Company Profile
Company Profile
Review summary
GENERAL INFORMATION AND REGULATION
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. Unfortunately even the Domain is not longer working, it is for sale.
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.
MARKET INSTRUMENT
As we already warned you earlier in our Lcoin Market review, the absence of info is common on their website. That trend applies to their assets as well, since you can see what categories there are, but no specific info on the available trading products.
ACCOUNT AND LEVERAGE
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.
SPREADS AND COMMISSIONS
Unfortunately, We can‘t find info about leverage or spreads anywhere, let alone investment or deposit methods. The absence of anything meaningful speaks volumes, however, as it’s a clear indication of untrustworthiness.
TRADING PLATFORM AVAILABLE
Lcoin Market at least uses a decent platform in MT4. However, they couldnt even follow that through to the end and decided to use a proprietary web platform. Their proprietary platform is clunky, and a straight downgrade from MetaTrader, so the decision confuses us.
DEPOSIT AND WITHDRAWAL
Unfortunately, we can‘t tell you much about Lcoin Market’s trading conditions, because they don‘t give out any meaningful information. We can’t find info about leverage or spreads anywhere, let alone investment or deposit methods. The absence of anything meaningful speaks volumes, however, as its a clear indication of untrustworthiness.
CUSTOMER SERVICE
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: support@lcoinmarket.com
