Locus Market foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://www.locusmarkets.com/En/, about the company's legal and temporary regulatory information, the company's address .
Locus Market Forex Broker
Basic Information
United Kingdom
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Locus Market Forex Broker - Complete Information Guide
1. Broker Overview
Locus Market Int Ltd, commonly referred to as Locus Market broker, is an online forex trading platform that emerged in the financial markets within the last few years. The company claims to provide a variety of financial instruments for trading, including forex pairs, commodities, and indices. Although specific details about its establishment date are not readily available, it is believed to have been operational for approximately 2 to 5 years.
The broker is reportedly headquartered in China, although exact details regarding its main office location are not disclosed. Locus Market operates as a private entity, focusing primarily on retail forex trading services for individual traders and investors. Its client base is diverse, catering to traders from various regions, although it has faced scrutiny and negative feedback regarding its operational legitimacy.
Locus Market has attempted to establish a presence in the competitive forex market by offering various trading options and platforms. However, the company has encountered significant challenges, including multiple reports of customer dissatisfaction and allegations of fraudulent practices. The business model primarily revolves around retail forex trading, but it has also indicated an interest in providing institutional services.
2. Regulation and Compliance Information
Locus Market broker operates without any valid regulatory oversight, which is a significant concern for potential clients. The broker is not regulated by any major financial authorities, including the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC). Consequently, it has been assigned a low regulatory score of 1.10/10 on platforms such as WikiFX.
The lack of regulation means that Locus Market does not have a regulatory license number, and there are no established guidelines governing its operations. This absence of oversight raises serious red flags regarding the safety of client funds and the overall integrity of the trading platform. The company does not appear to implement a customer fund segregation policy, which is a standard practice among regulated brokers to protect clients' assets.
Moreover, Locus Market has not participated in any investor compensation schemes, leaving clients vulnerable in the event of financial mishaps. The broker's commitment to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures has not been verified, further highlighting the risks associated with trading on this platform.
3. Trading Products and Services
Locus Market broker claims to offer a diverse range of trading products, including:
- Forex Currency Pairs: The broker provides access to over five major forex pairs, including popular options such as EUR/USD and GBP/USD.
- CFDs: Locus Market advertises trading in various Contracts for Difference (CFDs), covering indices, commodities like gold and silver, and oil.
- Cryptocurrencies: While specific details are sparse, it is suggested that the broker may also facilitate cryptocurrency trading.
The frequency of product updates and the introduction of new trading instruments are not well documented, leaving potential clients uncertain about the broker's adaptability to market trends. The focus remains primarily on retail trading services, with no clear offerings for institutional clients or white-label solutions.
4. Trading Platforms and Technology
Locus Market broker supports the widely-used MetaTrader 5 (MT5) trading platform, which is known for its robust features and user-friendly interface. The broker claims to offer the following platforms:
- MetaTrader 5: Available for PC, web, and mobile devices, allowing traders to access markets from anywhere.
- Web Trading Platform: The specifics of a proprietary web-based trading platform have not been disclosed, indicating that MT5 may be the primary option available.
Mobile applications for iOS and Android are also supported, enabling traders to engage with the markets on-the-go. However, the execution model (ECN, STP, or Market Making) has not been clearly defined, which is a crucial aspect for traders concerned about order execution quality.
The technical infrastructure details, including server locations and API access for automated trading, are not provided, raising concerns about the broker's technological capabilities.
5. Account Types and Trading Conditions
Locus Market broker offers various account types, but specific details regarding account conditions are limited. Generally, the following account types are expected:
- Standard Accounts: Typically require a minimum deposit, with spreads and commissions not clearly outlined in the available information.
- Advanced Accounts: These may include VIP or professional accounts, although details are scarce.
- Special Accounts: Potential offerings may include Islamic accounts, but no confirmation is available.
The minimum deposit requirement is reported to be around $250, and leverage ratios may vary significantly, potentially reaching up to 1:800. However, the broker's specific policies regarding overnight fees and minimum trade sizes are not disclosed.
6. Fund Management
Locus Market broker provides limited information on its fund management policies. The following deposit methods are typically expected:
- Bank Transfers
- Credit Cards
- E-Wallets
The minimum deposit requirements vary by account type, with a standard minimum deposit of $250. The processing time for deposits is not specified, nor are any associated deposit fees.
Withdrawal methods and limitations remain unclear, with no specific details on processing times or fee structures. This lack of transparency poses a risk for clients attempting to manage their funds effectively.
7. Customer Support and Educational Resources
Customer support at Locus Market broker is somewhat limited. The available support channels include:
- Email Support: Clients can reach out via email, but no direct phone support or live chat options are provided.
- Social Media: There is no mention of active social media support.
The service hours and time zone coverage are not specified, which may lead to difficulties for clients in different regions. Language support is also unclear, creating potential barriers for non-English speaking clients.
Educational resources are minimal, with no clear offerings for webinars, tutorials, or e-books. Market analysis services, such as daily analysis and research reports, are not mentioned, which may hinder traders looking for guidance and insights.
8. Regional Coverage and Restrictions
Locus Market broker claims to serve a global market, but specific details regarding its primary service areas are not provided. The distribution of regional offices is unclear, and there is no comprehensive list of countries or regions where the broker does not accept clients.
Certain countries may face restrictions due to regulatory concerns, but the exact details have not been disclosed, leaving potential clients uncertain about their eligibility to trade with Locus Market.
In summary, while Locus Market broker positions itself as a forex trading platform offering various financial instruments, the lack of regulatory oversight, transparency in operations, and clarity in trading conditions raise significant concerns for potential clients. Traders are advised to conduct thorough research and exercise caution before engaging with this broker.
jf3737
Japan
I have previously posted about a "strong suspicion of romance fraud". The post was dismissed on the grounds that there was "not enough evidence" at that time, but now that there has been a development toward this content, we are posting it again. In early March of this year, a Japanese person who claimed to be Akemi Kojima from Taiwan led me to a LINE from a Facebook friend, introduced herself as "the head of a jewelry design office," and offered me to invest in the gold market. At first, the conversation started with something unrelated to investment, but when Kojima started talking about investment, I initially refused because I was busy with my work, but as soon as my work settled down, I decided to invest as Kojima had recommended. At that time, a person who identified himself as Olina was in between us as MT5 support and assisted us with our deposit. Kojima told me that he was going to hold an event to commemorate the 20th anniversary of the exchange, and that he wanted me to join him in the fight for the opportunity. Kojima agreed to participate in the event, raising as much money as possible on his own, with Kojima covering the shortfall. After Kojima announced his participation in the event, we have not heard from him since his last message on April 10, because he said that he was busy with his own work on April 20. We have determined that this is an international romance scam because Kojima had deleted his LINE-ID as of May 16. We have withheld the release of the image because it was unclear at the time of our last report whether Kojima himself was a scammer or not. As for Olina, we have changed her name on LINE to "Alice" without changing her picture. If she had no guilty conscience, why would she change her name on LINE? The period from April to the beginning of July corresponds to the "commemorative event" period that this Olina (Alice) is talking about, but she has been investing in the gold market under Kojima's initiative, and since he deleted his LINE-ID, she has unilaterally blocked our contact with her, so we cannot continue investing. Olina (Alice) changed her FX company at the beginning of April, but the new company is Locus Market int Ltd. The company's rating is 0.16, which is a sign that the company is guiding us to a company that we would normally refrain from investing in. We have to admit that Olina (Alice)'s words and actions, including the name change, are quite suspicious. We have the history of communication on LINE and Facebook between Kojima and Olina (Alice). There is no evidence that any funds have been transferred to the Locus account to which the scammers have led us. We would like to take appropriate action. Please let us know if you need any necessary screenshots.
Exposure
2022-05-30