Lovacrypto

Lovacrypto is a CFD broker that offers every trader to “Grow their business.” Of course, to achieve this, owners are ready to create all the necessary conditions: provide users with an advanced trading terminal, grant access to a variety of assets, and even offer educational materials and analytics. Unfortunately, all these promises are worth very little. The company is created by scammers, and its main goal is to attract funds. Retrieving them, however, will be impossible. How not to become a victim of this scam? Read our review carefully and avoid risking your money on this platform.

Overview of Lovacrypto

Choosing a broker begins with studying all the available information about it. From our perspective, the best option for the initial acquaintance is the official website. When writing a review of this brokerage firm, we also primarily examined all its pages.

Broker History

Lovacrypto prefers not to talk about its history, at least not with specific dates. On “About” page, there’s a poignant story about the challenges the company’s founders had to overcome. Unfortunately, the authors forgot to mention when it all happened.

However, there’s another source to determine the broker’s age. On the homepage, the awards received by the company are displayed, with the earliest dated back to 2017. Thus, we conclude that Lovacrypto started its operations in 2017 or earlier. So, we just need to verify this information.

Lovacrypto.com Website

To be honest, the company’s official website looks much better than many counterparts in similar scam projects. Web designers managed to find the right color combinations and a reasonable compromise between text fragments and accompanying images.

There are almost no complaints about the organization of this website. All links in the main menu and footer work correctly on different pages. The pages are well-optimized, so loading times are not excessively long. There are some usability issues, though — texts on many pages are poorly structured, but this can be tolerated.

Much more serious are the problems with content. Lovacrypto has failed to place a greater volume of necessary and important information for traders on its pages:

• The description of non-trading operations only mentions available payment methods. There’s no word about the conditions for their execution (limits, durations, commissions).
• On “Fees and Charges” page, you can only find out that there really are commissions and the broker may change them. Their current rates remain a secret.

In short, like other scammers, Lovacrypto’s official website won’t attract clients with such informativeness. Instead, it might repel them. However, judging by everything, this was probably not the goal. The employees have other methods to attract users. We see yet another sign of a fraudulent project.

Registration Process and Personal Account

To start trading with Lovacrypto, a user will need to undergo a simple registration. The process is streamlined, requiring the completion of only a few fields.

A user needs to enter:

• First and last name.
• Email address and phone number.
• Account type (selected from a drop-down list).
• Authorization password.

Additionally, users must confirm agreement with “Terms & Conditions” and pass the reCaptcha verification.

As seen, Lovacrypto ignores the norms that have become standard for the operation of legitimate brokers:

• A residential address is not requested, and there’s no option to fill out a questionnaire based on which a user obtains the status of a retail or professional investor.
• Contact data verification (even partial) is not conducted.
• The number of documents for review is ridiculously small. At the very least, Privacy Policy and Risk Disclosure should be included in the list.
• The broker didn’t even request confirmation that the user is not a resident (or tax resident) of the United States.

This approach to the registration process convinces us that Lovacrypto operates outside the regulatory scope, even offshore regulators. This was not surprising after acquainting ourselves with the official website.

After completing and submitting the registration form, a user is provided with an account. The Client Portal is a template widely used among scam brokers, incorporating a basic set of functions for account management and trading.

Here you can:

• Edit profile data, submit documents for verification, and change security settings.
• Fund the account and submit withdrawal requests.
• View the history of trading and non-trading operations.
• Contact customer support.

Buttons are also available to switch to the web trader and download the desktop application to the client’s PC.

An analysis of the functionality of the personal cabinet shows that it looks better than it performs:

• Profile data lacks even fields for entering a residential address, and during verification, documents are required for confirmation.
• Promised security features on Lovacrypto’s official website are not implemented. In particular, there’s no option to enable 2FA.
• Contact data verification is not conducted.

As observed, the broker has no intention of addressing issues related to ensuring the security of client funds. Scammers truly assess the situation: the money deposited into their accounts is already in complete safety. Virtual funds in clients’ accounts are of no concern to anyone.

Trading Platform

The Lovacrypto trading platform is presented as a web trader and desktop application. An experienced trader will quickly notice the shortcomings of this software, which are quite apparent.

Consider the following:

• The market overview is organized inconveniently. A user cannot limit the number of displayed trading assets in each group. Therefore, choosing an instrument requires additional time. This time can be saved by creating a Favorites list, but it is not saved after the session ends.
• The number of available tools for graphical analysis is limited. This forces traders to reconsider trading systems, often at the expense of precision.
• The terminal (including the desktop version) doesn’t allow the creation and connection of indicators and trading advisors. This significantly limits functionality.

Overall, the platform clearly lags behind market leaders such as MetaTrader or TradingView. Additionally, Lovacrypto provides unreliable information about it. In the desktop version, there’s mention of the actual software developer — Easy Technologies. Accordingly, the broker has no connection to its creation. Why attribute someone else’s development to oneself?

Another note: the project doesn’t provide the promised mobile application mentioned on the official website. The browser version adapted for mobile devices cannot serve as a full replacement.

Contacts

The Contact Us page on Lovacrypto’s official website also raises many questions. The company tried to list all possible ways for a trader to contact customer support or other platform representatives.

These include:

• Submitting a request via the feedback form.
• Sending a message to the email support@lovacrypto.com.
• Making a phone call to +1-718-488-5710.

There’s no company’s mailing address on this list. It seems the broker decided not to spend money on renting a virtual office and only acquired a phone number. We have no doubt that this number is also virtual. It belongs to the state of New York in the USA, where trading CFDs is entirely prohibited by the local regulator. Can the company register here? We strongly doubt it.

There is not a single link to social media on this page. Apparently, project owners deemed their creation unnecessary. The reason is quite simple: allocating resources to maintain their activity for the 3-4 months during which the scam platform will likely cease to exist is simply irrational.

Analysis of Services Lovacrypto

Among the most interesting indicators for traders, trading conditions and financial transaction execution play a crucial role. What can Lovacrypto offer its clients?

Funding and Withdrawal

The broker lists only the payment methods available for depositing and withdrawing funds. This list includes:

• Bank transfers.
• Debit/credit cards (with VISA or MasterCard logos).
• Electronic payments, such as Skrill or PayPal.
• Cryptocurrency transfers.

However, the site doesn’t provide any information about the conditions of financial transactions. More information may be found in the user’s personal account.

In the personal account under “Deposit” section, the list of possible payment methods is significantly smaller. It’s limited to bank transfers and card payments. However, the details of Lovacrypto’s bank account are not published, and it seems that the inclusion of bank transfers on the page is merely to fill the empty space.

To make a transfer from a debit or credit card, there’s a corresponding button on the page. However, clicking it doesn’t bring up a form to enter transaction details. Instead, users receive a message suggesting they wait for a call from a personal manager. If any issues arise, they are encouraged to contact customer support.

Quite unexpected, isn’t it? However, it’s only unexpected for those who still suspect Lovacrypto of honest operation. For scammers, such an approach is quite common: they need to remain anonymous, avoiding the attention of financial and tax authorities. To achieve this, they need to accept payments either in cryptocurrency or on drop cards.

By the way! In case of contacting support, different contact details are provided. For example, the phone number in the UK is +44203709757, and the email is support@LovaCryptos.com.

Lovacrypto Trading Conditions

The broker has failed to publish its trading conditions. Its employees seem to have never heard of contract specifications. The only option where users might find them is in the table with types of accounts (tariff plans).

Nevertheless, the Lovacrypto account system is actively advertised on its pages. Users with modest capital and a reluctance to take significant risks are encouraged to open a Basic account. However, for some reason, such an account doesn’t appear in the dropdown list in the registration form.

We can only state the fact that clients are offered to open accounts:

• Mini.
• Standard.
• Gold.
• VIP.

The differences between these accounts and the characteristics traders should focus on remain unclear.

However, once you go through the authorization process, a section with a table of account types appears in the main menu (apparently, the broker has serious problems with logic). In fact, we will see 6 accounts in it (what about the registration form?) with minimum deposit sizes and spreads:

• Welcome, minimum deposit $250, spread from 2 pips.
• Bronze, minimum deposit $10,000, spread from 1.2 pips.
• Silver, minimum deposit $50,000, spread from 1 pip.
• Gold, minimum deposit $100,000, spread from 0.8 pips.
• Platinum, minimum deposit $250,000, spread from 0.5 pips.
• VIP, minimum deposit $500,000, spread from 0.5 pips.

The broker simply ignored other essential trading conditions (such as swaps and minimum trade volumes). Instead, they provided information about the number of online trading sessions, monthly webinars, and lessons on indicators. Apparently, this is much more important, in case someone is tempted to bring in a lot of money.

Is Lovacrypto Trustworthy and Reliable?

Naturally, it’s crucial for brokers to behave honestly, and client rights need to be protected. This can be expected from regulated companies, a category that Lovacrypto claims to belong to. Is this really the case?

Assessing Legitimacy

The creators have done everything to prevent users from finding the company’s registration details. We are confident that this approach is used for one reason only — Lovacrypto has not undergone official registration and has not obtained licenses.

As a precaution, we checked both the UK registry and the New York state registry based on phone numbers provided by the company. However, our attempts were unsuccessful.

It remains a fact that the broker operates without establishing a legal entity. It is only represented online and doesn’t have a license to provide services.

Established Track Record

There’s another question to clarify — the platform’s duration of operation on the internet. Since Lovacrypto doesn’t publish the necessary data, we need to turn to the whois service and use the domain registration date.

As we can see, the domain was registered only in November 2023. If we pay attention to the update date, we can assume that the broker actively started operating on January 9, 2024. Thus, all the tales of Lovacrypto about brave creators who once overcame thousands of difficulties and awards received since 2017 are nothing more than a legend. Of course, believing in it is not advisable.

Implications for Traders

So, we’ve familiarized ourselves with Lovacrypto — another scam broker attempting to appear as a regulated company. However, these attempts are hindered by the lack of official registration and a license. The legend concocted by the project’s creators also didn’t withstand scrutiny. We recommend forgetting about this platform forever and finding a legitimately regulated broker online.

Strengths and Weaknesses