FXLeader offers trading in CFDs and forex. The broker is owned by the company Leadernet OU. This company operates out of Estonia. Any broker operating in Estonia must register with the Estonian Financial Supervisory Authority; FXLeader, however, has not. They are an unregistered broker, much like Platinium Fund, but with a more complex structure. The broker seems to operate through a company called FXLeader LTD. This company is based in St Vincent and the Grenadines. While the company does not seem to own FXLeader, they conduct its operations.
Poor Communication of Key Information and No Demo Accounts
FXLeader has a severe problem with the disclosure of information that other brokers typically provide. Their website is bare of crucial details about account types and minimum deposit requirements. The broker also fails to provide any kind of demo account. Most brokers offer demo accounts to allow traders to try out their platform and evaluate spreads before putting actual money down, but not FXLeader. This is an even bigger problem when considering that they do not provide the standard MetaTrader 4 platform, instead of giving users access to a simplified browser platform.
Trading with FXLeader
The minimum deposit to open an account with FXLeader is $200, higher than most but not absurd. This deposit is only really a problem due to the lack of a demo account. They would offer a leverage of up to 1:400, much higher than the allowable leverage if they were actually operating legitimately in Estonia. This leverage opens new traders to substantial risk when trading complex products like CFDs. Standard CFDs on stocks, commodities, and cryptocurrencies are available. They also offer a decent selection of forex currency pairs.
Bulgarian Court Rules to Block FXLeader
FXLeader is currently inaccessible in Bulgaria, where a court ruling removed access to 40 online forex and CFD brokers in 2018. The Financial Service Commission argued that the websites in question were offering investment services illegitimately while claiming to have the relevant authorizations.
Start Your Claim Process Today
While some agencies take action to restrict access to brokers like FXLeader, they still attract substantial numbers of investors. If you have lost money investing in CFDs with unregistered brokers, our team is ready to start you down the path to recovering your funds. Contact us today to learn more about the options you have to take action against unregistered online brokers.