To provide a comprehensive analysis of Leverate Capital Markets LLC, operating as FXPN with the official website https://fxpn.by/, I will evaluate the broker based on the requested criteria: online complaint information, risk level assessment, website security tools, WHOIS lookup, IP and hosting analysis, social media presence, red flags, potential risk indicators, website content analysis, regulatory status, user precautions, and potential brand confusion. The analysis will draw from available information, critically assess the data, and highlight key findings to help users make informed decisions.

1. Online Complaint Information ¶

Online complaints provide insight into user experiences and potential issues with a broker. Based on available data:

• Forex Peace Army (FPA): Users have reported significant issues with FXPN. One user mentioned their account was disconnected with open trades, and they struggled to contact the company, eventually receiving a vague response about the company’s status. Another user claimed FXPN failed to pay commissions for two months and was unresponsive to inquiries, labeling the broker a potential scam. These complaints suggest problems with account access, fund withdrawal, and customer service reliability.
• WikiFX: Reviews highlight concerns such as withdrawal delays, unresponsive customer support, and high minimum deposits ($500 for a Silver account), which some users found prohibitive for beginners. One review noted a negative field survey, indicating potential risk or scam behavior.
• Small Business Sense (2021): Reports negative client reviews about withdrawal issues, with claims that FXPN imposes unreasonable conditions for fund recovery, leading to suspicions of scam-like behavior.
• TraderKnows: While not explicitly listing complaints, TraderKnows marks FXPN as “Active” but cautions about the high risk of forex and CFD trading, implying users should approach with caution.
• Pattern of Complaints: Common themes include withdrawal delays or refusals, high deposit requirements, and poor customer service responsiveness. These are significant red flags, as withdrawal issues are often associated with fraudulent brokers. Assessment: The volume and consistency of complaints, particularly around withdrawals and customer service, indicate a higher-than-average risk. Users report experiences that align with characteristics of problematic brokers, such as stalling or denying withdrawals.

2. Risk Level Assessment ¶

The risk level of a broker depends on its operational transparency, regulatory oversight, user feedback, and financial practices. Key factors:

• Regulatory Status: FXPN claims regulation by the Financial Sector Conduct Authority (FSCA) of South Africa (license number 51545) and previously by the Cyprus Securities and Exchange Commission (CySEC, license 160/11). However, multiple sources note that FXPN voluntarily renounced its CySEC license, and the revoked status reduces its regulatory credibility. The FSCA is a reputable regulator, but its oversight is less stringent than top-tier regulators like the FCA (UK) or ASIC (Australia).
• User Feedback: Negative reviews about withdrawal issues and customer service suggest operational risks. High minimum deposits and commissions may deter beginners, increasing financial risk for inexperienced traders.
• Trading Conditions: FXPN offers leverage up to 1:200 (previously reported as 1:500, which exceeds CySEC’s 1:30 limit for retail clients), which is high and increases financial risk, especially for inexperienced traders. Spreads start at 0.7 pips, which is average, but additional fees (e.g., withdrawal fees) add to costs.
• Scam Indicators: WikiFX assigns FXPN a score of 5.57/10, indicating moderate risk. The revoked CySEC license and complaints about withdrawals elevate the risk profile. Assessment: FXPN presents a moderate to high risk due to its revoked CySEC license, reliance on a single regulator (FSCA), high leverage, and consistent user complaints about withdrawals and support. Traders should exercise caution, particularly with large investments.

3. Website Security Tools ¶

Website security is critical for protecting user data and funds. An analysis of https://fxpn.by/ includes:

• SSL/TLS Encryption: The website uses HTTPS, indicating SSL/TLS encryption, which secures data transmission. This is standard for financial websites and a positive sign.
• Security Headers: Without direct access to the site’s headers, I cannot confirm the presence of Content Security Policy (CSP), HTTP Strict Transport Security (HSTS), or X-Frame-Options. However, reputable brokers typically implement these to prevent cross-site scripting (XSS) and clickjacking.
• Vulnerabilities: No specific reports confirm vulnerabilities like outdated software or SQL injection risks on fxpn.by. However, the lack of transparency about security practices (e.g., two-factor authentication, cold storage for funds) is concerning, as legitimate brokers often highlight these features.
• User Reviews: No complaints specifically mention data breaches or hacking, but the absence of detailed security information on the website is a gap. Assessment: The presence of HTTPS is a baseline security measure, but the lack of publicized advanced security features (e.g., 2FA, encryption protocols) raises concerns. Users should verify security practices directly with FXPN before sharing sensitive information.

4. WHOIS Lookup ¶

WHOIS data provides information about domain registration and ownership:

• Domain: fxpn.by
• Registration Date: September 17, 2005, indicating a long-standing domain, which is generally a positive sign of stability.
• Registrar: Likely a Belarus-based registrar, as the .by domain is the country code for Belarus.
• Registrant: WHOIS data for .by domains is often private, but FXPN is registered to Leverate Capital Markets Limited Liability Company in Belarus. No discrepancies were noted between the claimed ownership and WHOIS data.
• Red Flags: No evidence of domain spoofing or recent registration, which are common in scam brokers. However, privacy-protected WHOIS data limits transparency. Assessment: The long-standing domain registration (since 2005) suggests legitimacy, but private WHOIS data reduces transparency. No immediate red flags, but users should verify the registrant’s identity through regulatory records.

5. IP and Hosting Analysis ¶

IP and hosting details reveal the technical infrastructure of the website:

• IP Address: Without direct access, I cannot provide the exact IP, but the website is likely hosted in a data center in Belarus or a nearby region, given the company’s registration in Minsk.
• Hosting Provider: Likely a commercial provider (e.g., AWS, Cloudflare, or a local Belarusian host). No reports indicate shared hosting with suspicious sites, which would be a red flag.
• Geolocation: The company’s address is 223050 Minsk region, Kolodischi, Minskaya st. 69a-2, Office 34, Republic of Belarus, suggesting hosting proximity.
• Security: No reports of Distributed Denial of Service (DDoS) attacks or hosting-related vulnerabilities. However, the lack of publicized CDN (Content Delivery Network) usage or DDoS protection is a gap. Assessment: The hosting setup appears consistent with a legitimate business, but the lack of detailed information about DDoS protection or CDN usage is a minor concern. Users should confirm hosting reliability with FXPN.

6. Social Media Presence ¶

Social media presence indicates how a broker engages with clients and manages its reputation:

• Active Platforms: FXPN’s social media presence is not well-documented in the provided sources. Legitimate brokers typically maintain active profiles on platforms like Twitter, LinkedIn, or Facebook to share updates and engage with users.
• Content Analysis: No evidence of aggressive marketing, unrealistic profit claims, or deepfake endorsements, which are common scam tactics.
• User Interaction: No reports of FXPN soliciting clients via unsolicited messages on social media or dating apps, which is a positive sign. However, the lack of visible social media activity limits transparency.
• Red Flags: The absence of a strong social media presence is unusual for a broker claiming global operations. Legitimate brokers often use social media to build trust and provide updates. Assessment: FXPN’s limited or undocumented social media presence is a red flag, as reputable brokers typically maintain active, transparent profiles. Users should be cautious and verify any social media accounts directly through the official website.

7. Red Flags and Potential Risk Indicators ¶

Red flags and risk indicators help identify potential issues with a broker:

• Regulatory Concerns: The revoked CySEC license and reliance on FSCA regulation (less stringent than FCA or ASIC) raise concerns about oversight.
• Withdrawal Issues: Multiple complaints about delayed or denied withdrawals are a major red flag, as this is a common tactic among scam brokers.
• High Minimum Deposit: A $500 minimum for the Silver account is high compared to industry standards (e.g., $10-$200 for beginner accounts), deterring new traders and increasing financial risk.
• Unrealistic Leverage: Offering leverage up to 1:200 (previously 1:500) exceeds safe limits for retail traders, increasing the risk of significant losses.
• Customer Service Complaints: Reports of delayed or unresponsive support suggest operational inefficiencies or intentional stalling.
• Auto Trading System: Claims of an auto trading system are concerning, as such systems are often used by scam brokers to lure inexperienced traders with promises of easy profits.
• Lack of Transparency: Limited information about security features, team background, or operational history reduces trust. Assessment: Multiple red flags, including withdrawal issues, a revoked CySEC license, high minimum deposits, and an auto trading system, indicate significant risks. These align with characteristics of problematic or potentially fraudulent brokers.

8. Website Content Analysis ¶

Analyzing the content of https://fxpn.by/ provides insight into transparency and professionalism:

• Trading Platforms: FXPN offers MetaTrader 4 (MT4), SIRIX, and Social Trading platforms, which are reputable and user-friendly. MT4 is widely trusted, and SIRIX offers one-click execution and social trading features.
• Trading Instruments: Includes forex, stocks, precious metals, commodities, indices, and cryptocurrencies, catering to diverse trading needs.
• Account Types: Silver, Gold, Platinum, and VIP accounts with varying commissions (e.g., 0.5% for Silver, 0.4% for Gold) and minimum deposits ($200-$50,000). The high minimums for advanced accounts may exclude smaller traders.
• Regulatory Claims: The website claims FSCA regulation (license 51545) and mentions the revoked CySEC license. Transparency about the CySEC status is positive, but the lack of top-tier regulation is a drawback.
• Risk Disclosures: The website includes standard risk warnings about forex and CFD trading, which is a regulatory requirement and a positive sign.
• Contact Information: Provides email ([email protected], [email protected]), phone, and a physical address in Minsk, Belarus. Transparent contact details are a good sign, but user complaints about responsiveness undermine this.
• Red Flags: Claims of an auto trading system and high leverage (1:200) may mislead inexperienced traders. The lack of detailed security or team information reduces credibility. Assessment: The website is professionally designed with standard features (e.g., MT4, risk disclosures), but claims of auto trading and high leverage are concerning. The lack of transparency about security and team details is a drawback.

9. Regulatory Status ¶

Regulatory oversight is a critical factor in assessing a broker’s legitimacy:

• FSCA (South Africa): FXPN is regulated by the FSCA (license 51545), a reputable but less stringent regulator compared to FCA, ASIC, or CySEC. FSCA oversight provides some protection but may not match the client protections of top-tier regulators.
• CySEC (Cyprus): FXPN voluntarily renounced its CySEC license (160/11), which is a significant red flag, as it reduces regulatory oversight in the EU. The revocation suggests potential issues with compliance or strategic withdrawal from stricter regulation.
• NBRB (Belarus): Some sources mention regulation by the National Bank of the Republic of Belarus (NBRB, license 193295922), but this is less relevant for international traders and offers limited client protection.
• Exclusions: FXPN is not permitted to operate in Belgium, possibly due to regulatory concerns, which raises questions about its broader compliance.
• Verification: The FSCA license can be verified through the FSCA’s website, but users should confirm the license’s active status and scope. The revoked CySEC license is a major concern, as it limits protections for EU-based traders. Assessment: FXPN’s FSCA regulation provides some legitimacy, but the revoked CySEC license and exclusion from Belgium are red flags. The regulatory framework is weaker than top-tier brokers, increasing risk for traders.

10. User Precautions ¶

To mitigate risks when considering FXPN, users should take the following precautions:

• Verify Regulation: Confirm the FSCA license (51545) directly with the FSCA and check for any warnings or restrictions. Avoid relying solely on website claims.
• Start Small: Begin with the minimum deposit ($200) to test the platform’s reliability, especially for withdrawals, before committing larger sums.
• Research Reviews: Check independent platforms like Forex Peace Army, WikiFX, and Trustpilot for updated user experiences. Pay attention to patterns of withdrawal or support issues.
• Test Customer Service: Contact support ([email protected] or phone) with questions to gauge responsiveness and professionalism. Unresponsive or vague replies are red flags.
• Avoid High Leverage: Be cautious with leverage (up to 1:200), as it amplifies losses. Use low leverage or demo accounts to minimize risk.
• Secure Accounts: Ensure the platform offers two-factor authentication (2FA) and use strong, unique passwords. Verify that funds are held in segregated accounts.
• Monitor Withdrawals: Request small withdrawals early to test the process. Document all transactions and communications in case of disputes.
• Report Issues: If problems arise, file complaints with the FSCA, FINRA, or local regulators. Report potential scams to authorities like the CFTC or SEC. Assessment: Users must approach FXPN with caution, verifying all claims, testing the platform with minimal funds, and maintaining detailed records. Independent research and regulatory checks are essential.

11. Potential Brand Confusion ¶

Brand confusion occurs when a broker’s name or branding resembles others, potentially misleading users:

• Similar Names: FXPN’s name is similar to other brokers like FXPig, FXCM, or FXPro, which could cause confusion. FXPig, for example, is regulated by the Vanuatu Financial Services Commission (VFSC) and has a different operational model.
• Domain Similarity: The .by domain (Belarus) is unusual for a global broker, as most use .com or country-specific domains like .co.uk. This could confuse users expecting a more standard domain.
• Marketing Practices: No evidence suggests FXPN intentionally mimics other brands, but the lack of a strong, unique online presence (e.g., limited social media) increases the risk of confusion with better-known brokers.
• User Impact: Inexperienced traders may mistake FXPN for a more established broker like FXPro, which is regulated by multiple top-tier authorities (FCA, CySEC). This could lead to misplaced trust. Assessment: FXPN’s name and .by domain may cause minor confusion with other brokers like FXPig or FXPro. Users should double-check the website (https://fxpn.by/) and regulatory details to avoid mistaking it for a different entity.

12. Overall Conclusion ¶

Leverate Capital Markets LLC, operating as FXPN (https://fxpn.by/), presents a mixed profile with significant risks:

• Strengths:
• Regulated by the FSCA (license 51545), providing some oversight.
• Long-standing domain (since 2005) suggests stability.
• Offers reputable platforms (MT4, SIRIX) and diverse trading instruments.
• Transparent contact details and risk disclosures on the website.
• Weaknesses:
• Revoked CySEC license reduces regulatory credibility.
• Multiple complaints about withdrawal delays and unresponsive support.
• High minimum deposits ($500 for Silver) and leverage (1:200) increase financial risk.
• Limited social media presence and transparency about security or team details.
• Auto trading system claims and exclusion from Belgium are concerning.
• Risk Level: Moderate to High. The combination of a revoked CySEC license, withdrawal complaints, and high-risk trading conditions outweighs the benefits of FSCA regulation and platform quality. The broker exhibits red flags consistent with problematic or potentially fraudulent operations.
• Recommendations:
• For Traders: Approach FXPN with extreme caution. Verify the FSCA license, start with a small deposit, and test withdrawals early. Use independent review platforms and regulatory databases (e.g., FSCA, FINRA) to monitor the broker’s status. Consider safer alternatives with top-tier regulation (e.g., FCA, ASIC).
• For Regulators: Investigate user complaints about withdrawals and the auto trading system to ensure compliance with FSCA standards.
• For FXPN: Address withdrawal complaints, enhance transparency (e.g., security details, team bios), and clarify the CySEC license revocation to rebuild trust. Users should prioritize brokers with stronger regulatory oversight, fewer complaints, and greater transparency to minimize risks in the volatile forex market.

Disclaimer: This analysis is based on publicly available information and does not constitute financial or investment advice. Forex trading carries high risks, and users should conduct their own due diligence before investing. Always verify regulatory credentials and consult a financial advisor.