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FX-Leader scam review
FX-Leader is a Forex and CFD broker which is officially owned by FxLeader Limited. The company is located in Kingstown, Saint Vincent and the Grenadines. Their official website is currently fx-leader.com. Fx-leader offers several account types but trading conditions are not well specified in the website. It is an unlicensed brokerage which was opened recently in the year 2018.
This brokerage offers a diversified portfolio including multiple currency pairs, CFDs, indices, commodities, shares and cryptocurrencies which includes all the popular ones like Bitcoin, Ethereum and others.
The traders who want to deal in different types of popular cryptocurrencies can find the brokerage FX-Leader a suitable platform to trade. But it is always recommended to trade with a brokerage which is regulated by a well-known licensed regulatory authority in its jurisdiction. FX-Leader is not a regulated broker and therefore there are a number of risks.
Leverage offered by FX-Leader is 1:400 which is a good offering for the traders who are interested in leverage feature.
The trading platform offered by FX-Leader is a web-based platform which looks quite simple. It lacks many important features which are essential for smart trading like indicators, advanced charting, etc. Good platforms like MetaTrader4 offers all the features required to be present in a good platform.
There is no demo account available for the traders to test trading services of this broker. Moreover, the trading conditions are also not specified which include leverage levels, spreads etc.
According to some traders, the spreads are also high which seemed to be fixed at 3.0 pips for EUR/USD pair. Generally, the spreads offered are 2 pips by most of the brokers or even lower than this.
The minimum amount of initial deposit required by FX-leader is $200 which seems to be a bit high when compared to other licensed brokers who have set a minimum initial deposit at $100.
Is FX-Leader broker a scam or legit broker?
This broker is not regulated by a well-known regulation authority on its jurisdiction which brings the risk of trading with a scam broker. The popular regulating authorities set high standards and regulations so that the money of traders is relatively safer when they trade with well regulated brokers. But here the case is sensitive. You might not see your money again with such brokers.
The offerings are also not attractive and the lack of information on trading conditions add to the suspicion that FX-Leader can be a scam broker.