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Lendowl is a scam, right?
Aso Karimi
Sint Eustatius
2023-10-25
ANSWER Yes, Lendowl appears to be a scam as it lacks the required licenses and its unlicensed activities have drawn a warning from the German financial watchdog.Lendowl pretends to be a trustworthy company, but it does not reveal any information about its regulation or operator. It conceals office address, phone number and other contact information that may help investors locate or reach it. Potential clients are only left with an email address and a Contact Us web form for them to connect with it, fashions that are easy to fake and change. This is a clear sign of a shady broker, as regulated companies always display their credentials and licenses prominently. It is a warning sign. Additionally, the German financial regulator, the Federal Financial Supervisory Authority (BaFin) has issued a warning that Lendowl was offering financial services or products without the required authorization.The reality is that Lendowl has no valid regulation from any regulators to operate in the forex market. Investors' funds in this broker are at risk and have no legal protection. If this company shuts down its website or absconds, there are no ways for its customers to recover their funds and get compensation. To avoid such a horrible possibility, it is advised not to deal with unlicensed brokers and instead to choose a fully regulated one.
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