de | cn | ru

Legal CFD Review - is it scam or safe?

Legal CFD review - Is legalcfd.com scam or good forex broker?

RATING: 1 / 7 REVIEWS Legal CFD
Legal CFD is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Legal CFD is a unregulated forex and CFD broker with some focus on the crypto market. They are offering several account types on a web based trading platform and also managed accounts, which we find disturbing and will discuss latter in our review at length.

 

Account type Min. deposit Max. leverage Spreads
Entry Accpunt $250 n/a n/a
Traders' Account $3000 n/a n/a
FX Traders' Account $10 000 n/a n/a
Pro Traders' Account n/a n/a n/a

 

Legal CFD Advantages:

 

A good array of crypto CFDs

 

And although Legal CFD offers quite a variety of crypto CFDs with most major coins like Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum Classic, Ethereum, FunFair, Gas Coin, IOTA, Komodo, Litecoin, NEO, Nxt, Augur, StarCoin, Tron, Stellar, Monero Ripple, Tezos, Verge, Zcash and Ox, there are quite a few classic forex pairs – just 23, with South African Rand, Turkish Lira, Russian Rubble, Mexican Peso and Hungarian Forint the only exotic currencies in the list.

 

Other trading instruments include CFDs on some stocks, 8 indices, gold, platinum, silver and oil. Still, if you are interested in trading crypto assets – the biggest selling point with Legal CFD - you may try our list of brokers also trading Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Acceptable minimum deposit requirement

 

Legal CFD offers four account types with 250 USD minimum deposit requirement for the Entry Account. That is in line with what most other brokers would ask for, and yet, have in mind that with some big, well established players like FBS and IG you can start trading with just 5 USD or even less.

 

Legal CFD Disadvantages:

 

No license

 

Legal CFD is owned and operated by FTM Consulting EOOD, a company based in Bulgaria, which unfortunately does not have a license to provide financial services by the local Financial Supervision Commission (FSC) or any other official regulator for that matter. That makes Legal CFD's operations throughout Europe, the US, Australia or any other regulated market totally illegal.

 

As a rule of thumb unregulated brokers can not be trusted, because the safety of your investment will be guaranteed solely by the integrity of the people, who run them. Honestly that is not too good of a bet. 

 

So here our advice as always is to deal only with brokers, licensed by official regulators such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) or even the Bulgarian FSC.

 

Among other benefits, trading with a regulated broker will grant you a negative balance protection, which means you can not loose more money than you have invested. Additional safety comes form the fact that regulated brokers are obliged to allow external audits and file regular reports. They also have to maintain at all times a certain minimum operational capital and to keep all clients funds in a segregated, form their own account. On top of that regulators throughout Europe such as CySEC require brokers to participate in client compensation schemes, which basically insure traders money for at least 20 000 EUR, payable in case a broker files for bankruptcy.

 

Besides the insured amount with FCA brokers is as high as 50 000 GBP, so here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

If you accept a trading bonus by Legal CFD you will have to cover a certain minimum trade volume requirement equal to 30 000 USD for each bonus dollar you have received. We should note that this might prove quite challenging even for professional traders. 

 

Also, it turns out Legal CFD are offering what they call MAM accounts, which are basically managed accounts from which you have no right to withdraw the first 6 months after you have made the deposit. That we should note is a highly controversial practice, which is avoided by all legit brokers. Basically,  Legal CFD is a Market Maker, which means that they make money, if traders loose. That is why it is a conflict of interest that they offer managed accounts. See for your self:

 

 

Skrill and Neteller not accepted as payment methods 

 

Legal CFD accepts payments with major cards like VISA and MasterCard, but does not accept e-wallets like Neteller and Skrill. Besides, since last October Skrill requires all brokers to present a legit license, if they want to use its services in the European Union. As we noted Legal CFD does not have a license to provide financial services, so its not a surprise that they do not use Skrill. Besides, here you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting payments with Skrill<<

 

No demo account available

 

While checking the  Legal CFD trading platform we noticed the benchmark EURUSD spread to float around 0,9 pips – 1 pip, which is good, if we are talking about a standard account. Unfortunately we can not be sure if the trading platform mirrors an entry level account or one of the premium accounts. Also, Legal CFD does not mention what leverage do they offer. In any case here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Another setback is that Legal CFD does not support a reliable trading platform such as MetaTrader4, but instead offers a pretty lousy web based platform, lacking many of the standard features readily available with MT4, like the option to run automated trading sessions, with the help of specially designed trading bots, as well as the numerous market indicators and charting tools. See for yourself:

 

 

Here you may check our list of brokers, supporting MetaTrader4:

 

>>MT4 Brokers<<

 

Conclusion:

 

Legal CFD is a unregulated broker with rather limited credibility, which on top of that offers managed accounts – something that our experience shows is a recipe for a scam. As always in such cases our best advice is to trade only with brokers regulated by reliable financial institutions such as FCA, CySEC or ASIC.

Latest news about Legal CFD
No news about Legal CFD. Check back later.
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Legal CFD

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

legalcfd scam

manny i spoke to asic. nothing we can do.

sean 06/07/2019

Caught by Legal cfd

Hi , my name is.Emmanuel
I’m from Australia , unfortunately I’ve been caught
Up in legal cfd fraud & scams ,
Is there anyone I can speak to that you can recommend
about rescuing my funds?

Regards manny

Emmanuel Tampakas 06/03/2019

It’s a scam..Do not invest

LegalCFD is a scam organisation. I was worried from the start and hence why I only invested the minimum $250 USD.

The money was charged to my credit card within half an hour. Had an account manager call me and advise me that he was was about to start trading my money and he will call me back in a few hours to show me how money money he has made me!

4 hours latter I was called and shown the imaginary trades made which apparently made me $100 USD dollars!
Following that conversation I was advised that the minimum account I can have with them for the purpose of trading is 1 bitcoin which at the time was $3500 usd.

I knew as soon as this was exposed that it’s a scam, so I requested my initial investment to be refunded. They forced to upload a bunch of information online to prove that it’s my money. Then advised that the money is now processed and on its way. It has been 6 weeks, no money refunded, a bunch of lies in emails. I lost my temper last night on email and they sent me an email as aiding that I will get a fine for offensive language or up in to 6 months prison (now I’m definite it’s a scam) DO NOT INVEST A DOLLAR WITH THEM. You sill never see it.

George 05/22/2019

legalcfd scam

this company is an absoloute scam. When you go to withdraw is when u work out they are scam. You cant withdraw funds. I lost US 110,000

sean 05/15/2019

Big scam - do not trust these people

Thought this sounded good - was conned into agreeing to a $500 investment - no mention of being in american dollars ($720) taken from my account before anything being signed. Trying to get my money back - they keep bombarding me with threatening type emails - they demand copies of my licence (supplied) but now they are demanding all the documentation (required to start investing/joining this company.) I do not want to continue with these scammers and refuse to give them any more personal information - they are dragging their feet in returning my money - they insist that I fully understood my obligation - being in my 70,s no I did not understand ( by a simple phone call ) my obligation and I still don't - I want my money back
If these people contact you - run, do not walk to the closest exit - do not be taken in with their 1st friendly phone call - it gets dirty from here on!

Faye Yeatman 03/12/2019

they are scammers

stay away! withdraw and run if you can!!

scam! 02/12/2019

Scamed by legalCFD

I invested $250 us dollars and got my account up to $320000.00 us dollars they had no idea how I did it. When it came to me wanting to withdrawal money they where rude abrupt and threatened me with legal action because I wouldn't pay the upfront withdrawal request of 12% and they closed my account with all the money I had accumulated from trades.

Daniel 01/14/2019
de | cn | ru