Lova Crypto Review: Avoid this Dangerous Platform

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Lova Crypto
  • Regulation
  • Customer Service
0.5

Lova Crypto is not a legitimate broker, and we strongly advise against trading with them. In the world of forex trading, there are genuine and fake brokers. One must be careful, therefore, to avoid falling into the hands of a scam broker. These brokers make false promises about how they can purportedly multiply your wealth or give you accurate signals. Don’t trust them!

Lova Crypto Review, Lova Crypto Scheme

The surest way to navigate the forex market is by trading only with honest and transparent crypto brokers. This way, you will be free from the fear of losing money to unscrupulous brokers. One key factor leading to this rise in forex scams is the global nature of the forex market. Since the market operates across different time zones and jurisdictions, it is challenging to regulate it effectively.

About Lovacrypto.co

The broker says you can trade commodities, stocks, indices, cryptocurrencies, currencies, and many more assets. Also, they claim that you can trade in a regulated and secure environment. Notably, however, they have not provided any evidence to show they are indeed regulated by any reputable financial watchdog.

We also noted that they have purportedly won awards for Best Trading Experience in 2019, Most Innovative Broker in 2018, and Best Customer Service Global 2017. According to whois.com, however, the broker registered their domain on 20th November 2023. Thus, it does not make sense how they won those awards in those years yet they were not online by then.

Founders and Team

We couldn’t trace the company founders or the current team because the broker has not revealed either. Scam forex brokers often hide their employees as part of their strategy to evade accountability and scrutiny.

By concealing their employees’ identities, scam forex brokers can easily replace or rotate staff without raising suspicion. This enables them to continue their fraudulent activities under different guises. In case one employee is exposed as a scammer, they can replace them covertly.

Contact Details

In the world of forex trading, having a reliable forex broker is crucial for success. One key aspect of reliability is the broker’s contact details. Brokers who provide reliable contact details demonstrate transparency and a commitment to building trust with their clients. It also facilitates swift issue resolution.

This shady broker has provided an email, phone number, and a messaging platform. However, all these do not make the broker legit. The contact details may be unreliable in the long run, and the broker may be unreachable in case of an issue.

Regulation

Regulation is critical for a forex broker because it safeguards the integrity of the financial markets and protects traders’ interests. The forex market is decentralized nature and highly liquid. Thus, it is prone to various risks, including fraud, manipulation, and unfair practices. Regulation protects traders against these risks by ensuring that brokers adhere to strict standards of conduct.

Another reason why regulation is crucial for a forex broker is to protect traders’ funds. Regulatory bodies impose stringent requirements on brokers, such as maintaining segregated accounts for client funds. This instills confidence in traders, knowing that their investments are secure and protected by regulatory oversight. Regulation also maintains market stability.

Lova Crypto is conveniently mum about its regulatory status. We could not find any legal documents proving it is a regulated entity. Thus, the broker is unlicensed and unfit to be a forex broker. As a trader, you must never engage with an unregulated forex broker.

Trading Conditions

One of the conditions we noted was that once you register, you can bring another trader through the affiliate program. This may sound enticing because when you bring a new customer, you will get a reward. Many scam brokers employ this tactic to attract unsuspecting customers. This affiliate program was a red flag.

Final Verdict

Lova Crypto is a typical scammer, and their intentions are to scam you as a trader. You must, therefore, stay away from them, lest you lose all your money. To be safe, trade with transparent and trustworthy crpto brokers only. These will keep your money safe. Avoid scammers especially when they have an affiliate program.

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