Think of trading with cryptolecs.com platform? Really want to find more details before choosing the broker? You can carefully read the LECS Crypto reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
What is LECS Crypto?
LECS Crypto FX otherwise known as cryptolecs.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims that the company behind LECS Crypto is based in the UK and hold regulation by the Financial Conduct Authority (FCA).
LECS Crypto offers variety of account type such as —
What is more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
LECS Crypto Minimum Deposit
LECS Crypto deposit is pegged $150 based on its account type. Just to put a comparison, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, LECS Crypto presents conventional payment methods like credit cards and QIWI, but in the deposit menu the only option is cryptocurrencies.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
LECS Crypto withdrawal says nothing on specific information regarding withdrawal fee and processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
LECS Crypto Platform
LECS Crypto promises cutting edge trading software. But after registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
LECS Crypto also states that it offers high leverage up to 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Some Findings about cryptolecs.com Broker Regulation
First of, cryptolecs.com claims that the company behind LECS Crypto is based in the UK and “operates under the requirements” of its local regulator, the Financial Conduct Authority (FCA). But it does not give the name of this company.
To clear our suspicions, a check on the FCA database shows that there is no authorized broker using the LECS Crypto trading name and domain.
Regrettably, LECS Crypto does not provide access to Terms and Conditions and a Client Agreement. The only document on the website is a generic Cookie Policy.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
LECS Crypto Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Bottom Line
LECS Crypto FX located at cryptolecs.com claims to appear like a trustworthy trading broker, however, you should not take the words they say. It is a non-regulated cryptocurrency broker offering financial services to clients. By all appearances, the advice to traders remains to steer clear from unlicensed forex broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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