Certainly, a company that engages in the forgery of licenses, regulatory credentials, and the imitation of a reputable brokerage firm cannot be considered reliable. While purporting to offer simplified trading solutions for every investor, this dubious service provider takes the audacious step of replicating substantial sections of vtmarkets.com’s website.
In addition to counterfeiting licenses, showcasing fictitious accolades, and making false commitments regarding exceptional trading conditions, the platform also lacks the necessary transparency and legal documentation. If you’re interested in gaining insights into the world of imitative scams and discovering effective strategies for steering clear of them, I encourage you to explore our comprehensive LEIWOW FX review.
Evidences Pointing to the LEIWOW FX Scam
In the absence of any corporate information on their website, our only recourse was to investigate the claims made in their regulatory status section. Here, the dubious broker asserts that they are registered as an MSB, regulated by the FSCA, and incorporated under SVGFSA. However, thorough searches in all three registers revealed no company operating under this name.
Furthermore, their absence from the databases maintained by Tier 1 regulators like FCA, ASIC, NFA, and BaFin confirms that this anonymous operation is not legally incorporated anywhere and lacks the necessary operational licenses. Much like Inverforx and other fraudulent platforms, they seem to have one primary goal: profiting from your financial distress.
In such circumstances, it is advisable to opt for a well-regulated trading institution that offers safeguards for your funds through measures like segregated bank accounts, compensation funds, and negative insurance protection.
How Clone Companies Operate
By consulting the WhoIs register, we’ve discerned that leiwowfx.com was launched in early 2023, with a target audience spanning Japan, Singapore, Canada, and the United States.
Clone companies essentially replicate one or more aspects of another company, often including legal credentials. To enhance the illusion, fraudsters may also steal social media profiles from the company they’re copying and link them on their own website.
The remainder of their operation is carried out by boiler room agents, employing various deceitful tactics. In this particular scam, agents scour dating sites like Bumble, Grindr, or Tinder to establish fake romantic relationships in order to extort money from their victims.
Recovering your assets from these fraudsters typically necessitates intervention from a specialist, so we recommend reaching out to our chargeback experts for assistance.
Highly Appealing yet Unrealistic Parameters
It’s crucial to approach trading conditions promoted by questionable service providers with skepticism. Everything pertaining to specific trading parameters on this site appears to have been borrowed from VT Markets’ website.
Regarding spreads, they claim these may vary depending on the account type, ranging from as low as 0 pips to, in some cases, starting at 1.3 pips on EUR/USD. If the spreads are advertised as 0 pips, it likely means the trading commission is incorporated and ranges from $3 to $6 per trade.
Furthermore, the platform advertises a maximum allowed leverage of up to 1:500. However, it’s important to note that such excessively high leverage is already prohibited in regions like the UK, EEA, AU, and the US.
Conclusion
In conclusion, LEIWOW FX raises serious concerns about its legitimacy and trustworthiness. The lack of verifiable corporate information, combined with false claims of regulatory status and the absence of their presence in databases maintained by reputable regulators, strongly suggest fraudulent activity.
The operation of clone companies like LEIWOW FX involves imitating legitimate firms, including stealing legal credentials and social media profiles. Their unethical practices, such as engaging in romance scams on dating sites, further undermine their credibility.
Additionally, the trading parameters offered by LEIWOW FX, though enticing, appear to be copied from another source and may not accurately reflect the reality of the trading conditions. This includes the use of potentially prohibited high leverage ratios in certain jurisdictions.
Given these red flags and the risks associated with dealing with such a questionable entity, it is advisable to steer clear of LEIWOW FX and opt for well-regulated, transparent, and reputable trading platforms that prioritize the safety of your investments.
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