A page on the website says that LTM Trade has a strong market share in the Hong Kong stock market because it has been in the business for a long time, has established and happy customers, and has a strong network among its peers. On other pages, though, the broker says it is a well-known EU broker, a legendary Cayman Islands broker, a top Australian Forex provider, and so on. Well, it’s not true at all. In reality, LTM Trade is a scam, and we will show you why in this review.
LTM Trade REGULATION AND SAFETY OF FUNDS
The above screenshot shows where LTM Trade’s offices are, so it needs a lot of licenses because each country has strict rules that don’t let businesses that aren’t authorized there offer their services. We started our research with the British Financial Conduct Authority (FCA). As you can see in the picture below, LTM Trade doesn’t have a license, which means it can’t legally do business in the UK.
We also looked at the Cypriot regulator CySEC and, as expected, found nothing about the broker there. So, LTM Trade is a fraud that pretends to be a brokerage that is known all over the world. Well, if LTM Trade wasn’t so loud about being regulated, we would just be a little bit suspicious, but it says it is regulated by CIMA, the EU, the FCA, and so on. Definitely, that’s a trick!
But in the website’s footer, LTM Trade says that the website is run by an untraceable Ukrainian company. It’s probably made up, which is more evidence that LTM Trade is a scam. Still, we need to talk about regulations because every scam broker out there is not regulated. What, exactly, does that mean?
Well, every reputable financial authority has a lot of rules to make sure there is transparency, ethical business behavior, fraud is stopped, and client funds are safe. So, as you might guess, scammers can’t do their illegal business if they have to follow rules and laws. This means that every scam broker should stay unregulated, which means they should stay anonymous and not have to answer to anyone.
So, you should only do business with companies that have been approved by reputable financial regulators like CySEC (Cyprus) and the FCA (Britain). Both of these things require brokers to keep their clients’ deposits in separate local banks. This makes sure that clients won’t lose their money if something goes wrong. The separation makes things clearer, speeds up withdrawals, makes chargebacks easier, and helps stop fraud in general.
Also, European FX companies are protected by deposit insurance funds that are set up to compensate clients if something unexpected happens. Clients of CySEC brokers can claim up to €20,000 per person, and British guarantees go even higher, up to £85,000.
At the end of this section, we can say that if you deposit with LTM Trade, you’ll waste time on fraud. Stay away from it at all costs.
LTM Trade TRADING SOFTWARE
Now we’re going to talk about more false claims. LTM Trade lies about its software. MetaTrader 4 is not available, even though the broker says it is. In fact, we couldn’t get any platform at all because the sign-up page was broken. This meant that we couldn’t use the trading software. In any case, LTM Trade is a scam, so its software isn’t that important.
We can’t talk about trading costs (spreads) or risks because of this (leverage). But LTM Trade says it offers up to 1:200 leverage. Since neither the FCA nor CySEC allow such ratios—both have a limit of 1:30—this makes it clear that LTM Trade is breaking the law. Avoid!
LTM Trade DEPOSIT/WITHDRAW METHODS AND FEES
No one knows what the minimum deposit is, but clients can’t put more than $1,999 into a Bronze account (for beginners). No one knows how to fund the account, but LTM Trade says that bank transfers are an option. Still, the broker is a scam, and you shouldn’t send them even a dime.
As for withdrawals, there’s nothing to talk about since the link to the Terms is also broken. Even if LTM Trade told people how withdrawals work and how much they cost, it would still be a scam.
HOW DOES THE SCAM WORK
We found out that LTM Trade is a scam, so stay away from this fake business at all costs. Since that’s the case, let’s talk about what fraudsters usually do when they do their bad things.
So, if scammers get your phone number, you’ll get a call promising you the moon and stars if you make a deposit right away. And to get people to trust them, these criminals usually act like they work for governments, financial authorities, banks, or other well-known companies. Scammers will be sure of what they say, so if you don’t notice the warning signs, you might fall for their fake commitment and give them money.
But the scam starts in earnest after you send the money. Once the scammers have the deposit they want, they will change prices and make up fake reports to make you think you are on the winning side. They do this to get you to start thinking big and think about making more deposits.
Then, the scammers will keep asking you to put in more money and will make up stories to get you to do it over and over again. Sooner or later, though, you’ll be ready to get your money out, and the scammers will ask you to put more money in because, in their words, you need to pay taxes and fees. At this point, you’ll probably realize something is wrong, and when the scam becomes too obvious, the scammers will stop answering your calls and emails.
WHAT TO DO WHEN SCAMMED
The best thing to do would be to call your bank to let them know and then deactivate your card to avoid any extra risks, since the scammers may already have your information.
Then, call the police, tell the financial authorities, file complaints, and don’t forget to tell other people about the scam online. Still, it’s important to take your time when trying to get your money back because many scams are set up as chargeback agencies to double-scam people.
Lastly, we know it’s awful to fall for a scam, but please tell others about it so they can avoid it!
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