What is LONMARKETS？
LONMARKETS is a financial trading platform, which offers various account types including Raw, Standard, Fixed, VIP, and Crypto which cater to diverse trading preferences. The platform allows different deposit methods and also a generous bonus scheme for its traders. It has a leverage up to 1:1000 across all accounts. The trading experience is facilitated through the provision of well-known and efficient trading platforms such as MT5 on various devices and WebTrader.
However, the platform currently lacks any known valid regulatory oversight which is an important element in assessing its credibility.
Pros & Cons
LONMARKETS offers various advantages and disadvantages as a trading platform which traders should carefully consider.
Among the pros, LONMARKETS offers diverse account types, enabling traders to choose the one best suited to their trading strategy. The platform also provides high leverage up to 1:1000, permitting substantial potential profits for the investors. The availability of a range of trading platforms including MT5 and WebTrader facilitates flexibility and ease for the users. Beneficially, there are no deposit and withdrawal fees and the platform provides a wide selection of payment methods for convenience.
However, on the flipside, LONMARKETS currently lacks any valid regulation which could be a risk for the safety of the investors' funds. Furthermore, certain geographical restrictions (North Korea, United States, Puerto Rico, Canada, Japan, Iran, Iraq, Lebanon, Turkey) limit the platform's accessibility.
Is LONMARKETS Legit or a Scam？
LONMARKETS strives to reassure its clients by implementing financial safety measures such as SSL protected secure client area for new traders and the offer of segregated funds for more experienced traders which means client funds are kept separate from the company's operational capital.
However, a significant aspect to bear in mind when considering a platform's legitimacy is its regulatory status. Currently, LONMARKETS does not hold any known valid regulation from a recognized statutory authority, bringing into question its credibility and legality.
While these safety measures are commendable, the absence of regulatory oversight may pose serious risks and potential financial loss. It is a prudent practice for potential investors to conduct thorough research and consider platforms regulated by well-respected regulatory bodies for assurances of transparency, fairness, and security of funds. As such, while we can't categorically label LONMARKETS as a scam, the missing regulatory compliance is a strong factor to consider in evaluating its legitimacy.
Market Instruments
LONMARKETS distinguishes itself as a versatile trading platform by providing a substantial range of market instruments. These span across the most popular financial market categories, providing traders with a wide array of investment opportunities.
This includes forex, which allows trading in various currency pairs, presenting a dynamic and potentially profitable investment landscape. Indices and commodities are also offered, giving traders the opportunity to speculate on aggregate market dynamics or on specific goods like precious metals or energy products.
Equities in the form of stock trading are part of the mix, letting traders take positions in companies worldwide. Finally, LONMARKETS caters to the growing trend of digital investments through its provisions for cryptocurrency trading.
Account Types
Providing diversity in trading options, LONMARKETS features five distinct account types: Raw, Standard, Fixed, VIP, and Crypto, each designed to cater to a specific segment of the trading population. All these accounts require a minimum deposit of $1000, assuring a certain level of commitment from traders.
The Raw and Standard accounts are likely tailored to conventional retail traders, while the Fixed account may offer consistent spreads. The VIP account could be targeted at higher volume traders looking for premium features and services. Interesting to note is the included Crypto account which is set to accommodate the increasing interest and demand in cryptocurrency trading.
To let new clients familiarize with their platform, and to enable existing ones to polish their trading strategies, LONMARKETS also offers a demo account.
How to Open a LONMARKETS Account？
Opening an account with LONMARKETS usually involves a few general steps.
Visit the LONMARKETS official website.
Locate and click on the 'SIGN UP' button at the top right corner of the page.
You'll be directed to a registration page where you are expected to fill in your personal information including your full name, birth date, country, phone number and email address.
You may also need to provide additional information for identity and address verification. This may include uploading copies of identification documents such as a passport or driver's license, and a recent utility bill or bank statement showing your current address.
Once you've successfully completed the verification process, you'll need to deposit the minimum amount required (USD 2000). This can be done via various payment options (Skrill, Bank transfer, local transfer, Neteller, MasterCard and Visa) provided.
Once your deposit has been credited into your trading account, you can commence trading.
Leverage
LONMARKETS offers a striking leverage ratio of up to 1:1000 across all account types. This leverage entails that traders can potentially control a position 1000 times larger than their initial investment, allowing for exponential profit opportunities.
However, while high leverage can act as a powerful tool to multiply profits, it is essential to remind traders that it is a double-edged sword. It not only magnifies potential profits but also amplifies potential losses.
Spreads & Commissions
LONMARKETS sets its spreads and commissions based on the type of account held by the trader, purportedly aiming to cater to the varied needs and strategies of its clients. The Raw account offers the sharpest spread, going as low as 0.0 pips, however, it charges a commission of $10.
Conversely, other account types have wider spreads: the Standard account with 1.0 pip, the Fixed account at 1.5 pips, and the VIP account at a competitive 0.4 pip, but levy no commission. This absence of a commission fee in these account types might be appealing to many investors.
The Crypto account interestingly offers raw spread, making it potentially attractive to cryptocurrency.
Trading Platforms
LONMARKETS provides its clientele with a diverse suite of trading platforms, demonstrating a strong commitment to accessibility and user convenience.
Being a provider of MetaTrader 5 (MT5), one of the industry's leading platforms, shows the firm's dedication to providing top-tier, reliable and advanced trading tools. MT5 is renowned for its comprehensive technical analysis tools, advanced charting capabilities, and automated trading systems.
By offering MT5 across various devices including desktops, Android, and iOS, they ensure that clients can manage their portfolios and access the markets at any time, from anywhere.
Moreover, LONMARKETS provides a WebTrader platform which allows instant online access to global markets without the need to download or install any additional software.
Deposits & Withdrawals
LONMARKETS exhibits a genuine commitment to flexibility and convenience in terms of financial transactions. They accept a wide variety of payment options to cater to the different needs and preferences of their global clientele.
This includes prominent e-wallets such as Skrill and Neteller, allowing the speed and convenience of online transactions, as well as the classic and highly secure method of Bank Transfers. Local transfers are also available for more region-specific convenience. Additionally, LONMARKETS welcomes payments through globally recognized and heavily used credit card systems like MasterCard and Visa, further enhancing usability and accessibility for traders worldwide.
Importantly, LONMARKETS does not charge any deposit or withdrawal fees, underlining their commitment to providing a frictionless and cost-effective trading environment.
Bonus
LONMARKETS appears to aim for enticing new investors and rewarding existing clients with their bonus offering. The firm advertises a sizeable issuance of a 200% bonus. Such a reward scheme showcases the platform's commitment to incentivize and appreciate their clients' loyalty and activity. This could exponentially enhance trading capital, allowing clients to open larger positions and potentially enjoy greater profits.
However, it's wise to read the terms and conditions associated with such bonuses thoroughly. Some trading platforms impose specific trading volume or deposit requirements to withdraw the bonus amount. Consequently, traders are encouraged to understand the exact stipulations surrounding LONMARKETS' 200% bonus offering to reap its full benefits and avoid future misunderstandings.
Customer Service
LONMARKETS prioritizes customer support, offering multiple channels to ensure effective communication with their clients. They operate through a contact form on their website for a streamlined communication experience.
An active email address, support@lonmarkets.com, also ensures that clients can reach out directly with any queries or issues they encounter. Clients can also avail of a direct line of communication with the firm through their official phone contact, +359879919954.
Their registered physical address is at Fortgate Offshore Investment and Legal Services Ltd. Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia.
Further, LONMARKETS provides a thorough Frequently Asked Questions (FAQ) section divided into subsections spanning General, Client Area, Funding, Trading Platform, About Trading, and Calculation, making it a comprehensive first point of contact for any general or specific questions a trader may have.
Conclusion
In conclusion, LONMARKETS can be considered a versatile trading platform offering potential benefits to different types of traders due to its diverse trading account options, high leverage, and array of trading platforms. It gets more points for its convenience-oriented operations with its multiple payment methods, and a no-fee withdrawal and deposit system.
On the contrary, the lack of valid regulatory oversight is a significant drawback, potentially putting traders' funds at risk. Also, its accessibility is restricted to certain geographical regions.
Therefore, it's advisable for investors to conduct comprehensive research and take into consideration these factors, particularly its regulatory status, before deciding to open an account with LONMARKETS. The platform exhibits both advantages and disadvantages, and it's pivotal for traders to weigh these before engagement.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-03-16 13:44
