FXPN Review 2021: Is CySEC Regulated A Scam?
Is FXPN a legit broker?
Lately, many CySEC regulated brokers are accused of being a scam. Why? Is there anything wrong with the regulator or is it just a coincidence? We’ve checked several CySEC regulated brokers, including FXPN broker. What do clients have to say about the FXPN scam? Read our FXPN review and find out.
|Regulated by: CySEC|
|Headquarters Country: Cyprus|
|Foundation year: 2020|
|Platforms: Sirix, MT4|
|Instruments: FX, stocks, commodities, indices, cryptocurrencies|
FXPN Regulation and Security
FXPN is a brand of Leverate Financial Services Ltd. The company is registered in Cyprus and regulated by CySEC. However, if you check reviews of Leverate Financial Services Ltd and FXPN broker, you will see that not everything is as regulated and good as it seems.
There are many negative reviews by FXPN clients that experienced withdrawal issues. As per their claims, the broker is requesting you to fulfil ridiculous conditions, and even then, your funds are most likely not to return to your bank. According to the FXPN website, the company is MiFID compliant. So, how is it possible that clients can’t get their money back? It’s yet to be resolved.
What can you trade with an FXPN broker?
According to our FXPN review, clients can trade with currency pairs, commodities, indices, shares, and cryptocurrencies. The trades are executed on Sirix web trader or MT4. The choice of trading platforms is probably the only satisfying thing to say about FXPN broker. The minimum deposit with FXPN is $500, which is much higher than ASIC or FCA brokers are requesting.
Another interesting thing, the broker claims to be CySEC licensed with permission to operate in the EEA zone, but Belgium is excluded from this list. Did the Belgium regulator see something others are missing?
Also, as per CySEC, the maximum allowed leverage is 1:30. However, FXPN broker allows clients to trade with up to 1:500 on the Professional account.
The spread with the broker is variable and starts from 0.7 pips, which is considered an average in the world of trading.
After we’ve listed everything, you can see a few advantages and more than few disadvantages of trading with an FXPN broker.
Conclusion about FXPN
FXPN broker is owned by Leverate Financial Services Ltd and regulated by CySEC. However, the broker does not operate in Belgium and has several severe allegations of scam. Clients are mostly complaining about funds withdrawals. Other than this, the minimum deposit with the broker is unusually high – $500; most ASIC or FCA-regulated brokers let you start from $100.
It looks like the FXPN broker offers an auto trading system, which is one of the favourite tools of scam brokers. Many traders who have been in the situation to trade manually know how it feels to monitor your trades and watch out for every step constantly. This is why, nowadays, many fraudsters are trying to sell you an auto trading system that will do the job for you. According to FXPN reviews we’ve found, this brokerage is one of those.
Be aware of all the facts when opening an account with FXPN.
And if you are still not convinced, more reviews can be found here at globalfraudprotection.com.