Leadtradesfx review will tell you everything about this fake broker company that’s stealing identity from a legitimate one. We have seen many fraudsters, but you don’t see every day a firm that’s copying another.
That’s why the Financial Conduct Authority has issued a warning about them. And that probably explains the fact why they don’t have a working website anymore.
For every participant in the Forex market, it’s essential to know what common tricks scammers perform. You don’t want to be the next cyber victim that got pickpocketed by some clone broker firm. Financial swindlers are around us, and we need to be aware of that.
That’s why you should use the services of brokers that have a long track record, and experience on the market. We have listed, at the end of this article, several credible firms.
Is Leadtradesfx a Safe Broker? Regulation and Security
The first thing you should do before making some investments is to check whether that business has warnings. We did that with Leadtradesfx and we found that the Financial Conduct Authority called them a “clone firm”.
Companies that offer financial services and want to operate on the soil of the United Kingdom need to be authorized by the FCA. It’s not just that Leadtradesfx is unregulated, they went a step further and imitated the website of another entity. That’s the strongest possible evidence that we are dealing with an outright scam artist.
With everything we have learned about them, it’s obvious that you can’t trust this firm with handling your money. If they stole another company’s identity, what’s stopping them from stealing your money and disappearing?
Leadtradesfx Trading Platform
Leadtradesfx claims that its clients can use the two most popular trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). But keep in mind everything we said so far and the fact that they are a copycat. There is no real trading going on, it’s meant for baiting beginner traders.
Once you sign up, you will get a weird-looking dashboard. Once you sign up, it’s obvious that besides making a deposit, you can’t do anything else. Their only interest is to take from you as much money as possible. Although they have a demo account, you cannot start using it until you register. However, we don’t advise you to leave them any of your information.
Trading Instrument Available at Leadtradesfx
Leadtradesfx offers different instruments like forex, stocks, commodities, bonds, cryptocurrencies, and indices. Or at least they say they offer these trading instruments. The thing is, there is no real trading going on.
Also, this broker offers attractive leverage of 1:500. This is luring, but it also brings a lot of risks. That is the only parameter that is mentioned on the website, which is another piece of evidence that we are dealing with an investment scam.
Leadtradesfx Deposit and Withdrawal
Leadtradesfx provides only payments via Bitcoin. Real-deal brokers do offer payments with cryptocurrencies, but only in addition to credit and debit cards, wire transfers, and some e-wallets like PayPal, Skrill, and others. Depositing in cryptocurrency is ok if we are talking about some legitimate business.
Crypto transactions are irreversible, and you should use them when paying to a reliable source. Since we are dealing with a scam broker, you should not do that. On the other hand, paying with credit and debit cards does provide more protection.
The minimum deposit amount is not available on their website, which is very unusual. That is another great piece of evidence that they are fake. On the contrary, several credible trading firms offer a minimum deposit of as low as 10$.
How Do Fraudulent Offshore Brokers Work?
Fraudsters are always looking for new ways to scam consumers. Copying other, legitimate business is one of the new tactics. These scammers may cold-call you, but they may also contact you via email, or social media, or you may receive calls after submitting your details online. That’s why we always tell you not to leave any information on their website.
Fake companies offer investments in products such as bonds, shares, FX, and cryptocurrency that are non-tradable, worthless, overpriced, or even non-existent. They are ready to do anything to convince you to invest in them. If something looks “too good”, it probably isn’t.
However, if you got scammed, you should not be embarrassed. By keeping quiet, you are keeping their scheme alive.
Best Forex Trading Firms
With a lot of trading firms, it is hard to choose one. Especially when you are not sure whether they provide services, or they just claim to do so. That’s why we have done the research for you and listed some of the best Forex brokers. They have a lot of positive reviews tied up to their business, with a good reason.
Contact them, and start trading safely.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Leadtradesfx is a scam company that’s cloning a legitimate business. The Financial Conduct Authority issued a warning about them and notified the public to be cautious. They falsely claim to be regulated in the UK, the EU, Australia, and South Africa.
Their trading platform is also fake, as is everything else. The only available payment method is via Bitcoin, which is yet another red flag. This is a bogus broker.
FAQs About Leadtradesfx Broker
Is Leadtradesfx a Regulated Entity?
Leadtradesfx is not a regulated entity, and they are operating illegally. They claim to be located in the UK, but the FCA register doesn’t have their name.
Does Leadtradesfx Provide a Practice Account?
Leadtradesfx provides demo accounts, which is great for practicing. However, since no real trading is going on, you should go with another broker.
What is Leadtradesfx's Minimum Deposit Requirement?
That information is unavailable on their website, as well as the majority of other fundamental data.