LeoPrime strikes us as an awesome broker. Yet, we have some issues with LeoPrime’s legal background.
Judging by the complaints we found, traders also aren’t satisfied with the broker’s business. For key information about this offshore provider, please read the unbiased LeoPrime Review.
Yes, but there’s a catch – the LeoPrime regulation is offshore. Namely, LeoPrime is a brokerage run by Leo Prime Services Limited, based and registered with Seychelles’ Financial Services Authority (FSA).
This domain doesn’t have strict rules regarding the security of funds and regulations. Seychelles is pretty cheap when it comes to establishing businesses there – you need 50,000 $ to incorporate a company there.
A brokerage such as LeoPrime is thus not authorized to provide services in onshore domains. We checked the databases of top-tier regulators such as the FCA, BaFin, and IIROC but didn’t find that any of them issued an operating permit to LeoPrime.
Our suggestion is that you find a licensed broker, preferably one that operates under ESMA’s jurisdiction. A Tier 1 regulation (FCA, CNMV, BaFin, FINMA, etc.) is always a safe bet. If you’re from the US, make sure your broker is registered with the CFTC and the NFA.
From what we gathered, LeoPrime was active in some particularly heavily regulated domains. Also, the broker was offering services to the nearest Asian onshore domains.
Those are the countries where LeoPrime left traces. As we already mentioned, this offshore broker is not authorized to operate in these domains, especially not in the US.
What are traders saying about LeoPrime? Unsurprisingly, we read a lot about traders having withdrawal issues and dealing with terrible customer service.
It seems that LeoPrime likes to put clients on hold or just cease all communication. Despite requesting their money, LeoPrime’s clients were left waiting.
Unable to withdraw. I applied for a withdrawal 10 days ago, but I haven’t received it yet. I asked the customer service, but they told me that I need to wait patiently. But the fact is until now, no money backs.
For trading platforms, LeoPrime offers the best choices possible – MetaTrader 4 and MetaTrader 5. Both platforms are available for Windows, MAC, Android and iOS.
MT4 offers advanced analytical tools. The platform features an automated trading option, a user-friendly interface, advanced charting, and highly secure execution.
As for MT5, it’s equipped with all of MT4’s features, just upgraded. Cutting-edge charting tools, advanced order types, and lightning-fast execution. Superb technical indicators can be used for algorithmic trading. MT5 also has 21 timeframes.
All in all, the trading platforms are outstanding and powerful but the problem here is LeoPrime’s regulation.
LeoPrime enables users to trade FX pairs and CFDs on popular trading assets:
LeoPrime provided a comprehensive list of the spreads and commissions. They vary for each account type.
Thus, the Classic account offers a spread of 1.6 pips with zero commissions, which is slightly wider than the industry’s average. Then, you have the ECN account with spreads starting from 0.1 pips. Here LeoPrime charges a commission of 6 $ per STD lot.
Let’s take a look at LeoPrime’s trading account types:
All account types have an Islamic, swap-free option except for the Pro and Cent accounts. Since LeoPrime is an offshore broker, it’s allowed to offer such high leverage.
Keep in mind that extremely high leverage is risky, i.e. a gamble, and often leads to huge losses, hence why ESMA set a 1:30 cap for retail clients.
Yes. LeoPrime included a free demo account that clients can use for practice. For 90 days, you can try out LeoPrime’s MT platforms with virtual funds.
It’s always great when a broker offers a free demo account but you must be careful if you’re switching to live. Investing and losing real money is a harsh reality.
LeoPrime proudly shows off its awards and honors. These include Best Transparent Broker 2021, Best Multi-Asset Broker 2021, and Best Execution Broker 2019.
It’s all nice but why are traders writing complaints then? These awards were received in 2019 and 2021. If you read the date of the negative reviews, you’ll see that most of them were written in 2022 and 2023. Perhaps LeoPrime went astray in the meantime.
According to LeoPrime’s website, the broker accepts a wide range of account funding options:
The minimum deposit is 10 $ and LeoPrime only charges a fee of 3% on credit/debit card deposits. Deposits are instant, except for wire deposits, which take 2-5 business days. As per the info on the website, LeoPrime withdrawal requests are usually processed within 24 hours.
We have to admit, LeoPrime is more sophisticated than most offshore brokers. However, even a broker with potential like LeoPrime may be up to no good.
Aside from this review, please read client complaints as well before investing to trade with LeoPrime. If the broker violates any terms and conditions, feel free to notify our team.
If you need help getting your money back, Global Fraud Protection can help you. Our experts specialize in bank chargebacks, recalls and crypto-tracing methods such as CipherTrace.
If this broker steals your money, start the chargeback process. If you’re unsure what to do, book a free consultation with us using Online Chat.
LeoPrime is one of the better offshore brokers we’ve encountered. However, this broker’s received a lot of negative reviews so investing may not be a good idea.
Yes. LeoPrime offers a free demo account with virtual funds for 90 days.
Yes. LeoPrime’s MT trading platforms are available for both Android and iOS.
No. Although LeoPrime is registered in Seychelles, it’s still an offshore domain with lax regulation.
LeoPrime is one of the better offshore brokers we’ve encountered. However, this broker’s received a lot of negative reviews so investing may not be a good idea.
Yes. LeoPrime offers a free demo account with virtual funds for 90 days.
Yes. LeoPrime’s MT trading platforms are available for both Android and iOS.
No. Although LeoPrime is registered in Seychelles, it’s still an offshore domain with lax regulation.
The post LeoPrime Review – Some Facts About Leoprime.com That You Should Know appeared first on Global Fraud Protection.
