LeverageFx Review – 5 things you should know about leveragefx.org

LeverageFx Review – 5 things you should know about leveragefx.org

Rating: 1

Beware! LeverageFx is an offshore broker! Your investment may be at risk.

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LeverageFx never even looked trustworthy. As soon as we opened the website, we could see the broker claim to be regulated, but that’s simply not true. It took us less than 10 seconds to get to the footer of the website and realise that LeverageFx is just an anonymous FX creature that’s most probably a scam scheme. LeverageFx is dangerous, and we’ll review it in the following article.

LeverageFx Regulation And Safety Of Funds

LeverageFx falsely claims to be regulated, which is a major red flag, as they apparently strive to create a false sense of security. In reality, the so-called brokerage is just an offshore IBC registered in St. Vincent the Grenadines. The country’s financial authority does not license or monitor brokers, so all FX firms operating from there are unregulated and practically illegal. Worse, the companies registered on the island are anonymous and not obligated to provide access to their financial accounts. Put simply, once you deposit with an SVG broker, your money will simply disappear, with no one able to track it down. And as long as the companies have undisclosed ownership, you won’t know who scammed you, so you can’t bring anyone to justice! LeverageFx is risky, and we confirm that your funds will be in danger if you deposit with the broker.

Avoid it, and look at some legit brokers instead – by following the links provided throughout the review, you can see our lists with brokers; the high-ranked ones are adequately regulated and secure! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.

LeverageFx Trading Software

LeverageFx has fraudulent trading software. The brokerage provides MT4, but it’s the generic version on the MetaQuotes servers, so no real trading is possible. Customers can open demo accounts only, which means that the service provided by LeverageFx is actually fictitious – they’ll probably fool you that you are trading with real money while, in reality, you’ll be opening positions with virtual funds. That’s a scam!

Avoid LeverageFx, and while speaking of platforms, we’d like to suggest our lists with MetaTrader 4 brokers and MetaTrader 5 brokers. The high-rated firms on both lists are fully licensed and can provide the best Forex platform for retail traders. Both MTs are industry leaders packed with advanced features such as automated trading and analytical tools, complex indicators, reliable charting tools, and a marketplace with thousands of trading apps. MetaTrader brokers are the best, but make sure to trust your money with regulated firms only, as scammers are currently all over the place.

LeverageFx Trading Conditions

As one can guess, all trading conditions advertised by the broker are false and fraudulent, as there is no real platform for trading. Nevertheless, we’ll discuss the claims so as to draw a better picture of LeverageFx.

So, the asset classes available for trading are allegedly Forex, Indices, CFDs, Metals, Energies, Cryptos and Futures – a pure lie, as there are absolutely no instruments to trade with real money.

The trading costs are allegedly typical as the average spread is said to be around 1 pip – another lie!

The trading risks are allegedly high as leverage can reach 1:400, a risky level that should always be used cautiously – yet another lie! No more lies for now, but wrapping things up for this section, have a look at the Platform section on LeverageFx’s Dashboard:

LeverageFx Deposit/Withdraw Methods And Fees

The minimum deposit is $10, which is an excellent requirement, but since LeverageFx shows too many scam signs, feel free to see our lists with affordable brokers, some of which let clients open an account for as little as $5.

The funding methods showed yet another red flag. That is, the brokerage accepts only voucher deposits, which is irrefutable proof that LeverageFx is a scam. And if you don’t believe us, see what the US Federal Trade Commission has to say about vouchers and Gift Cards:

“Someone might ask you to pay for something by putting money on a gift card, like a Google Play or iTunes card, and then giving them the numbers on the back of the card. If they ask you to do this, they’re trying to scam you. No real business or government agency will ever insist you pay them with a gift card. Anyone who demands to be paid with a gift card is a scammer.”

As for withdrawals and fees, there is nothing to discuss as LeverageFx doesn’t even have legal documents, which is yet another proof that the broker is illegal. At any rate, LeverageFx showed enough scam signs, so even if payment conditions were specified, all the information would be false and fraudulent! Beware!

How Does The Scam Work

Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.

But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.

What To Do If Scammed

Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.

Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.

And lastly, consider sharing your experience to help protect others; we’ll appreciate it!

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