LIKEWOOD

Overview of LIKEWOOD

LIKEWOOD is a trading platform that operates out of the United Kingdom. It was established within the past year and operates without regulation from any recognized authority, which can raise concerns about transparency and security. The platform offers different account types with varying minimum deposit requirements, starting at €250 for the Silver Account, €500 for the Gold Account, and €1,000 for the Platinum Account. These accounts provide maximum leverage ranging from 1:200 to 1:400, depending on the account type chosen.

LIKEWOOD employs a variable spread model for its trading assets, meaning that spreads can change based on market conditions. Importantly, there are no commissions charged for its trading accounts. Traders have access to a range of tradable assets, including cryptocurrencies, currency pairs, indices, commodities, metals, and shares, providing diversity in investment options.

Is LIKEWOOD legit or a scam？

LIKEWOOD lacks regulation by any official governing body, which may understandably give rise to concerns regarding transparency and supervision within the exchange. Unregulated exchanges operate without the beneficial oversight and legal protections provided by regulatory authorities. This inherent lack of oversight can result in elevated risks related to fraudulent activities, market manipulation, and security vulnerabilities. Users, in such cases, may find it more challenging to seek recourse or resolve disputes. Furthermore, the absence of regulatory scrutiny can contribute to a less transparent trading environment, impeding users in their efforts to ascertain the legitimacy and reliability of the exchange. It's vital for potential users to consider these aspects when evaluating LIKEWOOD as a trading platform.

Pros and Cons

Pros:

1. Wide Range of Trading Assets: LIKEWOOD offers a diverse selection of trading assets, including cryptocurrencies, currency pairs, indices, commodities, and shares. This allows traders to have a variety of options to choose from and diversify their portfolios, potentially enhancing their trading strategies.

2. High Leverage Options: LIKEWOOD provides high leverage options, allowing traders to control larger positions with a relatively small capital investment. This can be advantageous for experienced traders who are comfortable with higher risk and are seeking the potential for amplified profits.

3. User-Friendly Platform: The platform's user-friendly design simplifies the trading process and navigation, making it accessible to both novice and experienced traders. This feature can enhance the overall trading experience and reduce the learning curve for new users.

4. Multiple Payment Methods: LIKEWOOD supports various payment methods, including credit/debit cards, bank transfers, e-wallets, and cryptocurrency. This diversity of payment options offers convenience and flexibility to traders, allowing them to choose the method that best suits their needs.

Cons:

1. Lack of Regulatory Oversight: LIKEWOOD operates without regulation from any recognized authority, which may raise concerns about the transparency, security, and investor protection provided by the platform. Traders should be aware that unregulated brokers may not offer the same level of safeguards as regulated ones, potentially exposing them to higher risks.

2. Limited Educational Resources: The platform lacks comprehensive educational resources, such as user guides, video tutorials, live webinars, and informative blogs. This deficit can be a significant drawback for new traders or those seeking to enhance their trading skills. Adequate educational materials are essential for traders to understand the platform and the market, and the absence of these resources can hinder the learning process.

3. Limited Market Analysis: LIKEWOOD provides limited research tools and market analysis features, which can be a disadvantage for traders who rely on in-depth market analysis and data for their trading decisions. Comprehensive research tools, economic calendars, technical analysis, and market news are crucial for making informed trades, and the absence of these resources may limit traders' abilities to make well-informed decisions.

4. Limited Customer Support Hours: Customer support at LIKEWOOD is available for limited hours, potentially inconveniencing traders who require assistance or have inquiries outside the specified support hours. Accessible and responsive customer support is essential for promptly resolving issues, and limited support hours may lead to delays in addressing trader concerns.

Market Instruments

LIKEWOOD provides traders with access to a diverse range of trading assets, offering opportunities across multiple categories. Here's a concrete description of the trading assets available at LIKEWOOD:

1. Crypto Currencies:LIKEWOOD offers a comprehensive selection of cryptocurrencies for trading. Traders can engage in the dynamic and rapidly evolving world of digital assets, including popular options like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and many others. Crypto trading allows investors to speculate on the price movements of these digital currencies, offering potential for profit in a highly volatile market.

2. Currency Pairs:Currency pairs, also known as Forex, are a core element of LIKEWOOD's trading assets. Traders can participate in the Forex market by trading various currency pairs. This includes major pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs. The Forex market provides opportunities for traders to speculate on the exchange rate between different currencies.

3. Indices:LIKEWOOD offers the opportunity to trade indices, which represent a basket of stocks from a specific region or industry. Indices like the S&P 500, NASDAQ, FTSE 100, and many others are available for trading. Trading indices allows investors to gain exposure to broader market movements and diversify their portfolios.

4. Commodities:Traders at LIKEWOOD can engage in the trading of commodities. This includes a range of physical goods such as oil, gold, silver, and agricultural products. Commodities trading enables investors to speculate on the price movements of these essential resources, providing opportunities in both rising and falling markets.

5. Metals:LIKEWOOD extends its offerings to include precious metals like gold and silver. Trading in metals is a popular choice for diversifying portfolios and as a hedge against economic uncertainties. Traders can engage in the price fluctuations of these metals, aiming for profit in response to market movements.

6. Shares:LIKEWOOD facilitates trading in shares or equities of publicly traded companies. Traders can access a broad selection of company stocks listed on various global stock exchanges. By trading shares, investors can participate in the performance of these companies and potentially benefit from stock price fluctuations.

Account Types

LIKEWOOD offers three distinct account types, each tailored to meet the specific needs and preferences of traders. Let's explore the details of these account types:

1. Silver Account:

   The Silver account is an ideal starting point for traders who want to dip their toes into the world of online trading. To open a Silver account, a minimum deposit of €250 is required. With this account, traders can access a leverage of 1:200, which allows them to control larger positions with a relatively small capital investment. While there is no dedicated account manager, Silver account holders gain access to a selection of financial assets, encompassing more than 200 options.

2. Gold Account:

   The Gold account offers a more enhanced trading experience with additional features and benefits. To open a Gold account, traders need to deposit a minimum of €500. With a leverage of 1:300, Gold account holders can amplify their trading positions with greater flexibility. One of the notable advantages of the Gold account is the presence of a dedicated account manager, providing personalized support and assistance.

3. Platinum Account:

   The Platinum account is LIKEWOOD's premier offering, designed for experienced and discerning traders. To open a Platinum account, a minimum deposit of €1,000 is required. This account type offers a generous leverage of 1:400, allowing for significant control over trading positions. Platinum account holders enjoy the services of a dedicated account manager, providing personalized support and guidance.

How to Open an Account？

Opening an account with LIKEWOOD is a straightforward process that involves a few simple steps. Here's a concrete breakdown of the procedures in six steps:

1. Visit LIKEWOOD's Website:

   Start by visiting the official website of LIKEWOOD. You can do this by typing the web address into your browser or by searching for LIKEWOOD using a search engine.

2. Select “Open an Account”:

   Once on the website, look for an option that allows you to open a new trading account. This is typically found in the top menu or on the homepage. Click on the “Open an Account” or similar button.

3. Choose Your Account Type:

   LIKEWOOD offers different account types, such as Silver, Gold, and Platinum. Select the account type that best suits your trading preferences and objectives. Each account type comes with varying features and benefits.

4. Fill in Your Information:

   You will be asked to provide personal information, including your full name, email address, phone number, and sometimes your residential address. Ensure that the information you provide is accurate, as it will be used for account verification.

5. Complete KYC Verification:

   To comply with regulatory requirements, you may need to complete a Know Your Customer (KYC) verification. This typically involves submitting identification documents, such as a passport or driver's license, as well as proof of address, like a utility bill. This step is essential to verify your identity.

6. Fund Your Account:

   After your identity is verified, you'll need to fund your trading account. LIKEWOOD usually provides various deposit methods, including bank transfers, credit/debit cards, e-wallets, and even cryptocurrency. Choose your preferred method and follow the instructions to deposit the minimum required amount, which may vary depending on the selected account type.

Leverage

LIKEWOOD offers different maximum leverage levels depending on the account type you choose. Here's a description of the maximum leverage for each account type:

1. Silver Account (Maximum Leverage: 1:200):

   The Silver account at LIKEWOOD provides a maximum leverage of 1:200. This means that for every unit of your own capital invested, you can control a trading position worth up to 200 times that amount. Leverage allows traders to amplify their trading positions and potentially magnify both profits and losses.

2. Gold Account (Maximum Leverage: 1:300):

   With the Gold account, traders can access a higher maximum leverage of 1:300. This increased leverage provides more trading power, allowing traders to control larger positions with a relatively smaller amount of capital. As with any leveraged trading, it's crucial to use this level of leverage with care and employ effective risk management strategies.

3. Platinum Account (Maximum Leverage: 1:400):

   The Platinum account offers the highest maximum leverage at LIKEWOOD, which is 1:400. This level of leverage provides significant trading power, potentially allowing for larger positions in the market. Traders with the Platinum account should exercise caution and implement risk management practices to mitigate the increased risk associated with higher leverage.

Spreads & Commissions

LIKEWOOD offers a variable spread model, which means that the difference between the buying and selling prices of assets can fluctuate based on market conditions. Additionally, the broker does not charge any commissions for its trading accounts.

Variable Spreads:

• LIKEWOOD provides variable spreads, which can change depending on the current market conditions. During periods of high market liquidity, such as when major economic news is released, spreads may tighten, offering more favorable trading conditions. Conversely, during times of lower market activity, spreads may widen.

No Commissions:

• LIKEWOOD does not charge any commissions on trades for its account types. This is especially advantageous for traders who prefer not to incur additional trading costs beyond the spread. The absence of commissions can lead to cost savings for traders and is a feature often found in no-commission trading accounts.

Trading Platform

LIKEWOOD offers multiple trading platforms to cater to the diverse needs of its traders. Here's a detailed description of the available trading platforms:

Platform for Desktop (Desktop Terminal):

The LIKEWOOD Desktop Terminal is a robust trading platform designed for advanced traders who require advanced tools and features to trade successfully. It provides a customizable interface, advanced charting tools, and various features like news alerts. Traders using the Desktop Terminal have access to a wide range of advanced trading tools, including custom indicators, expert advisors, and advanced order types that can be tailored to their individual preferences and strategies. Additionally, the platform offers real-time market data and news feeds, ensuring traders stay informed about the latest market developments.

Platform for Mobile (Mobile Android App):

LIKEWOOD's Mobile Android App is designed for traders who need the flexibility to trade on the go using their Android smartphones or tablets. The app offers access to various financial instruments, including forex, stocks, commodities, and indices. Its user-friendly interface and intuitive design make it suitable for traders of all experience levels. The Mobile Android App provides real-time market data and news feeds, keeping traders updated with the latest market information. It also includes advanced charting tools for analyzing market trends and identifying trading opportunities. Trades are executed quickly and efficiently, with minimal latency and slippage.

WebTrader:

LIKEWOOD's WebTrader is an online trading platform accessible via a web browser, offering traders the flexibility to trade from anywhere with an internet connection. The platform features advanced charting tools and technical indicators that can be customized to meet individual trading needs. One of the key advantages of WebTrader is that it doesn't require any software downloads or installations, allowing traders to start trading immediately without a lengthy setup process. Similar to the other platforms, trades on WebTrader are executed quickly and efficiently, with minimal latency and slippage, enabling traders to seize opportunities in fast-moving markets.

Deposit & Withdrawal

LIKEWOOD provides a range of deposit and withdrawal options, ensuring a convenient and secure experience for its traders.

Deposit:

At LIKEWOOD, the deposit process is characterized by its complete automation, fairness, and straightforwardness. The platform offers multiple options for depositing funds, including credit cards, bank transfers, and electronic payment systems. Depositing funds is a quick and simple process. Traders can log in to their accounts, choose their preferred deposit method, and follow the on-screen instructions. The platform employs state-of-the-art encryption technology to protect users' personal and financial information. Additionally, all client funds are held in segregated accounts to ensure maximum security. With this secure and easy deposit process, traders can promptly fund their accounts and initiate their trading activities.

Withdrawal:

LIKEWOOD places a strong emphasis on providing fast and secure withdrawal options. The platform is committed to processing all withdrawals within 24 hours, ensuring that traders can quickly access their funds. To withdraw funds from their accounts, traders simply need to log in, select their preferred withdrawal method, and follow the on-screen instructions. LIKEWOOD offers a variety of withdrawal options, including credit cards, bank transfers, and electronic payment systems. The platform prioritizes the safety and security of its users' funds, utilizing advanced encryption technology to safeguard personal and financial information. Similar to deposits, client funds are maintained in segregated accounts, further enhancing security.

Customer Support

LIKEWOOD offers a comprehensive customer support system to assist traders with their inquiries, issues, and account-related matters. The customer support at LIKEWOOD is designed to provide efficient and responsive assistance. Here's an overview of the customer support features:

1. E-mail Support: Traders can reach out to LIKEWOOD's customer support team via email at support@likewood-invst.com. Email support is a convenient way to communicate and seek assistance with various inquiries, including account-related questions, technical issues, or general support. This method allows traders to provide a detailed description of their concerns and receive written responses.

2. Physical Addresses: LIKEWOOD provides physical addresses for its offices, enhancing transparency and accessibility for traders. These addresses include:

1. Address 1: 10 BLOOMSBURY WAY, LONDON WC1A 2SL, UNITED KINGDOM.

2. Address 2: 604, TOWER A, NEW TRADE PLAZA, 6 ON PING STREET, SHATIN, N.T., HONG KONG.

3. These physical locations offer traders the option to visit in person, although many inquiries can be addressed through online communication.

3. Responsive Live Chat: LIKEWOOD offers a live chat feature to provide immediate and real-time assistance. Traders can access live chat support during regular business hours, five days a week (24/5). Live chat is valuable for addressing urgent inquiries, technical issues, and account-related questions promptly. The responsive nature of live chat ensures that traders receive assistance without unnecessary delays.

Educational Resources

LIKEWOOD's educational resources are notably limited, which can pose challenges for new users seeking to navigate the platform and delve into cryptocurrency trading. These educational shortcomings encompass the absence of critical materials such as a comprehensive user guide, instructive video tutorials, interactive live webinars, and informative blogs, which are essential for users to understand the platform and the cryptocurrency market.

This deficiency can result in errors and financial losses, potentially discouraging and dissuading new users from pursuing trading endeavors. Therefore, users are advised to seek external sources to augment their knowledge and trading skills for a more informed and secure trading experience.

Conclusion

In conclusion, LIKEWOOD offers a range of advantages, including a wide array of trading assets, high leverage options, a user-friendly platform, and multiple payment methods, which can appeal to traders seeking diverse trading opportunities and convenience.

However, it's important to consider the platform's lack of regulatory oversight, limited educational resources, restricted market analysis tools, and limited customer support hours, which may pose challenges and risks for traders. Potential users should weigh these advantages and disadvantages when deciding to use LIKEWOOD as their trading platform.

FAQs

Q: What are the available deposit and withdrawal methods at LIKEWOOD？

A: LIKEWOOD provides a variety of deposit and withdrawal options, including credit cards, bank transfers, electronic payment systems, and even cryptocurrency. The process is quick and easy, with withdrawals typically processed within 24 hours.

Q: What trading platforms does LIKEWOOD offer？

A: LIKEWOOD offers a range of trading platforms, including the LIKEWOOD Desktop Terminal for advanced traders, a mobile Android app for trading on the go, and the web-based LIKEWOOD WebTrader, which provides flexibility and accessibility.

Q: Is there customer support available at LIKEWOOD？

A: LIKEWOOD offers 24/5 customer support, including live chat and email assistance. However, users should be aware of the limited customer support hours during weekends.

Q: What is the maximum leverage offered by LIKEWOOD？

A: LIKEWOOD offers a maximum leverage of up to 1:500, allowing traders to potentially amplify their positions. However, it's essential to use high leverage with caution.

Q: Are there educational resources available on LIKEWOOD？

A: LIKEWOOD's educational resources are currently limited, including a lack of a comprehensive user guide, video tutorials, live webinars, and blogs. This could pose challenges for new users looking to learn how to trade on the platform.

Q: What types of assets can I trade on LIKEWOOD？

A: LIKEWOOD offers a wide range of trading assets, including cryptocurrencies, currency pairs (Forex), indices, commodities, metals, and shares.