Introduction to LP Trades
LP Trades is one of many cTrader brokers who are unregulated. However, unregulated doesn’t necessarily mean untrustworthy. For example, TradersWay is a well established but unregulated broker. The company was the second broker to onboard cTrader after FxPro. For more than 10 years TradersWay has been operating offshore. Despite there being a handful of reputable offshore brokers, there are even more which are not. In this review of LP Trades we will assess what the company is all about, is it safe to invest money with them and what is their service like compared to other leading brokers we work with on bestctraderbrokers.com.
First Impression of LP Trades
At a first glance of the LP Trades website, it looks like the site is from a WordPress theme that hasn’t been customized much if at all to suit the broker’s needs. For example, the menu fills half of the screen when scrolling. This hides information and it contributes to overall poor user experience. It also implies that the firm doesn’t have in house development resources or consider it a priority to fix.
More alarming, the links in the footer for Terms and Conditions and Privacy Policy do not work. There is no information about the companies code of conduct when it comes to managing your personal data or providing financial services to you.
Is LP Trades a Scam
Because Spotware publishes all brokers Android applications on behalf of brokers, it’s easy to verify if a broker genuinely works with Spotware or not. Not only this, you can check the web trader too. There has never been a known case of fake cTrader, so the fact that there is a branded version of cTrader web for the broker is a strong sign of authenticity. However, you can check even deeper by using the developer tools in your web browser. In developer tools, you can see which WebSockets are being used by the application. We don’t think there is any need to do this. The fact that the Android App has been published is typically enough.
A Focus on Education (or not)
The education section is little more than a couple of YouTube videos from the cTrader channel. Like the rest of the site, this section is very barebones. Not only is the education section weak, so are many other sections of the LP Trades website. The homepage even has broken links which inevitably take you to a 404 page.
Who Runs LP Trades
If you go to the About Us section of the LP Trades website, you won’t read anything about LP Trades. In fact, all the About Us pages describes is the forex market and why you should be investing there. Looking at Linkedin (a great research tool) there is only one employee at the firm. This employee is apparently the companies Chief Investment Officer.
Our Verdict
LP Trades are amateurs. Regardless of their intentions, which we have not found any basis to believe they are acting dishonestly, we do believe the company is unprepared to offer financial services. Because of this, we suggest you trade with a reputable cTrader broker listed on our site.
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