LiveMarkets Review – Is LiveMarkets.io Safe or Scam?

LiveMarkets.io states on their website to be the best place for cryptocurrency traders and investors across the globe. The trading platform offers CFDs on selected cryptocoins like BTC, ETH, XRP and LTC with options of four types of accounts offering leverage up to 1:40 and trading bonuses up till 150%.

The basic account type requires a minimum deposit of $250, while the silver account needs a minimum deposit of $10,000. There is a gold account with minimum deposit of $25000 and a VIP account with minimum deposit of $50,000.

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Being based on the Commonwealth of Dominica, they aren’t regulated and hence they cannot offer any type of fiscal services on regulated markets of UK and European Union. So, before thinking of investing your funds with LiveMarket, make sure you go through these points:

Advantages of LiveMarkets

Accepts min. deposit

LiveMarkets requires a lowest deposit of $250 which basically the same as the other brokers and this is the only positive point about this broker. But other brokers like IG and FBS offer a trading account with just $5 or so.

Disadvantges of LiveMarkets

Not licensed

A Ventura Communication Ltd. Part, LiveMarkets is an offshore company established in the Commonwealth of Dominica, but its payments are done through Fostira OU. It is not licensed to render monetary services in the regulated markets.

One should remember here that trading with a well-regulated broker is the best way to avoid getting scammed. So, it is advisable that you choose a broker which is regulated by Financial Conduct Authority or Cyprus Securities and Exchange Commission or Australian Securities and Investment Commission.

Trading bonuses

The broker offers trading bonuses up to 150%. Though it may appear attractive firstly, but in reality, it is a trap. Trading bonuses involve controversial practices which are banned in the regulated markets. Trading bonuses have loose strings attached like requirement of minimum trade volume, minimum withdrawal amount etc.

Unusual withdrawal fees and regulations

If you haven’t traded for 60 days on LiveMarkets, it will charge you 10% of inactivity fee. That’s not right. Most brokers charge you this fee after a year of inactivity. If you request for profit withdrawal, you will charge $25 as withdrawal fee.

It doesn’t support MetaTrader4

This is the biggest drawback. The platform doesn’t support MetaTrader4. It offers a web based platform which lacks a lot of standard features.

It doesn’t accept Skrill payments

LiveMarkets accepts payments via Bitcoins and credit cards like MasterCard and Visa but doesn’t accept Skrill. It may be because Skrill only partners with regulated brokers and LiveMarkets is an unregulated broker.

Verdict

So, all in all, LiveMarkets is an unregulated, poor credit, offshore broker which cannot be recommended to traders for known reasons. As proper regulation is a major factor you should consider for the safety of their funds, hence a broker as unreliable as LiveMarkets cannot be trusted. Only choose brokers which are regulated by FCA in the United Kingdom, ASIC in Australia and CySEC in Cyprus as a trading platform for the safety of your funds and better trading experience.

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One comment

  1. I just wanted to write something here as one of the people these guys try to scam or already succeeded to do that.

    I have deposited some money even before checking on the web about any possible scams and review (my fault)

    So how they work, they assign an account manager to you that is telling you all sweet stories about trading profits and bonuses. Of curse I never accepted any bonuses because the document they sent was unclear about what exactly happens with my money if I sign up for bonus.

    I was trading for few days and it was all going as it should, some profits were earned so my account manager asked for another deposit and explained how that is good way to earn more money. It seemed like something I could do but of course not the amount they requested, I invested another $250 and again refused any bonuses.

    My account manager said that’s ok, let’s continue trading and we made around $1000 in 10 days.

    Than one day a guy from their company that is trading within their “Trading Academy” called me and said all the details about my trading history and said he talked to my account manager and that they both agree we can stat with larger amount for trades. I said ok, so I did put few trades as he suggested but in 20 minutes I lost $850. He really said this “shit we need to do damage control” and I asked what that is in this case, so he responded that a guy from that department for damage control will call me.

    He did call me in an hour and said I need to deposit another $1000 and they will give me a bonus of $2000 so we can trade and get my money back.

    I said no way I will deposit any more money and I want to continue trading on my own. They said ok.

    So I was trading for few weeks and started earning money. , got to $1200 from $250 by my self. Today I received a call that I have made several trades as “scalping” (opened and closed withing 5 minute period) and they said that is forbidden. So now, some other guy called me and said he will be responsible for my account.

    When I told him I want to withdraw my money he said I will call you back. Hi did call me back in 10 minutes and said that it is my money but they can not allow me to withdraw because of that scalping. So, they gave me 2 options, either to suspend my account or they give me a bonus to continue trading for few weeks and than I could withdraw my money.

    Once again I asked if that money is mine why I can not withdraw and got the same answer, because I did several trades as scalping.

    When I said I need everything in writing (email) for whatever they are allowing or not allowing along with that blackmail to accept a bonus, that guy said someone from compliance team will contact me and explain everything. I said ok, I need to have all that in email for proof so my lawyer can check everything before I continue doing anything with them. I haven been contacted yet, it’s been 10 hours now.

    AVOID this platform, most probably you will loose your money. You will be called constantly fro more deposits, on purpose loosing money so someone can do damage control and ask even more money.

    I hope I helped someone not to make mistake I did and loose money.

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