Lovo Trade LLC is a forex broker established in 2018 that claims to offer lucrative trading opportunities to investors worldwide. However, in recent years, several complaints and allegations have arisen regarding the platform’s legitimacy and reliability. Many experienced investors warn new traders to stay away from unlicensed brokers like them as they often engage in fraudulent activities and scams. In this article, we will provide a detailed review of them and explore its services, platform, license, regulation status, and client feedback.
Company Overview
| Broker Name | Lovo Trade LLC |
| Website | https://lovotrade.com/ |
| Location | First Floor, First St Vincent Bank Ltd, Building, James Street, Kingstown, St. Vincent, and the Grenadines |
| Regulation | Not regulated |
| Traders’ review | Negative |
Team
We could not find any information about the management or team of Lovo Trade LLC on the website. The platform only provides contact details for support and sales. They don’t have any “About Us” section on their website.
Services and Products
Lovo Trade LLC did not provide any details about its services and products. They called their packages “Education.” If you see the packages, you can notice that all the details are the same.
Trading Platform
Lovo Trade LLC did not specificity about their trading platform. In fact, if you want to purchase the packages to access the platform (which we doubt if exists), you need to contact them first.
License and Regulation
License Status
Lovo Trade LLC claims to be registered with the International Financial Services Authority (IFSA) in St. Vincent and the Grenadines. However, we find the registration on the website.
But, we all know that these kinds of registration can be easily achieved and this regulatory body does not monitor or regulate their member. They are just like directories.
Regulation Status
Lovo Trade LLC is NOT authorized and regulated by reputable financial regulators such as the FCA, ASIC, or CySEC. We did not find any regulation from other regulatory organizations.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Should Not You Trust An Unlicensed Broker?
Unlicensed brokers are often involved in scams and fraudulent activities. Since they do not have to adhere to any regulatory standards, they can easily manipulate clients’ funds and abscond with them. Unlicensed brokers are often banned by reputable financial regulators for their illegal practices.
Legal Warnings Against Lovo Trade LLC
Several regulatory bodies have issued warnings against Lovo Trade LLC and LOVO Trade. The Malta Financial Services Authority (MFSA) and the Financial Services Authority (FSA) in Seychelles have both added Lovo Trade LLC to their list of unapproved entities. It has also been blacklisted by the Financial Conduct Authority (FCA) in the United Kingdom.
Client Feedback About Lovo Trade LLC
About Their Trading
Clients have reported difficulties in trading on Lovo Trade LLC’s platform. Many have reported slippage and price manipulation, which results in significant losses for traders.
About Their Customer Service
Clients have reported poor customer support from Lovo Trade LLC’s team. Many have complained about slow responses and unhelpful representatives.
The contact details they provided are not responsive. They did not reply to the message until it was related to package buying.
How Can Reviewsadvice Help You If You Get Scammed?
If you have been scammed by a forex broker like Lovo Trade LLC, Reviewsadvice can help you. We will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
Final Thoughts
Lovo Trade LLC is an unlicensed forex broker that has attracted several complaints and warnings from regulatory bodies worldwide. Clients have reported difficulties in trading on the platform, poor customer support, and several fraudulent activities. Therefore, it would be advisable to stay away from unlicensed brokers like them and only trade with regulated brokers.
