Boom Xchange Review (2023)

Beware Boom Xchange is a Non-Regulated broker. It is NOT SAFE to trade.

• Company name: –
• Registration/license: None
• Registration/license requirement: –

Boom Xchange is a Forex, CFDs and cryptocurrency broker. The company states that it is owned and operated by Leadcapital Markets Ltd., a CySEC-regulated company. The website provides full information about the license from the Cyprus regulator, including address, contact phone number, etc. They also mention the other regional offices of the company in the USA and UK. Everything could look quite legit, as Leadcapital Markets Ltd. is a trustworthy company regulated by CySEC. The trick is this company has nothing to do with Boom Xchange, it doesn’t own the broker and there is no information about these two companies to be connected.
Moreover, CySEC has recently issued a warning against Boom Xchange, stating that the broker is using the details of the regulated entity to scam people:
“The Cyprus Securities and Exchange Commission (‘CySEC’) wishes to inform investors that the website boomxchange.com (Boom Xchange), does not belong to an entity which has been granted an authorization for the provision of investment services and/or the performance of investment activities, as provided for in Article 5 of Law 87 (I)/2017. In the above-mentioned website, the name, license number and content from the website of the Cyprus Investment Firm Leadcapital Markets Ltd is used illegally and without it’s authorization.”

Conclusion

It is a very popular tactic among the fraud companies to use the details of the regulated firms in order to earn clients’ trust. We higly recommend to avoid such brokers and choose from those regulated by the reliable authorities such as CySEC in Cyprus or FCA in the UK. Traders should trade with well-regulated brokers (Top 10 Forex Brokers in the World) such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and TMGM.