Beware! LegitExpertTrade.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
LegitExpertTrade.com is absolutely an unregulated and scammer broker, and it took us to look at it once to get the full picture. We have seen hundreds of similar brokers, and all of them, down to the last one have been utter fraudsters. There is nothing here for readers except a good example of what sort of brokers not to trust and how to best avoid them. So read the following review to learn how to detect illicit brokers.
We opened a starter account, and let us just say that it is rare for a scammer broker to offer account types, but this one does. The only thing that changes really is the minimum deposit requirement, for you see there is no trading software anywhere to be seen, and so there are no applicable trading conditions. These usually differ from account to account, but without a software the account types offered by LegitExpertTrade.com are useless.
We also have to mention that the user area was very suspicious looking and familiar in that we have seen the same template sued over and over again by previously regulated shady brokers.
LEGITEXPERTTRADE.COM REGULATION AND SAFETY OF FUNDS
LegitExpertTrade.com’s legal claim cannot be more out of touch with reality. The broker claims to be located in New York, out of all places.
This US city is arguable the worlds global financial center, and as such the lev of security and protection there against the likes of LegitExpertTrade.com is unprecedented. It’s foolish to think that such a scammer broker even has a chance of getting noticed there. The local CFTC and NFA, the world’s top regulators, would not even blink on red-listing this broker, that is if they ever come across it which seems unlikely. So, no LegitExpertTrade.com is not located nor regulated in the US.
There are no further legal details, suggesting that the broker through it enough to include the US-based details. Well, the firm is completely unregulated, and a scam to all! Every investment will be lost for sure!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
LEGITEXPERTTRADE.COM TRADING SOFTWARE
When we entered the user area, all we saw was a third part chart that has been copied from the mane source. These charts are very easy to acquire, and they serve no practical purpose to unregulated brokers. Clients cannot trade on them, and so they are used to fill in the visual gaps left by missing trading platforms.
The website also does not include a trading platform. And so, there is no trading platform anywhere to be seen. Without one, there is no reason to think of LegitExpertTrade.com as a legit broker. The legit part we know is forged, while the broker in LegitExpertTrade.com does not exist!
LEGITEXPERTTRADE.COM DEPOSIT/WITHDRAW METHODS AND FEES
From the user area we get pretty much the essential payment details. The minimum deposit is said to be $500, while the available payment methods are bank transfer, BTC wallet, NetPay, and GoldMoney. However, after trying out each one of the payment systems, only the BTC wallet was available. All others were unavailable, and we were adviced to contact support. This way LegitExpertTrade.com forces users to deposit via a crypto wallet, essentially a non refundable and untraceable method.
Finally, the terms and conditions reveals that there are applicable commission that appear from time to time pertaining to various services. Neither the specific services nor the fees themselves have been revealed. It’s a common scammer broker practice, which allws LegitExpertTrade.com to come up with these fees on the go!
Do not invest in this broker. It is a risk to all and a scam!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!