A diverse variety of five trading accounts are offered by Lockwood. It claims to facilitate a transparent and professional trading solution for cryptocurrencies and foreign exchange pairs also other trading instruments. The broker is banned by Bulgarian financial regulator and has several other problems in its overall offerings and presentation. We are here to help all the traders by providing an out and out and neutral Lockwood review. We are hoping that readers will make most of this comprehensive and distinct review.
Five provided diverse trading accounts are Micro, Mini, Silver, Gold, and Diamond that require pre-finance of US Dollars 500, 2500, 5K, 10K and 50K respectively. A generous leverage ration of 200:1 is offered on these five diverse accounts and high floating spreads are provided. To construct a neutral review we are bound to debate all the possible pros and cons of Lockwood. Plenty of cryptocurrencies, foreign exchange pairs, as well as binary option CFDs, are provided by this broker. It also includes CFDs over ETFs, bonds, stocks, and indexes. Such a wide variation in the financial instruments effectively manages trading risk. Leverage ratios as high as 200:1 are provided that are quite attractive for generating high trading profits. However, European markets have banned high leverages and traders operating from here will not benefit from it.
The major con of Lockwood is its unlicensed character. The brokerage brand Lockwood is managed by a Bulgarian organisation called Solutions CM LTD. A Bulgarian broker should have regulation from the Financial Supervision Commission or by BaFin or FCA. Unfortunately, this broker does not have regulation by either of the financial regulators mentioned previously. Trading with an unregulated and unlicensed broker is quite a risky affair and traders should avoid them. Furthermore, company Solutions CM LTD is also the owner of other scam brokers that been blacklisted by several authorities and we have reviewed them. The spreads of 70 pips floating on EURUSD foreign exchange pair can be seen on the provided web trader platform. Such spreads are outrageously high. Generally speaking 1.5 pips spreads are commonly accepted. The initial investment at Lockwood starts from 500 USD and is also absurdly higher. The broker offers a welcome and trading bonuses and they are entitled with unusual terms and conditions. Traders need to at least trade 30 times higher the bonus value to withdraw them.
Is Lockwood scam or legit?
The crypto broker Lockwood is a potential scam cryptocurrency broker. It does not have a proper license to be operational as a crypto broker. MT is not available, high spreads and leverages offered, the initial investment is humongous, and the broker has been blacklisted.