LST Review 2023: 5 red flags about – scam

Exercise caution if you’re considering investing with LST (Live Secure Trade). This broker operates without regulation and is highly likely to scam its clients. Despite making claims of operating under the supervision of Swiss authorities, these assertions are nothing but a fraud. Beware of their suspicious activities and deceptive profit promises, as they are likely to lead to financial losses.

Here are some major red flags about this sly forex broker:

  • The broker lacks regulation by a reputable financial authority.
  • The trading conditions are nontransparent and potentially problematic.
  • The trading platform provided by the broker is inadequate or untrustworthy.
  • The broker exclusively accepts payments in cryptocurrency.
  • The website is anonymous and cannot be easily traced.

LST regulation and funds safety

Initially, it’s worth mentioning that LST International operates under the name LST, and claims to be regulated by the Swiss Financial Market Supervisory Authority (FINMA), with a listed address in Zurich, Switzerland. However, it’s important to note that despite the listed Swiss address, our investigation could not uncover any tangible evidence connecting it to the company. Additionally, the broker provides UK phone numbers for communication, which raises further concerns about its transparency and credibility.

Keep in mind that despite claiming to be regulated by FINMA, LST is actually unregistered and has even received a warning from FINMA. This warning indicates that LST is not a licensed company and is not under FINMA’s supervision. FINMA publicly releases a list of unauthorized and unregulated companies and individuals, and LST is among the names on that list.

Pay attention to FINMA warnings as they are meant to protect investors from fraudulent activities. Legitimate brokers registered with FINMA follow regulations and take extra measures to secure their clients’ funds, unlike unregulated forex broker LST. Prior to 2009, the Swiss forex market was unregulated, allowing over 200 international brokers to operate freely in the country.

However, Swiss authorities mandated that all forex brokers hold a banking license, which comes with a high minimum capital requirement of 20 million CHF, reducing the number of regulated entities to only a few banks. Traders entering the world of online forex trading in Switzerland need to understand the strict regulations that FINMA-regulated brokers must adhere to.

To help traders understand some of the major FINMA regulations, we have compiled a comprehensive list of dos and don’ts below. It is mandatory for all Switzerland-regulated brokers to maintain a minimum net capital of CHF 20 million, hold a banking license, and insure clients’ deposits against insolvency for up to CHF 100,000.

LST trading conditions

LST’s trading options are quite limited as they only offer a narrow range of financial instruments, such as forex, CFDs, and cryptocurrencies. On the other hand, reputable forex brokers tend to offer a much wider selection of trading options, including precious metals, stocks, energy, indices, futures, and cryptocurrencies, among others.

Furthermore, LST provides its clients with a choice of three account types: Silver, Gold, and Platinum.

In addition, LST’s minimum deposit requirements are surprisingly high. To open a Silver account, clients are required to deposit at least USD 25,000, USD 50,000 for Gold, and an astounding USD 100,000 for Platinum. This is significantly higher than most other brokers, who typically require no more than around USD 200 as an initial investment. As a result, traders should be cautious of this discrepancy. Moreover, many reputable brokers allow you to open an account with a deposit of less than USD 50.

Furthermore, LST doesn’t disclose the spreads offered for each account type. However, trading with a reputable forex broker that provides tight spreads can boost your profits while ensuring high security and quality. Fortunately, numerous trustworthy brokers offer spreads lower than 1 pip, allowing you to get the most out of every trade.

As for the leverage offered by LST, it ranges from 1:1 to 400:1, depending on the type of account. Keep in mind that trading with high leverage levels can pose challenges for inexperienced traders as it increases both the potential for significant profits and losses. To protect against excessive losses, it is advisable that traders who want to leverage their trades select a reliable forex broker that provides negative balance protection. This way, traders can trade with peace of mind, knowing that they will not owe debt beyond their account balance.

LST deposit/withdrawal methods & Fees

LST’s decision to accept deposits only in Bitcoin, Ethereum, and Litecoin did not come as a surprise, as scammers often prefer the anonymity and irreversibility of cryptocurrency transactions. However, investors should be cautious, as there is no recourse if scammers steal their funds. It is crucial to educate oneself on safe transaction methods before investing.

In contrast, legitimate brokers provide a safe and secure way to invest, offering a range of payment options such as credit cards, wire transfers, and e-wallet services like Skrill, PayPal, and Neteller, making it easy to fund your account.

There are no pros to using this broker. However, there are several cons, including the lack of a legitimate forex license, nontransparent trading conditions, extremely high minimum deposit requirements, and accepting only crypto payments.

The views and opinions expressed in these articles are those of the source and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.

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