Boom Xchange Review

Is Boom Xchange Scam or Legit Broker?

Boom Xchange is a 100% fraud company. The broker does not hold any proper license from a well-known reliable financial regulator. It is NOT SAFE to trade with Boom Xchange.

• We never advise trading with an unregulated broker, since the financial investment service they deliver is not trustable. The reason is simple, the broker may promise the most ever competitive trading conditions or the trading environment, yet the trader has no guarantee from the official entities that oversee the Forex industry. Thus the engagement in trading with such a company means the trader will believe only in the broker’s words, and of course, it is a high risk.

What is Boom Xchange?

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 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 its authorization."

Boom Xchange Review Conclusion

It is a very popular tactic among fraud companies to use the details of the regulated firms in order to earn clients' trust. We highly recommend avoiding such brokers and choosing from those regulated by 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.

Boom Xchange Update

We found the Boom Xchange website inactive and unavailable to reach. This means the broker no longer operates. However, it is best to avoid and stay alert if any proposals come.