Since Lego Markets official website (https://www.legoforex.com/) is now down, we had to resort to scouring other websites for relevant information in order to construct a rough picture of the company's forex broker operations.
General Information
Registered in Saint Vincent and the Grenadines, Lego Market is a forex broker providing access to a massive financial market, Forex, Shares, Cryptocurrencies, Indices. With the Lego Market, the minimum deposit to start trading is from $5 and the maximum trading leverage that can be used is up to 1:1000.
Lego Market is not authorized or regulated by any regulatory authority. Please be aware of the risk.
Minimum Deposit
The minimum deposit to trade with Lego Market is $5, which sounds quite friendly to most regular traders.
Leverage
When it comes to leverage, Lego Market allows its clients to use leverage of up to 1:1000, much higher than the levels regarded appropriate by many regulators. EU, UK and Australia (from 2021) forced a leverage cap on the market-1:30 as a customer protection measure while Canada and the US agreed on 1:50. The leverage risks aside, brokers offering higher ratios are not recommended due to the absence of adequate regulation and customer predictions.
Therefore, it is wise for beginners to choose the smaller size no more than 1:10 until they gain more trading experience.
Spreads & Commissions
The spreads are allegedly starting from 0.4 pips, but we cannot confirm this statement as valid. After downloading the Lego Market MT4 modification but could only create a demo account.
Trading Platform
Lego Market offers MT4 to its clients, which is a popular forex trading software, preferred by the seasoned traders for its reliability and ease of use. MetaTrader comes with sophisticated trading tools and features, such as Expert Advisors, Algo Trading, Indicators, and more.
Payment Methods
The minimum deposit is said to be $5, and Lego Market says it allows clients to make a deposit and withdrawal through Credit/Debit Cards, Wire Transfers, Perfect Money, Skrill, Neteller, and Bitcoin.
Customer Support
Lego Market provides the poor customer support, and clients with any inquiries can only get in touch with this broker through an email: support@legoforex.com.
Risk Warning
Trading leveraged products such as forex, cryptocurrencies and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that your fully understand the risks involved, taking into account your investments objectives and level of experience.
The information presented in this article is intended solely for reference purposes.
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