First, we were really excited to see what LionsTradeFX has to offer regarding different account types. The broker offers 3 account types:
However, the names of different accounts are the only thing you will be able to find out about this broker. First, when we checked the account descriptions we noticed there are some explanations that make no sense. Instead of getting valuable information about minimum deposit, spreads and special benefits available, we encountered something that looked like a math problem we would have to solve in elementary school.
We asked customer support for more info about accounts, but they failed to deliver. The agent was very salesy, and was insisting on us providing them our phone number. However, we firmly believe that every trader has the right to receive all necessary information prior to giving their personal data to the broker.
LionsTradeFX advertises bonuses on their website. Traders must understand how bonus is not free money the broker is simply giving away, but have terms and conditions attached to it. Bonus policy can be found in Terms and conditions document.
Terms and conditions state how the required trading volume is x40. Also, no withdrawals can be done prior to reaching the required volume. There is also an article in T&C that mentions how all withdrawals will be stopped until the trader reaches trading volume in the amount of the 25%, whether or not the bonus has been accepted. We consider that in case the trader hasn’t accepted a bonus, there is no reason for a broker to hold his money locked in. Traders have right to fair withdrawal conditions at any time.
There are also some additional conditions regarding ‘refer a friend’ bonus, so make sure to check them out. Read terms and conditions prior to accepting any form of bonus or promotion.
We noticed there is a demo button in the upper right corner of the website, so we naturally, registered to check out the demo trading account. Unfortunately, we didn’t get access to demo trading. It seems that the button is only there to lure traders into registering.