Is Loowire a Scam?

When we at FXCanary sit down to judge whether a broker is safe, we do not rely on marketing pages or a broker's own claims about its reliability. Instead, we start from the public regulatory record, cross-check the official domain, and then look for independent signals: user reviews, watchdog flags, and any evidence of a live, verifiable trading operation. For a broker with no independent user reviews, that last part is especially important — the absence of a track record is itself a finding, and often an ominous one.

Our assessment of Loowire Global, trading as Loowire at loowirefx.com, is built from exactly this kind of evidence. The broker is registered in the United Kingdom and was founded on 21 July 2021, yet our records show zero employees and no verifiable website or social-media presence beyond the domain itself. That combination — a young company, no staff on file, and no independent footprint — is a red flag pattern we have seen before in impersonation and 'fake broker' cases.

FXCanary's Scam Risk score for Loowire stands at 85 out of 100, which we classify as 'Severe'. That score is not pulled from thin air; it is the weighted result of several concrete risk flags. Our records list Loowire as a 'Fake Broker' in industry watchdog records, identify it as a clone or impersonator firm, and note that there is no verifiable website or social-media presence. Each of these flags on its own would warrant caution; together they paint a picture of a broker that a prudent trader should avoid until substantial independent evidence emerges.

We want to be clear about what we are not saying. We are not stating that Loowire has been proven to steal client money, and we have no user complaints on file because there are no independent user reviews at all. But in our methodology, the burden of proof sits with the broker to demonstrate legitimacy. When a firm is flagged as an impersonator and carries a 'Fake Broker' designation in industry databases, the onus is on the company to disprove that — and so far, our records show no evidence that it has.

Our records show two licences on file for Loowire: a CYSEC Forex Execution License (STP) in Cyprus with licence number 312/16, and an ASIC Inst Market Making (MM) licence in Australia with licence number 420268. We cross-checked these against the public registers as far as our records allow, and we quote the numbers exactly as they appear in our files. However, we must stress a critical caveat: the status of both licences is listed as a dash in our records, meaning we have no confirmation that they are currently active or that Loowire is the legitimate holder.

This is where the impersonation flag becomes crucial. Licence numbers like 312/16 and 420268 are real numbers that exist in the public domain, but they belong to specific regulated entities. A common tactic among clone brokers is to borrow the licence details of a legitimate, regulated firm and present them as their own. Given that Loowire is flagged as a clone or impersonator, we cannot rule out that these licence numbers are being used without authorisation. Until we can verify that Loowire Global is the true licensee, these numbers should be treated with deep suspicion.

If Loowire were genuinely licensed by CYSEC in Cyprus, clients would fall under the CySEC regulatory framework, which includes client money segregation and participation in the Investor Compensation Fund (ICF). The ICF provides compensation up to €20,000 per client in the event of a broker's failure. Additionally, under ESMA rules, retail clients would benefit from negative balance protection and leverage caps. These are meaningful protections — but they only apply if the broker is actually authorised and operating within that regime.

Our concern is that Loowire's CYSEC licence may not be genuine or may not be held by this entity. If the licence is a clone, then any client funds sent to Loowire would not be covered by the ICF at all. The compensation scheme only protects clients of authorised firms, and an impersonator is not an authorised firm. In FXCanary's assessment, the presence of a licence number on a website is meaningless if the regulator does not recognise the broker as the licensee.

The ASIC licence on file is for 'Inst Market Making (MM)', which is an Australian regulatory category. Under ASIC's regime, client funds must be held in segregated trust accounts, and since 2021, retail clients have had access to the Australian Financial Complaints Authority (AFCA) for dispute resolution. However, ASIC does not operate a compensation scheme equivalent to the UK's FSCS or Cyprus's ICF — if a broker collapses, client funds are not guaranteed by a government-backed fund.

More importantly, the same impersonation risk applies. ASIC licence number 420268 is a real number, but we have no confirmation that Loowire Global is the entity behind it. ASIC has been aggressive in recent years in shutting down unlicensed and clone brokers targeting Australian clients, and its register is publicly searchable. We would urge any trader considering Loowire to check the ASIC register directly and confirm whether the licence is active and held by the exact legal entity 'Loowire Global'.

One of the most serious flags in our records is that Loowire is identified as a clone or impersonator firm. Clone brokers typically take the name, licence details, or branding of a legitimate broker to trick clients into depositing funds with a fraudulent operation. They often set up a professional-looking website, use real licence numbers, and may even mimic the look of a regulated broker's site. The fact that our records show zero clone or impersonator sites found for Loowire is unusual — it may mean the broker itself is the clone, rather than being cloned by others.

We also note that Loowire has no verifiable website or social-media presence beyond the official domain. In our experience, legitimate brokers invest heavily in their online presence, customer support, and educational content. A broker with zero employees on file and no social footprint is either a shell or a very early-stage operation that has not yet built any infrastructure. Either way, it is not a profile that inspires confidence, and the impersonation flag makes it worse.

If you are considering Loowire, our advice is to stop and verify before depositing a single cent. First, check the official registers: the CySEC register and the ASIC register are both public and searchable. Look for the exact legal name 'Loowire Global' and confirm that the licence status is 'active' and that the licence holder matches the entity you are dealing with. If the name does not appear, or the status is not active, treat the broker as unlicensed.

Second, look for independent reviews and user experiences. A broker with no reviews at all is a blank slate — and in the forex world, a blank slate is rarely a good sign. Legitimate brokers accumulate reviews, forum discussions, and regulatory actions over time. The complete absence of any independent footprint should be a major warning sign.

Third, be wary of any pressure to deposit quickly or offers that seem too good to be true. Clone brokers often use high-pressure sales tactics and unrealistic profit promises to lure victims. If you have any doubt, walk away. There are thousands of well-regulated brokers with verifiable licences and a long track record; there is no reason to gamble your funds on a firm with a severe risk score.

In FXCanary's assessment, Loowire Global presents a severe risk to traders. The combination of a 'Fake Broker' flag, an impersonation designation, zero employees on file, and no independent user reviews makes it impossible for us to recommend any engagement with this firm. The licences on file may be genuine numbers, but they are almost certainly not held by this entity, and the protections they would normally offer do not apply to a clone.

We will continue to monitor Loowire and update our assessment if new evidence emerges — for example, if the broker gains a verifiable regulatory status, establishes a real operational presence, or if independent reviews start to appear. Until then, our advice is simple: treat Loowire as a high-risk, likely fraudulent operation, and protect your capital by choosing a fully regulated broker with a transparent and verifiable track record.