Beware! LevelTrades is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Warning! LevelTrades is an anonymous Forex broker that was officially blacklisted by some of the European financial regulators. Other than that the so-called broker has nothing to offer to the customers, really. It’s one of the very few brokers in the world that doesn’t offer USD trading accounts, as the only deposit currency available is EUR, which is a major red flag. But the worst part of the story is their trading platform, which is very basic, primitive and lacks most of the features that you can find in Metatrader4 or Metatrader5. Find out what you need to know about this scam Forex broker in the LevelTrades review.
LevelTrades REGULATION AND SAFETY OF FUNDS
LevelTrades is a totally anonymous Forex creature, which doesn’t reveal any information about itself. The only thing that’s disclosed is their address, which actually proved to be fake, making CSSF to issue an official warning against them. But have a look at their registered address in the T&Cs, that’s absolutely ridiculous.
CSSF- the financial regulator in Luxembourg and FSMA- the Belgian one, issued official warnings against LevelTrades, confirming that it is a scam Forex broker that should be avoided. Here you can see the warning that was published on the CSSF website:
Here is the FSMA warning, based on the warning already issued by CSSF.
Your funds are not safe if you make a deposit with LevelTrades, it’s an unlicensed, unauthorized and unregulated scam Forex broker that was officially blacklisted and should be avoided by the traders. Report immediately if someone from LevelTrades approach you!
Your broker should be legit, transparent and preferably regulated in EU or UK, as these jurisdiction provide the safest environment for your funds. ESMA, the European Securities and Markets Authority imposed a number of customer protection measures, designed to work for the benefit of the traders. A fine example is the negative balance protection rule that the Forex brokers are bound to keep, in effect meaning that the investors cannot lose more than the sum deposited. In case the balance goes negative, the broker has to bring it back to zero as soon as possible, at no cost!
But most importantly, money protection funds were inaugurated, such as ICF in Cyprus and FSCS in UK, which were set up to protect the deposits made by the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions responsible for the safety of the financial system, as well. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!