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Is L7Trade a scam broker?
L7Trade is an online trading broker, the website of which we can not find up and running currently. This can be a big reason to suspect the broker as a scam broker.
A website issue can be temporary and hence we cannot conclude that the broker is a scam only based on that. So, let’s dig deeper to see whether L7Trade is a scam or a legitimate broker. Please continue reading this review until the very end to get a better understanding and uncover the facts about this brokerage firm. After reading the review, you can easily decide whether you should perform trading with this broker or not.
According to our research, we could understand that L7Trade is an unregulated broker that mainly deals with cryptocurrency trading. It is a platform that allows traders to buy crypto coins from one exchange and sell it on another crypto exchanges for some profit. So, it is all about gaining from the price difference from the point of buying the crypto coin to the point of selling it on another exchange.
While it all seems to be very easy at the outset, it is not the case. This is known as arbitrage trading, where you benefit from the price difference. And it is not new in the trading history and has existed for many years. The concept is pretty much straightforward, all you need is buy crypto coins at a lower price and sell at a higher price. We all know that the crypto market is not yet stable, not approved by the government agencies and seems to be in a volatile mode. Hence, prices can change anytime.
Is L7Trade Legit or Scam
As long as people are looking to make money quickly, scam brokers will exist and lure people into investing their hard-earned money into Ponzi schemes and steal their money. So far with our research, L7Trade seems to be a scam broker as most of the details they’ve provided seem to be fake including their company-owned, the ROI generated every day, investment packages etc. No information provided is genuine to believe that it is a legitimate broker and add to the fact that their website is also down. So, our advice is better to stay away from this broker now until some clarity appears.