FXLegalTrade Review – Is Forex Legal Trade a SCAM?

FXLegalTrade dot com is an online trading platform which lets you trade cryptocurrencies such as BTC, ETH, XRP, LTC, and EOS, indices, such as S&P500, FTSE100, and JAPAN, 25 Forex majors, and commodities such as oil and gold.

Keep in mind that this is an online platform which simulates trading, but not an exchange in which real trading occurs. In such an OTC model, you need to really trust the house, since you are playing against them, meaning your loss is their profit, and your profit is their loss. Obviously, they have no interest that you make money on their platform and in this respect is more likened to an online casino than an online broker.

Also remember that such OTC trading is illegal in the United States. Only CFTC-regulated exchanges, such as Nadex, are allowed in the US for trading of CFDs.

But if you’re not in the US, should you trust FXLegalTrade?

This review contains the results of an investigation we conducted regarding FXLegalTrade on July 25, 2021.

Read on and you shall soon discover whether FX Legal Trade is legitimate or a SCAM.

Preliminary Checks

The domain fxlegaltrade.com was registered with PublicDomainRegistry.com on June 11, 2020, a little over one year before writing this review.

It was registered for just 2 years and if not extended, will expire on June 11, 2022.

So the domain is old enough to allow us to determine whether it is legitimate or not.

The website is not at all popular and no legit websites link to fxlegaltrade.com.

The Registrant Contact is Franklyn Onoaghakpote.

Company: Fanklyn Developers.

Address: 4 Erhunmwuse street (off Eheakpen street), Benin city, Edo state 110001, Nigeria.

Phone: +234.9054913050 (a Nigerian number).

Email: franklynonoaghakpote@gmail.com.

Website

Now, we’re ready to visit the website.

The domain fxlegaltrade.com is protected by an SSL certificate and is currently not blacklisted by any legitimacy engines.

Checking the About and Contact pages, we notice that the fxlegaltrade.com website services are related to and provided by:

• legalcoinsfxtrade Mining Trading Services Ltd (Seychelles company nr. 206865 DE3).
• Prime Technologies Ltd. (Saint Vincent and the Grenadines company nr. 206865DE3).

They then go on saying that you can “find below a comprehensive list of legal documents related to the use of legalcoinsfxtrademining.com website(s) and services.”

So was this copied from a different site, legalcoinsfxtrademining.com? (There actually doesn’t appear to exist such a domain.)

The information of LegalCoinsFXTrade is:

• Email: info@legalcoinsfxtrade.com
• Address: Suite 1, Second floor, Sound & Vision house, Francis Rachel Str., Victoria, Mahe, Seychelles

The information of FXLegalTrade:

• Another Address: 20 Cooper Square, New York, NY 10003, USA.
• Email: info@fxlegaltrade.com
• Telephone: +1 (386) 2328871

Another way to contact FXLegalTrade is a WhatsApp button on the website. The following social network are listed:

• Telegram: t.me/fxlegaltrade
• reddit.com/r/fxlegaltrade – Sorry, there aren’t any communities on Reddit with that name. This community may have been banned or the community name is incorrect.
• facebook.com/fxlegaltrade/ – This Page Isn’t Available The link may be broken, or the page may have been removed.
• twitter.com/fxlegaltrade – This account doesn’t exist
• medium.com/fxlegaltrade – PAGE NOT FOUND 404

The fact that none of their social media pages work is a big red flag, obviously.

Moreover, large portions of text are copied from other sites. For instance,

In the unlikely event that your fxlegaltrade account is compromised, an unauthorized user will not be able to withdraw digital assets to a different address.

This sentence and the rest of the text on that page are copied from climaxfxoptions.com/index.php/home/security (which may not even be the original source of the text…), where it says:

In the unlikely event that your ClimaxFX Options account is compromised, an unauthorized user will not be able to withdraw digital assets to a different address.

Information was also stolen from qpforex.com.

And the images they used for their “customer reviews” were also stolen and appear on many websites. For example, on their homepage, a picture of a women called “Stella Thompson” is in reality the picture of Neo Jane Masisi, the First Lady of Botswana and wife of President Mokgweetsi Masisi. And “her” quote – “I have recently joined this platform which has already helped me make up to $7000 weekly from my phone while at college” – also appears in many other sites, such as superfxway.com, libertyxcryptomining.com, and easyminingfx.com.

Also, one of their selling points is:

No lengthy KYC verifications – start trading in minutes! Low fees Save on trading fees and benefits from the most competitive trading conditions in the market.

No KYC verifications – means we’re dealing with an illegal company.

Low fees – when something appears to be too good to be true, it often is!

If all you read until now has not convinced, you, when they promise a 15% profit, not annually, but per DAY, it makes it clear we’re dealing with a scam.

We could go on and on. The fact is that every feature on the FX Legal Trade website screams SCAM!

Affiliate Program

FX Legal Trade relies on an affiliate program for their advertising.

They offer a program where affiliate can earn “up to 20% of what [their] referred users pay in trading fees Earn upto $10,000+ per month.”

This is important to keep in mind because if someone you don’t trust recommends the platform to you, it’s very likely they’re doing it for the purpose of getting a commission and not necessarily because they really endorse FXLegalTrade.

Community

On the Better Business Bureau we have found a review posted on July 7, 2021 by a person from Delaware who allegedly lost $1,500 to this scam. They report:

I was thinking I was trading Bitcoin through cash app from the company I stated. However I was being bamboozled. The guy Tyler guided through the whole process but once I submitted the initial fee to start the Bitcoin account they just kept requesting money for initial fees, upgrade and now money to get my money. I lost $1500 from this scam and now I’m stuck

Our investigation lead us to discover many websites that also seem to be the work of the same owner, Franklyn Onoaghakpote. These include:

• fxlegaltradecoins.com
• legalcryptofxmining.com
• payfastcrypto.com
• globalfxbitrade.com
• expertfxbitmining.com
• fxlegalcoinstrade.com

Regarding ExpertFXBitMining.com, we were able to find the following concerning reviews:

This is a total Scam website. I was contacted through Instagram and was asked if I wanted to trade bitcoin. After I transferred 300 Dollars to them. They then said I had made 5200 dollars in profit. To get the money I had to upgrade my account by paying another 950 dollars. I would buy bitcoin with this money and again hand it over. This is as far as I went. The website is full of holes. It has been set up as a bluff. I am annoyed at myself for losing 300 bucks, but I am afraid others might lose a lot more. (TrustPilot)

Because I do not receive the money I invested. They requested me to pay again the fee and they claim the money fee I paid went into wrong address.so they requested me to it again.the fee are very expensive more than 900 (ScamAdviser).

FXLegalTrade Review Conclusion

Avoid FX Legal Trade at all costs.

Especially avoid sending them any cryptocurrencies because any money you send them, you may never be able to recover.

If you have been scammed by FXLegalTrade please comment below this review and share your experience.