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Boom Xchange Review - is it scam or safe?

Boom Xchange Review - is boomxchange.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Boom Xchange
Boom Xchange is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage  Spread
Silver  $500  N/A  N/A
Gold  $5 000  N/A  N/A
Diamond  $10 000  N/A  N/A
Platinum  $50 000  N/A  N/A

 

Boom Xchange claims to be a forex and CFD provider with and it obviously places a strong focus on cryptocurrencies. It offers the accounts listed above, but has not announced any essential trading information, such as the spreads, leverage provided, etc.

 

Nonetheless, we have more serious concerns regarding this broker. You can find all details in the review below.

 

 

Boom Xchange Advantages

 

Claims to cover a lot of assets on the MT4

The only possible benefits of using Boom Xchange are no real advantages, as there is no evidence that the broker really offers them to its clients. Yet, we’ve decided to include them.

 

According to the information on its website, Boom Xchange offers trading in various financial instruments on the popular MetaTrader 4 (MT4). Allegedly, the broker’s portfolio includes forex, indices, commodities, stocks, and a lot of cryptocurrencies.

 

Yet, we could not find a downloadable version of the MT4 on Boom Xchange’s website, nor try out a demo, so we cannot verify that the broker does support this platform.

 

 

>> Brokers that really offer the MT4 <<

 

 

Boom Xchange Disadvantages

 

A clone firm, CySEC warning against it

The homepage of Boom Xchange does not feature any company name, only an address in New York, US. The Terms and Conditions, uploaded on the broker’s website, claim that the broker is operated by LeadCapital Markets Ltd., a company authorized by the Cyprus Securities and Exchange Commission (‘CySEC’).

 

 

LeadCapital Markets Ltd. is indeed Cypriot Investment Firm, and it operates several forex broker brands (Trade.comFinexo and ForexYard), however Boom Xchange is not one of them. In fact, CySEC officially warned investors that Boom Xchange is not licensed to provide investment services in the country and that it illegally uses the details of LeadCapital Markets Ltd. This is what is commonly referred to as a clone firm, a very popular scam tactic to attract clients in the trading world.

 

No clarity of trading conditions, no demo

This is an obvious disadvantage that is actually very common among shady brokers. Investors have the right to know what are the prices of the services offered by the company, which means leverage levels, typical spreads, as well as commission fees, where applicable, for all account types offered.

 

The absence of such information on Boom Xchange’s website, as well as the lack of free testing service, only confirms our conviction that this broker is a scam.

 

$500 required as a start

In order to open an account with Boom Xchange, a trader has to deposit at least $500. The majority of brokers, including reliable and regulated ones, require $100 - $250 as a start.

 

 

Conclusion

 

Boom Xchange is a shady brokerage whose offer is largely unclear. Yet, we know enough to advise traders not to deal with it: this is a scam broker, trying to mislead investors that it’s legit by illegally using the details of a CySEC-regulated company.

 

 

>> Brokers which are indeed licensed by CySEC <<

 

 

To sum up the above:

 

Pros Cons

Not sure there are any

A clone firm, not regulated
  CySEC warning
  No clarity of trading conditions, no demo
  $500 required as a start

 

Latest news about Boom Xchange
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Traders` reviews for Boom Xchange

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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