LTMTrade Review: A Look at Security Protocols and Safeguards.
While the broker claims to be based in Ukraine, has a website in Italian, and is allegedly in the process of getting a license, we had to review its business. It all sounds like one big red flag that definitely deserves a thorough LTMTrade review.
|Blacklisted as a Scam by:
|Sharp Global LLC
|Types of Assets:
|FX, commodities, indices, stocks
|Free Demo Account:
|Accepts US clients:
LTMTrade Regulations and Security
LTMTrade is a brand of Sharp Global LLC from Ukraine. There are several odd things we’ve noticed at first glance. On the main page, the broker says to be regulated, while in the disclaimer, it says it’s in the process of getting regulation. However, once you check the tab Regulation, you see some weird claims about the regulation from the Cayman Islands, leaving it unclear whether the company already holds the license or just opted for one.
Therefore, we can say that LTMTrade is not regulated and is not obliged to follow any rules. Of course, it also means you don’t have access to the FSCS compensation fund, even though this fraudulent firm tried to convince you differently.
Fund Withdrawal Issues With LTMTrade
One of the most significant issues of all the unregulated companies is withdrawals. As there’s no regulator behind these firms, they do not feel obligated to pay out clients. There is nobody who would fine them or make sure that clients are reimbursed. It happens a lot with new companies established during 2020 and 2021 since the global pandemic has unable regulators to control newcomers to the financial market. Clients are left to take care of themselves and fight fraudulent brokers alone.
If you have an account with an LTMTrade broker and cannot access your funds or log in to your trading account for a while, file a complaint immediately.
Traders About LTMTrade Scam
Suppose you’ve been involved in a scam. In our opinion, you will not have anything good to say about the fraudster. That’s the situation with the LTMTrade forex broker as well. Traders complain about withdrawals, but more importantly, they say account managers request access to their computer via the notorious tool – AnyDesk.
Once you provide such access, the broker can log in to your online bank and transfer the funds without you participating or knowing about it. Beware that this kind of tool exists and never provide access to people you haven’t met.
How To Know If You Have Been Scammed Online?
For a start, if your broker is unregulated, such as LTMTrade, know that you will most likely be scammed. Therefore, make sure to check who you are dealing with before entering the financial market. If you’ve already been involved and can’t withdraw your funds, it’s time to file a dispute.
Besides, if an account manager forces you to install AnyDesk or a similar application, pushes you to invest more funds, or talks to you impolitely after you refuse to invest further, beware of the possible outcome.
Make sure to check your trading account regularly and if you find any mishaps or losses that you haven’t noticed before and shouldn’t be there, report them instantly.
Scammed by LTMTrade? – Tell Us Your Story
Being involved with an unregulated firm always brings a risk of being scammed. If you were a victim of LTMTrade, let us know. We would like to hear your story and help you request a chargeback.
But What Is A Chargeback?
It’s a way for your bank to reverse the fraudulent transaction. For more details, contact us via online chat and book your free consultation. Let’s get your money back before it’s too late!
What Is LTMTrade?
LTMTrade is a fraudulent trading firm without financial regulations.
Is LTMTrade A Scam Broker?
According to LTMTrade clients, this firm doesn’t allow withdrawals.
Is LTMTrade Regulated?
Broker claims to be regulated, but it has no license for providing financial services.