CySEC Warns Against Trading Provider Boom Xchange

CySEC Warns Against Trading Provider Boom Xchange

October 26, 2018

The Cyprus Securities and Exchange Commission (CySEC) has published a warning on its website, speaking against Boom Xchange. According to the statement, the company is providing false information on its website.

Specifically, via its website boomxchange.com, the company has provided the licence number and copied content from Lead Capital Markets Ltd, a Cyprus investment firm. According to the warning, this information was taken without the permission of Lead Capital Markets.

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CySEC also points out the Lead Capital Markets has no connection with Boom Xchange. As a result, the watchdog urges consumers to be wary of this firm, as a legitimate company would have no need to copy information from another company’s website, nor falsely claim to be affiliated with them.

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Due to the above revelations, Boom Xchange is not actually a licenced firm in Cyprus and is therefore not allowed to provide financial services or products to residents of the country. Because of this its best to give the company a wide berth and take your money elsewhere.

What is Boom Xchange?

So what does Boom Xchange claim to do? According to its website, Boom Xchange is a “global leader of social trading”. On its website, users can trade bonds, commodities (Bitcoin, Ethereum, Litecoin and Dash), forex, cryptocurrencies, indices and stocks.

The company claims to give users two ways to trade – either via its online “Web Trader”, where traders allegedly have access to more than 2,100 assets, or via MetaTrader 4, which is available through both desktop and mobile interfaces.

On its website, the company claims to have operations in Cyprus, the United Kingdom and the United States. In Cyprus, the firm has stated its address as 3 Thalias street, Limassol, 3011, Cyprus. In the UK, its operations are at 332 Ladbroke Grove, London, W10 5AD. And it’s US address is allegedly 30-30 47th Ave, Long Island City, NY 11101.

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