LyoTrade: A Scam Crypto Exchange You Should Avoid
LyoTrade is a crypto exchange based in Georgia. It is a part of the “LyoPay” ecosystem and collaborates with the rest of their ventures including the Lyo Credit token.
LyoTrade claims to offer a ton of services to customers. Their homepage shows various features but doesn’t share any serious information about the company itself.
The platform offers futures trading, margin trading, stalking, crypto loans, and several more services.
Also, the company promotes its crypto token Lyo Credit on the crypto exchange. According to their fee structure, you can get a lot of rebate by buying the token if you’re interested in trading there.
However, I don’t recommend trading there. The following LyoTrade review will help you understand why I don’t suggest using this platform:
Is LyoTrade Licensed?
The first thing you should check before signing up with any crypto exchange is its license.
LyoTrade has a license from the British Virgin Islands, an offshore location extremely notorious for being a haven for scams.
This is a huge red flag.
Not every license is equal. Having a license from BVI doesn’t suggest that LyoTrade is a reliable company.
BVI has very weak rules and regulations which has made it extremely popular among forex and crypto scams.
Apart from BVI, LyoTrade has a license in Georgia, another offshore location. The company doesn’t have any licenses from reputed regulatory authorities.
You should avoid trading with offshore brokers because they don’t have to follow any strict rules that force them to act in your interest. Most offshore brokers turn out to be scams or criminal enterprises. Some scams that use this tactic include Uprofit Trader and FXRevenues.
Some examples of reputed regulators include FCA and CySEC. Both of them have a strict set of rules their licensed brokers must follow.
Unfortunately, LyoTrade doesn’t have any licenses from such authorities.
LyoTrade Trading Platform:
It seems like they use a proprietary trading platform. While you can view the platform instantly, I don’t recommend using such unknown platforms.
Most of the reputed exchanges use the reputed Binance or Kraken platforms for trades. However, LyoTrade resorts to using a trading platform of its own.
The reason why you should proprietary platforms is that they are unreliable and unverified. Most scammers use proprietary platforms because they let them rig the trades or steal directly from their clients.
In such cases, the platform wouldn’t place your trades in the actual market. Instead, it would show you a simulation of trades while making it seem you’re trading in the actual market.
Alternatively, the platform may show you a trade where you lost your entire deposit because the platform didn’t follow the stop order. In any case, you end up losing your investment.
Plenty of scam crypto exchanges have used this tactic.
For example, NeoCrypto and Tiger Trade Copy have received a ton of complaints from customers for rigging their trades. They have become extremely notorious in the market as a result.
Also, it’s worth mentioning that they offer a LyoTrade app for Android and iOS. However, I wasn’t able to test it out because I was afraid it would contain malware.
The trading app doesn’t have any reviews on Google Play or the App Store. Hence, I wouldn’t recommend downloading it.
If you’re really interested at least wait until it has several reviews talking about its functionality.
Seeing the professional record of this company, I would advise against installing the LyoTrade app.
What are LyoTrade Crypto Loans?
One of the services they offer at LyoTrade is instant crypto loans. Apparently, the users of this crypto exchange can set their assets as collateral and get stablecoins in exchange.
The company claims to offer loans at a monthly interest of around 1-2% which seems extremely lucrative.
Also, the minimum loan amount is 95 USDT.
That’s not all.
The loan term is unlimited.
Surely, something is wrong here. The company even promises to give you the returns your collateral generates when you have taken out a loan from them.
The whole deal seems unrealistic. It’s clear that LyoTrade is using crypto loans as a means to get hold of its clients’ assets.
After all, it makes you wonder how the company makes money from the loans it gives out. 1% monthly interest isn’t much, especially when you’re not charging anything more.
That’s why you must be aware of the company’s history, which is not very good.
As I mentioned earlier, LyoTrade is a part of the LyoPay ecosystem, which itself is a Ponzi scheme launched by WeWe Global.
But before we get into the shady details of why LyoPay is a scam, you should know about the shady provisions of LyoTrade:
LyoTrade and LyoCredit: The Signs of a Scam
According to their fee structure, you would need to pay 0.20% maker-taker fees on every transaction. However, if you pay with LyoCredit, you would only need to pay 0.15%.
While it’s natural for a company to promote its token, LyoTrade’s case is special.
The company doesn’t have any notable licenses and its parent organization is notorious for being a scam.
It wants you to invest in its crypto token so it can get money directly from you.
The moment you buy their token, you have fallen prey to their scam. Their goal is to get as much money from its victims as possible.
A 0.5% difference in maker-taker fees can be extremely lucrative for customers. However, you should avoid buying LyoCredit from LyoTrade, because of the track record of the company.
I have explained it in detail in the next section of this LyoTrade review:
LyoPay Review: The Backbone of the Scam
LyoPay is the primary firm around which the entire ecosystem revolves. LyoTrade is a part of that very same ecosystem.
The parent company promises customers 300% ROI within 16 weeks. According to their claims, the company will pay you in LyoCredit tokens.
However, there are multiple tiers in the scheme, following a pyramid structure.
Your investment size would determine how much returns you can get and and the tiers start from 100 EUR and go up to 100,000 EUR.
LyoPay is a venture of WeWe Global. The original name of their token was WeWeX but it collapsed.
As a Ponzi scheme, the company focuses on getting as many investors as possible. It pays its previous investors through the money it receives from new ones. However, as soon as the recruitment starts slowing down, the money stops.
The only people who lose money in this situation are the investors. Founders of the company include Luis Goes and others.
There are plenty of Ponzi scammers who have run such schemes and stolen from thousands of investors. Some examples include Justin Halladay and Monir Islam.
After going through the above points, it’s clear that LyoTrade is not a legitimate trading platform. It has horrible trading conditions and its services have too many red flags.
Furthermore, the parent organization of this crypto platform is notorious for being a scam.
Due to these reasons, I don’t recommend trading with them.
It would be best for you to find a different service provider.
If you know someone who is interested in LyoTrade or LyoPay, you can share this review with them.
Alternatively, you can check out these resources to learn more about the scam:
)Once you are done with your investment they will decrease the interaction and will try to avoid all your problems even if you will try to contact them they will not take your problems seriously.
One of the major flaws in these online investment schemes is that they will not let you withdraw your money from the account, my profit account was blocked by the company, and still, they didn’t respond to my emails.
The basic rule of the company is to scam people for money instead of providing them any profit and for showing their presence in the market they introduced various firms, even after scamming investors.
The company had introduced various schemes through several platforms, for example, their main branch is named as WeWe Global and sub-parts are Lyo Pay, and Lyo Credit, and the company had produced many fraudulent schemes.
The firm focuses on marketing its scheme but is not making any of its claims accomplished thus fooling their customer is its basic function, can’t trust them with your money.
The company had made many investors lose their money because of their schemes they were making a profit for themselves and the for the firm only hence not trustable for investment.
I would never trust platforms like Lyotrade they were previously trading with the name of Lyopay the branches are from the same platform WeWe global which is famous for its fake promotion of high returns policies and schemes. Beware of any of the Lyo firms.
The company is not at all trustable thus it is very important to investigate before investing in companies like Lyotrade due to their dark past sometimes it is very difficult to make out the difference between legitimate forums and scammers.
Their claim of providing 300% ROI in 16 weeks is a complete brag and also a cheap marketing strategy thus they can’t be taken seriously for investing. If you are planning to invest in the company and want to make millions from the platform, my friend coming to reality is not possible after using LyoTrade.
The token named WeWex collapsed thus they were losing stability and fame from the market though they introduced Lyopay and then it also got collapsed.
The company used to trade as WEWE global before and the name of the token used to WeWeX collapsed, my brother, did invest in the company and had to suffer major losses.
The company deals in cryptocurrencies and also their currency named Lyo credit which is a complete scam also Lyo Trade is using illegal means to scam people.
My brother got scammed by this company he bought the token for pursuing high returns but the company frauded him and made him bear the loss. This company is only making people suffer and also filling their pockets with profit.
One thing which every investor should keep in mind is that you should never trust all the licenses shown by the company because there are many authorities providing licenses for trading but they aren’t trustable.
It is a request to the users from my end that never trust these quick return investments and also never try to promote the scheme to your family members because this scheme can cause you serious losses and also make you doubtful of your money and feelings as well.
You will not be able to trust the company because the company is providing a trap of a token system named Lyo credit which is just a scam from the company’s side.
)British Virgin Island remember its name it is an offshore notorious location from where they are making people suffer and also facing financial losses.
1)The company is making fool of their traders in the name of making a profit for their users and making fool of their users and trying to make a profit after scamming their users which is the darkest side of the company.
The government should make a special legal authority for keeping an eye on these scammers because it is very important to make these scammers understand what they are committing isn’t the way to make people suffer. They are filling their pockets with all the profit and also opening several nefarious sites for continuing the same.
It is our responsibility to make them understand what are the consequences of committing such fraud and also not commit the same in the future.
I am sick and tired of these scams.
After seeing what went on with FTX, I have lost faith in most crypto exchanges. This thing has fraud written all over it.
Lyopay coin is just their way of getting more money out of their already entrapped victims.
Whoever buys into the lyopay coin should remember that the company behind the entire thing does not care about giving returns. It only wants to stay in the market long enough so it can steal several millions from customers.
They don’t have any reason to give you returns. Their goal is to steal your money.
I was afraid of these online markets because of the daily scams which are taking place. A few years back I invested in crypto and got scammed by the company, and to date, I mailed the company and am still hoping to get my money back from the company. This is the reason I stopped investing in online markets.
They are truly scammers. I bought lyopay coin but there has been no real returns. The staff does not respond to my withdrawal requests. My money is gone.
What do I do now? I had no idea Lyotrade is a scam. I have signed up and already deposited a good sum. They are not responding to my withdrawal request. Hopefully, I won’t lose the money and they will reply within a few weeks.
I don’t get people who willingly trade with unlicensed brokers. It’s like hailing a cab and knowing that the driver doesn’t have a license. There is no way to explain the level of stupidity one must have to make such a decision. Lyotrade is not the only unlicensed exchange out there but it’s pretty pathetic from what I have seen.