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LCOIN MARKET

United Kingdom|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://lcoinmarket.com/

Website

Rating Index

Contact

+ 44-20-8089-1061
support@lcoinmarket.com
https://lcoinmarket.com/

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

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40G

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Contact number

English

+ 44-20-8089-1061

Broker Information

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Company Name

LCOIN MARKET

Company Abbreviation

LCOIN MARKET

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-28
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

WikiFX Verification

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LCOIN MARKET · Company 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

News

WikiFX report: Lcoin Market / Lcoinmarket (Clone of Professional Exempt firm)

NewsWikiFX report: Lcoin Market / Lcoinmarket (Clone of Professional Exempt firm)

2022-04-05 13:34

Almost all financial services organizations and individuals in the United Kingdom must be authorised or registered with us. We have neither authorised or registered this firm, yet it has been targeting people in the UK under the guise of being an authorised firm. This is referred to as a 'clone firm,' and scammers frequently use this method when contacting people out of the blue, so be cautious if you have been cold phoned. They may utilize the actual firm's name, the authorised firm's 'firm reference number' (FRN), or other information.

WikiFX
2022-04-05 13:34
News
WikiFX report: Lcoin Market / Lcoinmarket (Clone of Professional Exempt firm)

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离愁
more than one year
I believe I was a fool for this company. After I deposited $200 I got several calls every day to invest more and I will have a good profit turnover in 2 weeks. I lost through that month and I had to make the second deposit before my account was manipulated. I contacted several wealth recovery companies which also collected my money and couldn’t get my money back...
2023-03-22 18:23
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