Legal CFD review – 5 things you should know about Legalcfd.com

Legal CFD review – 5 things you should know about Legalcfd.com

Beware! Legal CFD is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Legal CFD is a Forex brokerage based in EU member-state Bulgaria. According to the brokerage clients there is a required minimum deposit of $250 which is about the industry average and a wide range of trading products available for clients.

Legal CFD regulation & safety of funds

On the brokerage’s website we read that the company behind the brokerage is registered in Bulgaria with the name FTM Consulting EOOD. Bulgaria is a member-state of the EU and the ESMA guidelines are in full force for brokerages operating on the territory of the country.

Furthermore, brokerages in Bulgaria have to be licensed by the local Financial Supervision Commission. However, going through the website and brokerage’s terms and conditions we find no mention of a license.  After checking with the online registry of the regulatory agency – we can safely conclude that Legal CFD does not fall under any regulatory oversight. Another troubling aspect of the brokerage is the fact we do not have access through a demo account to the purported trading platform. We view this as a serious problem because traders cannot get acquainted with the trading conditions of Legal CFD.

Such irregularities are the usual “tell” of a scammer. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Furthermore, the lack of a demo account for the trading platform, as well any sort of more detailed information regarding the trading conditions of the brokerage highly inclines us to question the legitimacy of the Bulgarian brokerage.

We did find a list of all the Crypto CFDs the brokerage presumably offers – they include Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum Classic, Ethereum and many others. The selection is quite impressive, however, without a test-drive of the platform we cannot be sure whether the brokerage does in fact offer such a wide array of financial instruments.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

Legal CFD deposit/withdrawal methods and fees

We find no information regarding the payment methods available on the website of the brokerage. Such a lack of clarity is quite common for unregulated brokerage in Forex trading. However, we did find quite a few troubling provisions in the terms and conditions of the brokerage. First of, and perhaps most troubling, Legal CFD openly states that they offer clients so-called MAM accounts that are automatically controlled by the brokerage and clients cannot withdraw from them for the first six months. This is quite a provision and a certain red flag for the brokerage.

Furthermore, we find a minimum withdrawal amount of $100. Such a provision should not figure among the terms and conditions of a legitimate brokerage.

Legal CFD does not explicitly state it charges any withdrawal fees but, nonetheless, we did find the following in the terms as well. It reads “LegalCFD reserves the right to charge clients for incidental banking-related fees.”

That is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as  Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Rich Snippet Data
Review Date
Reviewed Broker
Legal CFD
Broker Rating
1.51star1stargraygraygray

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44 Comments

  1. has anyone had problems with withdrawls

    1. WDs are difficult if not impossible to get – I have been requesting since November – to no avail – but did in face get my initial 250 EUR refunded recently. The named business as ‘operating’ the brand name ftm consulting, Bulgaria, may have ‘gone into liquidation’ and their name has just been removed from the main web page today.
      There are various named individuals – KM, JR, PD – involved so far

    2. I am trying now so we will see

      1. Still no funds and their website says you can have the withdrawal in 1 working day! What a scam! I also had an individual of KM and PT, one is apparently security and one the account manager but no contact since the withdrawal after I made it clear I wanted the funds.

    3. Yes I have!! Been trying to contact them for many weeks with very few replies with excuses like the account manager has moved on. Worst thing is I don’t know what to do next, anyone got any help?

    4. Yes I have been trying to withdrawal which was approved by this Dylan Grey that was a month ago I have sent many emails but never get a reply. Does any one know who I can contact to try and get my money back

      1. I received an offer of cash out with discounted trading fees. Lagalcfd stating that due to AML new laws in UK they cannot refund my money until i pay their fees as a proof that its an investment and authentic. I need to pay $2000AUD to get back my profits.they have provided me with their bank account and purchase order.
        Is that true? Has anyone facing similar situation?
        What should i do?
        Thanks
        Is that true

  2. I have been trying to get hold of them for many weeks now looking into getting a withdrawal aswell. I finally said received a response after a very blunt message this is what I receive ‘Hi Elliot, I have just made some enquiries for you and I have been informed that the UK department is currently being reallocated . This means that we do not have any Account managers handling UK clients for the next week. Once the Australian and Far East accounts have been scheduled, the UK accounts will be re allocated. our apologies for this , but the Account managers are currenly working differnt hours in this respect and this is causing delays.’ I find this very odd how this happens just as I’m trying to withdraw. Any know any action I can take against them if they continue to not allow me to withdraw?

  3. I think they are the same people as cryptobanc.net. Cheater and scammer of the worst kind. They pretend to be friends and maybe pay them. WhatsApp and they are happy to give you their private phone number and try to make you a “golden trade”. 15% brokerfees even if they have said they profit directly from the profits. Even if you pay, you will not get any money. The worst of them was “Danny Crane” and had an American slang.
    No matter what they tell you: Do not believe them and do not pay a penny anymore. They tricked me that way.
    Could it be the “site operator FTM Consulting” is in cahoots with them because cryptobanc.net has the same company? I reported the manager to the police. And what do you want? Maybe we can somehow join forces.

  4. total scam. chargeback with your cc company immediately if you gave those fraudsters money

    1. Hi Guys,

      I opened a Trading account with LegalCFD and along with my personal Broker the account has grown quite well Trading in Bitcoin. I am attempting to withdraw funds but the Legal Department of LegalCFD are reluctant to approve this until the comment referenced using my name AIKMAN is rescinded.

      LegalCFD are suggesting I placed this comment with is entirely false. Are you able to assist me so that I can get my funds back by either removing this remark, changing the name or inserting the post that I have attempted to place on your website.
      My comments aim to refute this remark as NOT being connected to me and having been made by a person unknown to me. I am simply looking for your website to assist me with posting my comment so I can LegalCFD to release my funds. Can you please assist me asap.

      1. Did you get your money?

  5. they are scam artists in israel in tel aviv. i have their address and my lawyer has alerted local authorities which are now closing in on them.yes they are the same scammers from cryptobanc. The bulgarian address is just to confuse authorities

    1. who is your lawyer. any luck

  6. I haven’t got my money back yet. They keep stalling. Definitely a scam and a very well done one. I hope they do get shut down asap. It’s just disgusting.

    1. I think I’ve just been caught too 🙁

  7. Don’t Deal with a person called Phil. I have been watching the trades and looking at the receipts of the trades and they say open at usd-aus 68.543 and close at 73.5. they are only open for 5 minutes and they do not reach that level. also wont give withdrawls either.

  8. Stay aware from LegalCFD – they tried to access my computer – I refused. I have contacted my bank after they withdrew money without consent for being signed – I have no way of getting my money. I will be going to the media and expose these SCAMMERS! DO NOT GIVE THEM A COPY OF YOUR LICENCE OR BANKCARD – THEY KEEP ASKING FOR THESE (for us to receive refund) – I have been advised not to give them these details. Legally all they have to do is refund back into the same account that the illegally drew money out of. I HOPE THE AUTHORITIES CLOSE THESE SCAMMERS DOWN – Also they don’t tell you (Australian people) that they are dealing in American dollars – you think you’re dealing $500 but in fact it is $720 American! BEWARE!!!! BEWARE BEWARE

  9. Faye i have been scammed to the tune of USD 44k which i put in and also about US 81k in profit. Total US 125k. these guys need to be shutdown. I wonder whether A current affair will do a story.

    I dealt with a guy called Dylan Grey. ASIC are looking into it and found that all his emails from home have a foreign address. Not UK as they state
    Only came to light when i tried to withdraw some money from the account

    1. Dylan is the same bloke I Deal with.. is he in the UK or elsewhere.. I swear I will find him one day.. have now been blocked from phone calls and the prick won’t answer emails.. how have you gone since..

      Happy to talk further

      Facebook me.. Andrew Redston Australia

      Thanks

      1. still nothing. I notified ASIC and now they have listed on their scam watch, but cant do anything as its overseas

  10. LegalCFD are unlicensed and are fraudulently using our name and company Reg No when asked to back up there claims. CFD ACCOUNTANCY 08976957 have nothing to do with these scammers. A poor woman has alerted us to this today – the matter is now with the police!

  11. LegalCFD are using my works name and company registration number CFD ACCOUNTANCY 08976957. We have nothing to do with these fraudsters! Please don’t waste your money and avoid them at all costs!

  12. LegalCFD are illegally trying to associate them selves with a Legitimate company in the UK, they have never and will never be associated with CFD Accountancy, and we have proof they are trying to make out they represent our company. If you have had dealings with LegalCFD and have proof they have used our name or any other please report it to Action Against Fraud with as much information as possible, and let us all unite to bring the scum down. They are not only happy to relieve you all of your hard earned money, but also destroy company name and reputations, that have take years to build up.

  13. A massive scam which I’m disappointed with since it was advertised on a local news site with reference to how great it was!

    I’ve been threatened, verbally abused and they matched my deposit with a ‘free bonus’ I didn’t ask for refusing to let me do any withdrawals even without that bonus now that I’ve made money trading myself unless I deposit more for ‘money laundering’ reasons.

    If anyone has have any luck making withdrawals I’d love to hear from them if only to get my initial deposit back.

    1. Kiss your money goodbye – our bank said they couldn’t recover our money because it’s overseas!

      1. thats what my bank bendigo bank said also

  14. Yes, I have been trying to get my money through Dylan Grey!!!! No success just says it may take up to a month. I am putting in s charge back with my bank but don’t have any confidence I will get any of my money!!!
    Very professional scam and am disappointed that Channel 9 did an article of how good they were!!! It was because of this I gave it a go!!
    Keep away bloody pricks!!!

  15. Dylan has gone underground. they keep saying its gone to their legal department but cant give a name or email address. ASIC says they cant do anything

  16. has anyone gone to a current affair at Channel nine

  17. These are the names of people you need to get hold of at LegalCFD:-

    Richard Bennett – ‘Richard Bennett’ [email protected]
    Head of Brokerage Finance and Retirement

    Philip Thompson – [email protected]
    Broker

    Keith Mayer – Keith Support [email protected]
    Support and Compliance Team

    Peter Davenport [email protected]
    Support and Compliance Team

    Dylan Grey: Dylan Grey [email protected]
    Broker

    Contact Phone numbers for LegalCFD:

    +442039616436

    Australia Linked number:
    0385926421

  18. Yes I’m the same no contact since requesting a pay out

  19. i got a call from someone at RCI Accounting . says they are collecting money on behalf of legal cfd. Apprently legal cfd went into administration 8 days ago. they want 4200us to get it. seems like another scam

    1. Was it Justin.. I got the same call then passed around like a toy.. pay the tax.. pay this and so on and we will send deposit straight away.. still waiting.. Vanessa was the last bird I spoke with a dylan grey is scum..

      1. yes. i spoke to a justin. another scammer i reckon

        1. I have been getting calls from Justin Fleming from RCI chartered accountants saying that legalcfd are in receivership and they are clearing client accounts all i have to do is pay the tax liability fee and all the funds will be transferred back to me through a third party called AAAtrade, it just seems to easy not to be another scam. has anyone had the same experience

  20. Guys, If you deposited funds via your VISA card do a Chargeback immediately through your bank. This company is not authorised to provide Financial investment in Australia. I managed to get my funds back through the diligence of VISA. Yes I might have had to forego the gains shown in the Trading Account but I am relieved I now have my original funds back. Thank you to VISA.
    The names of the people listed above by Daniel are true. I have had conversations and exchanged emails with each of them but with no success in withdrawing funds to close my account. I am not certain what is happening to LegalCFD as you can no longer access their phone lines. The calls from Call Centre agents suggest this is the case. You will start to receive calls from a Call Centre agent (No Caller ID) purporting to be from LegalCFD. The Agent will suggest to you that you need to pay a tax in order to receive funds from your Account. I don’t know how they know what’s in your Account but I suggest you monitor your Bank accounts, Ban international transactions or Cap limits on transfers. Don’t fall for their BS or agree to send any money to them.
    Pursue the chargeback process through your Bank. It’s the only legal way. Good luck with recovery of your money.

    1. How long did you have to wait for your charge back to come back? I did one 3 months ago and I am still waiting.

  21. I too have been scammed by Dylan Grey and Richard Bennett.
    I did receive a phone call from Justin Fleming telling me that I have been scammed by Dylan and that he is working for the audit company to contact investors to get their money back, but this sounds like another scam. I tried to get a chargeback for the funds I deposited into the legalCFD trading account via the Commonwealth Bank, however after a few days, the bank got back to me saying that there is nothing they could do as I had entered into a contract with legalCFD ( even this contract was a scam). Chris Aikman listed above must have been very lucky to get his chargeback successfully – which bank can to his assistance- my Commonwealth Bank doesn’t seem to do much for me.

    1. I am with ING and got deposited money back but it took nearly 4 months with a charge back

    2. I called the Commonwealth Bank after reading your post as I too, have been scammed. I told them that Visa and ING are doing chargebacks for their customers as this organisation is not authorised to provide financial investment in Australia (thanks to Chris Aikman providing that info). They advised they will look into it and email me the outcome. I also was denied withdrawal from legalCFD. They wanted me to set up an e-wallet and he would transfer bitcoin into it or something like that. That’s when I googled and came across this page. Anyway, thanks for posting as I was resigned to the fact I had “done my dough”. Hopefully, I will get something back.

  22. All communications from Dylan Grey, Richard Bennett and Justin Fleming have stopped. My bank (Commonwealth Bank) was able to get a bank transfer for EUR2300 back to me that I paid to as a “Tax Fee” Justin Fleming who said he was from the auditing company tasked with cleaning up the books for legalCFD and getting the Investors funds returned to them (another scam). I am currently waiting on an update form my Bank to see if they can get back another bank transfer I did to Dylan Grey for my invoice for brokers fees to close my trading account and send me my trading balance.
    I have had a phone call from an unknown person, claiming to be from legalCFD and wanting to return my trading fund but they first needed to send back a small amount to ensure that the banking details were correct, and asked me to open a remote connection on my computer to achieve this. When I refused to do this, their polite tone became less polite, and when I asked them to prove that they were, in fact, from legalCFD by telling me what my available balance was in my legalCFD trading account, he got very rude and hung up.
    By reading the posts above, it would seem that Australia was the main target for this legalCFD scam and it is a pity that ASIC didn’t pick up on this sooner, which may have saved all of us some grief.

  23. I have checked on the credentials of Justin Fleming who presented himself as working for the RCi company auditing legalCFD, and had the rci logo on his emails. In my emails to RciGlobal, Rcilondon , they have confirmed that Justin Fleming does not work for their company, and that their company have no connection to legalCFD – so as suspected, this is just another scam on top of the original scam.

  24. Dylan got me too. He’s still trying to call flat out coz he wants me to pay $16k withdrawal fees to get my $60k profits…. Pfft… This guy is scum. The only reason I went in this is because of channel 9. Now what? Ha… Just kiss it goodbye thanks channel 9!!!

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