Archives: Brokers

Is Leo Prime Scam or Legit Broker?

No, Leo Prime is not a trustworthy broker as it lacks regulation. Leo Inc Limited has a registered office in Hong Kong, however, it is not regulated by the financial authority of the region -  the Hong Kong Securities and Futures Commission (SFC). Besides, the broker is registered in Seychelles. It is a well-known fact that Seychelles is an offshore zone and engaging with unregulated or offshore brokers pose inherent risks due to the lack of stringent regulations and supervision.

• It's crucial to ensure that any forex broker you consider is regulated by the appropriate authorities to protect your investments and provide a certain level of financial integrity.

What is Leo Prime

Leo Prime accommodates a wide range of trading services, enabling access to Forex, Spot Metal, Energies, Indices, and Stock trading. The broker claims to provide tight spreads and unmatched liquidity, provides a client-centric trading experience to every trader, and offers social trading. With Leo Prime clients can conduct their trades via market popular MT4 platform. 

To reveal more about Leo Prime, we headed with our detailed research and came up with the following information:

• Absence of serious regulation: Regulatory oversight is a critical factor to consider in Forex trading. Through our investigation, it has come to light that Leo Prime operates as an offshore broker. The broker is authorized and regulated by the Financial Service Authority (FSA) – Seychelles, with license number SD032. Besides, Leo Inc Limited is registered in Hong Kong (1833611), however, to operate in Hong Kong brokers have to be authorized by the Hong Kong Securities and Futures Commission (SFC).
• Feedback from clients: When traders have doubts regarding a broker's trustworthiness, it is important to turn to reviews from authentic traders. However, caution is advised even in this approach, as there exists a multitude of fabricated reviews that may portray an unregulated and untrustworthy broker positively. Leo Prime, with its mix of positive and numerous negative reviews, needs careful consideration. Numerous reviews specifically highlight issues with the withdrawal process and inadequate customer support.
• Withdrawal Issues: One of the main complaints with Leo Prime seems to be the insufficient withdrawal process. Clients claim that in many cases their investments are impossible to withdraw. 

Overall Leo Prime Ranking

Through thorough research, we have identified significant concerns regarding the dependability of Leo Prime and its adherence to regulatory standards. Consequently, we cannot issue a favorable rating for Leo Prime.

• Leo Prime Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

Leo Prime Alternative Brokers

Given the apprehensions surrounding the reliability and security of Leo Prime, we strongly advise traders to explore alternative options that offer more rigorous regulations and improved trading conditions. Presented below is a list of reputable brokers that provide trustworthy choices and a secure trading environment for your consideration:

• Trade.com – Wide Range of Trading Instruments
• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads

Deposits and Withdrawals

With Leo Prime clients can fund their accounts via multiple methods: Wire transfers, Credit and Debit cards, and e-wallets. The minimum deposit with Leo Prime is $10.  Deposits or withdrawals are mostly carried out instantly. In case of delay, the process is completed within 24 hours. 

• Funds can only be withdrawn to clients’ personal accounts to ensure financial security and prevent money laundering.
• If a client deposits funds into their trading account using various payment systems or multiple wallets within the same payment system, withdrawals must be made proportionally based on the deposited amounts.
• As we have already revealed, many clients complain about the insufficient withdrawal process of the broker, claiming that they have lost all their investments and funds. This is a good ground to consider investing with Leo Prime and looking for a more reliable option with good client feedback.

Account Types

Leo Prime offers its clients a wide range of account options, that fit different trading expectations. The broker's available account types are Classic, Pro, ECN, Cent, and Demo. The minimum deposit starts from $10 for a Classic account, whereas for other account types, the minimum deposit is higher, ranging up to $2000 (ECN account).

• Leo Prime offers considerably high leverage. For Classic and Cent accounts the leverage is as high as 1:1000. 
• There are also commissions while trading with Pro ($3) and ECN ($6) accounts.

There are more differences in trading conditions for different account types that should be considered, based on the experience and trading expectations the clients have. 

Leo Prime Review Conclusion

Upon analyzing the gathered information about Leo Prime, considerable uncertainties emerge regarding the broker's reliability and credibility. The lack of adequate regulation raises significant concerns, as the broker is only registered in Seychelles, which is an offshore zone and does not provide sufficient protection. Additionally, the abundance of negative client reviews should not be disregarded. It is advisable to prioritize brokers with stringent regulations, a favorable market standing, and transparent trading conditions.

To avoid risks often associated with trading through unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and FP Markets.

• Overall ranking and experience for Leo Prime is Negative

Is FxSway Scam or Legit Broker?

No, FxSway cannot be considered a secure broker due to its absence of a credible license from a prominent regulatory body. Trading with unregulated or offshore brokers poses a higher level of risk due to the lack of oversight, investor protection, transparency, etc. 

• Unregulated brokers operate without the oversight and regulations imposed by financial authorities. This absence of regulatory scrutiny can lead to a higher risk of fraudulent activities and malpractices. Not to risk financial investments it is advisable to choose a broker with licenses from top-tier agencies (FCA, CySEC, or ASIC) with good standing in the market and favorable conditions for trading.  

What is FxSway?

With FxSway traders have access to Forex, Crypto, Stocks, Indices, and Commodities trading. According to the broker's website, FxSway assures low commissions, favorable prices, rapid execution, and expert support. The broker enables access to free trading tools, in-depth market analysis, 100+ order types, trader's calculator, etc.

However, when it comes to closer research, there are always important aspects for traders to know about unregulated brokers like FxSway:

• Lack of Regulation: FxSpray operates without a proper Forex license, a huge red flag in forex trading. Fx Sway Ltd. address is  Ground Floor, The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia. It is a well-known fact that unregulated brokers unlike regulated brokers are not required to adhere to strict standards to protect traders and their financial investments. 
• Feedback from real traders: When selecting a forex broker, it's vital to weigh reviews and feedback from real traders. This provides a deeper understanding of the broker's offerings, trading conditions, and overall standing in the market. According to the existing reviews, FxSway appears to be an unreliable broker, with numerous traders labeling it as a complete scam. The primary concern raised revolves around inappropriate deposit and withdrawal processes. 
• Inappropriate deposit and withdrawal process: Similar to numerous offshore brokers, FxSway appears to encounter challenges with its withdrawal process. Clients report difficulties in processing their profits, leading to financial losses. In forex trading, the security of funds is a crucial aspect. Therefore, we advise traders to entrust their money solely to reputable companies known for their quality services, ensuring a more reliable environment for generating profits. 

Overall FxSway Ranking

After conducting extensive research, we have uncovered notable apprehensions regarding the reliability of FxSway and its compliance with regulatory standards. As a result, we are unable to provide a positive rating for FxSway.

• FxSway Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

FxSway Alternative Brokers

Considering the concerns surrounding FxSway Broker reliability and security, we highly recommend traders to explore alternative options that provide more stringent regulations and enhanced trading conditions. Below is a list of reputable brokers offering trustworthy choices and a secure trading environment for consideration:

• Eightcap– Low Pricing
• E-Trade – Competitive Investment Conditions
• TradeStation – Popular for Futures Trading

Deposits and Withdrawals

To fund their FxSway accounts traders just need to log in to their trading accounts, go to deposits, choose one of the available crypto (BTC, ETH, XRP, LTC, DOGE & USDT), and invest.

• The minimum deposit is $10. There are no deposit fees. 
• After completing the deposit procedure, it takes 3-6 confirmations on the relevant network for funds to be released. This usually requires 1 to 3 hours depending on the Blockchain.
• The only withdrawal option at the moment is Bitcoin. Usually, withdrawals take several hours, however, it depends on the network. Still, our advice is to be careful, especially regarding withdrawals, as there are numerous alerts from traders regarding FxSway's inappropriate withdrawal process. 

Account Types

FxSway offers several account types: Standard, Var, Pro, and Mini. Each account type offers different conditions to meet various trading expectations, FxSway login is easy to process and is accessible via the website.

The highest leverage for all the account types is 1:500. For the Pro account type spreads are considerably low, starting from 0.4 pips. Var accounts do not have any commissions, whereas, for Standard, Pro, and Mini accounts commissions range from $1 to $9 per lot. 

FxSway Review Conclusion

Analyzing the information collected on FxSway, significant doubts arise regarding the broker's reliability and credibility. The absence of proper regulation raises substantial concerns. Furthermore, the multitude of negative client reviews should not be overlooked. It is recommended to prioritize brokers with stringent regulations, a good market standing, and transparent trading conditions.

To avoid risks often associated with trading through unregulated or offshore brokers, we always recommend choosing a reliable broker that holds licenses from reputable authorities like FCA, ASIC, or CySEC. There are many regulated brokers that are both reliable and have exceptional offerings, such as BlackBull Markets, Go Markets, and HYCM.

• Overall ranking and experience for FxSway is Negative

FxSway Update

We discovered that the FxSway website is unavailable. It is unclear whether the broker changed its name, or is gone altogether. Since money safety goes first, we recommend avoiding any proposals from FxSway and staying alert in case of any proposals. 

Is NPBFX Scam or Legit Broker?

No, NPBFX cannot be considered a reliable option for investment. The broker does not hold any top-tier license. NPBFX is a trading name of NMarkets Limited.

• NMarkets Limited is a company incorporated in the Island of Moheli with the license number T2022137, which is regulated by the laws of that country. NMarkets Limited is also incorporated in Saint Vincent and the Grenadines and registered by the Financial Services Authority. 
• Besides, NPBFX is a participant in the Financial Commission, which is an independent global organization dedicated to addressing financial disputes, offering insurance coverage of €20,000 per trader.

However,  both of the registrations are offshore, which means signing with NPBFX carries inherent risks due to the absence of rigorous regulations and supervision. For secure and risk-free trading it is essential to choose brokers with top-tier CySEC, ASIC, and FCA licenses, as robust regulatory oversight plays a vital role in establishing a highly secure trading environment, thus reducing the likelihood of financial losses and other possible complications.

What is NPBFX?

NPBFX (NEFTEPROMBANK FOREX) has been offering brokerage services in the Forex market since 1996. They provide quotes for 38 currency pairs, along with gold (XAUUSD), silver (XAGUSD), and oil Brent (XBRUSD) & WTI (XTIUSD). NPBFX operates on a broker model, acting as an intermediary between clients and liquidity providers in the interbank foreign exchange market. The company allows customers to employ a wide range of trading strategies without limitations, from traditional trading approaches to high-frequency trading (HFT) and algorithmic trading. NPBFX offers its clients high leverage up to 1:500, copy-trading ZuluTrade, 24/5 customer support in 8 languages, and MetaTrader 4 and its mobile version available on Android, iPhone, or iPad. 

Upon closer research, we were able to reveal important points about NPBFX that will help clients make informed decisions: 

• Insufficient Regulation: At first sight, NPBFX seems an attractive broker with favorable conditions and diverse offerings. However, one of the biggest drawbacks of the broker is its lack of proper regulation. On its website, the broker mentions that the services on the website are provided and regulated by NMarkets Limited, a company incorporated in Island of Moheli with a registered office at Bonovo Road, Fomboni, Island of Moheli, 1257, Comoros Union, with registered number HY00922114, and registered license number T2022137. Also, NMarkets Limited is incorporated in Saint Vincent and the Grenadines and is registered by the Financial Services Authority with company number 24454 IBC 2018. It's crucial to keep in mind that offshore brokers typically operate with less stringent regulations and oversight. Therefore, entrusting your investments to such brokers could potentially result in significant consequences.
• Complaints from customers: Considering feedback from other customers is essential. Strangely, reviews from clients about NPBFX are either strictly negative or quite positive. However, negative feedback prevails, and the complaints are mostly directed to aspects that are common for offshore brokers, like issues with withdrawals, insufficient customer care, etc.
• Issues with Withdrawals: Being able to successfully and easily withdraw money from the trading account is one of the most essential aspects of Forex trading. According to multiple complaints from real clients, the NPBFX withdrawal process can be complicated resulting in financial losses for traders. Before making a final decision to sign with the broker, always consider the negative aspects that can negatively affect the trading process and its results.  

Overall NPBFX Ranking

After conducting our research, we have identified significant concerns regarding the reliability of NPBFX and its compliance with regulatory standards. As a result, we cannot provide a positive rating for NPBFX.

• NPBFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

NPBFX Alternative Brokers

Due to safety concerns associated with NPBFX, we strongly recommend considering alternative options that offer stringent regulations and improved trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• Eightcap – Good Market Instruments 
• FP Markets – The best selection of Educational Resources
• HYCM– Low Spreads and Competitive Trading Conditions

Deposits and Withdrawals

The minimum initial deposit of the broker is 10 USD, 10 EUR, or 500 RUB, depending on the chosen account currency. NPBFX offers several methods for traders to deposit and withdraw funds, including VISA, MasterCard, WebMoney, Wire Transfer, etc.

• However, NPBFX does not provide much information on its deposit and withdrawal processes, which is a notable drawback given the significance of these aspects in trading.
• Besides, there are numerous complaints regarding the broker's withdrawal process, which should not be disregarded. 

Account Types

The broker offers three account types: Master, Expert, and VIP. The account types differ by their features and conditions:

• For the Master account type the minimum trade volume is 0,01 lots, spread starts from 0,8 pips. The minimum initial deposit is 10 USD. The maximum leverage for this account is 1:200.
• For Expert account types spreads start from 0,6 pips. The initial deposit is 5 000 USD and the leverage is up to 1:100.
• VIP accounts enable a minimum of 1,0 lots of trade volume. The minimum spread is 0,4 pips, and the minimum deposit starts from 50,000 USD. The maximum leverage for a VIP account is 1:100.

NPBFX Review Conclusion

Based on the information we have gathered about NPBFX, this broker does present attractive offerings, including tight spreads and high-leverage options. Nevertheless, there are substantial concerns surrounding the broker's trustworthiness and credibility. Despite the appealing features and opportunities offered, the fact that NPBFX is registered in an offshore jurisdiction raises significant concerns, and traders are advised to exercise caution when considering this broker.

We strongly recommend traders consider brokers with licenses from reputable authorities such as  FCA, ASIC, or CySEC. Numerous regulated brokers offer excellent terms and conditions that align with top-tier regulations, providing a risk-free trading environment. Some noteworthy options include Eightcap, HFM, and FP Markets.

• Overall ranking and experience for NPBFX is Negative