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Lenno Review - is it scam or safe?

Lenno Review - is lenno.com scam or good forex broker?

RATING: 2.7 / 0 REVIEWS Lenno
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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage* Spread  Monthly subscription
Standard  N/A  1:200 0.2 pips + €4.5/lot € 0
Premium  N/A  1:200 0.2 pips + €3.5/lot  € 49 per month
Infinity  N/A  1:200 0.2 pips + €2.5/lot  € 99 per month

 

*Only available to professional clients. Otherwise the maximum levels are 1:30, as required by ESMA.

 

Lenno is a newly-launched Bulgarian financial services provider. It offers forex traders the three account types listed above, as well as access to the Metatreder5 (MT5) platform. Read the entire review to get informed on all the details regarding this forex broker, which also provides other financial services.

 

 

Lenno Advantages

 

Licensed in Europe (Bulgaria)

The broker says to be operated by Lenno Global Advisory JSC, a company authorised and regulated by the Bulgarian Financial Supervision Commission. As Bulgaria is Member State of the European Union, Lenno can operate throughout the EU and the EEA, and the broker has subsidiaries registered in the UK and Spain.

 

As required by the law, the company is also a member of the Investor Compensation Fund. It which covers up to 90% of the due sum in case the company goes bankrupt, but not more than BGN 40 000 (around EUR 20 000).

 

Apart from forex, Lenno also provides wealth management, investment banking and loan services.

 

Access to the MT5, low spreads & commission

Another strong side of Lenno’s offer is the fact that it supports the latest MetaQuotes’ platform, the MetaTrader 5.

 

 

Click on the image to zoom in.

 

The MT5 supports most of MT4’s highly praised features, such as the great charting and the support of automated trading strategies, also known as Expert Advisors. Besides, it provides more timeframes, advanced inbuilt events management and improved debugging tools. It also allows users to deal in derivatives and exchange-traded stocks from one and the same account.

 

 

>> Check out the top MT5 brokers <<

 

 

Clients of Lenno are offered competitive spreads, averaged 0.2 pips + €4.5/lot, which is a good offer. Furthermore, the broker’s offer is quite broad in terms of tradeable assets – it covers hundreds of CFDs to trade across commodities, shares, indices, cryptocurrencies, and forex.

 

 

High leverage provided to professional clients

Those who qualify as professional clients of Lenno are extended generous leverage of up to 1:200 for forex, and 1:50 for cryptos. We consider the availability of leverage levels that high as an advantage, because they will suffice the needs of all traders. However, such ratios are not suitable for beginners, as they involve greater risk of loss.

 

That is why a number of jurisdictions have introduced restrictions on the leverage provided to retail clients: up to 1:30 in the EU, up to 1:25 in Japan, up to 1:50 in the USA.

 

Free bank wire deposits & withdrawals

Most forex brokers don’t charge client deposits, but we cannot say the same about withdrawals. As a matter of fact, the highest charges are usually on bank wire withdrawals. That is why we consider the fact that bank wire deposits & withdrawals at Lenno are free of charge as an advantage.

 

 

Lenno Disadvantages

 

Monthly subscription

In order to get access to the Lenno’s Premium accounts, one must pay monthly fees specified in the beginning of this review, ranging from €49 to €99, according to the account type. This is an anusual practice in the world of online forex, where the costs of trading are limited to the spread, commission, and roll-over fees.

 

Unclear conditions of Borrow to Trade program

As we mentioned briefly, Lenno provides financial services other than forex, and also offers its clients “Borrow to Trade program”, offering traders up to €50,000 directly into their account. While this is not necessarily bad, such loans usually come with interest and a number of additional requirements and fees, and we could not find any additional information about this.

 

 

Conclusion

 

Lenno is a Bulgarian financial services provider that uses the MetaTrader5 platform, and seems to offer competitive cost of trading. However, the broker’s premium account types require a monthly subscription and the company also offers some perks the price of which remains largely unclear.

 

Overall, there might be better trading options within the European forex market. For example, there are a lot of licensed brokers in Cyprus that have been operating for years.

 

 

>> Check out the top-rated Cypriot brokers <<

 

 

To sum up our review on Lenno in a few words:

 

Pros Cons
Licensed in Europe (Bulgaria) Monthly subscription
Access to the MT5, wide range of assets Unclear conditions of Borrow to Trade program
Low spreads & commission  
High leverage provided to professional clients  
Free bank wire deposits & withdrawals  

 

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Traders` reviews for Lenno

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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