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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.

About Leo Prime
🏢 Registered inthe Financial Service Authority
🗺️ Type of LicenseOffshore
🛡️ Is Leo Prime safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

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.

RankingLeo PrimeTrading 212Admiral Markets
Our ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading EnvironmentTrading Platforms

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:

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 FCAASIC, or CySEC. Many regulated brokers are both reliable and have exceptional offerings, such as BlackBull MarketsGo Markets, and FP Markets.

  • Overall ranking and experience for Leo Prime is Negative
 

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