FXLeader Scam Complaint – FXLeader Review
Is FXLeader Scam Broker?
The FX LEADER is an offshore forex broker that also provides CFDs trade. The broker provides four basic trading accounts. Sadly, the trading environment is missing from the official website. Follow this unbias review for the safety of your investments.
About FX LEADER:
The major advantage of FX LEADER is a diverse portfolio. FX LEADER offers a variety of currency pairs, a plethora of CFDs on commodities, indices, cryptos, and stocks. The leverage provided by FX LEADER is high 1:400. The high leverage has its own pros and cons. Traders must consider the pros and cons of the leverages before actual trading as they are associated with big profit and a huge loss. The FX LEADER’s website suggests that the owner is an Estonia based company called Leadernet OU. When researched it is found that the broker is not registered in the Estonian Financial Supervisory Authority the local financial authority of Estonia. However, FX LEADER LTD is registered in the SVG and comes under its jurisdiction. Also, the UK’s financial authority FCA issued a potential scam warning against this broker. This information is enough to consider this broker as the scam broker. To trade with such an unregulated and unlicensed broker means prone to fraud and loss of investments. The four accounts are Micro, Silver, Gold, and Platinum with no information about the minimum deposit. On opening a live account with a deposit of $200 one can find that the maximum leverage provided is 1:400 and spread fixed at 3 pips on famous EURUSD currency pair with trade size of 0.05. Also, the demo account is totally missing which is a big red flag.
The trading platform provided by FX LEADER is unproven and web-based. It also features a mobile-based easy to use application. Both these platforms lack efficient charts, definite indicators, accelerated strategies and many more. The absence of MetaTrader will definitely a major drawback of this broker. As we discussed above the minimum deposit of $200 is comparatively high and some brokers provide access to their services at the minimum deposit of $5. Many regulated markets have capped a minimum deposit of merely $100.
Is FX LEADER scam or legit?
The answer to the above question is, the FX LEADER can be a scam broker. The unavailability of license and regulating body is worrisome. Undisclosed trading conditions are not accepted. The absence of MetaTrader is a major drawback. Discrepancies about the owner and its address are scam prone. FCA’s warning is a big red flag. In conclusion, avoid this scam broker.
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