Warning! LTC Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
LTC Markets seems decent enough, so why are we lost for words? Read the review to see just how much and of what quality LTC Markets offers.
LTC Markets is said to be operated and owned by Wilkinson Europe LTD, a company based in London that is governed in accordance with the laws of the UK. However, it does not say that the broker is regulated by UK’s very own FCA. We nevertheless checked the official FCA register for both names and found no results. And since there is no mention of a regulation, we can then safely say that LTC Markets in UNLICENSED, and therefore a risk to all investors.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
We could not register because each time we tried, an “invalid language” error kept popping up:
And so, without access to a client portal an a trading platform, we have to get a hold of a leverage, spread, and assets from the website, which is never a good idea, seeing as the broker is untrustworthy.
Both a spread and leverage value we could not ascertain. The broker does not offer such info.
It seems that LTC Markets prides itself on its crypto assets, which seem to be the only trading instruments.
LTC Markets comes only in English.
LTC MARKET LOGIN
As mentioned above, we couldn’t not successfully register, and thus could not login with a trading platform. The site offers no information on a terminal, and thus we have to leave this section blank. We cannot say for certain that there isn’t a trading platform, and if there is it will surely be laughable and barely a platform at all, as is with a good 20% of all the fraudulent broker we have reviewed.
LTC MARKET MINIMUM DEPOSIT
The minimum deposit according to the Accounts Type section of the website is $250.
Furthermore, the website gives us the following funding options: Credit/Debit cards, and Wire Transfer.
We cannot say that any of the deposit info we’ve mentioned above is actual, because we had no access to a client portal from which we can compare.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
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
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
LTC MARKET WITHDRAWAL TIME AND FEES
The minimum withdrawal for Wire Transfer is $250, and $100 for all other methods.
It takes the broker 3 days to process payments.
Wire Transfer withdrawals are charged with a fee of $50, and $10 for credit card withdrawals. For e-payments there is a charge of $25. However, as we have seen the only depositing ways are via credit, debit cards, and bank transfer, so where did these e-payment come from? This confusion is typical for scammer brokers. Furthermore, if an account has not executed a volume of trading equal to 200 in turnover, each withdrawal prior to completing said requirement will be levied with 10%.
ADDITIONAL FEES AND TAXES
If users wish to withdraw a bonus, they must first complete a trading volume requirement of 30 times each $1. If the user proceeds without completing this requirement will have his/er withdrawal amount removed from his account.
The next clause is a classic. It absolves the broker from any damages it has caused a trader with its trading terms and services:
Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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!
LTC Markets is not worth any of your money. It’s as simple as that!