FXlift Review (2022): Should Your Trust and Trade With this Broker?
With thousands of forex brokers in the foreign exchange market, it can be hard to find the right broker to invest with, let alone determine whether they are legit.
It’s easy to get lured by fake customer reviews and an elegant website, which will easily drive you into a scam. What follows? You lose all your hard-earned money.
FXlift is one of the famous foreign exchange brokers in the market. Is it safe to invest your money with it? Is it a legit, licensed, and regulated broker, or is it a scam?
Read this in-depth FXlift review to help you understand the hidden truth behind this famous broker.
Have you invested and lost your money trading with FXlift? Don’t worry. We can help you get your money back. Book a free consultation session with us today, and our team of experts will help you recover your money.
What is FXlift?
FXlift is a trading broker in Bermuda that boasts over 300 trading instruments from six asset classes.
Through this broker, clients can invest in financial instruments such as forex (including Bitcoin and Ethereum), shares, precious metals, futures, spot indices, and commodities.
FXlift claims to safeguard client funds through independent accounts with top-tier banks, segregated client accounts, automated risk management, and an investor compensation fund.
Though the broker claims to provide the best trading experience, there’s more than meets the eye.
This FXlift review will help you understand more hidden aspects of this broker and help you to determine whether you should trust it with your money.
FXlift Trading Accounts
FXlift offers three trading accounts with competitive spreads for all account levels.
These accounts include Live Floating Standard Account, Live Floating Gold, and STP/ECN No Commission Account.
With the standard account, there’s no minimum deposit required. However, for the high-tier accounts, you need to have a minimum deposit of $5000 to enjoy more perks and advanced support.
FXlift Trading Platforms
FXlift trading accounts are available on multiple user-friendly MetaTrader 4 platforms and accessible through MT4 PC, Mac, iPhones, tablets, and smartphones.
According to FXlift, it offers the best quality trading execution with the highest speed.
Trading execution happens in a matter of milliseconds for any account across all its trading platforms.
It also claims full transparency in its trading account activities. Sounds like the best deal, right? Not just yet.
Is FXlift a Licensed Broker?
Depending on your country of residence, FXlift is licensed by various financial regulatory boards to offer trading brokerage services.
As a trader, you should always verify a broker’s license in your country before trading with it.
FXlift is licensed under Notesco Financial Services Limited, which is registered under license number 125/10 by CySEC.
In Bermuda, Notesco is licensed under registration number 51491.
Is FXlift Regulated?
FXlift is fully regulated by the Cyprus Security and Exchange Commission (CySEC) to provide trading products.
It operates under the cover of its parent company, Notesco Financial Services Limited, which is a fully regulated financial services company.
Please note that even scam brokers will always claim to be regulated by specific regulatory agencies, so it’s your responsibility as the trader to double-check.
If you’ve lost your money trading with a broker who claimed to be regulated, book a free consultation session with us, and we’ll help you confirm the legitimacy of that information.
Is FXlift Legit or a Scam?
Let’s go deeper into this FXlift review to see whether it’s a legit forex broker or just a money-sucking scam.
FXlift has been in operation for years and shows many aspects of being legit. However, it also has a fishy side, which could prove that it’s a big scam.
What Factors Make FXlift Look Legit?
Some factors about FXlift that make it seem like a legit broker include:
- It’s authorized by CySEC, a key regulatory body that registers and regulates financial service firms in Cyprus. Regulatory bodies enforce measures to protect traders from losing their funds.
- It has a dynamic funds security strategy. FXlift safeguards trader funds through segregated client funds, independent accounts, compensation funds, and an automated risk-management system in all its trading platforms.
- It uses high-end, trustworthy, and respected trading platforms like MetaTrader 4 (MT4).
- It uses safe and authorized payment service providers like Skrill, SafeCharge, ChinaUnion, and Neteller.
- FXlift also issues a high-risk trading warning to its customers and prepares them for the risk of losing all their initial deposits. This is a good sign of legitimacy and trustworthiness.
What are the Scam Signals of FXlift?
As it turns out, some clients have complained about having difficulty withdrawing their funds after joining and trading with FXlift.
The broker has been likened to IronFX, its sister broker from the Natesco family, which has also been identified as a scam.
Too High Initial Deposit
The initial deposit for the high-tier accounts of FXlift is $5000, which is ridiculously high. This could be a sign of scam since it gives you the first chance to invest large amounts, expecting very high returns. Before you know it, all your initial deposit and profit is gone.
A reasonable initial deposit for most legit foreign exchange brokers is often below $1000.
FXlift is Scam-Rated
Despite very few customer complaints online, this broker has been investigated and scam-rated by the Forex Peace Army.
The FPA has the largest database of broker reviews and helps traders identify problems with forex trading firms.
FXlift Review Conclusion: The Final Verdict
From this in-depth FXlift review, this broker seems to have many red flags, which jeopardize its trustworthiness.
It looks like the nice promises on its website are only meant to lure unsuspecting traders.
It is not wise to invest your money with this trader as you risk losing not only your initial deposit, but also your accrued profits.
Have you lost your money trading with FXlift and would like help to recover your investment? Book a free consultation with us today, and our team of experienced experts will help you recover the money lost by trading with swindlers like FXlift.