LegitExpertTrade Review: Legitexperttrade.com Bogus Broker

LegitExpertTrade is one of the brokers you need to stay away from as an investor. Investing in forex trading is a wise move to make if you have an interest in learning the world of financial trading. However, not all forex brokers have good intentions. Some will offer their services with little or no regulation, making them a risky investment at best. Currency trading, no matter its size, is a big deal. Trading currency has both risks and rewards; you need to identify a reputable broker who will help you maximize the returns. There are lots of trading brokers which can offer you the best services. Others, however, are not as legit as they claim.

 

They call themselves ‘legit,’ but their name should not fool you. This broker is unregulated and a scam. It doesn’t have a license. Therefore, it has no obligation to give traders of the online platform any protection from losing money through trading on this platform. Read on as we tell you why this broker is dubious, despite its fancy name. Try out these legitimate crypto companies. They will help you develop better trading skills. 

About LegitExpertTrade.com 

From the company website legitexperttrade.com, we obtained some information regarding the company. It is a trading platform based on bitcoin. This means one can trade only using bitcoin. It offers leveraged trading on digital assets like Ripple, Ethereum, Bitcoin, and Litecoin. Leveraged trading helps traders to enter the market even when they do not have much money. Leverage is, however, a double-edged sword. It can make you wealthy or poor in an instant. When trading with high leverage, you risk a lot of money, and hence it is easy to lose it just as quickly. Legitexperttrade.com purports to be experts in bitcoin trading, providing wealth to their traders and themselves.

According to the website, when you invest your money with them, the last thing you need to worry about is the risk or loss of your account. This is because the company ensures that you will earn daily income as a trader depending on how much you invested. There are also referral bonuses when you introduce another person to the trading platform. Once, as a trader, you request payment, the company says you will get paid within 1-2 days. Payments are made to your bitcoin wallet. The company was allegedly started in 2010 and currently has customers in over 150 countries globally. The platform claims to offer traders liquidity and security for their money.

Some of the allegations the company makes about itself seem too good to be true. It is vital to avoid trusting a company just because they claim to be legit. Some are outright scams with little interest in offering services to you. Their main goal is to steal your money. Let’s investigate LegitExpertTrade further and see how they scam traders.      

Company Background and Leaders

From the company website, the only information about the founders is that it was founded in 2010. That in itself is meaningless. When a company was started means nothing if it omits who established it. The company does not indicate the name of its CEO or any of its employees. In fact, they even ask people to apply for a job in their company. Of course, this is just a gimmick to disguise the fact that they are scammers. 

Customer Testimonials of LegitExpertTrade

Customer reviews are critical. People are likely to trust a product when a friend refers a product to them. As such, having positive reviews is essential to brand promotion. There are various comments from customers about LegitTradeExpert. These reviews are found on the website. Some of the reviews are, however, suspicious. For example, one of the customers says he just joined trading and has started making lots of money.

There is no way you can get rich quickly in trading. That’s just a lie. Any trading expert will tell you that it takes patience and perseverance to make it as a trader. Anyone who purports to get rich quickly in trading is a scammer. Further, there are no negative comments from any of the customers. It could only mean the broker is perfect, which is a lie. No broker is ideal, and there is always room for improvement.

Company Address

Any legit company should be easy to trace. It is crucial for them to be transparent so that customers can reach them if they have any queries or concerns. It is not enough to assure customers that their money is safe if you cannot be reached easily. To establish trust, one should give all the necessary details to ensure easy reach. From the company website, legitexperttrade.com, the company says gives its address, phone number, and email address. All this information would be helpful only if it were true. 

LegitExpertTrade Regulation Status

The company alleges to be located in New York. In the United States, there are very stringent measures concerning trading brokers. One is that leverage should not exceed 1:50. This is mainly aimed at protecting traders from losing their money to greedy trading. When we looked at the leverage offered by LegitExpertTrade, they offer a leverage of 1:100. Think about it! How can they say they are in New York yet provide such huge leverage? It means they are scammers! This is enough to show you that the company is not regulated since no regulatory body in the United States would allow them to operate. 

The company has not mentioned anything about regulatory bodies such as National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC). The omission of these regulatory bodies only means the company is unregulated. Since the firm is obviously not located in the US, it must be operating offshores. As such, it should not be trusted since it has lied about its regulation status. There is no license to prove its legitimacy, which makes the company questionable.

Working with an unregulated broker is dangerous as they can easily steal your money and get away without any legal ramifications. As an unregulated company, LegitExpertTrade lacks credibility since it does meet legal standards. You have no business dealing with a shady company that circumvents the law. If they have the audacity to disobey the law, can you imagine what they will do to your money? Stay away from them!     

The Terms and Conditions that the company has provided are just aimed at giving a false illusion that the company is regulated. However, a closer check would reveal they are not, so stay away from them. 

Trading Software

Any responsible forex broker should provide clients with a demo trading platform. This is where traders can practice trading with virtual money before trading with real money. It is a necessary experience to hone their trading skills. LegitExpertTrade lacks a proper demo trading platform. When we tried to use it, it was impossible even to place a trade. You cannot even see where to click buy or sell.

Final Verdict

After our research, we have concluded that LegitExpertTrade is anything but legit. Such a shady firm should not be allowed in the market. Forex trading requires transparency, which is something the company clearly lacks. There are genuine crypto companies that you can use and earn passive income. 

If you are an investor looking to venture into trading, avoid LegitExpertTrade at all costs. A firm that will only use bitcoin for its transactions is not to be trusted. They know they can quickly get away with your money and disappear without a trace. As such, make sure to avoid them to avoid losing your hard-earned money.                

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