An illicit broker with the name LegalTrader is what we will be checking out. The name itself is alarming as the broker overdoes it. With a name like that, there’s a high chance that the broker is illegal. That’s the cliché with this broker; their name is exactly the opposite of what they represent. Due to several complaints lodged against the broker, we had to investigate the broker. Get to learn what we found out in this thorough legaltrader.com review.
Getting a reliable broker is the only solution when it comes to safe trading. Successful investors attribute their profits to trader-oriented brokers. With industry-backed brokers, you stand a chance of making it big with the broker. Make a point of signing up with commendable brokers that come highly recommended. These brokers will protect your funds and ensure a safe trading environment.
The name itself was the first red flag, as we wouldn’t expect a legit broker to have such a name. It’s clear that the broker wants users to ignore checking their license status. Thanks to our keen eye, that’s the first thing we check with online brokers.
And it turns out that LegalTrader is an offshore broker that has no compliance credentials. What they offer is non-existent, and anyone who signs up is risking it all.
We have to give them props for coming up with an ideal website. The website will easily fool the naked eye. Most newbie traders will immediately sign up without having a second thought. You must do your due diligence before signing up.
One way of finding out whether a broker is legit is by reading reviews. Our team of dedicated experts will try and expose all rogue brokers and ensure the trading world remains safe.
Once you land on their homepage, there’s a picture slide with available features. What caught our eyes was the account manager feature. With this being an anonymous website, we doubt that they have professional account managers.
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Our fears were confirmed after we found out that the broker hires call agents as account managers. These call agents will make frantic calls urging you to deposit more funds. There’s no expert advice from them as they are call agents.
You find that the broker claims to offer tailor-made commissions and top conversion rates on their affiliate page. Most affiliate members we know are avoiding this broker for a reason. There have been rising complaints from affiliate marketers regarding non-payment of commissions.
These affiliate marketers also face the wrath of victims who’ve lost funds with the broker. Victims are angered with the fact that affiliates directed them to a trading scam.
This is the question that you should ask every time you want to trade. The broker should have credibility and offer protection to investors. We are sure LegalTrader is an unlicensed trading platform.
The broker does what they want, and this puts members at the mercy of the platform. Another missing feature with the platform is the segregation of accounts. The broker is transferring all funds to a single personal account.
There’s a slide that claims that members get access to over 1,000 trading assets. These trading instruments are available under four classes of trading assets. The four include commodities, forex, indices, and stocks.
When it comes to stocks, all brokers want to offer FAANG company stocks. The broker also claims to offer CFDs on Crypto under one wallet. There’s no mention of their wallet or crypto coins available on the platform.
Central Finance Outsource Ltd is the name we find at the disclaimer at the footer of their homepage. It’s hard to find information on the company as this is an offshore Company. According to their data, the company is located in the Commonwealth of Dominica.
The problem is that there’s no mention of the CEO or CFO of this company. We don’t get to see a single name on the platform. This is clearly an anonymous trading platform.
On looking up the domain of this website, it’s clear that the website is for sale. As we suspected, this is another short-term website offshore brokers use to scam investors. Once they have their fill, the brokers sell the website off.
Anyone who buys it will have legal issues with website terms and conditions. The broker will probably open another shop with the same scam tactics. It’s the reason why we expose them so that they don’t get time to breathe.
Those who were unlucky and deposited funds know how much painful the platform has become. No one has made any withdrawals for the past year. Most of the victims are turning to online trading forums to vent their anger.
Sadly, regulators can’t do anything as the broker is anonymous. That’s why the broker ensures that no name is found on the platform. We can’t find any digital footprint that can point to a single scammer.
LegalTrader furnishes users with five accounts. These accounts include Student, Bronze, Silver, Gold, and VIP. The minimum acceptable deposit with this broker is ridiculous especially for the standard account.
Student account holders must deposit $2,500 to start trading. This is 10 times the industry minimum trading balance. Even the account features almost match with few differences such as educational center and trading mentor.
Each deposit comes with a welcome bonus which is another trap set by offshore brokers. Naïve investors might think that this is a fair trading condition. After all, once you deposit $100, the broker offers a welcome bonus of the same amount.
Regulators are against bonuses and commissions as brokers use them to block withdrawals. You must pay back the bonus before any withdrawals. It could be hard for a broker who deposits $10,000 and makes losing trades of $1,000. Such a trader must deposit $10,000 to withdraw the balance.
There’s no contact as the broker tries to block communication. The broker closely monitors all the communication avenues. You better stay away as this broker rarely responds to email or phone calls. You only get a call from the broker when they need you to deposit funds.
Bank and wire transfer methods are available for depositing funds. Withdrawing funds with this platform is the biggest obstacle facing investors. No one has managed to withdraw funds which says a lot about the platform. Please stay away, as Legal Trader is another online trading scam.
LegalTrader is a scam waiting to pounce on unsuspecting investors. These are offshore brokers taking advantage of naïve investors. We hope authorities in relevant jurisdictions will act quickly. Issuing a warning will help expose the broker and eventually shutting down the website.
With the broker clearly lacking in transparency, we don’t recommend interacting with them. Please stay away from legaltrader.com.
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