Lovacrypto claims that it’s “Time to Catch Up with the Future of Trading.” By the future of trading, of course, it understands itself. Well, we don’t know if this can genuinely be said about this company. Let’s see if there are any signs of a scam here. Read the conclusions in our short review.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Lovacrypto.com
The official website of Lovacrypto failed to make a positive impression for several reasons. Firstly, its content is exclusively presented in English, potentially limiting access for non-English speakers. Secondly, there are noticeable issues with the available content. Crucial information about the company is conspicuously absent, and certain sections are hidden, requiring registration to access. This lack of transparency raises concerns about the legitimacy and openness of the platform.
The design of the official Lovacrypto website leaves much to be desired. It comes across as rather generic and template-based. The color scheme and overall layout lack originality, giving an impression of a website that follows standard design conventions without bringing any unique or visually appealing elements to the forefront. If only the design had a bit more personality, we might not feel like we accidentally stumbled into the monotonous side of the internet.
Partnership and Bonuses
Lovacrypto proudly presents its affiliate program, promising a world of opportunities for those keen on expanding their circles. However, when it comes to specifics, Lovacrypto seems to have taken a leaf out of the mystery novel.
You earn rewards based on the number of people you refer. They offer three programs with varying payouts:
- Best payouts for individuals signing up with your affiliate link.
- Percentage from the first deposit when individuals use your link to sign up.
- Referral program with payments for every signup using your link.
Have you noticed any difference? Well, we haven’t either.
Account Opening on Lovacrypto.com
To get started on Lovacrypto, you need to go through a quick registration process. It’s straightforward, involving just a few fields:
- First and last name.
- Email address and phone number.
The company does not conduct email and phone number verification, leaving your account protected only by a password. This is a security concern as it increases the risk of unauthorized access and compromises the overall safety of user accounts. Verification measures, such as confirming email and phone details, are standard security practices employed by reputable platforms. Lovacrypto’s omission of these verification steps raises questions about the adequacy of their security measures.
The client portal, despite its minimalist design, offers only basic functions, limiting users to essential features. These include the ability to edit profile data, submit documents for verification, and manage security settings. Users can also fund their accounts, submit withdrawal requests, view the history of both trading and non-trading operations, and contact customer support. However, the portal lacks more advanced features that are commonly found on platforms with a user-friendly interface and a comprehensive set of tools.
Lovacrypto requires users to undergo verification, which can be completed within the user’s personal account. The verification process involves several steps.
Traders are required to submit the necessary documents for identity verification. This typically includes a valid government-issued ID, proof of address, and any other documents requested by the broker.
Lovacrypto may request documents that serve as proof of address, such as utility bills or bank statements. This additional step helps verify the user’s residential information.
Depending on specific circumstances or regulatory requirements, Lovacrypto might request additional documents to complete the verification process. This could include financial statements, source of funds documentation, or any other relevant information.
- The presence of a verification process enhances the security of user accounts.
- The broker does not specify the duration required to complete the verification.
The Lovacrypto trading platform, available as both a web trader and desktop application, exhibits noticeable drawbacks that may impact the user experience. Traders face limitations in the number of tools available for graphical and technical analysis. This constraint may require clients to reassess their trading systems, potentially compromising precision.
The terminal, including the desktop version, lacks the capability to create and connect indicators and trading advisors. This limitation significantly restricts the platform’s functionality. In summary, Lovacrypto’s platform falls behind industry leaders.
How Can I Trade With Lovacrypto?
Let’s dive into the intriguing chapter of exploring the trading conditions. We’ll investigate what information is available and what insights we can uncover in this aspect.
All Info About Accounts
Surprisingly, the menu lacks a dedicated section for trading accounts, leaving us in the dark. It was only after logging in that we stumbled upon the hidden account table, available solely for authorized users.
Lovacrypto presents six account types and a demo account. Traders are offered varying minimum deposits ranging from 500 euros to a hefty 500,000 euros for the VIP tier. Spreads commence at 2 pips and diminish to 0.5 as you ascend the account hierarchy, with the bold claim of no commission charges. However, you may notice that beginners with minimal deposits receive a mere introductory lesson, while VIP traders enjoy a plethora of extras like webinar access, educational materials, and etc.
A crucial insight from the FAQ reveals that the broker offers leverage up to 1:200 – an exceptionally high parameter for licensed brokers. Reputable regulators uniformly prohibit such excessive leverage.
- Wide range of accounts.
- High leverage.
- Dubious approach to trading plans.
Market Analysis and Education With Lovacrypto.com
Certainly, the company boasts about providing market analysis and various other offerings. However, there’s a conspicuous absence of concrete evidence that trained analysts are at the helm. This sentiment extends to their educational promises – no sign of ready-made courses or any semblance of a comprehensive learning program. It’s like being promised a treasure trove of knowledge, only to find an empty chest. Even the so-called forecasts are elusive.
Take heed, for all these additional services seem to be locked behind the gates of premium accounts. It raises the question. Are these services truly meant to benefit traders, or are they just part of an elaborate plan to separate them from their money?
Deposit, Withdrawal, and Fees
Lovacrypto provides a list of payment methods for deposits and withdrawals, including bank transfers, debit/credit cards, electronic payments, and cryptocurrency transfers. However, details about the transaction conditions are notably absent on the site and can only be accessed in the user’s personal account.
For payments, users are prompted to wait for a call from a personal manager. In case of any issues, they are directed to contact customer support.
The restriction on traders independently funding their accounts without external intervention can pose inconveniences and delays in the process. Practices such as waiting for a call from a personal manager to complete a transaction are inefficient and may cause frustration among clients. It also raises questions about the transparency of the process and creates additional complexities for clients who wish to respond quickly to market changes.
How Can I Contact It?
The broker’s contact information appears to be reasonably accessible, featuring a provided phone number and email. However, one notable absence is the lack of an office address. This aligns with our observation that the broker functions as a virtual project, primarily operating online without a physical presence.
Additionally, it’s worth noting that the broker does not have a presence on any social media platforms, which is a departure from the common practices of many legitimate financial entities.
- There’s email and phone numbers.
- No social media.
- Incomplete contact data.
Is Lovacrypto Dangerous?
In our investigation, we have reached the final stages. Now, let’s examine the legitimacy of the project and determine its credibility.
How Long Does The Broker Work?
A straightforward examination of the domain’s history uncovered the reality. The project was initiated at the close of 2023, implying that its genuine operational experience spans only a few weeks. Furthermore, a cursory search for reviews would reveal the absence of the alleged thousands of traders. Instead, what you’ll likely encounter are dubiously positive articles, seemingly penned haphazardly and lacking in authenticity.
You know what’s interesting? We stumbled upon intriguing comments from traders asserting that Lovacrypto is nothing more than another incarnation of Buy Crypto Market. So, it seems this is not just another scam. It’s a seasoned one with a history.
How Is Lovacrypto Regulated?
No way. That’s the whole response. Expanding on this, the creators of Lovacrypto seem to have gone to great lengths to conceal the registration details of the company. We firmly believe that this deliberate approach serves one purpose – Lovacrypto lacks official registration and the necessary licenses. The undeniable truth is that this broker operates without establishing a legal entity. It exists solely in the online sphere and lacks the required licenses to offer its services.
Frequently Asked Questions (FAQ)
Well, folks, Lovacrypto might sound like the name of a lost ’80s rock band, but when it comes to real trading, they’re hitting more wrong notes than a tone-deaf guitarist. So, steer clear of this crypto somewhat. Happy trading, and remember, not every broker with a flashy name is worthy!