Lenmax is a Contract for Difference (CFD) broker, with its official website domain registered on June 20, 2024. The broker mainly caters to retail and institutional clients, offering trading services for financial derivatives such as forex, precious metals, crude oil, indices, and cryptocurrencies. It does not provide services to jurisdictions where doing so might violate local laws or regulations.
Company Registration Information and Regulatory Status
According to its official website, Lenmax's company entity is Lenmax Limited, headquartered in New York, USA. The broker claims to be one of the top 50 financial services companies in the United States and to be regulated by the US MSB, undergoing stringent audits and supervision.
However, Lenmax has not provided its company registration number or the corresponding regulatory license number on its website, nor has it disclosed detailed terms of service and legal documents, bringing the authenticity and legality of the website's content into question.
Upon investigation, no registration information for a company named Lenmax Limited was found on the official websites of the US Financial Crimes Enforcement Network (FinCEN), the Financial Industry Regulatory Authority (FINRA), or the National Futures Association (NFA).
Additionally, Lenmax Limited's website design and content are identical to those of several brokers accused of fraud, such as igvipfx.com, GS goldmansachs, dbgmarkentskinlted.com, XM Defi, AUS GLOBAL Textdiy, and moneynetint.pro.
Trading Instruments
Lenmax offers a variety of financial derivative trading instruments, including forex, precious metals, crude oil, indices, and cryptocurrencies.
- Forex: Offers trading for dozens of major currency pairs, including EUR/USD, USD/CAD, GBP/USD, USD/JPY, and more.
- Precious Metals: Supports spot trading for various precious metals, such as gold (XAUUSD) and silver (XAGUSD).
- Crude Oil: Provides trading services for US crude oil (UsOIL).
- Indices: Tradeable indices include the Nikkei 225 (N225), the German DAX (GER30), and the S&P 500 (US500).
- Cryptocurrencies: Supports trading for various major digital currency pairs, including Bitcoin (BTC/USD), Ethereum (ETH/USD), Ripple (XRP/USD), and more.
Account Opening
The process for opening an account with Lenmax is as follows:
- Visit the official website and click the “Register” button to go to the registration page.
- Fill in your email address and set a password, then receive a verification code via email.
- Enter the verification code and submit the application form. Once the account is successfully registered, KYC verification is required to make deposits and commence trading.
Trading Accounts
Lenmax's official website does not disclose key trading parameters such as spreads, leverage, and contract sizes. Additionally, the platform does not provide detailed information about account types, trading commissions, minimum/maximum trade volumes, maximum holding/order sizes, margin call/stop-out levels, or minimum price increments. The website's information lacks transparency.
Trading Platform
Lenmax claims to offer a proprietary trading platform that supports both web and mobile access. However, clicking on the mobile download link on the website does not redirect to a proper download page, rendering the link non-functional.
Deposits and Withdrawals
Lenmax does not clearly specify its supported deposit and withdrawal methods, related fees, or the minimum deposit and withdrawal amounts on its website.
Summary
Traderknows reminds investors that Lenmax is a suspicious broker website lacking a company entity and regulatory oversight. The information provided by the website is not transparent, and the contact options are limited to email only. Investors are advised to choose brokers with transparent information, strict regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
