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LiraFX intends to scam traders looking for a reliable Forex and CFDs broker. The company is operating from the website lirafx.com and posing as a legitimate Belgium-based Forex broker. Traders wishing to ‘invest’ with them are required to deposit at least $250 on the platform. The broker guarantees 0 spreads and an execution speed of 0.1 seconds.
What we fail to understand is how LiraFX is able to run this platform without charging any spreads. Spreads enable brokers to generate revenue and if you come across a company that doesn’t charge spreads or commission, run because they will most likely scam you in one way or the other.
Are you looking for a good investment platform or Forex broker? Here is a list of brokers and investment platforms we recommend for your financial success.
LiraFX Review: Misleading content
Lira FX is an offshore broker like Arvis Capital Limited. The website does not provide the name of the corporation behind it. It is possible that the business has never been registered anywhere and is only operating as a standalone website.
Lira FX pages point to two fake websites called euseb.eu and gresec.eu. The intention is to trick traders into believing that these websites represent financial regulators in Belgium and Greece.
Actually, Belgium Forex and CFDs brokers are licensed by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA). Furthermore, the website of the European securities regulator can be found at esma.europa.eu and not euseb.eu.
As you can see, LiraFX is playing dirty games, hoping to lure less knowleagable traders into their deadly trap.
They are misleading consumers by making them believe that LiraFX is licensed when this is not the case.
When you see a broker lying about their physical address and licensing details, you should never trust them any further.
LiraFX platform and why we don’t like their business
The broker presents WebTrader platform for accessing the financial markets. They offer a variety of tradeable instruments because nowadays it is not so difficult to provide traders with hundreds of assets for trading.
It appears that they only have one standard account as Lirafx fails to disclose whether they have multiple account types or not.
Apart from the $250 deposit account, they talk about a ‘VIP’ account type but not providing any further details.
To attract naive investors, they also discuss social trading and even lie to traders that the platform has profitable traders that others can copy from.
The reason this statement is corny is because Lirafx does not verify these ‘traders’ performance. They fail to provide a reliable way to check and ascertain whether it’s true that those professional traders can help less experienced traders make money.
Additional red flags
Lirafx.com first appeared online in 2006. The website was primarily in Turkish language. It went under in 2011 only to resurface in 2022.
It appears that the previous owner sold the domain to the new owner who is now running the site with an agenda to scam traders.
We don’t trust such a broker due to lack of consistency. They should not lie to you when they claim that Lira FX has been around for many years. This is definitely a misleading statement.
Furthermore, the website refused to disclose who owns or runs their operations. Even their physical address is misleading.
How to recover your money from LiraFX scam broker
All shady brokers have a similar way of operation. They take your money and block you from further accessing your account or communicating with them.
If you have lost money as a result of trusting these guys, your best bet is to try and get your money back rather than let the scammers enjoy it.
The surest way to initiate a chargeback against them is to use a company that is well-known for helping victims recover their lost funds. You can start by filling out the form in this review or utilizing the live chat down below. Cases are mostly resolved within 2 weeks (depending with how complex they are. i.e method that was used to fund the account and whether law enforcement agencies will be involved or not).
Don’t use this broker as their website is full of red flags that are difficult to ignore.
LiraFX is clearly not honest with us. They can’t provide a reliable trading platform since they are not authorized by any financial watchdog. The language of their site also suggests that they are a scam.
If you have lost money to the fraudulent broker, you can also use the comment section to share your experience and warn others.
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