In this review we expose a network of unauthorized cryptocurrency brokers that you’d better avoid.
What is it about
LPLprofit, LPLeurope, ICMG, CMOmarkets, SWCXH and CPT Financial are cryptocurrency brokers that will let you trade with different digital assets. These brokers claim to have 800+ cryptocurrencies available for trading.
The minimum deposit to start trading is 250 USD. You will also get a deposit bonus of at least 20%.
Some of these brokers even offer automatic trading systems that allegedly will make you up to 42% per month on autopilot.
But can you trust these companies, should you trade with them?
There are multiple reasons why LPLprofit, LPLeurope, ICMG, CMOmarkets, SWCXH and CPT Financial are not legit brokers and why you should not trade with them. We explain them in this review.
Cryptocurrency trading is not regulated, so companies that allow their customers direct crypto trading do not need a license in most countries.
However, LPLprofit, LPLeurope, ICMG, CMOmarkets, SWCXH and CPT Financial say that you will trade cryptos with them without actually owning the underlying asset (the digital token itself). It means that these companies are not exchanges, they are brokers that offer trading with financial instruments that use cryptocurrencies as underlying assets. And this type of trading is regulated!
But none of these brokers is regulated, none of them has any kind of authorization to offer trading with financial instruments. Which makes them illegal brokers that can’t have clients in most countries.
Another problem is that behind each broker there is a fake company. Which is a huge red flag.
LplProfit supposedly is run by Lplfinancial LTD. from the United Kingdom. But there is no company of this name registered in the UK.
Lpleurope supposedly is run by Lpleurope LTD. from the United Kingdom. But there is no company of this name registered in the UK.
CMOmarkets supposedly is run by CMO Partnership UK Ltd from the United Kingdom. But there is no company of this name registered in the UK.
SWCXH supposedly is run by AA Business Development from Hungary. There is a company of this name registered in Hungary, but we found no links between the company and SWCXH. What is more important, is that AA Business Development is not authorized in Hungary to provide investment services anyway.
ICMG supposedly is run be Eaglecrown Inc. from Belize, which does not matter, because Belize is an offshore destination where you should not seek serious brokers anyway.
And finally, CPT Financial does not even provide an address, so it obviously is a shady company.
All the above mentioned brokers stay clear of publicly promising you any returns on investments, except for CMOmarkets. This broker says that its trading robot will make you up to 42% monthly returns. Which is absurd.
This promise alone is a confirmation that CMOmarkets is a scam. No legit broker can make you 42% monthly, it is impossible in real financial trading. That’s just a fact that you have to accept, it will help you to avoid many scams.
One striking thing about LPLprofit, LPLeurope, ICMG, CMOmarkets, SWCXH and CPT Financial is that they all have almost identical websites. The all obviously are based on the same template, they all are clones of each other. And clones of LPLFinances that we have already reviewed.
Which is a very bad sign. Illegal brokers that all use the same website template – that shows that they are not serious. These very probably are some quick cash-grab tools that are not here to provide you with legit and solid investment services.
How it works
Over the years we have witnessed many people get burnt with this type of unregulated brokers. These companies often promise substantial returns to their users but all they deliver is demands for deposits. And all deposits get lost with them.
These companies are simply too shady for you to have any relationship with them. You really should stay away from them because the riks of losing money without even trading it is too high.
LPLprofit, LPLeurope, ICMG, CMOmarkets, SWCXH and CPT Financial are illegal cryptocurrency brokers with dubious background, you should stay away from them.
If you consider cryptocurrency trading, you can try a free demo with a regulated company. You will get an account with virtual money to try everything out.
Before investing real money, make sure you understand the risks and have a solid strategy.