Read our Legal Trader review to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a legaltrader.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Legal Trader is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Legal Trader in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Legal Trader Review Conclusions
Making the Legal Trader review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Legal Trader review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Definite scam. I opened an initial account with no money and have now been pestered daily for 3 weeks by a variety of con artists from different phone numbers, even one from the UK. I have told the politely to remove me from the list and now I am very rude to the scam caller. I hope the police manage to catch those jerks.
I feel like we have been scammed by legal trader….been trading with them for a couple of weeks. Tried to take a withdrawal….can’t without approval….now we can’t seem to get into our account at all. Do not get involved with this company.
Complete scam. They need to be stopped.
I have been scamed by LEGAL TRADER.They are professional crooks! They need to be stopped asap.
my withdrawl is pending for weeks now! they kept asking to invest more money glad i didnt
Stay Away this is a Scam. I’m Legal Trader’s customer since August 2021. Anyone has any doubt and need any proof please contact me on my (HARPREET411 at yahoo dot com) ,I’ve deposited 75-80K USD with this company and haven’t been able to withdraw. I was forced to liquidate the account in order to take out everything, they asked me to pay 10% taxes on profits, which i paid. They asked transaction fee / conversion fee of 3K which i sent, i was supposed to receive money in 2 transactions as per Jordan Reece, Jonathan Mitchell and Mathew Garcia. One for 75k and one for 60K and They are not providing proper transaction ID or Order ID for the BTC transaction that they’re claiming they sent. I’m going to take Legal Actions against this scammers. I see many other people got scammed too , so I don’t want any of you to pay anything to me or my lawyer all my lawyer and i need is your support we need to attach your proofs as well so the more people together stand against this company the more powerful our case will be. They will end up paying 10x more at the end. Please contact me via my email i will share my and my lawyers phone number so we can send these scammers to jail. If Trustpilot will stand with scammers and try to remove my genuine reviews they will be pulled to the court as well. They actually didn’t post my review.Time to pay back
I have been scammed by legal trader. They make it look like you are making money, then when u try to make a withdrawal the games begin. You will never get your money back. Stay away from this company.
Me to I was scammed
They are scammers let’s fight this together and make sure they get done asap
Hey guys I created a Legal Trader Scam Alert Facebook page please follow it and sgare your bad experience with these scammers there as well https://www.facebook.com/Legal-Trader-Scam-Alert-109309368238584/
I to have been scammed by Legal Trader . Com. They called me all the time like we were friends. My contact person is Allen Serena. Dan Green is the head man that oks all the transfers. They scammed me out of a lot of very hard earned money. Now I can’t get in touch with them. I just don’t know what to do to get my money back.
I also got scammed for all my life savings. The profile pictures they use on whats app is of someone else. My contact person was Allen Serena who had his family pic on, when I investigated the pic was taken from some marketing website. Then Oscar White from finance contacted me and his pic belong to someone else. Then Gabrielle Kaufman contacted me and she says she works for B2Brokers and I have contacted B2B and she does not work for them. There were few other people (Dan, Nick Hash and few others) contacted me asking for $24k withdrawal fee + CGT. Report of FCA and Action Fraud if you have not done yet, so these fraudsters can be caught soon. FCA should have put on their website and I checked FCA website and no red flags on this Legaltrader.com. I have appointed investigator who are regulated by SRA to investigate and try to recover some money back.
I was scammed by legal trader , still waiting for my money , please stay well away !
Please Beware of that Legal Trader also operates by many other companies names. They’re SAME SCAMMERS wanna see more details and all proofs about it checkout the FB page and group “Legal Trader Scam Alert “ do not invest single penny. Your money is not safe with them. You will get scammed just like many of us got. Almost 12 other people in the FB group got scammed by this company.Read my other reviews on Trustpilot as well. Don’t fall for positive reviews on Trustpilot ,you will regret Big Time. By posting I’m just trying to help other people. Already reported to CBC News Montreal checkout the News Article December 15th. I already exposed these scammers.
I have also been scammed and they are now contacting me asking for more money informing me I have Meade a profit and need to pay capital gains tax. I have told them absolutely not and reported to the FCA and action fraud.
LEGAL TRADER does no longer exist. They are not advertising on any trading platforms. Keep an eye out for them under a different name. I believe it is something – day traders – We all know that they will pop up again. !!!!!!! Please be aware of these crooks.
I could no longer contact them to recover my balance from them
I too have been scammed with hard earned money they tell me I have to pay 11k to get back profits of 70k in CGT mmm sounds wrong and now they say someone has bought the company and all funds go to a third party!!