Read this review to understand why you should not trade financial markets with LPL Finances.
What is LPLFinances
LPLFinances is a broker that trades Forex, cryptocurrencies and stocks. You can get up to 1:400 leverage.
The broker offers three types of a trading accounts, the minimum deposit being 10,000 USD. Higher accounts with higher minimum deposits come with personal assistance from the broker’s specialists.
LPLfinance is run by a company called Halebore Ltd. that is based in London, United Kingdom.
The question is, is LPL Finance a legit broker that you can trust with your money?
LPL Finances is an illegal broker
Unfortunately, you can’t trust LPL Finances because it is an illegal broker. You have to stay away from it. In this review we explain the details.
Not regulated – illegal
LPLFinances will let its clients trade with financial instruments that are subject to regulations. We are talking about markets like Forex and stocks.
Because the broker’s parent company Halebore is based in the United Kingdom, it means that it needs a license from the Financial Conduct Authority (FCA) to be able to operate legally.
But as you can see in our picture, Halebore is not authorized by the FCA to be a broker. When you dig deeper you will find that a company named Halebore is registered with the Companies House, but it supposed to be an advertising agency. So nothing to do with finances. Plus, it is only a few months old.
In any case LPL Finances is an illegal broker, because it is based in the United Kingdom but is not authorized by the financial regulator. When a broker is breaking the laws like this, you can be pretty much sure that it is a scam.
LPL Finances not being regulated also means that clients’ deposits are not protected under British law. So, if the broker disappears with all the money, there will be no compensation for the clients.
How LPL Finances works
We are sure that LPLFinances is not physically located in the United Kingdom. They just bought an address there, Halebore just got a tax registration to look legit, but the business is conducted from elsewhere.
The official website of the broker shows that deposits are made in cryptocurrencies only, which makes it even more suspicious than it seemed so far. It looks like the broker was made to take money from people and make it disappear.
Because cryptocurrency transactions are irreversible, people won’t be able to get anything back in case something goes wrong.
It seems that LPL Finances is one of those brokers that work fine as long as you are losing money with them. But if you dare to make profitable trades, you will find that they won’t let you withdraw anything. They will just ask for more deposit for fake reasons, like you having to pay some taxes through them, which of course is not true. You pay your own taxes.
This is why you have to stay away from LPL Finances.
LPL Finances review – Conclusion
LPL Finance is an illegal broker that is not authorized to provide services it provides. You should stay away from it.
If you want to trade financial markets, do it with a regulated broker. You can try it on a free demo account with virtual money.
Should you want to start trading with real money, be sure to understand the risks.