Note: For some unknown reason, we cannot open Liliums official site (https://lilium-markets.com/) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.
General Information & Regulation
Lilium, a trading name of LILIUM MARKETS LTD, is allegedly a financial company registered in the United Kingdom.
This broker offers a diverse range of tradable assets, encompassing stocks, ETFs, forex, indices, and commodities. Traders can choose from three distinct account types, each tailored to different needs, with varying minimum deposits and leverages. Lilium provides access to two trading platforms, including WebTrader and MetaTrader 5, accommodating traders looking for simplicity or more advanced features. As for regulation, it has been verified that Lilium has an exceeded Financial Conduct Authority (FCA) license and an unauthorized National Futures Association (NFA) license. That is why its regulatory status on WikiFX is listed as “Illegal” and it receives a relatively low score of 1.43/10. Please be aware of the risk.
Pros and Cons
Lilium presents a mix of advantages and disadvantages. On the positive side, it offers a range of tradable assets and multiple account types to cater to varying trader preferences. The availability of trading platforms like WebTrader and MetaTrader 5 provides some flexibility. Moreover, Lilium offers educational resources, including a blog, webinars, trading courses, ebooks, and a glossary, which can be helpful for traders looking to improve their skills. However, it's crucial to highlight the substantial downsides: Lilium's lack of regulatory oversight, flagged status as a scam broker, and exceeding business scope regulated by UK FCA and US NFA are serious concerns. Additionally, Lilium does not provide any bonus offerings. These disadvantages should weigh heavily on anyone considering this broker.
Negative Reviews
Some traders shared their terrible trading experience on the Lilium platform at WikiFX. They said they were unable to withdraw. It is necessary for traders to read reviews left by some users before choosing forex brokers, in case they are defrauded by scams.
Trading Instruments
Lilium offers a variety of trading instruments, including:
Stocks: Lilium offers access to over 10,000 stocks from around the world, including the UK, US, Europe, and Asia.
ETFs: Lilium offers over 1,000 ETFs, which are baskets of securities that track a particular index or market sector.
Forex: Lilium offers trading on over 100 currency pairs, including the major pairs (USD/EUR, USD/JPY, GBP/USD, etc.) and the minor pairs.
Indices: Lilium offers trading on a variety of indices, including the FTSE 100, the S&P 500, and the DAX.
Commodities: Lilium offers trading on a variety of commodities, including gold, silver, oil, and wheat.
Here is a comparison table of trading instruments offered by different brokers:
Account Types
Lilium offers three distinct account types to cater to a variety of trading preferences:
Standard Account: The Standard account is the basic option, suitable for new traders or those with limited funds. It requires a minimum deposit of 100 USD and provides access to Lilium's free trading platform, the full range of trading instruments, 24/5 customer support, spreads starting at 0.1 pips, commissions starting at 0.00 USD per lot, and leverage up to 1:100.
Premium Account:The Premium account is designed for traders seeking more features. It demands a minimum deposit of 500 USD and includes all Standard account features. Additionally, Premium account holders benefit from tighter spreads, starting at 0.05 pips, commissions starting at 0.05 USD per lot, increased leverage up to 1:200, daily market analysis, and access to a dedicated account manager.
VIP Account: The VIP account is Lilium's most exclusive option, targeting experienced traders or those with significant capital. To open a VIP account, a minimum deposit of 1,000 USD is required. VIP account holders enjoy all the advantages of the Premium account, along with exceptionally tight spreads starting at 0.02 pips, commissions starting at 0.02 USD per lot, high leverage up to 1:500, weekly market strategy sessions, and access to a dedicated VIP account manager.
Leverage
Lilium offers varying leverage levels to traders, allowing them to control larger positions than their initial capital would typically permit. Leverage essentially acts as a loan from the broker, increasing the potential for both profits and losses.
The Standard account provides a moderate leverage option of up to 1:100, suitable for those starting or looking for lower risk. Premium account holders enjoy increased leverage, with a maximum of 1:200, offering more trading power but also higher risk. The VIP account, designed for experienced traders, offers the highest leverage at 1:500.
Leverage can be a powerful tool when used wisely, but it should always be approached with caution, and traders should fully comprehend its implications before utilizing it in their trading strategies.
Here is a comparison table of maximum leverage offered by different brokers:
Spreads and Commissions
In terms of trading costs, Lilium applies spreads and commissions that can impact a trader's profitability. Spreads refer to the difference between the buying (ask) and selling (bid) prices of an asset and serve as a source of revenue for the broker. Lilium offers competitive spreads across its account types, with the Standard account featuring spreads starting from 0.1 pips. The Premium account provides even tighter spreads, commencing at 0.05 pips, potentially reducing the cost of entering and exiting positions. VIP account holders enjoy the tightest spreads, starting from just 0.02 pips, offering the most favorable pricing structure.
Commissions are an additional fee incurred by traders and are usually applied per lot traded. Lilium employs a commission-based model with commissions starting from 0.00 USD per lot for Standard account users. Premium account holders experience slightly higher commissions, commencing at 0.05 USD per lot. The VIP account, while providing exclusive benefits, comes with commissions starting from 0.02 USD per lot. It's important for traders to factor in both spreads and commissions when calculating the overall cost of their trades, as they can significantly impact profitability, especially for high-frequency or large-volume traders.
Deposit & Withdraw Methods
Lilium offers a range of convenient deposit and withdrawal methods to facilitate its clients' financial transactions. These methods include credit/debit cards, bank transfers, and e-wallets like PayPal, Skrill, and Neteller. One notable advantage is that deposits are processed immediately, allowing traders to swiftly access their trading capital and execute orders without delay.
On the withdrawal side, Lilium aims to provide efficient service, with withdrawal requests typically processed within 1-2 business days. However, it's essential to note that processing times may vary depending on the chosen withdrawal method. Bank transfers, for instance, may take slightly longer, typically requiring 3-5 business days for completion.
Crucially, Lilium does not impose any fees on deposits or withdrawals from their end. Nevertheless, traders should be aware that banks or payment processors may levy fees on these transactions. Therefore, it's advisable to check with your financial institution or payment provider for any potential charges associated with depositing or withdrawing funds from your Lilium trading account.
Trading Platforms
Lilium provides its clients with a choice between two distinct trading platforms:
WebTrader: The WebTrader platform is a user-friendly, web-based trading interface accessible from any device with an internet connection. It caters to traders seeking simplicity and ease of use, making it an ideal option for those new to trading or those who prefer a straightforward approach to executing trades.
2. MetaTrader 5 (MT5): MetaTrader 5 is a robust and widely adopted desktop trading platform utilized by millions of traders worldwide. It boasts a comprehensive array of features and tools, including advanced technical and fundamental analysis capabilities, as well as real-time market news updates. MT5 is tailored for traders looking for a more sophisticated and feature-rich trading experience to enhance their decision-making processes.
Customer Support
Lilium‘s customer support can be reached by telephone: +44 731697006, email: support@lilium-markets.com. You can also follow this broker on social networks such as Twitter, Facebook and YouTube. However, this broker doesn’t disclose other more direct contact information like the company that most brokers offer.
Educational Resources
Lilium offers a variety of educational resources to help its clients learn how to trade successfully. These resources include:
Blog: Lilium's blog features articles on a variety of trading topics, including trading strategies, technical analysis, and risk management.
Webinars: Lilium hosts regular webinars on a variety of trading topics. These webinars are a good way to learn about trading from experienced professionals.
Trading courses: Lilium offers a variety of trading courses, both free and paid. These courses cover a variety of trading topics, from beginner to advanced.
Ebooks: Lilium offers a variety of free ebooks on trading topics. These ebooks are a good way to learn about trading at your own pace.
Glossary: Lilium offers a glossary of trading terms. This glossary is a good resource for learning the meaning of trading terms and concepts.
Conclusion
In conclusion, Lilium, based in the United Kingdom, offers traders access to a diverse range of tradable assets and various account types, accommodating both novice and experienced traders. However, significant disadvantages mar its appeal. The broker's unregulated status, coupled with a history of expired licenses and flagged scam broker status, raises substantial concerns about its legitimacy and reliability. While Lilium provides educational resources and competitive trading conditions, including tight spreads and a choice of trading platforms, these potential advantages should be weighed against the inherent risks of dealing with an unregulated broker. As such, caution is paramount for anyone considering trading with Lilium, as the potential benefits must be carefully assessed in light of its substantial drawbacks.
Risk Warning
Online trading involves a significant level of 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 contained in this article is for general information purposes only.
2023-01-15 11:32
2022-12-06 17:20
