Local Financial

Note: Local Financial's official site - https://www.localfinancial.ltd/en is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.

What is Local Financial？

Local Financial is a broker founded within the last 2 to 5 years and is registered in the United Kingdom. Despite its location, it does not appear to be regulated by any recognized financial regulatory body, which may bring into question its operation practices and the safety of trader funds.

Local Financial operates using the MetaTrader 5 (MT5) trading platform, a comprehensive platform that allows trading of a variety of financial products. It offers a considerable leverage of up to 1:400, which, while potentially lucrative, also carries a significant risk of losses.

For customer support, Local Financial can be reached via phone and email, offering important avenues for users to seek support or assistance. However, a significant drawback is the unavailability of the platform‘s official website, which hinders access to direct information about the platform’s operations and services. As the platform is not regulated, it is advised that potential users exercise caution when considering Local Financial as their trading platform of choice.

Pros & Cons

Pros

• Supports MT5 Trading Platform: Local Financial uses the MetaTrader 5 (MT5) trading platform, which is versatile, featuring advanced charting tools, multiple order types, and allows trading in a diverse range of financial products. This provides users with a comprehensive and efficient platform to carry out their trading activities.

Cons

• Non-regulated: Local Financial is not regulated by any recognized financial regulatory body. This lack of oversight may expose users to unnecessary risks, including those related to financial fraud or misuse of user data and funds.

• Unavailable Official Website: The absence of an accessible online platform denies users the ability to access direct and accurate information from the firm itself, which is a significant disadvantage for potential users when trying to understand the platform's operations and services.

• Delayed Customer Support: There are reports of delayed responses from the customer support team of Local Financial. Effective, prompt assistance is essential in the trading business as it directly affects the user's trading decisions and experiences. This might further discourage potential users from using their services.

Is Local Financial safe or scam？

Local Financial is characterized as a non-regulated broker. This means it does not adhere to, or is not overseen by, any of the recognized financial regulatory bodies. Regulatory bodies are crucial in the financial trading industry as they set standards for transparency, protect traders investments, and enforce legal measures against fraudulent practices. The non-regulated nature of Local Financial, therefore, poses a potential risk for its users in terms of the safety of their funds and the fairness of its trading practices.

As for reputation, based on the available information, it appears that Local Financial has an overall subpar reputation. An inaccessible official website and reports of delayed customer support contribute significantly to this negative perception. These factors hinder the necessary transparency and reliability that a financial broker should offer to its users, which consequently might impact user trust and satisfaction significantly. It's vital for a broker to guarantee swift customer support and an accessible platform for information relay to maintain a good repute. Given these concerns, it is recommended potential users exercise caution with this platform.

Account Types

• MT5.DirectFXcent: This is an account designed for traders who prefer to trade in cents, often suitable for beginners or those testing new strategies.

• MT5.Classiccent: Like the DirectFXcent account type, this provides cent trading but offers different conditions or features under a Classic setup.

• MT5.DirectFX: This account could be for more conventional trading in standard currency units, more suited for professional or experienced traders.

• MT5.Classic: Similar to the DirectFX, this classic account might maintain standard trading but could come with its own conditions or features.

Leverage

Local Financial offers a range of four account types, each catering to different trading preferences but maintaining the same maximum leverage of 1:400. This high level of leverage indicates that the platforms are accommodating towards different risk profiles and trading strategies. Though the high leverage is appealing, it's worth noting that the Local Financial's website is currently inaccessible.

Spread

Specifically, two accounts, MT5.Classiccent and MT5.Classic, provide a minimum spread beginning from 0.3 pips. This reasonably tight spread can lead to cost-effective trading, especially for Forex traders who make frequent trades.

In contrast to this, the MT5.DirectFXcent and MT5.DirectFX accounts furnish a minimum spread starting from 0 pips. Traders utilizing these accounts have the potential advantage of trading with minimal spread, thus keeping transaction costs low.

Trading Platform

Local Financial previously integrated the MetaTrader 5 trading platform for its trading services. The MT5 is a well-known and comprehensive trading platform favored by many traders worldwide due to its superior tools for technical analysis, automated trading systems, and varied trading order types. The platform supports trading in various markets including Forex, stocks, and commodities. However, as it stands, the Local Financial website is not accessible. Hence, potential users or traders currently have no way of accessing the MT5 platform or any of its services through Local Financial.

User Exposure on WikiFX

A user has reported a sequence of negative experiences with a trading platform, which targets primarily withdrawal issues, alleged market manipulation, and suspicious slippage circumstances. The platform is referred to as a 'gaming platform,' suggesting potential manipulation of its trading environment. The user reported difficulties with fund withdrawals and suspicions of the platform controlling market trends.

In another instance, the user made serious allegations of market manipulation, especially during profitable and tumultuous times. There are claims of the platform changing its name, potentially to avoid unwanted attention or repercussions. The user further suggested that two seemingly different entities might be the same company based on a URL discovered in their account. This led to labeling the platform as fraudulent. These allegations call into question the platform's trading practices, suggesting that potential clients should be extremely cautious if considering the mentioned platform.

Conclusion

Local Financial, a UK-based trading platform, exhibits several concerning aspects. Despite operating on the robust MT5 trading platform, the firm's poor reputation, largely stemming from allegations of slippage, withdrawal issues, and potential trend manipulation, undermines its credibility. The broker is also non-regulated, which further amplifies the risk as there is no external oversight to ensure fair practices. Further, the platform's unavailable official website hampers its transparency and restricts access to direct, reliable information about its operations and services. Given the negative exposures and its non-regulated status, potential users are urged to exercise substantial caution while dealing with Local Financial.

Frequently Asked Questions (FAQs)

Q: Is Local Financial a regulated broker？

A: No, Local Financial is not regulated by any recognized financial regulatory body. This lack of regulation raises questions regarding the firm's practices and user fund safety.

Q: What trading software does Local Financial utilize？

A: Local Financial operates on the MetaTrader 5 (MT5) trading platform.

Q: How is Local Financial's customer service？

A: Reports suggest that Local Financial's customer service is not reliable, with delayed responses and little help in dispute resolution. Users can still try to reach the customer service via Phone: +1 719 301 0033; Email: support@localfinancial.ltd.

Q: What is the status of Local Financial's official website？

A: Local Financial's official website is currently unavailable. This lack of access significantly inhibits the transparency of operations and services provided by the platform.

Q: Has Local Financial experienced issues with withdrawals and market manipulation？

A: There are user reports alleging problems with withdrawals, slippage, and manipulations of market trends. These claims, if true, reflect significantly on the platform's reliability and user trust.

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.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.