LincolnFX – Is This a Broker You Can Trust?

Website URL: https://www.lincolnfx.capital/

Founded: 2018

Regulations: No

Languages: English, German, Spanish

Deposit Methods: SecureMasterpay

Minimum Deposit: N/A

Free Demo Account: Offered

Number of Assets: Unknown

Types of Assets: Forex Currency Pairs, Various CFDs

Trading Accounts and Conditions

LincolnFX offers its customers the following accounts with which to execute trades:

• Micro: With the Micro account, traders are given a spread of 1 pip.
• Standard: When you use the Standard account, you are given a spread of 1 pip.
• Premium: Premium account members trade with a pip of 0.6.
• VIP: VIP account holders have a pip of 0.2 to trade with.

For all the account types, the maximum leverage offered is 1:500, but we could not find any information on what the minimum deposit requirement is.

LincolnFX – Advantages

Here are the advantages of trading with LincolnFX:

• Good Trading Conditions

Based on the information that we found on the broker’s demo account, the trading conditions seem quite favorable to traders. The maximum leverage LincolnFX offers is 1:500 and the spread that is in the range of 1 pip.

A leverage level such as that offered by LincolnFX is something that will appeal to most traders, including those that prefer high-risk investments. And we checked the spread for the EURUSD currency pair and found the spread at 1.5 pips, which is on par with industry standards, and favorable for traders.

• MetaTrader 4 Platform Available

Another advantage of trading with LincolnFX is that it offers its clients the MT4 trading platform.

The MT4 platform is the world’s most preferred trading software since it offers its users the full array of trading tools – strong charting options, over 50 in-built market indicators, a range of EAs (Expert Advisors), and the benefit of customizing the EA and market indicators to your requirements. You also get a comprehensive set of back-testing options for each of these features.

• Demo Account Offered

Yet another advantage of trading with LincolnFx is that you can test the trading conditions the broker offers. This lends the broker a sense of transparency, which is why many traders may be tempted to deal with LincolnFX.

• Range of Assets

LincolnFX offers its clients a surprisingly wide range of trading instruments, which is another point in its favor. Traders can choose from a large number of currency pairs, including some exotic and minor ones. Added to the forex offerings are a range of CFDs to choose from.

LincolnFX – Disadvantages

When you look at the string of advantages we have listed for this broker, you might be considering doing business with LincolnFX. However, before you do so, please read out insights into the disadvantages of doing business with this broker before you take that step:

• Lack of Corporate Information

This broker has not provided the necessary corporate information that all brokers should. All that we could find on LincolnFX’s website was a telephone number that was prefixed with a UK country code.

The name of the company that owns and operates this brokerage is Lincolnfx.capital Ltd.

When we checked these two pieces of information, we found out that such a company doesn’t exist at all. In today’s world, you can get a phone number with a country code from anywhere on the globe. So, that is no validation for credibility.

Plus500

$100

Minimum Deposit

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

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• Unregulated

Based on the information we had – LincolnFX’s parent company’s name – we search the UK’s Financial Conduct Authority’s online registry to see if this broker was licensed to operate in the country.

Considering the fact that this broker has provided next to no information about itself, it comes as no surprise to find out that LincolnFX is an unregulated brokerage.

• Blacklisted by the FCA

While we were checking the online registry of the FCA, we found something even more damning about this broker. We found out that LincolnFX has actually been blacklisted by the UK’s financial watchdog.

According to the warning posted by the FCA, this broker is offering financial services illegally and is actually a clone firm.

A clone firm is a company that takes the credentials of a reputed and regulated company and presents it to the public as its own. This is done in order to fool people into investing with them, and then these people are scammed out of their hard-earned money.

• MT4 Platform is Provided by a 3^rd Party

While we listed having the MT4 platform as a advantage, the downside to it is that this platform is not offered directly by LincolnFX. Instead, it is offered by an independent 3^rd party called TheChange Ltd.

Interestingly enough, there were no corporate information available about TheChange Ltd. either.

• Lies About Withdrawal and Deposit Methods

Despite the fact that LincolnFx has displayed the logos of multiple payment services providers, the only way that you can either deposit or withdraw your funds from your LincolnFx account is via an online payment provider called SecureMoneypay.

• Bonuses

This broker offers bonus promotions, which is another huge red flag that it is a scammer. Scammers offer attractive looking bonuses which unsuspecting traders fall for. And then, when it comes time to withdraw their funds, these traders realize they are not allowed to do so unless they have met an impossibly high trading volume quota.

To keep traders safe from such unscrupulous brokers, most regulators have prohibited brokers from offering such bonuses.

Conclusion 

Despite the great trading conditions offered by LincolnFX, we would strongly recommend to our readers that they stay away from this broker. Not only is it illegally operating, it is also actively scamming people by cloning the details of another company, lying about withdrawals and deposits and offering trading bonuses.

LincolnFX

2.6

User Experience

3.1/10

Payment Options

2.5/10

Security

2.4/10

Support

2.3/10

Reputation

2.6/10

Pros

• Good Trading Conditions
• MT4 Trading Platform Available
• Demo Account Offered
• Range of Assets

Cons

• Lack of Corporate Information
• Unregulated
• Blacklisted by the FCA
• MT4 Platform is Provided by a 3rd Party
• Lies About Deposit and Withdrawal Methods