Lenno (Lenno.com) is a CFDs, Crypto Currency and Forex brokerage scam prowling on unsuspecting online investors. Borrow, Invest, and trade is what Lenno is purporting to offer to anyone who is foolish enough to sign up. Lenno is offering free funding which makes it a rather unique CFDs and Crypto broker. With claims of free funding, most investors have signed up not knowing the full effect. Here’s Lenno full review:
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Where banks can’t make funding available, this broker apparently offers funding. Why would anyone offer funding to investors for trading? And that’s where the scam trap is set for investors to fall for. Most newbie investors are attracted by the prospect of being offered free funding. How free is their funding for investors? Lenno is actually fooling people with their free funding promotional gimmick. Let’s explain how this brokerage firm is fooling investors.
What this broker claims is letting users trade and invest without having to deposit funds. Claims and promises have been used by scammers to trap victims. Lenno is no different as they are using the same bag of tricks used by scammers. What’s different is how they have managed to market themselves. In truth, what they are offering is virtual money, not real money. Traders use virtual money to trade with this platform. This is where the scam begins to take shape.
These scammers have made sure that ownership of this platform is hidden from plain site. What they have done is claim to be registered in different countries to avoid detection. Lenno Limited is a company registered in England. Another company Lenno Iberia is registered in Span. On the other hand, Lenno Global Advisory is registered in Bulgaria. Notice how this broker is registered in different places and at the same time, not registered?
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Real information as to who is actually running this platform is a mystery. That’s what this brokerage firm wants due to obvious reasons. This broker is offering trading services anonymously and that makes it dangerous. An anonymous broker is dangerous because they can run away with funds without a trace. This broker is planning the same move only know, we have exposed that move. Ensure you stay away from this broker who is full of anonymity.
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Just because the disclaimer at the bottom of the page claims this broker is registered, it’s not true. Scammers will do or say anything to make their products and services appear legit. Using all the registration numbers on their disclaimer is what these scammers want users to believe. Looking at the Financial Conduct Authority (UK) reveals this broker is not registered. Search results come up empty.
Why has this broker failed to post registration certificates and documents? A real broker will always post copies of their certificates for all traders to see. Reason why this broker fails to post these documents is simply because they are a hoax. Ensure that you always check with the Financial Conduct Authority register to validate a broker.
Another red flag that we must expose with this broker is their demo account. What this broker has done with their demo account is shameful to say the least. A rigged demo account ensures that traders make over 92% successful trades. To be honest, this is unrealistic and not possible in real life trading. Why would scammers use a rigged demo account to lure investors?
A rigged demo account is meant to trick newbie traders into believing that they can make real money. Registering with a real account is the next move users will do in the hopes that they will mirror results. With funding involved, users will lose funds offered by the trader. Before they know it, investors are funding the account with their own money and losing it. That’s the end game here!
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This platform has three different account types to choose from. These accounts are Standard, Premium and Infinity. These accounts come with free trading accounts, free bank wire deposits and wire withdrawals. Lot commission is also offered with these accounts which start at $4.5, $3.5, and $2.5. Users also get a certain volume commission on transactions with CFDs on Crypto Currencies. What these scam artists have done is create accounts that look legit and appealing.
What we found odd with these accounts is that there’s no minimum required deposit. After traders have lost the free funding, what’s next? These accounts clearly show that users must deposit less than $100 to start trading. Is this truly possible with a broker who issues free funding? This broker is simply playing mind games with investors; stay clear from this rogue broker.
Depositing funds with this broker is the last thing users should do with this broker. Looking carefully at the website, there’s no mention of how users can withdraw money. This means that we are dealing with a pyramid scheme that is stealing money. There’s a lot of anonymity when it comes to safety of funds with this broker. Where do they bank money deposited by users? This is clearly a hoax broker.
When it comes to segregation of accounts, this is not the case with this broker. It means that Lenno is pooling funds in one account which is extremely dangerous. In case of bankruptcy or insolvency, this broker will surely lose investors’ funds all at once. It’s also possible that investors are depositing funds straight to owner’s personal account. And this makes Lenno a scam that is ripping off people in the light of day.
This broker has no live chat support service which helps users to stay in touch with the broker. It means this broker wants to remain anonymous at all cost. With talk that they have a next generation platform, how can they miss to have a live chat support? It means we are dealing with a Forex broker who doesn’t want to remain anonymous. Anonymity is a dangerous character to associate with in any online investment opportunity.
Ensure that you warn your friends and relatives from signing up with this broker. Stay clear from brokers who offer insane incentives such as free funding. There’s nothing for free in this world, traders who have lost money with this broker can testify to this. Mark all their emails as Spam and never click on any links sent by their email marketing team.
Adding this broker to our scam blacklist will expose this broker to unsuspecting Forex investors. Stay clear from this broker and use approved and Genuine Forex brokers at all times.
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We wish you all the best in your Forex trading experience.
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