Legomarket LLC review. Lately, some traders in the community are often talking about Legomarket LLC which is working with a trading robot company called Autotrade Gold 4.0.
This robot claims to generate profits of between 10-30% per month, with a 100% compound profit system. And this Autotrade Gold robot only trades on gold which in forex has the ticker symbol XAUUSD.
In this Legomarket LLC review, we will discuss several important things, whether this broker is just a scam, or is it safe for investment.
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Legomarket LLC Company overview
Legomarket LLC, citing Wikifx.com, is a registered company in China. With the company name Lego Market LLC, there is no company address, and there are no regulations that legalize a forex broker.
However, citing from the company website Legomarket.co, this broker claims to be located at Griffith Suite Corporate CenterbKingstown, St Vincent, And The Grenadines.
And company claim regulated by the National Futures Association with NFA ID 0535165 of St Vincent and the Grenadines with IBC license number 239 LLC 2020.
However, when I tried to enter the search word Legomarket LLC, on the official NFA website I did not find any information about Legomarket LLC.
Legomarket company information
|
Broker name |
LegoMarket |
|
Country |
Unknown |
|
Regulation |
None |
|
Minimum Deposit |
$10 |
|
Leverage |
1:1000 |
|
Trading platforms |
Metatrader 4, Windows, Android, Ios. |
|
Available assets |
Future, Forex, indices, CFD, Crypto. |
|
Website |
legomarket.co |
Legomarket LLC Regulation
Regulation is an important part when a trader is choosing a forex or CFD broker. This relates to the legality of the company, meaning that the forex company has a license to operate where each country has its own regulator.
Australia with ASIC, United Kingdom with FCA, Belize has Cysec, America has NFA or CFTC.
According to the official website Legomarket.co, this company claims to be regulated by the NFA (National Futures Association) which is an American regulatory body.
But I don’t know the truth, whether this company is really registered with the NFA or just fake information. Because when trying to find the keyword Legomarket, on the official NFA website, there was no information about this company.
Legomarket also wrote down the address at the Griffith Suite Corporate Center Kingstown, St Vincent, And The Grenadines.
Trying to do a search with the address, it was found that the address was asking about the existence of the company because this address is widely used by several financial companies.
From many reviews, giving this address a negative rating is because it is the address of many scammer companies. For me, this Legomarket is quite suspicious too because it is registered with the NFA but is located at St Vincent And The Grenadines.
Customer support
There is no online support option at this company, the way that can be done to contact us only via email [email protected], or via phone contact +1 (343) 3035845.
Again the phone number +1343 is the country code for Canada, this is quite strange too because the company address is in St Vincent and Grenadines, but the phone number used is a Canadian number. You may want to try contacting him if you are curious.
For customer support, Legomarket also doesn’t give much trust, because there is no online support and strange telephone contacts.
Legomarket trading software
For trading platform support, Legomarket supports platforms for windows, android, and Ios.
The platform used is Metatrader 4, although some brokers have offered to use Metatrader 5, it seems that at present time it is not yet available on Legomarket.
The MT4 platform currently still uses many companies, and many traders still choose to use MT4 instead of MT5.
For the trading platform, Metatrader 4 is good enough because there are many tools available and supports a wide variety of trading instruments. And also this platform supports automated trading using robots through certain settings.
Legomarket LLC account type
This broker offers 3 types of accounts, with different minimum deposits for each account.
Account standard
- Minimum deposit $10.
- Spread From 0.8.
- Commission 1 Lot = $0
- Free swap.
- Maximum Leverage 1:1000.
Pro account
- Minimum deposit $100.
- Spread From 0.1.
- Commission 1 Lot = $5.
- Free swap.
- Maximum Leverage 1:500.
VIP account
- Minimum deposit $1000.
- Spread From 0.1.
- Commission 1 Lot = $3.
- Free swap.
- Maximum Leverage 1:200.
With the option of three types of accounts, traders can choose according to their capacity for initial trading capital. However, high leverage of up to 1: 1000 is a strange thing for a broker registered with the NFA because regulations in America that no broker is allowed to provide leverage of up to 1: 1000. Because it’s too risky.
Legomarket LLC trading instrument
I did not find any details of the trading instruments available in this company. Of course, this is again suspicious because most brokers provide information related to the instruments available in the company.
This information is not available on the Legomarket website and only mentions forex instruments, indices, futures, and CFDs.
And no detailed information such as currency pairs, or crypto pairs or indices is offered. It can be said that information related to trading instruments is very minimal.
Payment method
The available payment methods are using a Visa, Maestro, or Mastercard credit card, and there is Coinpayment, which is a cryptocurrency payment method.
At the time of the press, I did not find information on other payment methods besides the above on Legomarket’s site.
However, some reviewers have noted that the payment method also supports Wire Transfers, PerfectMoney, Skrill, and Neteller. But I also can’t confirm whether the payment method is available or not.
Pantheratrade owned by Legomarket
Pantheratrade, which is owned by Legomarket LLC, is an IB or introducing broker from Legomarket LLC. Through Pantheratrade, Legomarket helps a lot in reaching a wide range of clients.
Unlike the Legomarket site, on the Pantheratrade website display, there is online support which operates 5 days in 24 hours a week.
The first time you try to contact support help, the bot will greet you with the words Hello, welcome to Panthera Customer Service.
And you have to be patient waiting for an answer from customer service who will provide answers to your complaints.
Trade account type and fee
Pantheratrade also offers three account types with different leverage and a minimum deposit of $ 10 on standard accounts:
- Account standard, minimum deposit $10, spread from 0.8, free swap, commission 0, leverage 1:1000, minimum lot size 0.01.
- Gold account, minimum deposit $100, spread from 0.1, free swap, zero commission, leverage 1:500, minimum lot size 0.01.
- Pro account, minimum deposit $100, spread from 0.1, free swap, commission 3, leverage maximum 1:1000, minimum lot size 0.01.
Regarding the type of account, Pantheratrade has a different policy with Legomarket LLC.
Platform trading software
The trading platform uses MetaTrader 4 for Windows, Android, and iOS phones. The same as used by Legomarket.
Trading instrument, Legomarket LLC review
From a tradingbrokers, it provides information that this broker offers 32 currency pairs and metals.
Education feature
On the Pantheratrade site, there is information for service features provided such as:
- Daily access to forex trading signal.
- Free access to market research.
- Free daily technical analysis.
Payment method, Legomarket LLC review
Some sources say that deposits and withdrawals can use a bank wire, credit/debit cards, and online payments like Netteler and Skrill. But according to customer service, currently, you can only use coin payments.
Regulation, Legomarket LLC review
There is no information available where this broker is regulated, a brokerage company should include regulation is important to get a positive impression of customers.
There are only addresses for Suite 305, Griffith Corporate Center, Beachmont, Kingstown, St. Vincent, and the Grenadines (239 LLC 2020). Based on the investigation, many have been used as addresses for fraudulent financial companies.
Countries operation, Legomarket LLC review
Pantheratrade is for global, there are no territorial boundaries, if in the country there are no restrictions. Currently the Pantheratrade claims to have 45989 customers all over the world.
Autotrade Gold 4.0
Autotrade Gold 4.0 has now become one of the most talked about trading robots. In particular, this trading robot is related to Patheratrade or Legomarket LLC.
This can be seen when entering the login page, there is the Autotrade Gold 4.0 logo. So the conclusion is the autotrade gold 4.0 robot in collaboration with Legomarket.
Especially in Indonesia, the Autotrade Gold 4.0 robot has many users who also act as affiliates by offering other traders.
This robot only works on the XAUUSD pair which incidentally is gold. With money management that is only 3% risk, with a target profit of only a few minutes, and no transactions for more than three minutes.
Autotrade gold 4.0 main feature
Autotradegold 4.0 based on information designed by PT Sarana Digital International. However, regarding the legality of this company, I did not find any information. What is clear is the name of a company from Indonesia.
- No averaging, no martingale, no hedging.
- Logic trade-based price action with scalping style.
- Single position only XAUUSD.
- Daily target 0.5% – 3%.
- Risk management 3% with stop loss.
- Bot only trades once a day if the target achieved.
- If first trades get loss, the bot will open second trade for recovery, if the second trade gets loss or profit, the bot will stop trade and continue the next day.
- Auto compounding.
- Free VPS.
If you want to follow the discussion in forum Soehoe.id, to reading another trader review.
Autotrade Gold 4.0 prices
There are five purchase packages available with different prices and maximum balance at each purchase level.
- *Level 1, Minimum balance $100, maximum balance $500, price $100.
- Level 2, minimum balance $100, maximum balance $5000, price $200.
- *Level 3, minimum balance $100, maximum balance $30.000, price $500.
- Level 4, minimum balance $100, maximum balance $1000000, price $2500.
- *Level 5, minimum balance $100, maximum balance $10000000, price $3500.
Autotrade Gold 4.0 performance
To find out trading performance, usually developers use MyfxBook, or Fxblue to display trading performance.
But I can’t find the source of both, only currently the only performance information from MQL5. There are two accounts when the press provides information on the trading performance of Autotrade gold 4.0.
Looking at the trading performance, it seems that the profit generated by this trading robot is very impressive.
But, if you try to type the keyword Autotradegold in the MQL5 search box, you will see many links related to this trading signal. However, from many of these links when clicked, the page is not available because it has been deleted.
And from one source of information in the question and answer session, someone gave an explanation that the broker was unregulated and banned from MQL5 for manipulating data on their server.
The trades made are fake from the result of manipulating the data from their own server with a delay.
Are investing in Legomarket LLC safe?
The wisest answer to this question is to back to the risk management of each investor. In general, unregulated brokers have a higher potential risk than regulated brokers.
Even though Legomarket LLC claims to be regulated by the NFA, it is still a question mark because it is quite strange. The NFA is an American regulator but their address is Vincent and the Grenades, with a support phone number from Canada.
If you are someone who is a risk-taker, you might try it, but because you are vulnerable to risks because Legomarket brokers are not transparent, avoiding risk is not joining them.
Conclusion
Forex investment is a high risk, risk disclosure is always echoed by any brokerage company.
However, choosing a regulated broker with positive reviews from traders is a much lower risk than an unregulated broker.
Even though Autotrade Gold 4.0 seems to have fantastic results, you also have to be prepared for the risks, if you buy the software. Besides, Legomarket LLC itself is a company that gets low voting among traders.
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