LH Crypto Review | Cryptocurrency Margin Trading
LH-Crypto was established to cater to cryptocurrency traders who wish to profit from trading cryptocurrencies. Crypto margin trading up to 1:500 available.
I recently came across the story of a trader whose broker opened unauthorized losing trades on his account. This was done right after he requested a withdrawal. To add salt to his injury, another forum user asked him to send an email so she can help collect his money from the broker. As you might have guessed, this service is not a free one. Unfortunately, no one can help you retrieve money from scam brokers. Not even regulators. Now, the young trader was scammed twice because he was banked with a "supposed" top broker.
Stories like these are not uncommon when it comes to dealing with brokers in the financial industry. These scam brokers are regulated, and even have glowing reviews across "trusted" platforms is the most troubling part of it all. This is why you should stick with a broker with verifiable backing. i.e., a broker with real people behind it.
A perfect example of a crypto broker backed and managed by a company with a long history in the financial industry is LH-Crypto.
About LH Crypto
LH-Crypto is a Contract for Difference (CFDs) that mainly caters to those interested in trading cryptocurrencies. The firm is a LARSON and HOLZ IT Ltd subsidiary— a forex broker established about 15 years ago.
LH-Crypto underwent a successful ICO in late 2017. Since then, the broker has grown into a leader in the crypto CFDs industry. One key selling point of the broker is that it doesn't require comprehensive KYC (Know Your Customer) identification processes. As a result, users who are otherwise not comfortable sharing their information online now have a place to trade.
Additionally, LH-Crypto allows you to trade cryptocurrencies CFDs paired against metals or commodities. Currently, it is the only exchange that offers this type of pairing.
LH Crypto, or LH Coin
LH Crypto, or LH Coin, is a cryptocurrency developed and launched by popular forex broker — Larson&Holz. According to the broker, the goal of the launch is to create a coin that will be adopted across all Larson&Holz platforms.
Using the LH Coin, traders and investors will make withdrawals or deposits on the platform.
Principally, the coin will be used as a means of circumventing financial regulations in some regions. It is no news that some countries are against forex and binary options trading and online gambling. Using the coin, residents and citizens of these countries will participate in these activities.
The token will also be a form of investment in the broker. Whereby holders of the coin are guaranteed a yield of at least 20 percent.
How to Buy the LH Coin
To buy the LH-Coin, you need to register on the broker's official website lh-crypto.com.
You will find the option to buy the coin in your account area. You can pay for the coin using Bitcoin (BTC), Ethereum(ETH), and Bank Wire. The recommended method of payment is Ethereum since it is automated. Other methods can take up to 24 hours.
Getting Started
Account opening on the platform is relatively straightforward. Just like any other platform out there, registration requires you to fill out a form.
To access this form, you need to visit the broker's official website lh-crypto.com.
On the main page, you will see a green tab with the inscription "Open account."
Once you click on the tab, you will be taken to a new page to select the type of account you want.
LH Crypto Account Types
The crypto broker offers four types of accounts.
1. Demo Account
2. Start Account
3. Standard Account
4. Pro Account
Demo Account
Like you will find on any retail broker, this type of account is a virtual one. Meaning the money in it is not real. No one is at risk while using this type of account. The primary function of this type of account is for demonstration, hence the term "Demo Account."
Start Account
The starter account is designed with beginners in mind. The minimum deposit required for anyone interested in this type of account is 10 euros. However, a deposit of at least 300 euros is required. The maximum leverage offered for this account type is 1:200.
Standard Account
This account is designed with experienced traders in mind. The account requires a minimum deposit of at least 500 euros. And the maximum leverage offered on forex is 1:500.
Pro Account
This account type is suited for high rollers and deep pocket traders. As the name suggests, (PRO) these are generally professionals.
The minimum deposit required for this account is 10,000 euros, along with minimum forex leverage of 1:200.
Upon clicking the account type you want, another page asking you for your preferred deposit method will pop up. Techniques such as Bitcoin, Ethereum, Ripple, Monero, etc., are listed.
After clicking your deposit method, you will then be required to fill out a form. The form has space for you to input your name, email address, and password.
After filling the form and clicking the registers bar, the next step is to check the email provided for your confirmation link and click it.
Importantly, LH-Crypto's services are currently unavailable to the USA, North Korea, and some other countries.
Deposit
There are several deposit options available on the platform. Depending on your account type, you can make a deposit using cryptos, e-currency, or Bank Transfer and Credit Cards. Deposit is usually instant, except for the bank transfer option. You will need to verify your identities for those looking to make a deposit using the FIAT options (Bank Transfer, Ecurrency, and Credit cards). This is done to protect the exchange from any form of regulatory backlash.
Withdrawal
Funds withdrawal on LH-Crypto is usually made automatically or manually. The automatic route is aimed at small amounts. This type of withdrawal is instant, and an operator’s help is not needed to process it. Manual withdrawal, on the other hand, is aimed at a massive chunk of money. It generally takes up to seven working days to sort it out in some cases.
Contests
LH-Crypto broker sponsors a monthly contest on its platform in which traders with a balance of at least 100 Euro can win prizes. The winners are selected based on their percentage return on the amount deposited. So whether you have €100 or €10,000 in your account, you can still win. The price total prize pool is usually around $150,000. The grand prize is a Lamborghini sports car.
Fees and Commission
The commission charged by LH-Crypto is dependent on the type of account you have registered with them. Standard accounts owners, for example, are entitled to a discount of 10 percent on their trades. At the same time, pro traders get a discount of up to 30%.
Spreads, on the other hand, are determined based on the currency type. And also, the time of trade plays a vital role in spread rates.
Trading Platforms
LH-Crypto is an MT5 based broker. Meaning its official trading platform is based on the MetaQuotes' MetaTrader 5 software. As a result, all trading pairs have an extra digit in their quotes, compared to those found on MT4 trading platforms.
LH-Crypto's trading platform can be accessed by downloading the MT5 trading software or its MT5 powered web Terminal.
Customer Support
Currently, the broker does not have a live chat customer support option. The customer support unit can only be reached via telephone, web contact form, and email.
Generally, you should get a response to your email or contact form inquiries within 24 hours. Also, there is a forum on the platform where fellow users can answer some of your questions. The broker's website is available in 4 different languages, namely Spanish, English, French, and Russian.
Is LH-Crypto Regulated?
Currently, the broker is not a regulated one. However, the company managing it — Larson & Holz is a regulated one. The VFSC regulates the firm.
Larson & Holz has representatives in more than 12 different countries across the globe.
Reliability
LH-Crypto was established to cater to cryptocurrency traders who wish to profit from trading cryptocurrencies and trading in the traditional markets. Any regulatory authorities do not regulate LH-Crypto itself. Nevertheless, it is managed by an experienced group under the Larson & Holz IT Ltd brand founded in 2004. Today, the parent company has representatives in more than a dozen different countries around the world.
Conclusion
LH-Crypto crypto broker is designed with cryptocurrency traders in mind. This makes the reasonably new project perfect for those planning to become a crypto trader. Its parent company is also not new to the business and has made a name for itself.
With a constantly growing client base and one of the most advanced trading platforms on the market, LH-Crypto is likely to lead its industry soon.
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