Traders like a broker that offers a diversified portfolio. Fxleader offers various CFDs even on cryptocurrencies such as Bitcoin. Let us look at if it a broker that is worth your consideration.
Who is behind the broker?
Leadernet OU established this broker in 2018. They have been running for less than a year now. The company has its headquarters in Estonia, and the broker works under the Jurisdiction of Grenadines and St Vincent.
Unfortunately, Fxleader is not regulated by any known body. It is an offshore broker that has a high risk of fraud. Most people raise negative concerns regarding this broker since it does not seem to be a reputable and reliable one. Fxleader allows one to trade currency pairs and CFDs on shares, indices, commodities, and cryptocurrencies like Ethereum, Bitcoin, Litecoin and Ripple.
What trading platforms are available and supported?
While other brokers make use of MT4 platform, this broker has a web-based platform. It is available on mobile apps, and it is simple to use. The problem with this platform is that it does not have advanced features like in the case of the Meta Trader 4 platform. It lacks things like indicators, charting and automated trading strategies.
What types of accounts are available?
This broker offers several live accounts including micro, silver, platinum, and gold. For you to start trading with the lowest type of account, you must deposit $ 200. This is a bit high compared to licensed brokers who charge low amounts.
Spreads, Leverage, and commission
Fxleader provides high fixed spreads of 3.0 pips on every pair of EUR/USD. This is different from most brokers who offer 2 pips for the currency pair. They provide traders with high leverage of to 1:400 to traders. Though it increases your chances of getting good returns, it also raises your risk of losing your deposit. They add you some bonus in your account after depositing the initial amount. Their accounts charge clients commissions, and the website fails to mention if they offer free signals.
Deposit and withdrawal options
The broker is also limited when it comes to the payment options they offer to traders. They can only deposit or withdraw funds using credit/debit cards and bank wire transfer.
Customer support
Its website provides support in the form of phone, email or fax. Many clients, however, report that the broker has poor customer support.
Pros
- Diversified portfolio
You can trade in different financial instruments including Cryptocurrencies like bitcoin.
Cons
- It is hard to withdraw funds
One of the reasons why people think this broker is fake is due to their withdrawal scam. For you to withdraw money, the broker demands that you make a profit that is equal to 60 times the amount you deposited.
- Fxleader is not regulated
The lack of a license gives them the leeway to do anything without thinking about consumer protection. Nobody monitors the operation of Fxleader meaning it is easy for them to exploit traders.
- No demo account
Fxleader fails to provide a demo account for new traders. It means that you cannot test the services of the company without depositing your funds.
Conclusion
Fxleader offers numerous financial instruments, high leverage, and numerous account types. It is however not licensed and has high spreads. The lack of providing traders with the MT4 platform and a demo account are red flags that are discouraging to traders. The initial deposit amount is also high, and the website fails to provide some useful information. Look for a legit and licensed broker and overlook Fxleader.