7 minutes reading
Laminations of Foul Affirmations
LED Capital is a forex broker that claims to be based out of the UK as its head office address is Bank Street, Canary Wharf, London. The website of the company is https://led-capital.com/
The company claims to be in operation since 2011, but the website domain is found to be registered in the year 2014 only.
Deceiving Propaganda of Regulation by the FCA
The company on its website has declared that it is regulated by the reputed Financial Conduct Authority of the UK. When I searched the company, while writing this LED Capital review, in the regulated companies’ register of the FCA, there was no company registered or regulated with the same name.
The faulty declaration of the company that they are associated with the reputed regulator of the UK came as bewilderment as the FCA is the top-most regulating authority of the forex broking. The traders can rely on the policies of the FCA. If any company is regulated with FCA, it has to abide by the compliances and in case of any faulty transactions; it has the jurisdiction of canceling the license of the company. Inclusion of financial favor in case the company goes bankrupt is another upper hand of dealing with a regulated broker.
Swindle Licensing by Vanuatu Financial Services Commission
LED Capital then claims to be licensed by the Vanuatu Financial Services Commission (VFSC). The VFSC is the Vanuatu region’s supervisory authority for the regulation of non-financial markets.
Beginning with the jurisdiction and strictness of the VFSC, it is very low as compared to other reputed regulators. Moreover, the VFSC does not regulate any forex broker but does the registration only. Third and the most shocking part is the absence of the company in the registers of the VFSC.
Explicit Lies- FINMA
The adjacent spurious document is the registration from the reputed Swiss Financial Market Supervisory Authority (FINMA). It is responsible for the financial regulation of the forex companies, banks, securities exchanges, and insurance companies.
The FINMA is a Switzerland based authority and exercises its power over the entire Swiss land. It has not given any regulation or service providing authority to LED Capital. In addition to this, FINMA has put LED Capital into its warning list.
Lying About CySEC association
After getting fooled for 3 licenses it becomes a mandate to cross verify the authenticity of the 4th so-called “regulation certificate” as well. The company has again finely mentioned its association with the reputed Cyprus Securities and Exchange Commission (CySEC).
The CySEC is the financial regulatory body of Cyprus. It is headquartered in Nicosia, Cyprus. There is no mention of Led Capital in any of the regulated company’s registers of the CySEC.
An astonishing act of unprofessionalism is thus brought to light here. Four fake claims of being regulated by the reputed UK FCA, the VFSU, the FINMA, and the CySEC. It is the next level of fraud! Any amateur will never understand the catch behind the fake certificates and will be attracted to deal with this scam.
Trading Accounts and Services
The company provides three types of trading accounts with an expected cut at the demo account. Traders do not have the provision of learning the trading skills and market analysis using a demo account. Least to say, the three accounts of LED Capital only add to your disappointment.
- Start Account
- Classic Account
- Pro Account
- Start Account: It is the basic account of the company. It invites an initial investment of $500, which is almost 10 times higher than the industry standard of $50 and that too with a regulated broker. The leverage starts from 1:100; which is not enough or competitive trading.
- Classic Account: The minimum deposit is set to $1,000. The leverage is believed to be raised to 1:500. But there is no information for the spread. A high initial deposit amount along with no clarity of trading conditions is all that the company offers you on its classic account.
- Pro Account: The minimum deposit limit is raised to $10,000. The leverage is supposed to be the same as that of a classic account. There is no idea of the spread here also.
Three live trading accounts, with fewer services, are no better than a single trading account. The minimum first deposit limit starts from $500. A simple but deep question is like why would a trader invest his fund in such a company, where there is no reliability of the spread and leverage also hints at the loss of funds only. The amount itself is gigantic as compared to the regulated competitors. Had the company judged the waters of trading, they would have given its traders a couple of more benefits in the trading conditions. LED Capital once again dash hopes of the traders.
Zero Legibility of Withdrawal and Deposit
LED Capital has not disclosed the terms and conditions related to the fund’s transfer. No maintenance fee, dormant account fee is clarified and neither the company has declined for this fee. There is no clarification over the withdrawal charges of the company and no details about the currencies accepted. The withdrawal is a lengthy procedure with LED Capital. A withdrawal request with the company yields the trader to a blocked account. Thus, resulting in the loss of investment also, alongside the loss of earned money.
The company accepts only bank wire and credit/debit transfer. The missing Skrill reminds us of the anti-scam policy blockage. Skrill is a leading payment platform and has recently blacklisted the fake broker companies. LED Capital is undoubted, one of the unregulated offshore companies which have maintained zero transparency and have failed to convince the traders with its lies.
LED Capital quivers its traders with another setback which is the absence of the trusted trading platform. The company does not support Meta Trader but has its platform called Trademax. The platform keeps on freezing and the options are not sufficient as compared to the Meta Trader. It is not SSL encrypted and is very slow in executions as well.
An unprotected platform with fewer benefits from trading techniques must not be used. It will yield no profits but will make the trader repent of its decision only. Meta Trader, on the other hand, is an automated trading platform that provides a user-friendly interface with all analytical trading tools along with the facility to create customized robots and trading signals. A sure shot best trading experience with no cost at all. The elimination of MetaTrader with Trademax is not satisfactory.
Online Presence and Customer Support
The company is believed to be headquartered in the UK but all of the information on the website is provided in Russian and English language only. Another embitter is the no show on Facebook, Twitter, etc. The company credits itself to be a group of professional experts but obliterate to maintain a healthy relationship with the customers using the online tools. This is a beacon of the company’s disinclined contemplation of the power of social media in brand building.
There are no support phone numbers provided and only an email id is provided. The response over the mail is sluggish and it comes out to be of no real help to a trader. There is no provision of live chat, Skype phone numbers of 24*7 technical supports to the traders. A trader might get stuck while transferring funds or withdrawing funds and with LED Capital, you are stuck with no other option but to gripe over the lethargic customer service provided by so-called “professional global leaders.” The company has failed to understand the importance of quick and quality customer support to its traders.
LED Capital Review: Conclusion
I only found bogus regulations and licenses. The concealed information of trading conditions, funds transfer, and the fee charges make it a bad option for any Forex trader. Trading must be done with such a company, which has clarity over the trading conditions and must not be a storyteller. The services should speak about the company’s reputation. Sadly, LED Capital is not such a company.
References
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