Been Scammed By This Broker? We Can Help!

There is no gainsaying that brokers help make quality investment plans. Thanks to technological development, you can easily hire an online broker to facilitate a financial instrument’s purchase. Sadly, many illegal broker sites are camouflaging as legitimate to lure innocent people into doing business with them. The agreements between illegal broker sites and their victims are null and void due to these companies’ illegitimacy and result in massive financial losses for the clients.

So, how do you tell the difference between legitimate and illegal broker sites? And, is the broker site FXLeader a scam or a service?

Broker Data

FXLeader: An Overview

FXLeader trading software is designed by Tradersoft and includes cryptocurrencies (bitcoin, etherum), bullions (gold and silver), and contracts for differences (CFDs). CFDs help the investor keep track of the fluctuation in the financial instruments’ prices and claim his returns on investment (the ROI is the difference in the start and closing price of the instrument) at the end of the agreed term. There is the claim that clients can invest in more than a hundred assets, such as shares, stocks, commodities, or treasuries.

There is no downloadable app required as all tradings and managements are made via the online broker site. Web-based trading platforms pose a myriad of disadvantages to clients, including the inability to customize, clogged up browsers, and no flexibility. A mobile application makes for easy and comfortable tradings with better security measures.

In case you’re looking for an answer to the question if FXLeader is safe, stick around and finish reading the article as it may provide you with adequate information to help make an informed decision.

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Is FXLeader legit?

FXLeader is a trading broker for cryptocurrencies, contract for differences (CFDs), and simplified trading. Clients can make single deposits to invest in one or multiple services to increase their chances of profit. The Website claims that the site is registered; however, there are some reasons to be suspicious of this broker site’s legitimacy.

Clients are asked to make a minimum deposit of two hundred and fifty dollars for a basic fixed spread trading account. There is a promise for a welcome bonus on initial deposits; however, there are no terms and conditions to determine the specific requirements to qualify for the bonus. Clients do not know the bonus amount per deposit or the particular amount that permits them to receive the compensation or not. Money is paid into the system blindly, without certainty that you’ll receive the bonus immediately or after several months. European Securities and Markets Authority {ESMA} have banned the licensed brokers from using bonuses and, the failure of FX Leader to stop further suggests its illegitimacy.

FXLeader requires traders to make more than sixty times of their investment before they can withdraw their interest. There have been multiple complaints and reports to the authorities due to the insensitive nature of this requirement. It may take up to several months or a year before you can make up to 60x on your initial deposit. Besides, there is no guarantee that there’ll be no further problems when trying to claim your money.

This broker site has been reported to different authorities in various countries, and they’re working to put an end to the scam that is FXLeader. Local regulators license most broker sites to work in places like Australia, Portugal, and South Africa, which are among the three countries where the broker site has been reported to legal authorities for fraudulent practices.

FXLeader: Scam Warning Signs

Former clients and review sites sound the bell to warn traders against using FXLeader due to its many disadvantages. There is a myriad of complaints about withdrawal problems. Some persons report that FXLeader asks traders to make additional deposits before making any withdrawals, which turns out to be false promises and a tactic to squeeze even more money from their victims.

The broker site claims that clients can make deposits and withdrawals via bank wire transfer, credit, and debit cards. However, there have been complaints that the company’s staff gives many complex options for withdrawals, excluding the simple methods like wire transfer and credit deposits.

Several clients had similar complaints that they were talked and persuaded into extending their credit limits to make considerably large deposits. FXLeader then debits their credit card accounts, causing them to get blocked due to the excess credit limit.

Deductions were made from a client’s account without approval, and he was threatened to lose all his money if he fails to deposit more; hence, he reported the situation to the authorities. A client complained that the site, email, and contact forms became unavailable a few moments after depositing a considerable sum of money. FXLeaders is a scam broker site with rigid and insensitive requirement terms.

Following extensive research on customer feedbacks and professional reviews, all signs point towards the illegal activities and dubious dealings of FX Leader as a scam broker site. Old or intending forex traders are advised to refrain from going into business with them to avoid massive losses. Instead, they should make use of registered and licensed brokers that strive to make deals in their clients’ best interest.

Spotting a scam broker:

  • The site does not have a license or certified qualifications for service.
  • The broker blocks your account.
  • The Website becomes inaccessible.
  • All Contact mediums become inaccessible.
  • The company stops communication after you made a deposit.
  • The site withdraws from the investment account without clients’ approval.
  • The company comes up with complicated procedures to discourage you from making withdrawals.
  • The company sets unreasonable terms and conditions for withdrawals.
  • The broker threatens and gives ultimatums.

Been Scammed by this Broker?
How can you be helped?

How can Trader Defence Advisory help?

Trade Defense Advisory is dedicated to calling out dishonest and fraudulent brokers that try to dupe innocent investors. If FXLearner has defrauded you, TDA and their team of experts can help with legal representation and professional consultation to create a plan to reclaim losses. You can schedule a consultation time by visiting the Trade Defense Advisory site in due time to report the scam.

The most common complaints about this broker site are the banking for failure to make withdrawals. FXLeader manages to come up with multiple crafty ways to convince their victims to deposit even more on the promise that they’ll be able to refund once they’ve reached a deposit limit. Hence, they keep debiting but never refund.

TDA is warning forex traders to desist from working with this illegitimate and unsafe broker site. It lures clients to make deposits with false promises of a bonus then threatens or persuades them to deposit more before making withdrawals. Clients are subjected to a rigorous withdrawal process to discourage or frustrate them from making claims. In some cases, traders’ accounts are emptied by the broker without approval from the client. Poor security, false promises, threats, and lies are all that this broker site is about. It is 100% a scam.