Updated on January 19, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding LatAm due to the issues we've identified.
Is LatAm Scam or Legit Broker? ▲
Trading with LatAm is deemed unsafe. This broker lacks any reputable licensing, despite its claims of stringent regulations. In reality, LatAm is registered in Seychelles, a jurisdiction known for its lax oversight of registered firms. Moreover, LatAm's purported registration number with the FSA (133076) could not be verified during our investigation.
We strongly advise against engaging with offshore or unregulated brokers. Despite their promises of unmatched trading conditions or environments, traders lack any form of security from authoritative entities overseeing the Forex industry. Thus, trading with such entities places a trader's trust solely in the broker's hands, representing a significant risk.
LatAm operates under the corporate banner of Latam Global Markets Inc., based out of Seychelles, offering Forex and CFD trading opportunities. The broker markets itself as having established a secure and advanced business setting aimed at fostering long-term client relationships. LatAm FX proclaims its robust connections with world-renowned banks and the assurance of secure online transactions through top-tier safeguards.
However, our thorough review reveals that the broker is not regulated by any recognized international authority. This lack of regulation signifies an absence of verified operational procedures, rendering the broker unlicensed and its claims unsubstantiated.
Ultimately, trading with an offshore or unlicensed broker like LatAm is highly discouraged. The financial investment services provided by such entities are unreliable and risky. Instead of risking capital loss, we urge traders to opt for brokers regulated by reputable authorities such as the FCA in the UK or ASIC in Australia.
Moreover, our latest findings indicate that the LatAm website is no longer active, suggesting that the broker may have ceased operations. Nonetheless, traders should remain vigilant and steer clear of any offers that may emerge from this entity or similar unregulated brokers.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
LatAm Review 2024
