FXLift Review: Be Careful With This Offshore Entity
FXLift Review, You’ve read that right – one broker, two faces. One is legit and by the book, while the other plans to backstab you.
You must be careful not to fall into this offshore trap. We’ll discuss this case in the FXLift Review and explain the vexing background of this broker.
|Broker status:||Regulated Broker|
|Owned by:||Notesco Financial Services Ltd.|
|Headquarters Country:||Cyprus, Bermuda, Gibraltar|
|Types of Assets:||FX, Commodities, Indices, Shares, Futures|
|Free Demo Account:||Available|
|Accepts US clients:||No|
Is FXLift a Licensed Trading Broker?
Yes. And no. Let’s start by saying that FXLift is the trading name of Notesco Financial Services Ltd from Cyprus. The company is registered with the local regulator – CySEC, which means it has a popular Tier 2 license.
CySEC implements the rules of the European Securities and Markets Authority (ESMA), which entail that entities must have an operating capital of 730,000 EUR, provide clients with negative balance protection, segregated funds, a compensation scheme of up to 20,000 EUR, leverage restriction (1:30) and transaction reporting.
The regulated FXLift broker uses the fxlift.eu domain, as can be seen on the CySEC website. What about the other one – fxlift.com? That’s the offshore branch of this company that, contrary to the claims on the website, isn’t registered with the financial authorities of Bermuda and Gibraltar.
Our assumption is that Notesco uses this offshore entity for its ‘side-scheme’, i. e. to conduct fraudulent activity. Since the .com domain is unregulated, it could easily run a crooked scam and vanish at will.
Either stick with the regulated domain or find a broker with a Tier 1 license (FCA, ASIC, FINMA, etc.) that operates entirely onshore with no controversies and allegations to its name.
FXLift has a CySEC-regulated domain and one other that’s unregulated. The broker offers FX and CFD trading. Traders from Albania, Italy, Spain, France and the Czech Republic fell victim to this fraud.
Software – Platform Tools
The FXLift trading platform is MetaTrader 4. It has desktop versions available for PC and Mac, and mobile versions for Android and iOS. There’s also a web-based version called MT4 WebTrader.
MT4 is a true trailblazer in the trading industry. Developed by MetaQuotes, the platform changed the landscape and revolutionized modern trading.
There are a bunch of cutting-edge tools and advanced features such as automated trading, live market reports, instant execution, 30+ timeframes, etc. Ordering and charting are also quick and easy.
As mentioned, MT4 comes with two mobile versions – Android/tablet and iOS. The download links are on the FXLift website.
In general, mobile trading is great for making quick adjustments and trading on the go. It’s also simple to use, which is an advantage for beginners.
FXLift’s Trading Assets and Instruments
According to the website, FXLift offers an abundance of trading instruments. Clients can trade FX pairs and CFDs on shares, futures, spot metals, commodities, and indices.
There are no cryptocurrencies though. Nevertheless, here’s a quick overview of the FXLift trading assets with examples:
- FX pairs – EUR/USD, AUD/CHF, CAD/SEK…
- Spot metals – gold, silver & platinum;
- Spot indices & commodities – oil, gas, S&P500, AUS200…
- Shares – Disney, Intel, Pepsi…
- Futures – sugar, US100, GBP…
FXLift Broker’s Active Locations
The offshore entity of FXLift is what interests us. We did some research and found out where FXLift found unsuspecting victims:
- Czech Republic.
The data on similarweb.com shows that the number of visits to the website jumped manifold in January, i. e. to 37k. All of the visitors are seemingly from Italy.
Thus, if you have any info that could indicate fraud, please share it with us so we could inform the Italian regulator, CONSOB, and stop this scheme.
FXLift List of Account Types
Let’s take a look at the FXLift trading account types. Namely, there are three different options for traders:
- Live floating – Standard – average spread 2.1 pip, leverage up to 1:1000;
- Live floating – Gold – average spread 1.7 pips, leverage up to 1:1000;
- STP/ECN no commission – average spread 1.8 pips, leverage up to 1:200.
The minimum deposit was not set. Each account type comes with a dedicated account manager, who is available 24/5.
Leverage, Spreads, and Fees
As you can see, the leverage is extremely high – up to 1:1000. This is only possible with the offshore branch since CySEC has a restriction in place (1:30). Such high leverage is a double-edged sword that more often bears huge losses.
According to the website, FXLift charges no commissions, which sort of compensates for the wide spreads. Still, the industry’s standard is 1.5 pips.
Can a Trader Use a Demo Account?
Yes. FXLift offers a free demo account for practice. Traders can use virtually unlimited funds to train before investing in a live account.
A demo account is always good news but be careful. Fraudulent brokers sometimes have patience and will allow you to practice. When you invest real money, that’s when it could get dangerous.
About FXLift Terms and Conditions
We checked the FXLift terms and conditions. Here’s what we found problematic – the Anit-Money Laundering (AML) has been violated.
AML implies that the legal entity must perform the client’s withdrawal using the same method the client used to deposit funds. Yet, FXLift says that all profits can be withdrawn exclusively to the client’s bank account via wire transfers.
If the broker violates any terms and conditions, it’s got to be the AML policy. Therefore, it’s best you avoid dealing with the FXLift offshore domain.
What Should I Do If I Have an FXLift Problem?
If you’re having withdrawal issues with FXLift, you should file a complaint against the broker. We can help you there and we can also report the provider to regulatory authorities.
In case you’ve been defrauded by FXLift and are unable to get your money back, please give us a call and book a free consultation. Our team of experts will tell you about the next steps.
Here you can book a free consultation and find out what to do for a start.
What Is FXLift?
FXLift is a brokerage that offers FX and CFD trading. The broker is based in Cyprus but has an offshore branch that’s up to no good.
Is FXLift a Regulated Broker?
Yes. FXLift is regulated by CySEC. However, the offshore domain is not regulated and thus risky.
Is FXLift Available in the United States or the UK?
FXLift does accept UK traders but not those from the United States.
Does FXLift Offer a Demo Account?
Yes. FXLift allows traders to open a free demo account with virtually unlimited funds and use it to practice.