LST-IC – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
LST-IC - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://lst-ic.com
Founded: 2022
Regulations: Not Regulated
Languages: English
Deposit Methods: Debit Card, Credit Cards, Bank Transfer, Apple Pay
Minimum Deposit: $25,000
Free Demo Account: No
Number of Assets: 200+
Types of Assets: Forex, Cryptocurrencies
Trading Accounts and Conditions
LST-IC offer their clients three types of trading accounts. They are:
- Silver: The deposit amount for this account type is $25,000.
- Gold: The deposit amount for this account type is $50,000.
- Platinum: The deposit amount for this account type is $100,000.
This broker does not provide any information with regard to their trading conditions. We do not know how much leverage is offered and we also do not know their spreads and commissions. We also do not know much about the types of assets available for trade or the order execution methods.
LST-IC – Advantages
There are no advantages to trading with LST-IC. They are out to scam you.
LST-IC – Disadvantages
Listed here are all the red flags that tell us that you cannot trust LST-IC and that they are actually running a scam operation:
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Unregulated Broker Blacklisted by FINMA
The first sign of trouble is a broker’s lack of regulation. LST-IC provides us with a Zurich, Switzerland address on their website. But the broker lists two phone numbers – one in the UK and the other in Switzerland.
With this kind of information, we can be led to believe that this broker operates out of both the UK and Switzerland. And this would mean that LST-IC would need to be regulated by both the UK’s Financial Conduct Authority as well as Switzerland’s FINMA (Swiss Financial Market Supervisory Authority).
We checked the FCA’s online database and found out that there is no broker (or company) by the name of LST-IC listed there. We also checked FINMA’s registry. Here, we found out that no only is this broker not regulated by the Swiss authority, but that LST-IC has been blacklisted by them.
FINMA has issued a public warning, stating that this broker is operating without proper authorization in their jurisdiction, which means that they are an illegal entity.
All of this information tells us that we are dealing with a scammer and doing business with this broker would be dangerous for all traders.
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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Issues with Trading Software
We searched LST-IC’s entire website, but could not find any details about their trading software. Legitimate brokers go out of their way to advertise about their main product offering – this is what gets them their customers (along with their trading conditions, which we will talk about later).
Scammers, on the other hand go one of two ways – lie about their trading software, or simply not mention it at all.
With LST-IC, there is no mention of their trading software. However, interestingly, we did find a link to the famed MetaTrader 5 trading software, which was a big surprise. The MT5 software is the world’s most popular trading platform. It is designed in such a way that novices will not have t struggle to use it, and pros will love the wide range of features and add-ons available.
The surprise lasted by a moment, because when we clicked on that link, we found out that it was just the demo version of the software: it only shows you what the software can do – you cannot trade on their version!
What this means is that this broker doesn’t have a working platform at all! Another sign of their scam.
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Issues with Registering for an Account
Another red flag that shows us that we are dealing with a scam is the difficulty we faced when trying to open an account with this broker.
You will not be allowed to open an account with this broker if you do not have a promo code! This means that this broker is reaching out to specific customers via online ads, direct marketing and other such channels in a bid to choose on those who know nothing about forex and crypto trading. These clients are given a promo code, with which they can register with LST-IC, and deposit their funds – which they will then never see again.
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Issues with Trading Conditions
Another red flag that tells us that LST-IC is scam is their trading conditions – or lack thereof. A legitimate broker is very transparent about their trading conditions, listing them out in detail on their website. Legitimate brokers also provide their clients with demo accounts that actually work where traders can test out the trading conditions offered by that broker.
With scammers, trading conditions are usually incomplete or simply missing – as in this broker’s case.
Beyond the fact that they charge a massively high minimum deposit of $25,000 to open an account with them, LST-IC has not bothered with any other information about their trading conditions. We do not know spreads, leverages, order execution methods, asset types, margin calls, and so on.
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Issues with Payments
LST-IC continues their trend of not providing any information in this aspect of their website too. We get no information at all about the types of payment methods they offer. There is some general information in their Deposits/Withdrawals section, but other than that, we do not specifically know what methods we can use to make deposits.
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Bonuses Offered
Another worrisome aspect of this broker’s offerings is their bonuses. Bonuses have been banned across the UK, Europe and many other jurisdictions because of their unfair conditions.
This broker states that a client has to have a trading volume of the bonus amount divided by 4 before they will be allowed to withdraw their funds. And if this requirement is not fulfilled within 60 days of you having taking the bonus, then the funds will be removed from your account.
Conclusion
LST-IC is just another shoddy scammer that needs to be reported and avoided.
LST-IC
Pros
- None
Cons
- Unregulated Broker Blacklisted by FINMA
- Issues with Trading Software
- Issues with Registering for an Account
- Issues with Trading Conditions
- Suspicious Payment Methods
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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