Lennoxtraders – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Lennoxtraders - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$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://lennoxtraders.com
Founded: 2023
Regulations: Unlicensed Broker
Languages: English
Deposit Methods: Digital Currencies
Minimum Deposit: $500
Free Demo Account: Not Available
Number of Assets: Unknown
Types of Assets: Cryptocurrencies, Fiat Currency Pairs, Commodities, Indices, Shares
Trading Accounts and Conditions
Lennoxtraders offers their clients the following types of trading accounts:
- Elementary Account: The minimum deposit they require is $500.
- Advanced Account: The minimum deposit they require is $3,000.
- Supreme Account: The minimum deposit they require is $10,000.
- Detox VIP Account: The minimum deposit they require is $50,000.
Trading conditions are not mentioned.
Lennoxtraders – Advantages
There are no advantages to trading with Lennoxtraders.
Lennoxtraders – Disadvantages
There are so many disadvantages to Lennoxtraders that it can mean only one thing – this broker is a scammer. Here is what we have found out:
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Lack of Regulation
Lennoxtraders claims to be based, registered and regulated in the UK. However, this claim is a lie. To be regulated in the United Kingdom, a broker needs to be registered with and authorized by the Financial Conduct Authority.
Checking if a broker is regulated by a particular authority has become quite easy, and anyone can do now today. All you need to do is to go to the authority’s website and search for a particular broker. If they are registered with that authority, their details will pop up immediately.
So, that is what we did to see if Lennoxtraders is regulated by the FCA. We found out that this broker is, in fact, not regulated by the FCA at all. Therefore, this broker has lied about their regulation status.
Thus, we are dealing with an unregulated broker that has lied, and this means that Lennoxtraders is a scammer.
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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Warning Issued by CONSOB
Lennoxtraders illegal activities have been noticed a highly reputed financial regulator too. The Italian financial regulator, the Commissione Nazionale per le Societa e la Borsa, commonly referred to as the CONSOB, has issued a public notice against this broker.
According to that notice, Lennoxtraders is operating in their country without authorization, i.e., a license. The regulator also warns traders against doing business with this broker.
When a reputed regulator such as the CONSOB issues a warning against any broker, it would be wise to heed that warning and stay away from them. Thus, the fact that Lennoxtraders has been blacklisted is clear evidence that we are dealing with a scam operation here.
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Problems with Trading Platform
We usually create an account with a broker that we are about to review. This allows us access to areas that are not available otherwise, such as their payments section, their client area and their trading software.
Doing so also allows us to assess legitimacy of the broker.
If the registration process is too easy or too hard, then that is a red flag. Additionally, the quality of the live trading platform tells us whether the broker is a scammer or not.
The first red flag we see here is that the registration process is absurd. You first need to choose a trading plan and deposit funds before you are even allowed to see their trading platform. There is no free demo account available. The lack of this facility is a clear indication that this broker cannot be trusted.
Since we were not willing to go through the process of depositing funds before getting a chance to see their trading platform, we were unable to see what this broker really has to offer.
The lack of a demo account, the lack of information about the kind of trading platform they have, and the lack of access to their live trading platform – all of these issues tell us that Lennoxtraders is a scammer.
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Issues with Trading Conditions
Lennoxtraders’ trading conditions are non-existent. The broker states that they have various trading account types, and they are named. However, besides the name of the trading account types and the minimum deposit for each of them, there is no further information. We are not told what the cost of a trade is; this is calculated by adding the spreads and commissions. We are also unaware of the kind of risk this broker caters to – their leverage ratios. We do not know what kind of order execution methods are used. And so on.
The only piece of information – the minimum deposit – also is a matter of concern. The industry average for first deposits is about $250 (on the highest side), and nowadays there is a growing number of brokers that ask for deposits as low as $10.
A legitimate broker, in contrast to Lennoxtraders, would make sure that all of this critical information is accessible directly on their website. Added to that, that broker’s free demo account would actually allow traders to see – and use – those trading conditions for themselves.
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Issues with Payments
The only way that Lennoxtraders allows their clients to make payments is via cryptocurrencies. This is a massive red flag. We advise all traders to never use cryptos as their first payment option when dealing with a new broker.
Crypto payments are instant however, they are also completely anonymous and permanent. There is literally no way to trace that money once it is gone. This is why it is a favorite with scammers, and this is also why scammers only offer this single payment option.
So, if you see a broker offering you only this one single payment option, you can take it for granted that you are dealing with a scammer and it would be best for you to avoid dealing with them.
We would advise all traders to use a credit card when dealing with a new broker. You are allowed to file for a chargeback in case you are scammed when using a credit card. Thus, you still stand a chance to get your money back.
Conclusion
Lennoxtraders are scammers and they cannot be trusted. It would not be advisable to do business with this broker.
Lennoxtraders
Pros
- None
Cons
- Lack of Regulation
- Warning Issued by CONSOB
- Problems with Trading Platform
- Issues with Trading Conditions
- Issues with Trading Conditions
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.
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