Lovacrypto Review: Is It a Potential SCAM?

Lovacrypto - logo
Rating:
1

Today, we will be exploring an intriguing broker with an interesting name. Let’s meet Lovacrypto. The hero of our review claims that with it, you can grow your business. However, we are always prepared, and we will now verify all of their assertions for potential scams. Stay tuned and don’t miss the upcoming exposure.

Lovacrypto General Information

Website https://www.lovacrypto.com/
Phone Number +1-718-488-5710
Email support@lovacrypto.com
Address
License
Minimum Deposit €250
Assets CFDs
Leverage 1:200
Trading Platform WebTrader

Registration and Client Portal Review

Lovacrypto has created a rather peculiar website. Our impression is that it seems unfinished. It started with the platform being available only in English. The broker claims that thousands of customers trade with them every day. We believe that, aiming for such global reach, it should have at least multilingual support and a couple more languages. Furthermore, we have some grievances about the content. Many important aspects are not mentioned on the site. We are shocked at how haphazardly Lovacrypto handles legal information. Finally, we are not at all impressed with the design. The overall aesthetic appears unpolished and lacks a cohesive visual appeal. The navigation elements are not intuitively placed, making it challenging for users to find essential information easily. Moreover, the graphical elements and images appear dated and do not convey a sense of professionalism.

Lovacrypto - website

Lovacrypto has opted for a straightforward registration process without introducing any unique features. To sign up, users are required to complete a basic questionnaire, providing personal details such as their full name, date of birth, and contact information. Additionally, creating a password is mandatory, serving as the sole safeguard for the account. Interestingly, the company does not implement a confirmation code system through email or phone verification. This absence of additional verification steps raises security concerns. Reputable platforms typically employ such measures to ensure that the individual registering the account has legitimate access to the provided contact information.

Register

After registration, you will be directed to the client portal, where you will find standard and somewhat mundane features. Here, you can edit your profile, download the trading terminal, switch to the web trader, and, of course, manage deposits and withdrawals. However, it’s worth noting that the platform offers a limited set of functionalities, and the design appears rather simplistic, lacking sophistication.

Lovacrypto - Client Portal

Lovacrypto Trading Conditions

The broker certainly boasts about itself a lot, but it’s essential not to blindly trust the words of this project. It might turn out that trading conditions are not as rosy as they present them to be.

Account Types Review

Certainly, we would like to inquire: where are the trading conditions? It seems like the broker completely forgot about such a crucial detail. The menu lacks a section describing the trading accounts, although during registration, we distinctly saw a division into at least four accounts. To our surprise, we discovered the account table only after logging in. In other words, it is hidden for all unauthorized users.

The broker offers a total of six types of accounts, and a demo account. Minimum deposits vary from 500 euros to 500,000 in the VIP tariff. Spreads start at 2 pips and decrease to 0.5 as the account grows. They claim not to charge any commissions. By the way, Lovacrypto follows the standard and flawed approach where the more money a client brings, the more services they receive. Thus, beginners with a minimum deposit get only one introductory lesson. At the same time, VIP traders receive a whole heap of additional services, including risk-free trades, access to various webinars, and educational materials.

Such an approach, where the level of services and benefits increases proportionally with the amount of money deposited, is considered unfavorable. It contradicts the principle of providing equal opportunities for all clients. Every trader, regardless of their deposit amount, should have access to comprehensive resources.

From the sections on the website, we can deduce that Lovacrypto offers trading in CFDs. Cryptocurrency is briefly mentioned, but judging by the trading terminal, only contracts for it are available, not the actual assets. In the FAQ, the crucial detail found is that the broker offers leverage up to 1:200. However, if you want to know, this is a very high parameter for licensed brokers. All reputable regulators prohibit such high leverage.

Trading Platform

The trading platform provided by Lovacrypto leaves much to be desired. It presents a subpar user experience with its lack of advanced features and overall outdated interface. Navigating the platform is not as intuitive as one would expect, and the performance is below industry standards.

The absence of advanced tools for market analysis and trading functionalities is a notable drawback. Traders often require sophisticated charting tools, technical indicators, and other features, and Lovacrypto’s platform seems to lack these essential elements.

Furthermore, the design and layout of the platform contribute to a less-than-pleasant user experience. Overall, the trading platform of Lovacrypto falls short in meeting the expectations of traders.

Trading Platform

Lovacrypto — Deposit and Withdrawal of Funds

Lovacrypto provides a variety of funding methods to cater to your convenience. You can fund your account through a bank wire transfer, using credit or debit cards. Additionally, online depositing methods such as Skrill and PayPal are available for funding your trading account. Also have the option to deposit funds using cryptocurrency wallets.

When it comes to withdrawals, the broker claims that you can withdraw funds using the same methods as for deposits. However, the reality is different when you navigate to the withdrawal section in the client portal. There, you’ll find only the option to withdraw funds in cryptocurrency, specifically BTC. No other alternatives are provided, leaving you with limited choices. Notably, Lovacrypto doesn’t specify any fees, and they promise to process withdrawal requests within 3-5 days.

Verification

Lovacrypto requires users to undergo a verification process. You will be prompted to provide personal information such as your full name, date of birth, and residential address. Ensure that the information matches the details provided during the registration process.

  • Lovacrypto requires users to submit identification documents to verify their identity. This includes a government-issued ID card, passport, or driver’s license. Make sure the documents are clear, valid, and comply with the broker’s requirements.
  • Additionally, Lovacrypto requests proof of address. This can be in the form of a recent utility bill, bank statement, or other official documents that confirm your residential address.
  • As an additional security measure, Lovacrypto may request a selfie for facial recognition. This involves taking a picture of yourself holding your identification document.

Once you have submitted all the necessary documents, you will need to wait for the verification team to review and approve your information. This process may take some time.

Additional Options

Lovacrypto provides a single additional option for users, which is their affiliate program. However, the details of the program are not extensively described. In summary, the broker states that they have designed the affiliate program to make it easy for individuals to target and promote their services to their audience. The rewards in the program are based on the number of people referred. There are three main affiliate programs available:

  1. The first program offers the highest payouts, providing a percentage for each individual who signs up using your affiliate link, regardless of the deposits they make, and this reward is for a lifetime.
  2. The second option involves individuals signing up with your affiliate link, and you receive a percentage from the first deposit they make.
  3. The referral program is the lowest-paying option, where individuals signing up with Lovacrypto using your specific link earn you a payment for each referral.

If you haven’t understood the difference, neither have we. Please contact support for clarification. It’s evident that this section is also not well-developed.

Is Lovacrypto a Scam?

Now, let’s get to the main point — checking the broker’s legitimacy. Something tells us that here, too, we’ll uncover a lot of discrepancies.

Lovacrypto has presented us with quite a few mysteries regarding its legal information. For instance, we still haven’t figured out where the company is registered. It boldly states that the use of any information from its site must be done only with permission. However, where is even a reference to any legal entity so that we can understand that these threats are lawful, and we are dealing with a real brand? The agreement lacks any mention of the broker’s managing company and the jurisdiction in which it might be registered.

Lovacrypto admits in the FAQ that it exists as an online project. When asked about having a license, it responds with vague statements. The only clue is the phone number with a New York area code, and we might assume that the firm is at least registered there. However, no such information is found in the state registry, and besides, CFD brokers are prohibited in the USA. The conclusion is simple: Lovacrypto operates without a license and official registration.

Lovacrypto.com Domain Info

In general, we found the claim that this broker has hosted thousands of traders on its platform quite amusing. A simple domain check reveals the truth. The project was actually launched only at the end of 2023, so its real operational history is just a matter of weeks. Moreover, if you google reviews about it, you’ll quickly realize that these thousands of traders are nowhere to be found. Instead, there are only suspiciously positive articles, likely written clumsily and lacking authenticity.

Domain info

Contacts Review

The broker’s contacts seem to be in order, with a provided phone number and email. However, there is no office address, which aligns with our understanding that it operates entirely online as a virtual project.

Pros and Cons

  • The platform offers a variety of funding methods.
  • Lack of proper registration and licensing.
  • Incomplete and misleading information on the website.
  • Limited trading account options for non-registered users.
  • The trading platform is subpar, with negative user feedback regarding performance.
  • Short operational period.

 

2.6 TOTAL SCORE

Lovacrypto Summary

Lovacrypto - favi

We would strongly advise against choosing Lovacrypto. The lack of proper licensing and registration raises significant concerns about its legitimacy. It's crucial to understand that, in the event of any issues, there is no regulatory authority to help you recover your funds. Therefore, the question arises: is it worth the risk?


Website information content 3
Client Portal 3
Trading conditions 2
Trading platform 3
Deposit and withdrawal 4
Verification 4
Extra options 2
Licenses and guarantees 1
Work duration 1
Feedback 3

Frequently Asked Questions (FAQ)

What Does Lovacrypto Offer?

Lovacrypto claims to offer a platform for growing your business, but our analysis indicates several red flags. The trading conditions and non-trading operations are poorly described, and significant details are intentionally hidden.

How Much Money Should I Invest With Lovacrypto?

Lovacrypto offers a minimum deposit of 250 euros.

Is Lovacrypto Safe?

No, Lovacrypto is not safe. The platform operates without proper licensing and regulatory oversight. Exercise caution and explore more secure options for your financial activities.

Subhash Mishra
Forex & CFD Trader

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

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Client Reviews

  1. Cerberus

    Absolutely painful

    How can anyone trade on such a pseudo-platform? I decided to check out the software just for fun, and it’s a complete horror show. No automated trading. No ability to upload custom indicators or template settings. The absence of a terminal on iPhone or other operating systems is baffling. Why not at least add a standard Metatrader? Well, I perfectly understand why. Lovacrypto is nothing but blatant scammers, that’s why. It’s a typical fraudulent operation that won’t let you withdraw any money; all they want is to drain your funds easily. Their platform is rubbish, allowing them to manipulate any chart as they please, making stop-loss trading a constant stop-out. Trading with leverage? They’ll drag you through margin calls. In any case, making any profit is impossible. And if these fraudsters can’t drain your funds using fake quotes, they won’t let you withdraw money, block your account, and that’s it.

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