Lilauto Trade – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Lilauto Trade - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://lilautotrade.com
Founded: 2024
Regulations: Unregulated
Languages: English
Deposit Methods: Cryptocurrencies
Minimum Deposit: £500
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Currencies, Stocks, Indices, Crypto, Commodities
Trading Accounts and Conditions
Lilauto Trade offers their clients the following types of trading accounts:
- Starter: The initial minimum deposit is £500.
- Classic: The initial minimum deposit is £5,000.
- Platinum: The initial minimum deposit is £10,000.
The broker does not specify the cost of a trade. They only state that spreads are tight. Commissions are not mentioned at all. The leverage offered is not mentioned either. In fact, no other trading conditions are mentioned besides the minimum initial deposit requirement.
Lilauto Trade – Advantages
There are no advantages to trading with Lilauto Trade.
Lilauto Trade – Disadvantages
Listed below are all the red flags that tell us that Lilauto Trade is a scammer:
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Lack of Regulation
The first and most serious issue we have found with Lilauto Trade is their lack of regulation.
On their website, this broker claims to be based in the United Kingdom. However, when we checked more closely, we found out that this is a lie as this broker is not regulated by the UK financial authority, the Financial Conduct Authority. We also found out that this broker has been very careful not to mention details that we tell us where they are really based. Such information blackouts are a sign that this broker cannot be trusted.
More importantly, this lack of regulation clearly tells us that we are dealing with a broker that is operating without authorization from the FCA and this makes this broker an illegal entity, i.e., a scammer.
Dealing with an unauthorized broker is a sure way to lose your funds. Therefore, it is best to heed the FCA’s warning on this broker.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by the FCA
We checked the online database the FCA has made publicly available to everyone on their website to see if Lilauto Trade was actually registered with the regulator.
We found out that not only is this broker not regulated, but the FCA has actually blacklisted Lilauto Trade and issued a warning to all UK traders against doing business with them.
This kind of a warning is more than enough proof that Lilauto Trade is a scam operation. Such warnings are only issued when there have been a significant number of complaints against a broker.
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Non-Functional Trading Platform
Despite their claims of offering a great trading platform, Lilauto Trade has done what many fake brokers do – offer a fake trading platform.
After we registered for an account, we checked their so-called top-of-the-line trading platform. It turned out to be nothing more than a set of charts imported from the website TradingView.com. There is nothing on this terminal that really works.
The trading platform or software is the only product that a broker offers for trading to their clients. That is why it needs to be fully functional and of the best possible quality. So, when a broker cuts corners with their trading platform, or their main product, it means that broker is not honest and therefore cannot be trusted.
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No Trading Conditions
Another red flag that highlights this broker’s dishonesty is their lack of trading conditions.
A legitimate broker will ensure that all their trading conditions are laid out clearly for all to see. They will specify their cost of trades, leverage ratios, order execution methods, etc.
These terms are the basic pieces of information that traders need to make informed decisions about dealing with a broker. When a broker withholds this information, we can safely say that they should not be trusted.
With Lilauto Trade, the only pieces of information we are given are the account types and the minimum initial deposit requirement. No trading conditions are mentioned anywhere.
As for their minimum deposit, a 500-Pound minimum deposit is much too high. The normal range for initial deposits is between $100 and $250. There is also a growing number of excellent brokers who ask for initial deposits that are less than $50. So, what this broker asks for is not reasonable.
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Single Payment Option
When you deal with a real broker, you will have a wide range of payment options – debit cards, credit cards, bank wires, bank transfers, e-wallets, and finally, cryptocurrencies. This range of payments allows you to choose the one that is most convenient for you.
While cryptocurrencies are instant remittances, they are also dangerous. Cryptocurrency transactions are instant, but they are anonymous and permanent. This means that you will not be able to trace your funds once you have completed the transaction.
Now, if you are dealing with a trustworthy broker, this is not an issue. However, if you are dealing with a scammer, then this payment method is highly risky. Because of the fact that funds cannot be traced, scammers love this payment option.
Our advice to traders would be that if you are dealing with a new broker, it would best to first use a safer payment method, such as credit or debit cards. In the event of a scam, you have the option of filing for a chargeback, which means you have a chance of getting your money back.
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Unknown Withdrawal Policy
Lilauto Trade does not even bother to specify what their withdrawal policy is. We are not told about the minimum or maximum withdrawal limits. We do not know what the withdrawal request processing time is. The broker has not even bothered to tell us if there are any conditions to withdrawal your funds.
Without information on how to withdraw funds, it is easy for the broker to change their policies to ensure that traders simply cannot take back their money.
Conclusion
Lilauto Trade is a scammer. This broker is not safe to do business with.
Lilauto Trade
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by the FCA
- Non-Functional Trading Platform
- No Trading Conditions
- Single Payment Option
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more