LiveMarkets.io Review: Is Live Markets a Scam? - Topedgefx.com

LiveMarkets.io Review: Is Live Markets a Scam?

LiveMarkets.io is a broker that offers a variety of Cryptocurrencies for trading.

They claim that LiveMarkets has become the preferred destination for Crypto investors and traders from across the world.

The broker boasts of power, efficiency, security and cost-friendliness which is their greatest selling point.

Live Markets offers Crypto CFDs for trading which includes altcoins and mainstream ones like Bitcoin, Ethereum, Ripple and Litecoin.

The broker offers 4 types of trading accounts to its clients. Their features are listed below:

Basic Account: Minimum deposit: $250

Spread: Not disclosed

Account Manager: Yes

Trading Bonus: 50%

Silver Account: Minimum Deposit: $10,000

Leverage: 1:20

Spread: Not disclosed

Senior Account Manager: Yes

Trading Bonus: 75%

Technical education: Yes

Gold Account: Minimum Deposit: $25,000

Leverage: 1:30

Spread: Not disclosed

Executive Account Manager: Yes

Trading Bonus: 100%

Technical and fundamental education: Yes

VIP Account: Minimum Deposit: $50,000

Leverage: 1:40

Spread: Not disclosed

VIP Account Manager: Yes

Trading Bonus: 150%

Technical and fundamental education: Yes

Daily trades: Yes

It is quite unfortunate that Live Markets is operating with a regulator’s authorization.

Secondly, they are operating business out of the Commonwealth of Dominica, which is an offshore region.

Since LiveMarkets.io is offering its services or at least targeting clients residing in UK and the European Union in general, they should consider applying for a license from the respective financial organizations.

Therefore, based on this disadvantage, traders should think twice before they can put any money into the account of this broker.

There are lots of unregulated brokers showing up on the internet lately.

These include brokers such as Blue Sail Trading, BinBull, FastTradeOptions and many more. As a rule of thumb, you should generally avoid such brokers.

LiveMarkets.io Review

This broker claims to be owned and operated by a company known as Ventura Communication Ltd.

Traders can call them on this phone number +3726991469 or reach their support through support@livemarkets.io.

In as much as this broker claims to be providing a lot of benefits to traders and investors in general, we feel that the disadvantages far out-way the advantages.

LiveMarkets.io review

The only supposed advantage offered by LiveMarkets Crypto broker is that they have a minimum deposit of $250.

This is fair considering that some brokers have a minimum of $500 which might not be ideal for traders who don’t want to risk much upfront.

They claim that their trading platform is fully encrypted and that they’re offering fast and accurate execution.

These claims are hard to verify unless we sign up and try their services. Unfortunately, we don’t see any link that allows us to create a demo account.

Why you might not want to invest with LiveMarkets.io

The first thing you’ll notice is that this broker is offering a strange trading platform which is different from the usual MT4 or cTrader platforms.

The latter are preferred to in-house trading platforms provided by some of these brokers.

MT4 is currently the most popular trading platform for Forex pairs, stocks and other assets which also includes Cryptocurrencies.

The reason most traders love it is because it is robust and compatible with hundreds (if not thousands of trading indicators and software).

Some of the products we’ve recommended here for Forex traders are actually used on the MT4 trading platform but can’t be used on trading platforms found with brokers such as LiveMarkets.io.

Illegal bonuses

Their most expensive account to open is promising a trading bonus of 150%.

This can seem exciting to most newbie traders but people should also know that trading bonuses are just a trap.

They are illegal in EU and brokers who are regulated don’t offer such bonuses to their clients because they are also highly controversial.

If Live Markets broker is offering these bonuses, one stands a chance of being tricked to lose their investments.

Unfavorable withdrawal conditions and fees

Live Markets charges 10% which they call “inactivity fees”.

This is not how legit brokers behave towards accounts that have run dormant.

In fact, most brokers don’t charge such fees at all but even if a broker decides to charge a fee on your account for lack of activity, they’ll do it only after a year of not trading.

Therefore, this is a weird practice which is meant to steal from traders instead of making them prosper.

Another issue with Live Markets is that if traders withdraw $30 or less, they’ll be charged a fee of $25.

That means a trader withdrawing $30 will end up with $5 in their pocket.

This is not a common practice and traders should take note before they ever invest with a broker like Live Markets.

LiveMarkets.io review: the broker isn’t regulated

The reason this broker can afford to charge such fees is because they’re unregulated and not accountable to any financial regulator.

You should expect such disadvantages from an offshore broker who is unregulated. They are always not credible.

When a broker is regulated, it means safety of their customers’ funds. If they are not, the broker can decide to close down and run away with funds.

They can’t be traced and certainly the less fortunate client will lose all their investments.

If you want to trade with a broker registered in the UK, they must be regulated by the FCA.

If this broker is based in Cyprus, make sure they are regulated by the Cysec.

If they’re operating out of Australia, there is ASIC which is also a popular regulator in the region.

Any broker who avoids regulations is definitely hiding something.

Conclusion

There’s no way an unregulated broker like LiveMarkets.io can be trusted.

Their trading conditions are not good and details such as spreads have not been disclosed.

An offshore broker is most of the time a No unless they convince us otherwise.

And with the weird fees that LiveMarkets charges, one is justified to shun this broker at all cost.

Thanks for reading this LiveMarkets.io review.

Let’s read your comments below this review.

6 Comments

  1. Mikele December 18, 2019
  2. Mikele December 20, 2019
  3. Albert Gunnar December 22, 2019
    • TopedgeFX Team December 22, 2019
  4. Naser Si Gugle January 23, 2020
  5. Naser Si Gugle January 31, 2020

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