Leom Market Review

Leom Market

Warning Investors Leom Market – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements.

Introduction:

If you are looking for a reliable and trustworthy broker to trade forex and cryptocurrencies, you might want to avoid Leom Market. This brokerage, which operates through the website lmtradefx.com, has been recently exposed by the Financial Conduct Authority (FCA) as an unauthorized entity that is targeting UK investors without a proper license. In this blog post, we will explain what this means, why you should be wary of Leom Market and similar brokerages, and how you can shield your finances from scam operators.

Regulation and Compliance:

One of the most important factors to consider when choosing a broker is whether it is regulated by a reputable authority. Regulation ensures that the broker follows certain standards of conduct, transparency, security, and customer protection. It also means that the broker is subject to regular audits, supervision, and enforcement actions in case of misconduct. A regulated broker must also keep your funds in segregated accounts, provide negative balance protection, and participate in compensation schemes that can cover your losses in case of insolvency.

Leom Market, however, does not have any of these safeguards. According to the FCA alert, Leom Market is not authorized to provide financial services or products in the UK, but it has been offering them anyway. This means that Leom Market is operating illegally and violating the FCA rules. It also means that if you deal with Leom Market, you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme, which can help you resolve disputes or recover your money if things go wrong.

Customer Support:

Another red flag that should make you steer clear of Leom Market is its poor customer support. According to its website, Leom Market claims to offer 24/7 support via phone, email, and live chat. However, when we tried to contact them, we found that the phone number was not working, the email address was invalid, and the live chat was offline. This suggests that Leom Market is not interested in providing any assistance or guidance to its clients, but only in taking their money and disappearing.

Customer Reviews:

A quick search on the internet reveals that Leom Market has a very negative reputation among its customers. Many traders have reported that Leom Market is a scam that lures them with false promises of high returns and then refuses to process their withdrawal requests. Some customers have also complained that Leom Market uses aggressive sales tactics, such as cold calling, pressure selling, and misleading advertising, to persuade them to deposit more money or to switch to other platforms that are also unregulated and fraudulent.

How can crypto transactions be traced?

One of the main attractions of cryptocurrencies is their anonymity and decentralization. Unlike traditional currencies, cryptocurrencies are not controlled by any central authority or intermediary. They are based on a network of computers that validate and record transactions using cryptography. This means that anyone can send and receive cryptocurrencies without revealing their identity or personal information.

However, this does not mean that crypto transactions are completely untraceable. In fact, every crypto transaction leaves a digital trail on the blockchain, which is a public ledger that records all the transactions that have ever occurred on a given network. The blockchain contains information such as the amount, date, time, and addresses of the sender and receiver of each transaction. Anyone can access and analyze this information using tools such as block explorers or software applications.

By using these tools, it is possible to trace the origin and destination of crypto transactions, as well as identify patterns, trends, and connections between different addresses. For example, if an address is linked to a known exchange or wallet service, it can be associated with a real-world identity. Similarly, if an address is involved in multiple transactions with other addresses that are also suspicious or illegal, it can be flagged as part of a scam network.

Shielding Your Finances: Measures to Avoid Scam Brokerages:

As you can see, dealing with unauthorized entities like Leom Market can expose you to many risks and dangers. You could lose your money, your personal data, or even your identity. Therefore, you must take some measures to avoid falling victim to scam brokerages. Here are some tips that can help you:

– Always check the regulatory status of a broker before opening an account or making a deposit. You can do this by visiting the website of the relevant authority (such as the FCA) and searching for the broker’s name or registration number. If the broker is not listed or has a warning against it, stay away from it.

– Always read the terms and conditions of a broker before agreeing to them. Pay attention to details such as fees, commissions, spreads, leverage, margin requirements, withdrawal policies, and dispute resolution procedures. If the terms are unclear, unfair, or too good to be true, avoid the broker.

– Always do your research on a broker before trusting its claims or reviews. You can use sources such as online forums, social media, blogs, news articles, and consumer websites to find out more about the broker’s reputation, performance, and customer feedback. If the broker has many negative reviews, complaints, or lawsuits, steer clear of it.

– Always use secure and reliable payment methods when depositing or withdrawing money from a broker. Avoid methods that are irreversible, untraceable, or anonymous, such as wire transfers, cash, or cryptocurrencies. Instead, use methods that offer some protection or recourse, such as credit cards, debit cards, or e-wallets.

– Always keep track of your transactions and account activity with a broker. Monitor your balance, profits, losses, trades, and statements regularly. If you notice any discrepancies, errors, or unauthorized charges, contact the broker immediately and report the issue. If the broker does not respond or resolve the issue satisfactorily, file a complaint with the regulator or seek legal advice.

Conclusion:

Leom Market is a scam brokerage that you should avoid at all costs. It is not regulated by the FCA or any other authority, and it has been involved in many fraudulent and illegal activities. It does not offer any security, transparency, or customer service to its clients. It only wants to take your money and run away. Do not fall for its lies and promises. Protect yourself from scams by following the tips we have shared in this blog post. And remember: if it sounds too good to be true, it probably is.


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