Beware! Leocryptotrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Leocryptotrade is a malfunctioning website, this is the first things to know. The connection to the site is not secure and even the sign-up/login pages have troubles with security.
Other than that, Leocryptotrade is a totally anonymous Forex creature, completely unknown and no third party information is to be found. They do not even have T&Cs on their website, the pages are listed but do not actually exist, and at first glance we have no idea what their offer is. The website is so broken that every time you click on some link it does not redirect you anywhere, and after a few attempts the site usually goes down.
The only way you can understand something about Leocryptotrade’s business is if you sign-up. The process doesn’t take long, but you have to wait for an e-mail confirmation in order to activate your account, took them 2 hours to respond. Then you finally realize that Leocryptotrade does not offer Forex trading, but investment plans, instead.
Stay away from Leocryptotrade, the lack of competence is clear, and most importantly, they are misleading the public.
Leocryptotrade REGULATION AND SAFETY OF FUNDS
Leocryptotrade is based in the Seychelles, or at least this is what they say. It is a country consisting of 115 islands in the Indian Ocean, regarded as a tax haven. They do regulate Forex brokers, but in a lousy manner, there aren’t any money protection schemes in place, or high capital requirements.
In fact, there are some Forex brokers who are presented offshore, including the Seychelles, but it’s due to tax optimisation, for example, or because they want to expand their global market share, including more jurisdictions where they can offer their services.
Leocryptotrade is not licensed, we do not know if there is even a company standing behind this website. On the other hand they do provide an Australian contact phone number, which makes it look really fishy.
Stay away from Leocryptotrade, your funds are not in safety with them, it’s a shady entity. You’d better trust brokers which are authorized to operate in EU or UK, for example, meaning that they are strictly regulated and comply to local and international laws and the scam is impossible!
Leocryptotrade TRADING SOFTWARE
Leocryptotrade.com is not a secure website!
Leocryptotrade offers MT4 accounts on their Main Page, also some WebTrader and MAM, but the links are not working. We came to an end to affirm that Leocryptotrade does not offer any working platform for trading.
It’s not a surprise that Leocryptotrade lists Metatrader as an optional trading platform, despite the fact that their links lead to nowhere. Metatrader is dominating the Forex retail industry and all of the prominent brokers use MT4, MT5, or both. It includes the top notch charting tools and indicators, there is a strategy tester, expert advisors, trading signals and an automated trading is available. Also the platform has its own marketplace including complex indicators, robot traders and much more trading and analysis tools provided by third parties, some of them free to implement in your trading strategy. Use Metatrader with a different broker, avoid Leocryptotrade, because they do not offer Forex trading.
No spreads available, no leverage, no margin requirements or any other information related to trading conditions is presented.
Demo trading is listed as available, but in reality there isn’t such an opportunity. Once registered as a demo you have to put Bitcoins in order to subscribe to some of their Investment Plans. A definite scam sign!
Leocryptotrade DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit requirements cannot be found in the website. When logged in, actually, you can see that the minimum deposit is 0.20 BTC, but it isn’t entirely correct.
Leocryptotrade offers three different Investment Plans as the Standard Plan brings you daily interest of 3.33%, in the Pro Plan the gain is at 14.28% per day. This is insane, no such earnings are possible in the real world, a red flag!
The only funding method available is through a cryptowallet called Paxful, despite the fact that bank cards, Amazon Pay and PayPal are listed as options. When you click to invest money a totally different information hits you upfront. The minimum deposit possible is 0.005 BTC with Daily interest of 22%. Insane!
There is no withdrawal policy presented anywhere, the processing time is unknown, the minimum withdrawal also. Only a withdrawal request form is to be found in the Dashboard, when logged-in, but it does not guarantee that you will actually be able to make a withdrawal.
No fees specified, no dormant account policy, no bonuses or other incentives known.
Stay away from Leocryptotrade, they promise big and will most likely deliver nothing. They act like amateurs!
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are often too good to be true. Lucrative returns with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades, scammers might even give you assurances that they possess inside information and the profits are guaranteed. Leocryptotrade offers you at least 3.33% daily gains on Investment Plan which is simply impossible and is a true scam sign.
Another evidence of scam that is easily to recognize is that often the scammers will accept only cryptocurrencies funding as a method to deposit money in your account. It’s for a reason, the cryptos are perfectly unregulated, there isn’t a single authority in the world to deal with Cryptos. Once you deposit cryptos with scammers, it’s virtually impossible to get a refund!
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to invest money with them and sooner or later will take advantage of you and steal your funds. Be extremely careful when you choose your agent! Trust only highly renowned Forex brokers, well-known to the broad public, which are transparent and subject to strict regulation by financial authorities. There are various strict regulations and requirements, put in place for the benefit of the traders, such as segregated trading accounts, daily trading reports, personnel qualification standards, minimum capital requirements etc.
WHAT TO DO WHEN SCAMMED
The scammers are constantly changing their strategies and no one must feel safe. If being scammed the first thing you should do is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what have happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Stay away from Leocryptotrade. There are too many scam signs.