposit is $100. We are not certain which one of the two is true.



That being said, less experienced traders may want to start out with even less than $100, just to see if forex trading is something for them. Luckily for them, other brokers have lower requirements, like the FCA-regulated industry leaders at IG, who don’t have an entry barrier.


 
Average spreads & Commissions

The costs of trading at Logipip are not that clear. On one hand, the website claims spreads start from 1 pip, while our testing with the demo platform indicated spreads above 2 pips on the major currency pairs. At the same time, some currency crosses have the spread even below 1 pip. At this point we can’t confirm what conditions you will get with a real account at Logipip. On the other hand, you can always compare the conditions provided by some of the industry leaders at out special spread comparison page.



Leverage

Logipip provides a maximum leverage of 1:200. This is a perfectly suitable ratio for most trading systems, although you may think it is low if you follow the current offers, provided by other brokers. For instance XM offers 1:888 in leverage, which sounds catchy by the way.



Keep in mind a higher ratio only allows you to take a bigger risk (as a portion of your account balance). Aggressive trading usually doesn’t lead to anything good in the long run.



Trading Platforms


 
The trading platform provided by Logipip is MetaTrader 4 (MT4). This is the current industry staple, which is supported by a lot of forex brokers. There are multiple reasons for that, with its functionality being at the top of the list. The charting is so good, some traders who are used to it keep a demo version running, even if their current broker offers a different platform. On top of that, MT4 supports a lot of custom add-ons, such as newly developed technical indicators as well as automated trading systems (better known as Expert Advisors).



MetaTrader 4 also has a mobile app, available for both Android and iOS. It offers most of the capabilities of the desktop version, with crisp charting and multiple technical indicators being available.



Here is a preview of the platform provided by Logipip (click to zoom-in):

 


 

Methods of Payment


 
The payment options at Logipip are Credit/Debit Card, Skrill, Neteller and eHKconnect. The focus is clearly on the newer methods, as the more traditional wire transfers are not listed on their Funding page.


 
Conclusion


 
Logipip is an unregulated, off-shore broker. While this is usually enough for us to not recommend dealing with the company, there are a few more issues. The most noticeable one is the conflicting information on the trading conditions on the company’s website. Here are the pros and cons of Logipip:

 

Pros Cons
MetaTrader4 Platform MetaTrader4 Platform
  Off-shore registration
  Lack of clarity on trading conditions

 

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Traders` reviews for Logipip

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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Deposit/Withdraw

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Customer service

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Summary

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complain

logipip support doesnt asnwer my emails and their mt4 platform login details it is not provided on email

Bongani Mashimbye 10/22/2017
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