Boom Xchange Review Scam Complaint
Boom Xchange is a forex and CFD broker that majorly focuses on crptocurrencies. There is no information about the company on its website, they have just provided an address based in Newyork, US. Moreover, the terms and conditions featured on the broker’s website, claim that the broker is owned and operated by the LeadCapital Markets Ltd, a company which is authorized by the Cyprus Securities and Exchange Commission (CySEC). Whereas, the homepage of Boom Xchange’s website doesn’t display any company name as its owner. There are number of doubtful and misleading things about this broker, it is recommended to go through the below mentioned complete review about the broker.
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About the Boom Xchange:
Boom Xchange is an unregulated forex broker that offers four types of trading accounts to its clients. These accounts are Silver, Gold, Diamond and Platinum with different initial deposit requirements. Apart of the initial deposits nothing regarding spreads, leverage and trading conditions are mentioned by the broker for these accounts. The only good thing that has been seen about this broker is that it offers MT4 platform for trading with a lot of assets including indices, stocks, commodities and a lot of cryptocurrencies. The broker doesn’t provide any demo account for testing its services; neither had it provided any kind of trading conditions which is very common among shady brokers. Besides, this unclear information the broker’s minimum initial deposit requirement is way too high, it requires $500 for a basic Silver account and a super high $50,000 for its Platinum account.
Boom Xchange seems to be a clone firm, as the company that it claims to be operated by, which is LeadCapital Markets Ltd, is a well reputed and licensed company. LeadCapital Markets operates several forex brokerage brands but Boom Xchange is not one of them.
Is Boom Xchange legit or scam?
Boom Xchange is a scam broker against which Cyprus Securities Exchange Commission has issued a warning, stating that the broker’s claims of association with LeadCapital is all false and it is operating illegally. This is popularly known as clone firm tactic to scam traders in the market. All the features and claims made by this broker are false and the broker has a bad intention towards the money of its clients. The information provided in this review is enough to figure out that this is a scam broker trying to steal your hard earn money.