Warning! LeomMarket is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
LeomMarket tries to sound professional, and unfortunately if one does not know any better there is a chance he or she will fall into the trap. However, it is easy to break through this thin veneer , and once you go there, there isn’t a way back to the old illusion. What users will learn, either through this review or by the client’s own mistakes, is that LeomMarket is one heck of a scam!
First, we start off with an alleged registration in the UK. This merely suggests that the broker is registered as a company in the UK, via the companies house. This may be true, or may not be; we won’t bother with checking, because it makes no difference. What is important is that the broker is not regulated by the FCA, which is all that matter in the end.
The website also offers a ton of contact phone number spread all around the world, including places like New Zealand and China. We find no possibility where LeomMarket is a broker both registered in the UK and New Zealand, while being available to Chinese traders. As for a license in one of these places, readers can forget all about it!
Last but not least we have an official red flag by the FCA in connection to LeomMarket, as the broker is claimed to be unregulated and a scam! And this comes from a respected FX regulatory authority!
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
With this broker, like so may other unregulated ones, one need get contacted by the broker itself. In other words, prior to opening an account a request has to be approved, and the only way that happens is if the LeomMarket’s rep, or so-called account manager, directly contacts the user.
This technique is usually reserved for unlicensed broker. In fact, talking to a broker’s rep is the first step to introducing a user to the scammer scheme, and from then on it is much easier to convince a client to invest; when the scammer has convicned the user to invest. This way the illicit broker secures a deposit more so than one that has not talked to the user in the first place.
As a result of this, we had no access to a trading software, nor to a user area from which to take other important information. We do confirm that there is an MT4 available, but we could not open an account with it even if we wanted to.
According to the website, the leverage goes as far as 1:500. No further trading conditions have been disclosed. We found no tradeable assets, nor any spread values.
Despite the presence of the MT4, this broker is still a risk and a scam. Even the might of the best trading software in the world (alongside the MT5) cannot redeem the broker’s vices.
Moreover, we had no way to open it, seeing the predicament with the registration.
LEOMMARKET MINIMUM DEPOSIT
The $100 minimum deposit requirement, might seem favorable, but it’s not, for once you invest you wont see your money back. The reason the requirement is so low is to attract more depositors.
The two payment methods are Tether and wire transfer, both of which are untraceable and perfect for FX scammer schemes.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
LEOMMARKET WITHDRAW TIME AND FEES
There is nothing we can say about the withdrawal details; there are no withdrawal conditions. Therefore, we cannot know for sure if the company even allows for withdrawals to happen.
And so we end it here, with a broker that probably does not offer withdrawals; yet another reason to stay clear from this entity!
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
LeomMarket is a scam, and there is no arguing around this fact. All investments are a risk!