Legends Financial Company – Scam Exposed (Review 2023)
Legends Financial Company is not a renowned forex dealer at all. The organization that lies about its regulation and where its clients can find it is an offshore one.
If you are an informed reader, you are well aware that these are two of the most obvious indications that a company is operating fraud. But things only get worse.
By any means necessary, the firm’s web-based trading platform is not competitive. There are a lot of assets on there. CFDs on currencies, indices, commodities, stocks, and even cryptocurrency are all available.
But it is unable to advise you to do that since you would be doing it with a company that is opaque about its trade costs.
Basic details of Legends Financial Company
Website URL: https://legendsfinancialltd.com
Regulations: Not Regulated
Languages: English, Polish, Russian
Deposit Methods: Unspecified
Minimum Deposit: £100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Commodities, Indices, Equity, CFD
Did You Know?
Equity is the ownership interest of property/asset. However, Equity might get affected by debts. The ‘Equity’ gives the owner various rights in the future, including profits, gains and decision making power in the firm, as well.
Is Legends Financial Company a Scammer?
Legends Financial Company: Trading accounts and condition
The trading accounts listed below are available to customers of Legends Financial Company:
- Beginner: A £100 deposit is required. There is a 1:2–1:20 leverage range. Commissions might be as high as 2.5 percent.
- Sterling: The deposit amount is between £5,000 and £10,000. There is a 1:2–1:50 leverage range. Commissions can be between 0.5% and 2%.
- Gold: The deposit amount is between £10,000.00 to £50,000.00. Leverage ranges from 1:100 to 1:2. The range of commissions is 0.5% to 1.5%.
- Platinum: The initial deposit is £50,000. Leverage ranges from 1:100 to 1:2. Commission rates range from 0.25 to 7 percent. There is also a 0.25% fee.
Legends Financial Company – Advantages
Dealing with Legends Financial Company does not have any benefits.
Legends Financial Company – Disadvantages
The following reasons are a list of the reasons we believe Legends Financial Company is a fraud:
Legends Financial Company’s lack of regulation is the first red flag that the company is fraudulent. We are given a UK address by this broker in their Contact Us section. A UK phone number is also offered with it. They also provide a company number (09042494) in the footer of their website.
Due to the name Legends Financial Co. appearing in their Terms and Conditions, it is possible that this brokerage is handled by this business.
Additionally, the broker makes no mention of regulation expressly. The broker indicates that they are regulated by giving us a UK location and a Company number.
The Financial Conduct Authority, which oversees financial regulation in the UK, must approve and supervise brokers working there. In the UK, Companies House maintains a list of all incorporated businesses.
To find out if this broker was registered with and subject to the regulation of these regulatory agencies, we looked up their web directories, Companies House as well as the FCA.
It was discovered that neither the FCA nor Companies House have a broker or business by this name recorded under their respective databases.
Thus, this broker is engaged in unlicensed activity in the UK. So, this broker is fraudulent, by extension.
Problems with Legal Documents
There is, sort of, legal documentation for Legends Financial Company.
A required component of every online brokerage’s services is the legal paperwork. These are the written agreements that you and that broker have.
They clearly outline what they permit, their obligations to the trader, and the terms and conditions they have established for the services they provide.
You could easily fall for that broker’s deception if these legal documents are not in place, are missing important details, or are just plain generic.
Additionally, there is no governing authority that can assist you if you are defrauded by a broker who has forged or falsified legal documents.
Problems with Trading Software
The greatest trading software available is provided to clients by regulated and honest brokers. Brokers make sure that their software is worthwhile for their consumers because it is their primary offering (along with their trading conditions).
On the other hand, fraudulent traders either don’t use any trading software at all or use one that is extremely simple and doesn’t offer much more than the ability to buy and sell a small selection of assets.
With Legends Financial Company, we observe this. From their website, we learn nothing about their trading platform. This is the first hint that they are pulling a scam.
Next, opening a new trading account with this broker is the only method to gain access to their trading platform. On their websites, regulated brokers give their clients access to a demo platform without charge.
This enables potential customers to try the available trading software. In this method, traders can proceed and make actual investments if they like what they see on that broker’s trading platform.
Before you make your first investment and register a trading account with a scammer like Legends Financial Company, you won’t be able to see their trading platform. This is the beginning of their scam
Problems with trading conditions
The trading conditions of this broker are yet another red flag. Customers are drawn to an online brokerage by the trading conditions offered by the broker, in addition to the trading software.
Brokers make sure that their trading conditions are both alluring enough to draw traders and balanced enough to allow them to profit from deals made on their platforms.
If you merely want to register a simple account, this broker’s minimum deposit requirement is pretty reasonable. However, the cost rises dramatically if you want to open a more sophisticated trading account.
When you realize that the other components (commissions and fees), which make up the total cost of a trade, are entirely gone, the spreads also appear to be attractive. As a result, we are unsure of the true cost of a deal with this broker.
Additionally, this broker’s leverage ratios are just too high and even illegal.
Problems with payment options
The types of payment methods that Legends Financial Company might provide are not disclosed to us. We were unable to locate that information, even after creating an account with them.
You can only enter your desired deposit amount and submit a request on their payment page. To finish your transaction, a representative of the brokerage will get in touch with you. Only fraudulent individuals would act in such a manner.
Overview of Legends Financial Company
According to Legends Financial Company’s review, they are frauds, therefore avoid trading with them. At the same time, I’d like to recommend a few more organizations that aren’t good for trading.