LOVO TRADE is a new forex broker registered in 2024, primarily offering financial asset trading services in forex, indices, precious metals, energy, and cryptocurrencies to investors. LOVO TRADE supports both real and demo accounts, providing related services through the MT5 trading platform.
Company Background:
LOVO TRADE is an international online forex broker headquartered in Saint Lucia, mainly expanding its business in Japan. LOVO TRADE's registration information lacks transparency, as its official website does not disclose vital information such as the company entity, establishment time, and registration address. This company offers trading services in a variety of financial products including forex, spot metals, indices, spot commodities, cryptocurrencies, US stocks, and European stocks. However, the broker's domain name is very new, registered on January 20, 2024, making it less than two months old.
Regulatory Status:
LOVO TRADE currently has no valid regulation. Firstly, LOVO TRADE has not disclosed any information about its regulation, and there is no record of this broker in major regulatory authorities. LOVO TRADE is not regulated by any broker, and the range of services it offers cannot be regulated and secured. Investors should be cautious about unregulated brokers and stay away from such platforms to avoid losses to their property assets. Investors should prioritize brokers regulated by authoritative regulatory bodies to ensure the security and transparency of their transactions.
Account Registration:
The steps to register an account on LOVO TRADE's official website are as follows: First, visit the official website and click the "Register" button on the homepage. Then, fill in relevant information including name, email, phone number, address, etc., and set up a password for the account. The registration page supports multiple language options, including English, Japanese, Korean, Vietnamese, etc., to meet the needs of different users. After completing these steps, you can successfully register and obtain a LOVO TRADE account to start trading and investing.
Account Types:
LOVO TRADE offers both real and demo accounts. Real accounts are typically used for actual trading and investment, though specific account types and related information have not been disclosed. Demo accounts, on the other hand, are simulation trading platforms that allow users to trade with virtual funds to practice and become familiar with the trading process, test trading strategies and market analysis methods without incurring real financial risk.
Trading Instruments:
LOVO TRADE mainly provides financial asset trading services in forex, indices, precious metals, energy, and cryptocurrencies to investors. Users can leverage up to 1:100 to enhance the efficiency of trading funds. Forex trading offers more than 40 currency pairs, including EURUSD, USDJPY, GBPUSD, etc. Index trading features fast order execution at just 0.1 seconds, and the commission per million USD of transaction volume starts from 4 USD depending on the account type.
Precious metals trading requires a minimum deposit of 10 USD, offering trading opportunities in gold, silver, and other metals. For cryptocurrencies, users can trade Bitcoin, Ethereum, and other cryptocurrencies with a minimum deposit requirement of 10 USD. Energy trading also offers up to 1:100 leverage, with a minimum deposit of just 10 USD, allowing for trading in crude oil, natural gas, and other energy commodities.
Trading Platform:
The broker offers the MT5 (MetaTrader 5) trading platform. MT5 is widely acknowledged as a powerful multi-asset trading platform, characterized by its high degree of customizability and flexibility to meet the needs and strategies of different traders. The platform supports multiple devices, including iPhone, Android phones, and PCs, allowing users to choose the appropriate download method according to their preferences.
Customer Support:
LOVO TRADE's customer support is relatively singular, only supporting contact through email. Users can further connect with the broker by sending an email to support@lovofex.com.
Summary:
LOVO TRADE is a newly established forex broker providing a wide range of trading tools. However, due to the current lack of effective regulation, its commitment and accountability to customer safety are in question, and the broker's information lacks transparency. Therefore, caution should be exercised when deciding to trade with this broker, and it is advisable to consider brokers regulated by matured regulatory bodies to avoid financial losses.
Currently, LOVO TRADE is marked as “suspected fraud” on TraderKnows.
