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LEOxChange Review - is it scam or safe?

LEOxChange Review - is leoxchange.com scam or good cryptocurrency exchange?

RATING: 1.7 / 1 REVIEWS ForexBrokerz LEOxChange
LEOxChange is not regulated. We cannot guarantee your money is safe.

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Trading Accounts and Conditions

 

Account type Minimum deposit Leverage Trading fee Withdrawal fee*
Standard - - 0.2% (sell orders only)

3% for FIAT; 1% for CRYPTO

 

*Minimum withdrawal fees apply.

 

LEOxChange is UK based LEOcoin & Bitcoin marketplace. It all started out with the launch of LEOcoin on 22 June 2014 and after that the public platform to trade it was developed the next year. Of course, the company also offers LeoCoin wallets.

 

Like most crypto-exchanges, LEOxChange uses two-factor authentication (2FA) for security purposes.

 

Advantages

 

Fiat currencies available, bank wire payments supported

LEOxChange supports several “traditional” fiat currencies: British Pounds (GBP), Euros (EUR) and U.S. Dollars (USD). So, its clients can buy cryptocurrencies directly with cash, or cash out their Bitcoins or LEOcoins.

 

Supporting fiat currencies is an advantage as it allows crypyo-investors to use convenient payment methods such as bank wire transfer.

 

>>More crypto-exchanges accepting bank wire transfers<<

 

Competitive trading fees

There is 0.2% fee for sell orders at LEOxChange, while buy orders are free of charge. Such pricing, involving only a competitive maker-taker style of commission is in line with the average in the sector. Keep in mind, however, that withdrawal fees also apply.

 

Relatively nice trading platform

LEOxChange’s website is rather flashy-looking and its web-based trading platform is easy to use and mobile friendly. It has an order book, some basic charting (no technical analysis tools, though), market depth window, recent trades, etc.

Disadvantages

 

Not many coins available for trade, low liquidity on most pairs

At LEOxChange you can trade only their own coin, LEOcoin, as well as Bitcoin between GBP, EUR and USD. Of course, you can trade between LEOcoin & Bitcoin as well. Currently, LEO/BTC is the most actively traded pair at LEOxChange, and the trading volumes of the other ones are low.

 

High withdrawal fees

The trading fees at LEOxChange are higher than what we are used to seeing at other exchanges. Those who withdraw in fiat are charged with 3% and cryptocurrency transfers incur a fee of 1%.

 

Keep in mind that bank wire transfers may take up to 5 days and the minimum (fiat) withdrawal is $100. Besides, the following minimum withdrawal charges are set: 25£ for GBP, 35€ for EUR & 40$ for USD, 0.0005 LEO, 0.002 BTC.

 

Not regulated, rather bad reputation

Like most crypto-exchanges LEOxChange is not licensed, not overseen by any governmental authority. It is registered in the UK, and part of an international group, however the community feedback is predominantly negative, to say the least.

 

No margin trading

Like the majority of cryptocurrency providers, this one does not support leveraged trading either. If you need to geer-up your trading, other crypto-exchanges, like Kraken provide leverage. Furthermore, there is a growing number of forex brokers that offer speculative margin trading in Bitcoin CFDs.

 

>> Brokers offering leveraged Bitcoin trading <<

 

Conclusion

 

LEOxChange is the official exchange for LEOcoin – a digital asset that was marketed as the "second largest digital currency" in the world when it was launched, but is very small in terms of market cap. LEOcoin is now a staking coin – it uses Proof-of-Stake (PoS).

 

Apart from its own coin (LEO), this exchange also offers trading in Bitcoin and several fiat currencies. While its trading fees are competitive, one cannot say the sane about the way this exchange charges withdrawals.

 

LEOxChange’s web design is very nice and the site is available in 20 languages, however trading volumes on all pairs but LEO/BTC are very poor.

 

It is registered in the UK, and part of Learn Earn Own (LEO) group which has registered units in Hong Kong, UAE, China, US and Canada, Thailand, Egypt, Turkey, and Philippines. Nonetheless, its seems that LEOcoin and LEOxChange generate a large amount of negative feedback from within the cryptocurrency community. There are many accusations that the project is actually a "scam" or "Ponzi scheme" and they are actively discussed in popular crypto forums and websites.

 

We remind you that you can also trade in Bitcoin and other altcoins with forex brokers. Below you can find a list of reliable and well-regulated brokerages.

 

>> Regulated forex brokers offering Bitcoin trading<<


Pros

Cons

Fiat currencies supported, bank transfers accepted

Not regulated, bad reputation

Competitive trading fees

High withdrawal fees

Relatively nice and mobile friendly platform

No margin trading option

 

Limited number of altcoins offered

 

Low liquidity

 

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Traders` reviews for LEOxChange

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