LionsFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this LionsFX Review.
LionsFX offers the above account types, as well as a swap-free (Islamic) and a VIP one. All accounts are commission-free and provide high leverage levels, In addition, this broker offers managed accounts (PAMM).
– Many instruments available for trade
Clients of LionsFX can trade in a number of forex pairs, as well as CFDs on cryptocurrencies, indices and commodities. Such product portfolio is rather rich and diversified.
In case you are into Bitcoin trading, you may check out a list of tightly regulated brokers that offer such.
– High leverage levels offered
As we have mentioned in the beginning, LionsFX offers high leverage ratios, reaching 1:1000. Brokers use leverage to help traders increase their purchasing power. Yet, this also means increased risk of losses, so be careful.
LionsFX offers its services on xStation, which is an innovative user-friendly trading platform. It is based on open-API XOH Trader, developed by X Open Hub. xStation is customizable and equipped with an advanced charting package.
In addition, this platform has a social trading feature called xSocial. It allows users to follow other traders and copy or contra-copy their trades.
– Promotions offered
This broker offers several promotions to its clients: on deposit bonus from 10% to 50%, as well as a refer a friend scheme. In order to withdraw the bonus, one has to meet certain trading volume requirements, as is usually the case with such bonuses.
– Registered offshore
Thousands of brokers are registered offshore, mainly due to the low-cost procures, favorable taxes and few (if any at all) requirements they have to meet. LionsFX is one of them, as it is registered in the Saint Vincent and the Grenadines. We generally advice traders to avoid such companies as doing business with offshore brokers is very risky and many of them are scams.
– High fixed spreads
LionsFX offers trading with fixed spreads and those on Micro and Mini accounts are quite wide, amounting to 3 pips on EUR/USD. By comparison, you can trade with 1 pip-spread with easyMarkets, a global forex broker regulated in Cyprus and Australia.
– Market maker
As is usually the case with fixed-spread brokers, LionsFX acts as a principal to all trades, which means that it is actually a counterparty to trades with its clients.
– MT4 not supported
While most brokers using the XOH Trader platforms also support the MetaTrader 4, LionsFX does not offer it. MT4 is highly praised for its great charting package, Expert Advisors (automated strategies), technical analysis indicators and customization options,
Apart from the trading platform, the offering of LionsFX is nothing special in the forex world. We like the fact that its product portfolio is rich and diversified, as well as the high leverage levels provided. On the other hand, the spreads offered by this broker are quite high and it acts as a Market Maker, which represent two significant disadvantages. Its most weak side, however, is the absence of regulation. LionsFX is operated by Alpinex Capital Ltd., a company registered offshore, in Saint Vincent and the Grenadines.
Offshore brokers are not required to report transactions, to meet any capital adeqacy requirements, to keep clients’ money in segregated accounts, etc. If you invest with such a broker, there is no guarantee you will ever get to see your money again, let alone any potential profits. That is why it is highly advisable that traders avoid offshore brokers and invest with brokers supervised by proper regulators, such as UK’s Financial Conduct Authority (FCA).
Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
LionsFX Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about LionsFX Review.