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DineroLibre Review - is it scam or safe?

DineroLibre Review - is dinerolibre.com scam or good forex broker?

RATING: 1 / 1 REVIEWS DineroLibre
DineroLibre is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account types Minimum deposit Max. leverage Avg. Spread (& Commission)
Broker $250 1:300 Above 4 pips
Signals $2000  1:300 N/A
Autotrading $5000 1:300 N/A


DineroLibre offers the above account types, however fails to mention essential trading information, such as the costs of trading, leverage provided, etc. Instead, the broker has mentioned some unrealistic profitability percentages for each of the account types, which is very unprofessional.

 

 

DineroLibre Advantages

 

Solid number of assets covered

This is the only good thing we could think of regarding DineroLibre. The broker offers trading in more than 20 currency pairs, silver, gold, and the most popular cryptocurrencies (in the form of CFDs). The latter include Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin. Although most brokers also offer CFDs on indices and some stocks, the product portfolio of DineroLibre is still solid.

 

Yet, we feel obliged to say that trading in volatile assets such as cryptocurrencies with a unregulated broker is very risky.

 

 

>> Trade Bitcoin with a licensed broker <<

 

 

DineroLibre Disadvantages

 

Not regulated, corporate situation unclear

According to the information at the bottom of DineroLibre’s homepage, it is operated by Plan B Services Ltd., a company headquartered in Sofia, Bulgaria. However, the broker’s Terms and Conditions features the name of another company B&K investment, located in Saint Kitts and Nevis also known as the Federation of Saint Christopher and Nevis, an island country in the West Indies.

 

Whichever the entity behind DineroLibre, it is not regulated and not to be trusted.

 

 

MT4 not available

This broker does not support the most popular forex trading platform, MetaTrader 4 (MT4). Instead, it offers its services via a clunky web-based based interface that resembles one of the most popular binary options platform, SpotOPtion. It is very basic, lacking any advanced features, such as technical analysis indicators, automated trading, etc.

 

 

 

>> Top MT4 brokers <<

 

 

Unrealistic profits promised

Promising high profits is a marketing trick used by many brokerages. DineroLibre claims that its clients’ profitability reaches 110% on the most basic account. If you are not acquainted with the forex industry, you might be tempted, but it is actually most likely that you lose 110% of your initial investments.

 

A recent survey on the profitability of European forex brokers (who are now obliged to announce the percentage of winning and losing trades of their clients) shows that between 64% and 86% of the traders lose. Do keep in mind that only reputable and regulated brokers took part in the survey.

 

High spreads

We had to open a live account with DineroLibre (without depositing) in order to be able to see its spreads, as it does not offer a free testing service. It turned out that its spreads on EUR/USD are at least double the size of the average for the industry, around 4.2 pips. Most forex brokers offer spread in the range of 1.0 – 1.5 pips for this pair.

 

Special conditions for withdrawals

Another unpleasant thing that we noticed on DineroLibre’s website is that the broker applies additional conditions to withdrawals, which, by the way, can take up to 7 business days (for the most basic Broker account). First, traders cannot withdraw prior to making at least 15 trades. Second, a fee of $25 applies to each withdrawal, and there is also a fee for those who wish to close their account - $50. On top of that, withdrawals are capped to $2000 per month.

 

 

Conclusion

 

Although it may sound like a Spanish broker, DineroLibre (meaning “Free Money“ in Spanish) seems more like a shady brokerage operating out of Bulgaria and registered on some island with beautiful beaches and no regulation for financial services providers.

 

On top of that, the trading conditions of DineroLibre offers are not attractive either – very high fixed spreads, trading on some unproven web platform with no analytics. Considering the above, we suggest that you sign up with a forex broker with transperent offering and sound financial regulation. One of the most popular jurisdictions for forex brokers in Europe is Cyprus.

 

 

>> Best CySEC-regulated brokers <<

 

To sum up the above:

 

Pros Cons
Solid number of assets covered Registered offshore
  MT4 not supported
  Special conditions for withdrawals
  Unrealistic promises
  High spreads

 

Latest news about DineroLibre
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Traders` reviews for DineroLibre

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Scam

They may actually be based in Israel - but, a Ukrainian guy now owns the operation. Yes, they are a total scam. The trading platform is actually fictitious. It is not real.

Pablo Langosta 10/24/2018
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