LeveTrade is a South Africa based CFD Forex broker, that opened in July 2021. We found this broker when we signed up for a get rich quick trading app called Tesler.
Officially located at: The Capital Trilogy, Menlyn Main Amarand Ave, Waterkloof Glen, 0181 Pretoria, Gauteng, South Africa. Contact phone number is: +27 10 746 7416 and the customer service email address is: [email protected]. Brokers official website is: https://levetrade.com/.
For withdrawal problems or broker complaints, read this.
LeveTrade Review
Our review of the new brokers at LeveTrade shows that they are using a white label web based trading platform. Their trading platform is only available as a web-based trading app. We searched for, but could not find a mobile trading app for Android or iOS.
LeveTrade offers their day traders / investors a full list of underlying assets for CFD trading including; Major and Minor Forex Pairs, Market Indexes, Shares, Commodities, Crypto Currency and Metals.
The minimum deposit requirement for a standard trading account is $250. Clients have a choice of four account types, but since the next account type requires a $5000 minimum deposit, we will just focus on the starter account. Deposits can be made via credit card through their merchant BridgerPay. Margin / Leverage rates are as high as 200:1.
When comparing brokers, many of the large and established companies, offer their own proprietary trading apps that are easier for a new day trader to use, read more.
Is Levetrade a Regulated Broker?
Levetrade is actually a product of AFK Capital (PTY) LTD. AFK Capital is licensed as a financial services provider by the Financial Sector Conduct Authority (FSCA) in South Africa. Their with FSP number is 51875 and their registration number is: 2021 / 311713 / 07.
The FSCA is the brokers regulatory agency in South Africa. Using an FSCA regulated broker should offer you some sort of protection in the event that the broker runs away with your money.
The way that sophisticated investors research their online broker, is by checking for a valid brokerage firm license. In the United Kingdom, brokers must be regulated by the FCA, and in Australia by ASIC. There are many licensed Forex brokers who you can trade with, see here.
Warning – Fake Trading Apps
Many South African’s get hooked on Forex trading via a promotion they saw on TikTok or Telegram. Many people setup fake accounts on TikTok, and show off a flashy lifestyle that they attributed to their success in Forex trading.
In our case, we saw an advertisement for a trading app called Tesler App. You can read the full review of Tesler App here. Basically the claim to have created an automated trading app which generates profits for you.
They send you to a broker (in our case Levetrade), and hope you will start trading because their automated trading app does not exists. It is simply a gimmick to get you to open a brokerage account.
Before following a Crypto or Forex trader, you need to understand that many managed account schemes online are actually frauds! They are setup as Introducing Brokers, and many of them will profit off of your trading.
First thing to do, is educate yourself about day trading and then look at the many Expert Advisor plugins available for MT4.
Compare Regulated Brokers
Smart investors always tryout a few regulated brokers, before activating their live trading account.
PepperStone is a popular multi asset broker, that offers Mirror Trading along with other social trading apps, see here.
Start Trading at: Pepperstone.com.
What was your experience investing at Levetrade? Please share your experience with others, in the comments section below.