Lcoinmarket.com is an offshore forex broker website that claims to offer great forex services while claiming affiliations with at least 4 countries. Fortunately, we were able to see through this scam. Read this review to understand how we came to this conclusion about Assets Trade brokers.
Experienced or not, your first goal in forex trading is to make profit. To do this, you have to trade with the right forex brokers. We make it our duty to review various websites that claim to be forex brokers, then help you tell which is real and which is not. This review outlines all you need to know about LcoinMarket Brokers.
About LcoinMarket Brokers
LcoinMarket brokers, according to lcoinmarket.com, are a forex brokerage company in Kingstown, St. Vincent and the Grenadines. They claim to have been around since 1994, providing services such as savings accounts and forex trading. The website also says they’re operated by a company named Triton Partnership Ltd.
Some of their other assets include currencies, commodities, stocks and indices. Very normal for forex brokers. However, we’ve taken a detailed tour of lcoinmarket brokers and we believe there more to them than meets the eye, but not in a good way.
Why You Should Avoid Lcoinmarket.com
LcoinMarket is a scam broker and you should avoid them. Here’s why we say so;
LcoinMarket Brokers Withdrawal and Deposit Policy
Withdrawal and deposit policy is an easy way to detect scam brokers, and LcoinMarket has too many flaws in that respect. First of all, the minimum deposit is $200, twice as expensive as it should be in the case of legit brokers. The only deposit option available is a platform known as AtomixPay. We can’t decide which is most disturbing; that there’s only one deposit option, or that it isn’t one that is known or recognised.
The minimum withdrawal differs by method; $100 for bank cards and $250 for wire transfers. Considering, however, that there is only one deposit option, we have reason to doubt this. There are also extremely high withdrawal fees; $50 for wire transfer, $25 for card withdrawal and $10 processing fee. What is even a processing fee?
These are all the signs of a scam broker and LcoinMarket has done their best to shove them in our faces. Do not ignore them, lcoinmarket.com is a scam broker
Lcoinmarket.com Trading Platform
Lcoinmarket.com claims to offer three trading platforms; MT4, a web platform and a mobile platform as well. Yet on registering, we found no MT4 platform. As a matter of fact, the platform we found looked archaic and less than basic. There was no mention of parameters like spread and leverage. These are important things that no legit broker would miss out.
Also, the fact that they claim to make use of, yet do not possess the MT4 platform is a big red flag. The MT4 is one of the two most prominent trading platforms in forex today and no legit broker would not offer MT4 and MT5. This is one of the reasons we advise readers to only trade with brokers who use either of these platforms.
LcoinMarket Brokers Licensing and Regulation
LcoinMarket brokers are located in St. Vincent and the Grenadines. The financial regulatory body in this country, the SVGFSA, have already pointed out that they do not regulate forex brokers. This is made the place a breeding ground for shady brokers. LcoinMarket is an offshore, UNREGULATED broker. They’re illegal and shouldn’t exist.
Conclusion: Is Lcoinmarket.com Legit?
No! LcoinMarket brokers are a scam. They are offshore brokers, hence, UNLICENSED and unregulated by any agency. Your funds will not be safe with them at all. We cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
If you feel there’s something we forgot to say about this broker, do mention it in the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!