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Leondor Review - is it scam or safe?

Leondor review - Is leondorgroup.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Leondor
Leondor is an offshore broker. Your money is not safe.

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Leondor is a CFD broker offering a good selection of CFDs on more than 400 stocks, commodities, indices, ETFs and even crypto coins. However, we have some serious issues about the regulatory status of the broker, so if you are thinking about investing with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $10 000 1:400 n/a

 

Leondor Advantages:

 

Leverage of up to 1:400

 

This is one of the few clear advantage we identified with the broker. Leverage of up to 1:400 is more than enough to accommodate even the most aggressive trading style. Still, be aware that leverage should be used with caution as it rises the risks with your investment exponentially.

 

Have in mind as well that following the regulatory authorities in the US and Japan, recently the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex and CFD trade as part of a broader effort to curb investment risks. 

 

Now the maximum leverage allowed with forex transactions on the European market is caped at 1:30, while with CFDs the maximum leverage allowed is even lower – 1:20.

 

Skrill accepted as payment method

 

You can fund your account at Leondor using the popular e-wallet Skrill and that is another advantage. Other payment methods include major credit or debit cards like VISA and MasterCard, as well as bank wire. Still, we miss the option to pay with bitcoins so here you may check our list of brokers, accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Leondor Disdvantages:

 

No license

 

Leondor  is owned and operated by Leondor Limited, which is part of  Leondor Group. The company has a contact address in the UK and says to be regulated by a number of financial authorities -  the Investment Industry Regulatory Organization of Canada (IIROC), the Financial Conduct Authority (FCA) in the UK and the Financial Services Authority (FSA) of Seychelles. 

 

We diligently checked the registers of all mentioned regulators, (although the weight of the license form the Seychelles, can not be compared to that of the Financial Conduct Authority in the UK or the one form Canada), but were unable to find neither the name of broker, nor the name of company there. See for yourself:

 

 

 

That leaves us with no choice but to review Leondor as an unregulated broker and that significantly lowers their credibility.

 

Have in mind that trading with unregulated brokers is associated with a significant risk of loosing your money to scammers.

 

Brokers, regulated by respected financial watchdogs, such as the FCA in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) are required to follow strict rules, including to report regularly to their regulator, to keep all clients money in a segregated, protected form creditors account, to allow external audits and to maintain a certain minimum operational capital, with which to guarantee all outstanding payments to clients.

 

On top of that FCA and CySEC regulated brokers are required to participate in client money insurance funds, which guarantee traders a certain amount of their trading capital in case their broker happens to be insolvent. 

 

Traders with FCA regulated brokers, for example, are entitled to a compensation of up to 50 000 GBP of their trading capital, while traders with CySEC brokers can receive back up to 20 000 EUR. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Platform and account specifications sections on the website do not work

 

Unfortunately we were not able to check Leondor trading platform and to assess the spreads they offer as the platform and account specifications sections of their web site were currently down. Still, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Absurdly high minimum deposit requirement

 

To open a trading account Leondor asks potential investors to invest at least 10 000 USD, which is simply absurd. Have in mind that with most brokers you can star trading with about 250 USD, while some big players like FBS and IG do not have a minimum deposit requirement at all.

 

No forex pairs

 

Leondor offers its clients a selection of CFDs, including over 400 stocks, commodities like oil, coffee, sugar, cocoa and cotton, 21 ETFs and 15 Indices including Dow Jones,  DAX30, FTSE 100,  Nikkei 225 and Euro Stoxx 50. 

 

There are even CFDs on a number of crypto coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple, but Leondor dose not offer forex pairs and that is a definite disadvantage. Besides, here you may also check our list of forex brokers, offering Bitcoin CFDs as well:

 

>>Bitcoin Forex Brokers<<

 

Conclusion:

 

Leondor is an unregulated broker with limited credibility. As we discussed earlier, trading with unregulated brokers is associated with significant risks mainly because the safety of your investment depends solely on the integrity of the people behind the broker. So our best advice remains to trade with properly regulated brokers only.

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Traders` reviews for Leondor

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