Leadtech Live is just one of the many scandalous bogus brokers. These people will pull at your heartstrings to lure you into an investment scam. There are many faces of Leadtech Live – their parent company is called Leading Alliance Holding Limited on one part of the website, and ZhongHuang Holding Group Limited PTY LTD in another. Follow us down the rabbit hole as we Review everything wrong about the Leadtech Live scam.
Leadtech Live claims that their parent companies, Leading Alliance Holding Limited and ZhongHuang Holding Group Limited PTY LTD, are based in Hong Kong. This is simply not the case, as Hong Kong’s SFC database does not contain any information on these entities.
For brokers that wish to trade in the US, there are some legal and financial constraints implemented. These ensure the financial stability of the broker, and safety of their clients. Among these are the initial capital of US$20 000 000, Segregated Bank Accounts, and a maximum leverage of 1:50. Financial transparency of a broker is mandatory.
Canadian New SRO has similar conditions. The starting capital for a broker firm is CA$1 000 000, and the maximum leverage is the same, 1:50. Canada, however, also requires a compensation fund. Bonuses are allowed in the US and Canada.
Leadtech Live is active in yet another jurisdiction, which is Australia. Australian ASIC requires a starting fund of AU$1 000 000. Their regulatory framework is quite similar to Canadian and the one in the US, with the major differences being a ban on bonuses and a max leverage of 1:30.
Leadtech Live does not adhere to these constraints and conditions. Their maximum leverage of 1:400 endangers the clients by unnecessarily exposing them to the market conditions. To verify that Leadtech Live is not a licensed company, we have checked the databases of not only the regulators we have already mentioned, but also the FCA, BaFIN, CySEC, CONSOB, CMNV, and CBR. Needless to say, we didn’t find any information.
Conveniently enough, the main website of Leadtech Live contains information on company regulation. Reading this page was very informative for us. We could clearly see that this broker is bogus.
The entities that allegedly regulate Leadtech Live are Commonwealth Bank of Australia, and Money Services Business in the US. Neither of these agencies have jurisdiction over securities markets in their respective countries. In conclusion, this makes a firm statement that Leadtech Live, and their parent companies are unregulated.
Most of the victims that have fallen for the Leadtech Live scam live in developed countries. These nations have very strict securities frameworks, and high standards of living. Of course, this is what makes their citizens juicy targets for these swindlers.
The greatest number of Leadtech Live victims live in these countries:
When it comes to trader testimonials, Leadtech Live has a very poor score online. Almost all of the clients complain about bad customer service, and issues with their withdrawals. The picture is quite bleak indeed.
Let’s have a look at some of these testimonies now:
Beware of this is a scam company run by fraudsters. Once you’ve deposited enough funds into it you can kiss your funds goodbye cause they won’t let you withdraw your funds anymore. […]
Allegedly Leadtech Live offers the MetaTrader5 trading software to their clients. This program is the current industry standard when it comes to trading securities online. It boasts excellent market execution speed that minimizes slippage.
That’s about all the good things we can say about Leadtech Live Trading Platform. When we tried to download the MT5 from their website however, we got multiple virus warnings from both Windows Defender and our third party antivirus software.
The majority of victims of Leadtech Live become victims of a so-called romance scam. This is a very cruel strategy that employs Boiler Room Agents that pretend to be a romantic interest of the scam target.
A Boiler Room Agent will “accidentally” send a message via whatsapp, viber, or match a user through an online dating platform like Tinder or Badoo. They pretend to be a successful business owner that has invested in the Leadtech Live broker, only to find incredible financial success.
No race or gender is immune to this fraudulent technique. The fraudsters will keep up the facade for as long as it takes for the victim to realize something is very wrong. By that time, they would have deposited a significant amount of money with the scammers – money that may as well be lost forever.
Leadtech Live offers a rather small range of tradable assets. These are divided into a number of different categories. Don’t let the apparent diversity of instruments fool you – Leadtech Live is a dangerous entity and is not to be trusted a single cent.
These are the assets the broker allegedly offers:
When it comes to Leadtech Live spreads, they start at 0.0 Pips, which is quite low. There is a separate webpage about Swap Rates on Leadtech Live website, but it does not disclose the swap at all. Allegedly, there are 0% deposit fees. There is no information about withdrawal charges.
We need to point out that most scam brokers have these excessively low trading costs. Regulated brokerages base their income off these charges, and have different account types that reflect their income strategy. This is not the case with the scammers. They earn money through theft, and do not need to charge these extras on trades.
From what we can gather, Leadtech Live only offers one single trading account. This is not explicitly presented on their website, however. The lack of transparency when it comes to brokers like this should raise suspicion.
Here is what we found out about Leadtech Live account:
This broker doesn’t even mention demo or Islamic accounts.
There is no information about any demo account with Leadtech Live. A client may only open a live trading account through their website. Of course, the MT5 platform does offer a dialog to open a demo when you start the application, but we couldn’t verify this either, because the Leadtech Live MT5 contains a virus.
The internet is buzzing with all the people complaining about problematic withdrawals from Leadtech Live. Many users report that their withdrawal attempts have been outright blocked. Furthermore, their broker contact, the Boiler Room Agent, would have cut off communication at this point.
If you have become a victim of the Leadtech Live Scam, do not despair. There are still ways to recover your lost money! Our team of experts is on hand to offer support with your problem. Should you decide to contact us, you may do so through the Live Chat for the quickest response, and for a free consultation.
You are not the only one with these kinds of issues. The more information we can gather in the shortest possible time, the bigger your chances at charging back your funds. We have received dozens of threats from fraudulent brokers in the past, but this has not prevented us from resolving some of the toughest cases.
Leadtech Live is an illicit brokerage that has no authorization to provide their services. The broker is notorious for their romance scamming scheme. This company is not to be trusted! If you have already invested, contact our professional staff for guidance in recovering your funds.
Leadtech Live offers CFDs trading on their platform, but Cryptocurrency trading is not supported.
Leadtech Live does not offer a demo account to their clients. There are no provisions made for risk-free speculation.
Leadtech Live is an illicit brokerage that has no authorization to provide their services. The broker is notorious for their romance scamming scheme. This company is not to be trusted! If you have already invested, contact our professional staff for guidance in recovering your funds.
Leadtech Live offers CFDs trading on their platform, but Cryptocurrency trading is not supported.
Leadtech Live does not offer a demo account to their clients. There are no provisions made for risk-free speculation.
The post Leadtech Live, a Review of a Romance Forex Scam appeared first on Global Fraud Protection.
