LeoPrime Review 2020
LeoPrime is an offshore broker with a modest selection of around 35 forex currency pairs for trading online via the MT4 platforms for desktop, web and mobile devices (iOS & Android). The broker has limited non-FX assets but has a good selection of additional trading tools and daily market analysis to assist traders. There are also a variety of flexible trading account types and funding options.
LeoPrime Review 2020, Pros & Cons
- Popular MT4 platform
- Trading tools including client sentiment & forex calculator
- Range of flexible account funding options
- Daily market analysis
- Offshore brokerage regulation
- No clients from USA, Australia, Japan & more
- Limited non-FX trading assets
- Limited educational resources
- USD currency accounts only
In this detailed LeoPrime review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
LeoPrime is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including LeoPrime.
LeoPrime Review: Summary
LeoPrime is an online broker offering a wide range of trading services to create a user-friendly trading environment for both retail and institutional clientele across the globe. This includes Forex and CFD trading via the MetaTrader 4 (MT4) platform with a range of additional trading tools to help with market analysis.
They provide traders of all experience levels with direct market access for a transparent trading environment. This is done by partnering with top-tier liquidity providers. The brokers trading server is located at Equinix LD4 near to the liquidity providers to help with better and faster execution.
LeoPrime Review: Regulation
LeoPrime, brand name of Leo Prime Services Limited, is registered in Seychelles and authorised and regulated with Securities Dealers License by the Seychelles Financial Service Authority (FSA), with license number SD032. This regulation means that the broker can legally deal with and carry out all systems of financial services as permitted by the Seychelles FSA. Leo Prime Service Limited is registered in the Marshall Islands and regulated in accordance with Marshall Islands Business Corporation Act. We do not consider this broker to have the most stringent regulation and for this reason we would consider another online trading broker that is regulated by the FCA, CySEC or ASIC.
LeoPrime Review: Countries
Leo Prime Services Limited do not offer its services to the residents of certain jurisdictions such as: USA, Belgium, North Korea, France, Australia, Israel, and Japan. Some LeoPrime broker features and products mentioned within this LeoPrime review may not be available to traders from specific countries due to legal restrictions.
LeoPrime Review: Trading Platforms
LeoPrime provide clients with the ever popular MetaTrader 4 (MT4) platform that is used by millions of traders all over the globe. MT4 is a platform for trading Forex/CFDs, analysing financial markets and using expert advisors (EAs) for automated trading. It is available for desktop computers, laptops and mobile devices (iOS & Android) which is useful for those who need to manage their trades whilst on the go. There is also a WebTrader version of MT4 that runs directly in the web browser without the need to download and install any additional software.
Some of the key MT4 platform features include:
- User-friendly interface
- Advanced charting capabilities
- Incorporates advanced trading tools
- 3 chart types and 9 timeframes
- Real-time symbol quotes
- Automated trading supported with expert advisors (EAs)
- Highly secure platform
- Supports all currency crosses
- Fully customisable
- Alert notifications
LeoPrime Review: Trading Tools
LeoPrime offers some additional trading tools for traders to calculate and analyse their trades. These tools include an Economic Calendar, Forex Calculator, Technical Analysis and more.
An economic calendar samples events over the desired period and filters them by importance or country. This fundamental analysis can help to anticipate market movements.
The LeoPrime online forex calculator allows traders to calculate all the basics of the trading positions including: Margin, Point Profit, Swap Long & Swap Short, Volume and Lot Price.
This tool shows client sentiment data derived from LeoPrime retail traders with live positions. Essentially, traders are able to see where the majority of traders are positioned, whether long or short. Sentiment analysis is often used as part of contrarian trading strategy.
A VPS (Virtual Private Server) is your own private server hosted in the cloud or on the Internet – 24/7 and constantly online. A VPS allows you to run automated algorithmic strategies (EAs) around the clock on a Remote Server independently from your own computer without any effort from your side.
LeoPrime’s Virtual Private Server (VPS) gives you continuous access to trading platforms for no added costs by connecting into the closest trading server’s remote terminal. Enjoy trading on all Windows operating system similar to working on your PC.
To qualify for a free VPS, the client should have a minimum equity of $1,000 in their account and trade a minimum of 10 standard lots per month.
LeoPrime Review: Education
Daily Market Analysis
LeoPrime have market analysis provided on their website. This goes into detail on the movements of select trading instruments including annotated charts and descriptions. This can be used to help inspire trade ideas.
LeoPrime Review: Trading Instruments
LeoPrime have a modest selection of instruments for trading online. There are 35 Currency Pairs, Gold, Silver, Crude, 4 Cryptos and Indices. This is a very limited selection compared to other brokers who offer thousands of trading instruments.
LeoPrime Review: Trading Accounts & Fees
The broker has a choice of 3 trading accounts to cater to different trader requirements, with minimum deposits from just $10. LeoPrime offers competitive spreads across all major, minor and exotic currency pairs. There is a commission of $6 per standard lot on the ECN accounts and no commission on classic accounts.
The accounts have leverage as high as 1:1000. Whilst leverage can enable traders to enter positions larger than they could without it, it can also significantly increase risks. It is therefore important to understand what leverage is and the risk implications of using leveraged products.
The account you choose may depend on how much you plan to invest and whether you want tight spreads and to pay a commission or increased spreads with no commission.
The trading accounts offered by LeoPrime are:
LeoPrime’s cent account allows you to trade in cents and it uses 100x denominated monetary units of the base currency (US Cent), without having any impact on the trading conditions, which are equal to those for standard accounts. Minimum deposit on this account is $10 and minimum lot size 0.01. Max leverage on this account type is 1:1000. Spreads start from 1.6 pips.
The classic account type can accommodate traders who are new to the market as well as experienced retail traders. Classic account offers traders convenience in trading with an initial deposit as low as $10 and no trading commissions. The minimum lot size on this account type is 0.01. Max leverage on this account type is 1:1000. Spreads start from 1.6 pips.
The ECN account provides traders with raw tight spreads directly from leading liquidity providers without any mark-ups. Spreads start from 0 pips. Commission of $6 per standard lot is charged on the ECN account. Minimum deposit on this account is $1,000 and minimum lot size 0.01. Swap-free Islamic account option is available in this account type. Max leverage on this account type is lowered to 1:200.
The broker offers demo trading accounts if you would like to test the different platforms and practice your trading strategies with virtual funds before opening a real account. The demo accounts do expire in 30 days.
As broker fees can vary and change, there may be additional fees that are not listed in this LeoPrime review. It is imperative to ensure that you check and understand all of the latest information before you open a LeoPrime broker account for online trading.
LeoPrime Review: Customer Service
Should you have any questions or need assistance, LeoPrime have telephone, email and live chat support. Worldwide 24/5 support is available in 10 different languages.
LeoPrime Review: Deposit & Withdrawal
You can fund your LeoPrime trading account with various different payment gateway options. This includes Wire Transfer, Credit/Debit Cards, Neteller, Skrill, Perfect Money, Bitcoin, Fasapay and WebMoney. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. LeoPrime strictly do not accept third-party payments. All funds deposited into your trading account must be under the same name as your LeoPrime trading account.
Accounts can only be opened in USD. Different currency options would have been more beneficial as currency conversion fees do not apply when using an account in your own currency.
LeoPrime Review: Account Opening
When you feel ready to trade, it is a quick and easy process to get started. The broker has a short online application form so that you can apply in just a few minutes following the simple application process. Once you submit your application you will need to verify your account by providing the relevant documents as part of KYC procedures. After the accounts team have verified your account, you can fund it and start trading online.
LeoPrime Review: Conclusion
LeoPrime is an offshore broker that provides a decent range of forex currency pairs for trading on the intuitive and powerful MT4 platform that can be used across multiple devices including desktop, web and mobile. They have flexible account types and payment methods to cater to the different needs of traders. There is a good selection of additional trading tools provided along with daily market analysis.
The main concern we would have is the regulation of this broker. Despite being regulated, it is perhaps not considered as stringent a regulation as that of the FCA, CySEC or ASIC. For this reason, we would consider another regulated trading broker instead. You can see a choice of regulated brokers on our best online brokers list.
FX and CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, FX and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary.