To earn high returns in Forex trading, you need to have the right tools that not only boost your profits but also limit the losses. FX Leaders aims to provide a diverse range of trading tools including market analysis, trade recommendations, and much more. Signals generation is the main focus of this service and includes real-time notifications concerning all the popular currency pairs. The notifications are also provided for other market instruments like indices, commodities, and cryptocurrencies.
FX Leaders: To Trust or Not to Trust?
With a market that is brimming with various providers offering diversified signal services, it is difficult to find a trusted company. Luckily, we have analyzed this vendor and the performance they reveal in a meticulous way. As a signal provider, this company claims to have trading experts capable of identifying the right opportunities and delivering easy-to-use signals. Our perusal of the various features of this company reveals that it is not reliable. Let us look at the features offered here:
While automated signals are the trend now, this provider focuses on providing manual signals of two types. In the first type, signals trading occurs ranging from one day up to four weeks or more.
Due to the higher trading duration, the pips involved start from 70 pips up to 250 pips. The second type of signal is of a shorter duration ranging from 10 minutes to hours. About 15 to 50 pips are offered depending on the movement in the market.
Other features include notifications and email messages on mobile, market updates, and more. The economic calendar feature helps you to keep abreast of all recent events that influence your trades. For premium users, a report on earlier performance results is accessible.
After assessing the features of this FX signal provider, we have found the following drawbacks:
- Lack of verified trading results
- Insufficient strategy explanation
- Negative user reviews
- Lackluster Customer Support
Here is our detailed analysis of the above drawbacks we have found in our evaluation of this provider.
Lack of Verified Trading Results
Although the vendor claims to have expert analysts in the team, the absence of verified results makes us suspicious of the provider. A detailed report on the performance of the signals is accessible to the premium members. A screenshot of the results is shown here.
While the reports provide details like the type of signals, the currency pair, and other related data, it is not sufficient to evaluate the performance. We prefer results verified by reputed sites like myfxbook, FXBlue, and FXStat. Such sites reveal more detailed stats on the trading including the drawdown, profit, the risk to reward ratio, lot size, and more. The absence of verified results makes us suspect that the service is not as effective as it claims to be.
Insufficient Strategy Explanation
As per the vendor info, the team of analysts uses varied manual trading approaches for the generation of the signals. However, the company fails to elaborate on the approaches used and how they help in making profits. Furthermore, backtests are also not available which confirms our suspicions about the unreliability of this provider. Despite being based on historical data, the strategy tester reports help traders know more about the approach, its risk level, the returns one can expect, and much more.
Negative User Reviews
Feedback from customers is found on the Trustpilot site. 31 reviews are present with the responses providing an overall rating of 3.1/5. While 65% of the testimonials are positive, the remaining are negative. Here are a few of the responses.
From the above feedback, it is clear that the signals are not effective and that the drawdown is high with subsequent stop losses. One of the reviews indicates the customer service is bad and not responding to the cancellation requests.
Lackluster Customer Support
Support offered to customers is a key part of knowing the reliability of a system. FXL fails to impress us in this regard. With only an online contact form, the support offered is insufficient. We could not find the location address of the vendor, phone contact, and other related info. Our doubts were confirmed by the negative user reviews that point to the poor customer service.