Beware! Legal-Cost-Finance.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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We wonder why Legal-Cost-Finance.com has chosen such a dull name- that’s not a title to put on a Forex broker. Not to mention that finding information about such an entity during online research is a nightmare, and some people may end up being tricked into believing that Legal-Cost-Finance.com is some legit business offering decent services. Well, it’s not! It’s a scam, and you’ll see why we say so in the full Legal-Cost-Finance.com review.
Legal-Cost-Finance.com REGULATION AND SAFETY OF FUNDS
Legal-Cost-Finance.com pretends to be headquartered in London, but that’s not true- strong evidence of a scam as the brokerage intentionally misleads customers by providing a false address. Moreover, as you can see from the screenshot above, it displays an incorporation number, but it belongs to a law firm that has nothing to do with a brokerage named Legal-Cost-Finance.com. Not to mention that the authentic business isn’t actually located in Heron Tower- one of the newly built skyscrapers in London. So, Legal-Cost-Finance.com is a clone firm impersonating an authentic company– that’s a scam!
Clones are dangerous because scammers pretend to work for duly licensed entities, thus aiming to gain confidence and take guards off. It’s a simple strategy but a very effective one as the markets are plagued by fraudulent clone firms. But to make things even worse, Legal-Cost-Finance even single-handedly exposes itself as fraudulent, claiming to be governed by Japanese laws. That’s a scam!
However, it’s worth noting that the so-called broker is unregulated. In fact, if it were a licensed entity, it wouldn’t be able to carry out fraudulent activities as trustworthy authorities like CySEC (Cyprus) and FCA (Britain) impose numerous regulations to ensure that the markets are safe for clients. For example, both regulators require account segregation, which guarantees that clients won’t lose their money if a broker gets insolvent. The segregated accounts improve transparency, speed withdrawals up, make chargebacks easier and help prevent fraud. On top of all that, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
Now, see the laughable Japanese claims below:
Legal-Cost-Finance.com TRADING SOFTWARE
Next, we got on to even more evidence of a scam. Legal-Cost-Finance.com’s website is broken from the bottom to the top, and as you can see from the screenshot below, both the registration page and the Webtrader are down. Basically, in such a case, we can conclude that the broker can’t offer any services whatsoever. At least, yet. In fact, we suspect that Legal-Cost-Finance.com is just another fraudulent website run by some boiler room. Crooked call centres operate many fraudulent sites at the same time, so the one reviewed may as well be not fully developed yet. Whatever the case, though, we already proved that Legal-Cost-Finance.com is a scam, so make sure to avoid it no matter what.
In this situation, we can’t talk about real-time trading costs (spreads) or risks (leverage levels) that the trading software reveals when accessed. The broker doesn’t mention anything either, which is indeed a red flag itself because Legal-Cost-Finance.com knowingly hide critical information about its services. That’s a scam!
Legal-Cost-Finance.com DEPOSIT/WITHDRAW METHODS AND FEES
Ready for more evidence of a scam? Here it comes! There is no information about withdrawals, certain funding methods mentioned- Skrill and Neteller are on the list, unfavourable withdrawal conditions, and no information about other critical provisions. Now, let’s explain.
First of all, Legal-Cost-Finance.com doesn’t reveal anything about its trading accounts- deposit requirements, fees etc.; an absence of info about the broker’s services- evidence of a scam as it knowingly hides something. In fact, it designates some minimum transfer amounts on its Deposit/Withdrawal Page, but the information is scattered and doesn’t really specify anything in particular.
The funding methods- it’s totally out of the question that Skrill or Neteller will ever serve such a shady entity as Legal-Cost-Finance.com because both wallets have anti-fraud policies and strict security measures in place. So, the brokerage once again misleads customers- evidence of a scam.
Now, let’s talk about withdrawals, even though it’s worthless as we know that the brokerage is a scam and won’t send any money back. Nevertheless, the minimum for Wire Transfers is €300- an insane requirement nonetheless. The fees are also adverse- at least €20 per withdrawal. But that’s not the worst in this case. Just look at the clause below, and you’ll see it’s incomplete. That’s a scam!
HOW DOES THE SCAM WORK
We exposed Legal-Cost-Finance.com as fraudulent, so now we’ll show you how scams usually happen.
When fraudsters get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars to make you begin investing. To gain trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.
Then, the fraudsters will gradually ask you to increase the size of the investment and invent stories to make you deposits again and again. Sooner or later, though, you’ll get determined to withdraw some money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!