LTECapital review – 5 things you should know about ltecapital.com

LTECapital review – 5 things you should know about ltecapital.com

Rating: 1

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

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Cooperation with LTE Capital brokerage company meets all key criteria, including high-security level, availability and credibility of the financial brand. That’s how LTECapital introduces itself, but the truth is quite different actually- the broker is most probably a scam, and we are going to prove it in the following review.

LTECapital REGULATION AND SAFETY OF FUNDS

If you look at the screenshot above, you’ll see tons of fraudulent claims. To begin with, the name of the financial authority in Belize is International Financial Services Commission (IFSC), so LTECapital apparently invented its own regulator to present itself as if legitimate. Then, 245/55 is a totally fake Belize license number. The rest of the numbers on the picture are also forged, strongly indicating that LTECapital is a scam, but that’s just the beginning of the story.

LTECapital also pretends to be CySEC regulated, and just out of the blue, it displays an IBC incorporation certificate of a company registered in St. Vincent and the Grenadines. Well, we didn’t waste time checking if it’s authentic or not because it doesn’t matter after all. However, the document suggests that LTECapital is an SVG unregulated broker, which makes things even worse because once clients deposit, their money goes offshore, where it literally disappear. Moreover, St. Vincent and the Grenadines allows the incorporation of anonymous shell companies, so if things go wrong, there is literally no one to hold liable for what happened.

That’s why you’d be much better off if you stick with authentic companies authorised by trustworthy financial regulators like CySEC (Cyprus) and FCA (Britain). Both maintain the highest supervision standards and require brokers to keep deposits segregated in local banks, thus ensuring clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate clients in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.

Those things considered, we can assert that LTECapital is highly likely a scam, so your funds will be in danger if you deposit. Avoid LTECapital at every cost.

LTECapital TRADING SOFTWARE

LTECapital pretends to offer a state-of-the-art platform, but that’s a lie, too. It actually comes with a Webtrader that’s not even close to the industry leaders- MetaTrader 4 and MetaTrader 5. We mentioned both as they are the most advanced platforms, and every broker is worth being avoided if it fails to deliver the same quality, regardless of everything else.

In this particular case, we can’t talk through real-time spreads and costs for trading as we assessed the software when the market was closed. And we don’t actually have to, for we already know that LTECapital is a scam. However, we’ll discuss the risks involved- the leverage is 1:500, so the broker’s services are too risky for most customers. On top of all that, CySEC brokers are no longer allowed to offer more than 1:30, so the leverage offered independently prove that LTECapital can’t be licensed in Cyprus. Beware!

Here, you can see what the Webtrader looks like:

LTECapital DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit is $250 via Bitcoin only, so clients won’t have the opportunity to chargeback if things go wrong. All cryptocurrency transactions are anonymous and final, meaning that no refunds are ever possible, and clients won’t even know whom they are sending money to. As a scam broker, LTECapital makes sure to limit clients’ chargeback options as much as possible, and indeed it succeeds. Unfortunately, those who deposited with the broker won’t be able to reclaim their money back.

LTECapital never mentioned anything about withdrawals and fees, and it doesn’t even have legal documentation. We found a link to a User Agreement, but it was broken, as you can see from the screenshot below. We think no further commentary is actually required.

Below, you can see the deposit terminal and the single funding method accepted:

HOW DOES THE SCAM WORK

In this review, we showed too much evidence of a scam, and we firmly believe that LTECapital is a fraudulent scheme. That being so, we’ll now describe how con artists usually do while aiming to snavel as much as possible from their unfortunate victims.

So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. 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 continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the 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 going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.

WHAT TO DO WHEN SCAMMED

It would be best if you first call your bank to inform it and then deactivate your card to avoid any 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 particular scam, too. 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!

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2 Comments

  1. I have invest 2500 USD but when I withdraw that doesn’t help

  2. I have invested AED 31000 but my benefit was not given to me, my money was lost, if anyone can help then do it

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