Scam Brokers

Legends Financial Company – Can You Trust Them?

Chainbits Staff | Publish date: 03/20/2023 (Last updated: April 05, 2023 06:46 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Legends Financial Company - DO NOT TRADE WITH THIS PROVIDER

2.5/10

$100

Minimum Deposit

updated 2023

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The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://legendsfinancialltd.com

Founded: 2023

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

Trading Accounts and Conditions

Legends Financial Company offers their clients the following trading accounts:

Beginner: The minimum deposit is £100. Leverage is from 1:2 to 1:20. Commissions range from 1% to 2.5%.
Silver: The deposit range is from £5,000 – £10,000. Leverage is from 1:2 to 1:50. Commissions range from 0.5% to 2%.
Gold: The deposit range is from £10,000 – £50,000. Leverage is from 1:2 to 1:100. Commissions range from 0.5% to 1.5%.
Platinum: The deposit starts from £50,000. Leverage is from 1:2 to 1:100. Commission range from 0.25% to 0.75%. There is also a fee of 0.25%.

Spreads are not mentioned anywhere on the website. We checked their trading software for this information. We found out that the EURUSD benchmark pair has a spread of 1.6 pips.

Legends Financial Company – Advantages

There are no advantages to doing business with Legends Financial Company.

Legends Financial Company – Disadvantages

Here is the list of reasons why we feel that Legends Financial Company is a scammer:

Lack of Regulation

The first sign that Legends Financial Company is a scam is their lack of regulation. This broker, in their Contact Us section, provides us with a UK-based address. Along with it, there is a UK telephone number provided. And in the footer of their website, there is a Company number given (09042494).

It may be that the company that runs this brokerage is called Legends Financial Co, since that is the name mentioned in their Terms and Conditions.

The broker also does not explicitly state that they are regulated. By giving us a UK address and a Company number, the broker implies their regulation.

Brokers operating in the UK need to be regulated and authorized by the Financial Conduct Authority, which is the country’s financial regulator. Companies that are incorporated in the UK are listed with the Companies House. We checked the online registers of both the Companies House as well as the FCA to see if this broker was registered and regulated by these governing bodies. We found out that there is no broker or company by this name listed with either the Companies House or the FCA.

This means that this broker is operating illegally in the UK. And this means that this broker is a scammer.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Issues with Legal Documents

Legends Financial Company has legal documents – of sorts.

The legal documents are a necessary part of any online brokerage’s services. These are the legal contracts between you and that broker. They clearly detail what they allow, what their responsibilities are towards the trader, as well as the terms and conditions they have in place for the services they offer.

If these legal documents are not in place, incomplete or just plainly generic, then you can easily be duped by that broker. And if you get scammed by a broker with incomplete or non-existent legal documents, then there is no governing body that can help you.

Issues with Trading Software

Regulated and legitimate brokers offer their clients the best possible trading software in the market. Their software (along with their trading conditions) are their main offering, so brokers make sure that it is worth their customers’ while.

Scammers, on the other hand, either have no trading software at all or have a really basic one that doesn’t do much more than allow you to buy and sell a limited set of assets.

This is what we see with Legends Financial Company. We do not know anything about their trading platform from their website. This is the first indication of their scam.

Next, the only way to access this broker’s trading platform is by registering for and creating a new trading account with them. Regulated brokers offer their clients a demo platform freely on their websites. This allows potential clients to test the trading software on offer. This way, if traders like what they see on that broker’s trading platform, then they go ahead and make real investments.

Scammers like Legends Financial Company will not allow you to see their trading platform until you make your first deposit and open a trading account with them. This is the first step of their scam!

Issues with Trading Conditions

Another indicator of this broker’s scam is their trading conditions. Along with the trading software, a broker’s trading conditions are what attract customers to their online brokerage. Thus, brokers ensure that their trading conditions are attractive enough to attract traders, but also balanced enough that they can also make money off trades from their platforms.

This broker’s minimum deposit required is quite reasonable – if you wish to open only a basic account. However, if you wish to open a more advanced trading account, then that cost increases exponentially.

The spreads look good too, until you realize that the other paraments that make up the total cost of a trade (commissions and fees) are completely absent. So, we do not really know the actual cost of a trade with this broker.

And the leverage ratios offered by this broker are much too high – not to mention, illegal.

Issues with Payment Options

Legends Financial Company does not give us any information on the types of payment methods they may have. And even after registering for an account with them, we could not find that information. The only thing that you can do on their payment page is input the amount you wish to deposit and make a request. Then, someone from the brokerage will contact you to complete your transaction. This is something that only scammers would do!

Conclusion

Legends Financial Company is a scammer.