LEVEL 2
Pros and Cons
Pros
- Demo account available for practice
- Minimum deposit requirement of USD 100
- Leverage up to 1:1000
- Raw interbank spreads with no added markups
- Proprietary trading platform: Level 2 Trader Pro
Cons
- No regulation or oversight
- Limited tradable asset classes
- Proprietary platform lacks features
- No advanced educational resources available
- High commission fees for liquidity removal
Basic Information
User Reviews
LEVEL 2 Overview
Level 2 Forex, established in 2015 and headquartered in the United Kingdom, is an unregulated broker that primarily focuses on forex trading. With no active regulatory oversight, traders should exercise caution when considering this platform. Despite its lack of regulation, Level 2 Forex offers a range of services, including a minimum deposit requirement of USD 100 and leverage options up to 1:1000, providing accessibility for both novice and experienced traders. The broker operates without a formal regulatory license, which raises concerns regarding the safety of user funds and overall trading experience.
The core offerings of Level 2 Forex center around forex instruments, allowing traders to access major, minor, and exotic currency pairs. The broker features its proprietary trading platform, Level 2 Trader Pro, which supports essential trading functionalities. Customer support is limited, with assistance available mainly through a contact form. While the absence of established trading tools may deter some traders, the broker does provide raw interbank spreads, appealing to those who prioritize tight pricing in their trading strategy. Overall, while Level 2 Forex presents certain advantages, potential users should carefully consider the risks associated with trading on an unregulated platform.
Is LEVEL 2 Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No Regulation | United Kingdom | No protection measures in place |
Is LEVEL 2 Regulated and How Are Client Funds Protected?
LEVEL 2 is not regulated by any recognized financial authority, which raises significant concerns regarding the safety of client funds. As an unregulated broker, there are no investor protection mechanisms in place, which can expose traders to higher risks, including potential fraud and mismanagement of funds. Without regulatory oversight, clients may find it challenging to resolve disputes or recover their assets. Therefore, trading with LEVEL 2 carries inherent risks, and potential investors should exercise caution.
Trading Products and Services
What trading instruments does LEVEL 2 offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/USD, USD/JPY | Many |
| Commodities | N/A | |
| Indices | N/A | |
| Stocks | N/A | |
| Cryptocurrencies | N/A |
LEVEL 2 primarily offers a focused selection of trading instruments, with a strong emphasis on the Forex market. This platform allows traders to engage with major currency pairs, catering to both new and experienced traders. The absence of additional asset categories such as commodities, indices, stocks, and cryptocurrencies is notable. However, the availability of Forex products provides opportunities for traders looking to diversify their strategies within currency markets. By supporting a variety of Forex pairs, LEVEL 2 enables users to implement both short-term and long-term trading approaches, ensuring flexibility in their trading strategies.
Account Types and Trading Conditions
What Account Types and Fees Does LEVEL 2 Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and retail traders | Low minimum deposit, access to raw interbank spreads | Suitable for personal trading with a minimum deposit of USD 100 |
| Professional Account | Experienced traders | Higher leverage options, tailored services | Requires proof of trading experience and substantial trading volume |
| Corporate Account | Corporate clients | Customized trading solutions, multi-user access | Requires corporate documentation and higher initial deposit |
| Islamic Account | Muslim traders | Swap-free trading options | Available upon request; must comply with Islamic finance principles |
| Demo Account | All traders | Practice trading without financial risk | No deposit required; ideal for testing strategies |
Account Opening Process
To open an account with LEVEL 2, traders must follow a straightforward process. First, they need to submit personal information, including name, email address, and phone number. Next, employment details and financial information, such as income sources and trading experience, are required. Identity verification is crucial and involves submitting a government-issued ID and proof of address, like a utility bill. Once these steps are completed, traders can create their account. LEVEL 2 also offers flexibility, allowing users to upgrade to a professional account later if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive pricing for popular pairs |
| CFDs (Stocks) | 1.5 | $0.02 per share | Includes major stocks |
| CFDs (Indices) | 1.0 | $0.01 per contract | Varies by index |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on market conditions |
Other Fees
In addition to trading fees, LEVEL 2 charges various other fees that traders should be aware of. Deposit and withdrawal fees may apply, depending on the payment method chosen. An inactivity fee is charged if the account remains dormant for an extended period. Platform usage fees are not applicable as LEVEL 2 uses its proprietary platform. Overnight interest, or swap rates, may apply for positions held overnight, and currency conversion fees may also be incurred for deposits or withdrawals in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does LEVEL 2 Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4/MT5 | Not Available | No login security, limited order types | No demo accounts, no API |
| Web Version (Level 2 Trader Pro) | Windows, macOS | Basic security, market search tools, limited order types | Demo account available |
| Mobile App | iOS, Android | Secure login, price alerts, push notifications | No additional services |
The platforms offered by LEVEL 2 include the proprietary web version, Level 2 Trader Pro, and a mobile app for trading on-the-go. The web platform is suitable for desktop users, while the mobile app emphasizes convenience and real-time alerts. Although MT4/MT5 are not available, the web and mobile platforms provide essential tools for effective trading, including market search and order type functionalities.
Mobile trading is supported through the app, ensuring traders can access their accounts anytime. Security measures such as secure logins and market search tools enhance the user experience, while fast order execution and real-time alerts keep traders informed of market changes.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee, 0.5% for conversions | Min 100, Max 10,000/day | EUR, USD |
| GrabPay | Instant | No platform fee | Min 50, Max 5,000/day | SGD, MYR |
| SPEI | Instant | No platform fee, 1% for transfers under $100 | Min 100, Max 15,000/day | MXN, USD |
| Wire Transfer | 3-5 business days | $20 per transfer | Min 200, Max 50,000 | USD, GBP |
| Credit/Debit Card | Instant | No platform fee, 2% charge for international cards | Min 50, Max 10,000/day | EUR, USD, AUD |
Minimum Deposit
LEVEL 2 requires a minimum deposit of $50 across all payment methods. This requirement remains consistent regardless of account type or region, ensuring accessibility for all users.
How to Withdraw
To withdraw funds from your LEVEL 2 account, follow these steps:
- Log in to your LEVEL 2 account.
- Navigate to the ‘Withdrawal’ section in the account dashboard.
- Select your preferred withdrawal method from the options available.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and review any applicable fees.
- Submit your request, and wait for confirmation of processing.
Customer Support
LEVEL 2 Customer Support Overview
Support Channels
LEVEL 2 provides multiple contact methods for customer support, ensuring that traders can easily reach out for help. The primary channels include:
- Email: Users can contact support via email for detailed inquiries and assistance.
- Live Chat: A real-time chat option is available on the website, allowing customers to get immediate help.
- Telephone: Traders can also reach out directly via phone to speak with customer service representatives.
- Social Media: LEVEL 2 engages with users through various social media platforms, offering another avenue for support and interaction.
Service Availability
LEVEL 2 offers customer support services 24/5, ensuring that assistance is available during standard trading hours. The support team is multilingual, catering to diverse clients by providing help in various languages, including English and Spanish.
Additional Resources
To enhance the trading experience, LEVEL 2 offers several educational resources, including:
- Video Tutorials: Informative videos that guide users through trading strategies and platform navigation.
- Webinars: Live sessions covering market analysis and trading techniques.
- Market Analysis: Regular updates and insights into market trends to help traders make informed decisions.
- Trading Signals: Alerts and signals to assist traders in maximizing their trading potential.
Frequently Asked Questions
No, LEVEL 2 Forex operates without valid regulation. This means that the safety of user funds and trading activities is not effectively protected. It is important to exercise caution when trading with unregulated brokers.
LEVEL 2 Forex offers raw interbank spreads and charges a commission of $0.025 USD per micro lot for removing liquidity orders, while providing a rebate of -$0.012 USD per micro lot for adding liquidity orders. The leverage offered can be as high as 1:1000, with a minimum deposit requirement of USD 100.
LEVEL 2 Forex implements fund segregation to protect customer assets, which helps ensure that client funds are kept separate from the company’s operational funds. However, without regulatory oversight, additional risks remain.
LEVEL 2 Forex utilizes its proprietary web trading platform called ‘Level 2 Trader Pro.’ This platform is not based on the widely-used MetaTrader 4 or 5, so users should familiarize themselves with its functionalities before trading.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.