| General Information | |
|---|---|
| Broker Name: | Lcoin Market |
| Broker Type: | Forex |
| Country: | Saint Vincent and the Grenadines |
| Operating Since (Year): | 2016 |
| Regulation: | None |
| Address: | Beachmont Business Centre, Suite 91, Kingstown, St.Vincent and the Grenadines |
| Broker status: | Unregulated |
| Customer Service | |
| Phone: | +44-20-8089-1061 |
| Email: | [email protected] |
| Languages: | English, Italian |
| Availability: | 24/5 |
| Trading | |
| Trading platforms: | MT4, Proprietary Web Trader |
| Trading platform Time zone: | - |
| Demo account: | No |
| Mobile trading: | Yes |
| Web-based trading: | Yes |
| Bonuses: | Yes |
| Other trading instruments: | Yes |
| Account | |
| Minimum deposit ($): | $200 |
| Maximal leverage: | - |
| Spread: | - |
| Scalping allowed: | No |
LCOIN MARKET CONTENT:
- GENERAL INFORMATION
- FUNDS TRADING AND SECURITY
- TRADING ACCOUNTS
- TRADING CONDITIONS
- TRADING PLATFORM
- Lcoin Market’S TRADING PRODUCTS
- CUSTOMER SERVICE
- CONCLUSION
Broker Review: Lcoin Market
Lcoin Market Review: General Information
Lcoin Market successfully sets the tone for their entire service on its landing page. They claim to have over 25 years of experience in total, first as a hedge fund, and since 2016 as a broker. It’s quite obvious that they’re lying, as there’s no mention of Lcoin Market before 2020. Even now, it’s difficult to come by any info about the broker.
It’s hard to believe that a broker stayed afloat for four years without gaining any traction or attracting any attention. But while that seems like a white lie to gain trust, it’s actually much more malicious. We’ll go into further detail in our Lcoin Market review.
Funds Trading and Security
So, while parading around as a prestigious group of investors and financial consultants, Lcoin Market failed to secure any regulation. Furthermore, they’ve bunkered up in Saint Vincent and the Grenadines, a favorite location of shady businesses. It’s quite apparent that the broker is a scam, and deserves no trust at all.
However, if you want to ignore the lack of regulation and popular scam location, there’s still more to come.
Trading Accounts
The way their accounts are set up is another clear indication that Lcoin Market is a scam. They tick all the boxes, no demo account, high investment for the first one, and insane numbers for the later ones. To add to that, the info regarding each account type is very limited, and none of the important things that would impact trading are mentioned.
Lastly, their VIP account is a straight downgrade from the cheaper account type. That’s an indication of either massive incompetence or sloppiness; you can decide which for yourself.
Trading Conditions
The trend of hiding information behind a paywall continues in the trading conditions. You can’t find anything out before signing up. There’s no info about leverage, spreads, or the number of assets. Since the attention the broker attracted is quite limited, you can’t even rely on third-party websites to find those things out. Investing $200 for an account when you don’t even know what you’re getting is ludicrous, so we’re unsure why anybody would use Lcoint Market.
Trading Platform
If there was one good thing we had to say in our LcoinMarket.com review, it’s that the broker picked the right platform. Lcoin Market uses MT4 for all but their web client. The web platform is, sadly, proprietary, which means it’s probably a downgrade from MetaTrader4. Also, it’s quite sad that Lcoin Market’s best quality as a broker is using the right software.
Lcoin Market’s Trading Products
You’re probably sick of hearing that info on Lcoin Market’s website is missing, but that’s the case again. Namely, while there’s a list of trading product categories with short descriptions present, there’s nothing on the specific assets or their numbers.
Customer Service
Lcoin Market set up quite a few phone lines for their customers to call, as well as an email. That, however, still isn’t enough to reach the industry standard, as live chat is entirely absent, and info about their support team’s work hours is missing.
UK Phone: +44-20-8089-1061
Email: [email protected]
Lcoin Market Review: Conclusion
If we were talking a real broker, we wouldn’t need to spend half of our Lcoin Market review going “The info is missing.” If you want to give Lcoin Market the benefit of the doubt (which you shouldn’t) they’re amateurs that set up a poor service. If you look at it realistically, however, the broker is little more than a scam, which you should, naturally, avoid.
Frustrating withdrawal process
I am not very happy with the withdrawal process, a lot of documents to submit and the process is quite lengthy.
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Do not trust this company
I deposited a few times and notice consecutive losses. Do not trust this broker company.
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Bad customer service
They have good trading terms however I closed my account recently due to their bad customer service.
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Poor trading instruction
They only give out half-bake trading instructions. Most of the time I lose money.
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Manipulate trades
Manipulates trades. I have lost so much money on this.
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Worst broker
Extremely worst forex broker. Do not trade with them.
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Not a good broker
Not a good broker. I have lost so much money here.
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Not a good broker
Not a good broker. I have lost so much money here.
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Not a good broker
Not a good broker. I have lost so much money here.
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Poor trading instruction
They only give out half-baked trading instructions. Most of the time I lose money.
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