Lockwood Investment Review

Lockwood Investment Review: Lockwood is a forex broker that offers both forex and Contract For Difference (CFD), and binary options. Note, this is a bit unusual as most forex brokers focus on either forex or binary options bet, it is weird to see one that offers both. Moreover, binary options bets are banned by the European Securities and Market Authority (ESMA)

Apart from this, there are some serious concerns about the regulatory status and the legitimacy of Lockwood as a whole, so if your money is on the platform or you are planning to open an account with them be sure to read this review first.

MERITS OF LOCKWOOD – Lockwood Investment Review

Lockwood Investment Review
  • Lots of forex pairs and Crypto CFDs with binary options bets

Lockwood has lots of trading instruments on their platform and some consider this an advantage. With over 50 forex pairs which include some exotic currencies like Hungarian Forint, Norwegian Krone, Danish Krone, Swedish Krone, Israel Shekel, Russian Rubble, Singapore Dollar, Chinese Yuan, Mexico Peso, Honk Kong Dollar, South African Rand, Polish Zloty and Turkish Lira.

There are also CFDs on a number of cryptocurrency coins like Qtum, Ripple, Stellar, Monero, Litecoin, NEO, Tron, IOTA, EOS, Ethereum Classic, Dash, Bitcoin Gold, Cardano, Zcash, Bitcoin and Bitcoin Cash. They also have lots of commodities and spot metals including oil, cocoa, orange juice, copper, palladium, cotton, natural gas, coffee, soybean, wheat sugar and Platinum.

We should also note the CFDs on ETFs, bonds, stocks and indices as well as the opportunity for binary options bets on almost all of those assets.

DISADVANTAGE OF LOCKWOOD

  • No License

According to our research online, Lockwood is operated and owned by SolutionCM LTD – a Bulgarian company. SolutionsCM LTD is not licensed or authorized to render financial services by the Bulgarian Financial Supervision Commission or by any European financial regulator. 

Apart from the fact that the European Securities and Market Authority (ESMA) has banned binary options bets, the operation of Lockwood in Europe and other well-regulated financial markets like Australia, Cyprus, Japan, and the United States are totally illegal.

The major issue with an unlicensed broker is the safety of traders’ Fund. The security of traders’ funds solely depends on the goodwill and integrity of the people operating the platform. Unfortunately, most times the integrity of this type of broker is not very high.

Brokers that are licensed by well-respected regulatory authorities like the Australian Securities and Investment Commission (ASIC) in Australia or the Financial Conduct Authority (FCA) in the United Kingdom or the Cyprus Securities and Exchange Commission (CySEC) have to have fulfilled some strict financial requirements and still have to abide by certain financial and ethical rules doing it operation among which are, report regularly to their supervisor to allow external audit, keeps a certain level of operating capital and deposit traders funds in a separate account from creditors’ account. All these rules are to ensure that traders’ capital is safe and secure. 

Traders with CySEC brokers, for example, can receive up to 20 000 EUR of their capital back in the event their broker is unable to pay. Similarly, traders with FCA brokers are entitled to a compensation of up to 50 000 GBP.

  • Unusual Withdrawal conditions

The withdrawal condition state that you have to multiply your deposit 30 times before you can withdraw if you received a bonus. This is a trick to make people lose all their money because you will definitely be given a bonus after depositing, and multiplying your deposit 30 times can be difficult. This is a common tactic used by scam brokers and this further raises our suspicion about the legitimacy of Lockwood Investment.

  • MT4 trading platform not available

Lockwood only allow trades from their lousy web-based trading platform this may be because they offer both forex trade and binary options bets and they want to run both on the same platform. The Lockwood platform is basic and lacks some essential features that are available on the MT4 platform like the option to run automated trade, a user friendly interface, advanced technical analysis and a lot more.

Conclusion:

Lockwood is an unlicensed broker, with somewhat limited credibility, which also offers absurdly high spreads. As said earlier, trading with unregulated brokers has always been associated with a high risk of losing your money to fraudsters. So our best advice is to trade with properly regulated brokers only.

How to recover lost funds

If you have your money with this type of broker it is advised you withdraw your money as soon as possible. However, submitting a withdrawal request might not be helpful probably because you have not fulfilled one of the broker’s bogus withdrawal conditions or you have fulfilled it but the scam broker still put your withdrawal request on hold.

Your best shot is to hire a fund recovery expert to assist you to recover your funds. Go to Duolabs today to hire one. Duolabs is an online recovery platform with over 83% success rate on funds recovered from fake brokers. Contact Duolabs as soon as possible.

MERITS OF LOCKWOOD – Lockwood Investment Review

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