LyxMont Review 2024 – Offshore Trap For Unwary Traders

As the title suggests, LyxMont is a shady business rather than a legitimate brokerage platform. The sham website is full of fraudulent content without any valid legal documentation.

If you are interested in trading on this platform, we will tell you right away not to do it. For that, we owe you a full explanation of why unlicensed offshore platforms are risky and how to identify cyber fraudsters such as Call4trade. Read our entire LyxMont Review to learn more. 

Legal Info: Is LyxMont Regulated?

LyxMont is based offshore in Saint Lucia, operated by Rounda Partners Limited. We looked up this firm and found a regulatory warning against it, issued by the Spanish Comisión Nacional del Mercado de Valores (CNMV) on October 16, 2023.

Although a different broker is mentioned in the document, the cybercriminals behind the scheme are the same ones controlling LyxMont.

This official alert serves as a crucial notification to potential investors, highlighting serious breaches and potential violations linked to the platform. Consequently, investors’ funds are at risk of vanishing under dubious circumstances.

Selecting regulated financial providers is essential to guarantee the safety and security of your investments. Therefore, choose regulated providers overseen by esteemed financial authorities like the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), etc.

Regulated brokers are required to adhere to specific standards, including implementing measures like providing negative balance protection, segregating client funds in reputable top-tier banks to ensure their safety in the event of insolvency, and offering compensation schemes to cover potential losses.

Who Are LyxMont’s Targets?

According to godaddy.com/whois, the lyxmont.com website domain was created on November 13, 2023. Since then, the financial swindlers have been targeting mainly unsuspecting traders and investors who reside in the following countries:

These countries belong to the European Economic Area (EEA), meaning they have ESMA’s regulations in force. Their regulatory authorities meticulously oversee markets to stop unauthorized individuals from executing their schemes, as exemplified by the CNMV’s warning.

One common EMSA rule says that each financial market participant must obtain the necessary MiFID permit.  To reiterate, LyxMont has no license. The broker directly violates European regulations by offering users leverage higher than allowed for retail clients.

Trader Reviews – Sharing Experiences

There are negative LyxMont reviews and feedback on popular forums such as trustpilot.com and personal-reviews.com. Persistent problems with withdrawals appear to be common. Remember that it is against the law for a broker to request an upfront fee before processing withdrawal requests.

Moreover, an evaluation check on webparanoid.com displayed 25 scam reports, flagging the deceitful website as dangerous! 

We believe the fraudsters behind this unauthorized platform search for potential victims through diverse social media platforms. Hence, we strongly advise against sharing personal information with anonymous accounts and suspicious pages.

Prioritize checking user reviews regarding a particular provider to find out whether the business is legit. In our case, negative feedback played a crucial role in exposing the shady Mortimer Investment scheme.

Which Trading Platforms Are Available?

The available trading platform is a simplified web terminal supporting popular instruments like Forex currency pairs, crypto assets, and LyxMont CFDs. However, it lacks advanced tools, offering only basic charts, indicators, and graphs.

Given the broker’s questionable history, it’s likely that the LyxMont WebTrader is being manipulated to show fake profits, thus distorting users’ perceptions.

For a more comprehensive trading experience, we strongly advise opting for a licensed provider that incorporates reputable third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

The highly regarded MT platforms support advanced features such as automated & algorithmic trading, sophisticated charting, real-time market reports, API integration, 20+ timeframes, Expert Advisors (EAs), and instant order execution.

LyxMont account types

Leverage, Spreads, Commissions, Demo Account

LyxMont’s maximum leverage is limited at 1:1000, exceeding the European legal cap of 1:30. Engaging in trading with such high leverage introduces significant risk, magnifying both potential gains and losses, and increasing the likelihood of unwanted financial setbacks.

Spreads and commissions, i.e. trading costs, were not disclosed. Providers with limited info on fees often operate in a non-transparent fashion and are prone to imposing hidden fees. 

Another notable concern is the lack of a demo account. Having a free trial period for trading enables novices to practice with virtual funds before diving into the stressful environment of real trading. Every legitimate broker offers a demo account nowadays so choose your provider wisely.

Deposit and Withdrawal Process

The website listed several payment methods that can be used to fund live trading accounts and withdraw generated profits:

• Credit/debit cards;
• Wire transfers;
• E-wallets.

There is a discrepancy regarding the minimum deposit requirement; the lowest account tier costs 5,000 USD but the FAQ section says the minimum is 250 USD. Given the issues we pointed out thus far, withdrawal issues seem inevitable, requiring victims to understand potential fund recovery methods.

For funds deposited through MasterCard or VISA credit/debit cards, users have the option to pursue a refund through a chargeback at the issuing bank within a 540-day timeframe. In contrast, for transactions involving wire transfers, initiating a recall is a potential avenue, but its efficacy is constrained to transactions that have not reached completion.

Key Facts To Consider About LyxMont

LyxMont is an unregulated offshore broker blacklisted by the Spanish CNMV watchdog for targeting Spanish, Austrian, and Greek traders. We do not recommend this platform mainly because it is not licensed. 

In case you have lost money to the LyxMont scam, you must seek our professional help to recover your funds! A chargeback is your best option.

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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