Broker Name: Lcoin Market
Broker Type: Forex
Country: Saint Vincent and the Grenadines
Operating since year: 2016?
Address: Beachmont Business Centre, Suite 91, Kingstown, St.Vincent and the Grenadines
Broker status: Unregulated
Email: [email protected]
Languages: English, Italian
Trading platforms: MT4, Proprietary Web Trader
Trading platform Time zone:
Demo account: No
Mobile trading: Yes
Web-based trading: Yes
Other trading instruments: Yes
Minimum deposit ($): $200
Scalping allowed: No
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- TRADING CONDITIONS
- TRADING PLATFORM
- Lcoin Market’S TRADING PRODUCTS
- CUSTOMER SERVICE
First Thing that we noticed while doing research for our LcoinMarket.com review, is that they claim to have been around for 25 years. The first 22 years of this quarter of a decade they say the company spent as a hedge fund. This statement on its own is pretty suspicious, as we have not been able to find any mention of this company in its hedge fund form.
What’s more is that, even as a broker, which they have been for four years now, there is no mention of them anywhere on the internet. In fact, 2020 is the only year that there is any reference to them. This might mean one of two things. They are either so bad at what they do, that no one has paid any attention to them, which is damning enough as it is; or on the other hand, Lcoin Market is a scam broker. Between the two options, the latter seems more likely, as there are other factors that speak to this as well.
Funds Trading and Security
Usually, the biggest tell that a broker is fraudulent is that it has no license or is unregulated. It comes as no surprise that Lcoin Market checks both of these. A legitimate broker has to be regulated by one of the officially authorized bodies. This is the only way to guarantee reliability of a broker. However, while sifting through the information on their site, nowhere could we find any mention of this.
What makes this worse is that, the broker is an offshore entity and therefore cannot be brought to account for any misconduct on their part. This is a classic move for scammer brokers, as it keeps them completely safe from any legal persecution.
Lcoin Market also employs another common scam broker tactic when it comes to trading accounts. Firstly there is no demo account, which is always present for a legitimate broker site. The demo account is usually the first type anyone gets, because it shows how the broker operates and if there are any hidden transactions that are not apparent at first glance. Not having a demo account is another tell of a fraud broker company.
Moving on, the account types that are present are few and not much information is given on them, beyond the basic and the minimum deposit fee. If you want to find out more you need to pay for the lowest tier at least, which is $200. One further detail we noticed is that, the accounts have the value of their benefits mismatched with the value of the account type. Meaning that, higher level accounts apparently give lower value benefits.
Even though Lcoin Market seems to display phone lines in multiple countries around the world, apparently ready to answer any question or complaint you might have at any time, this is not true from our experience. Most of the time the phone keeps ringing but nobody answers. You can also use their email to contact them, but their follow-through can be described as anything else but swift. Even when getting an answer, the information is not fully relevant or is incomplete. There is also no live chat option, which is usually the quickest and most comfortable way to get information. Below are the phone number and email address of the broker.
UK Phone: +44-20-8089-1061
Email: [email protected]
Lcoin Market Review: Conclusion
In conclusion, Lcoin Market has all the signs of a scam broker. Starting with the purposefully vague information on their site and the difficulty with which one can reach them, all the way to their lies about how long they have been on the market. Adding the fact that they are an offshore broker with no accreditation or regulation and there is no shadow of a doubt that they are out to defraud their clients of their money. As inexperienced traders will pay at least the 200$ thanks to the promise of making money quickly and easily, none of these traders will see these funds again.
- Trading Instrument