The broker FXLeader claims to be situated in Eastern Europe specifically in Estonia but we doubt its claims. There are four trading account types to choose from, nevertheless, trading conditions and initial funding required is not shared on the official website. That being said there are other micro and macro problems we have came across this broker. In this FXLeader review, we will give you a detailed report of this potential scam broker. Read the full review of FXLeader here.
To make a trustworthy, legit and impartial review it’s our custom to throw light on all the pros and cons of the broker under analysis. For the same, we will discuss the pros of FXLeader first.
The major pro of FXLeader is its trading assets that range from major to minor foreign exchange, exotic cryptocurrencies, CFDs on commodities, indexes, shares, futures, bonds, and precious metals as well. It is a wide range of trading assets and they help to minimise trading risk. Another possible pro is its provided higher leverages. The leverage levels of 1:400 can be seen on the trading platform. However, it affects in both the ways, it can bring good fortune and can occur big losses to traders. Furthermore, higher leverages are banned in most of the strictly regulated trading markets.
Unfortunately, the broker FXLeader is not regulated. It claims to be managed by Estonian company Leadernet OU. But the broker turns out to be a subsidiary of FXLeader LTD a company situated and registered in Saint Vincent and the Grenadines. The broker purposefully does not share any trading condition like leverages and spreads provided on the official website. The real reason is to mislead its potential client. In addition to this, it also fails to provide a free demo account. So it is hard to know the offered trading condition of this broker. Fortunately, we succeeded in getting access to the provided platform and found out about spreads offered. The spreads of 3 pips can be seen on the foreign exchange pair of Euro and US Dollar. It is high and increases the cost of trading. The trading platform we accessed was very basic without any advanced features and lagged several times while testing.
Is FXLeader scam or legit?
The broker is operational from the highly suspicious territory of Saint Vincent and the Grenadines. The broker is unlicensed and unregulated to offer its services in the markets like Australia. Therefore, we call it a potential Australian trading scam.