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LiveMarkets Review - is it scam or safe?

LiveMarkets review - Is livemarkets.io scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz LiveMarkets
LiveMarkets is an offshore broker. Your money is not safe.

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LiveMarkets says to be a preferred destination for crypto currency investors and traders all over the world. The broker offers CFDs on a comprehensive selection of crypto coins like Bitcoin, Ethereum, Ripple and Litecoin with a choice of four account types, leverage of up o 1:40, a web based platform, and trading bonuses of up to 150%.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Basic Account $250

1:10

n/a
Silver Account $10 000 1:20 n/a
Gold Account $25 000 1:30 n/a
VIP Account $50 000 1:40 n/a

 

Unfortunately LiveMarkets is based offshore in the Commonwealth of Dominica and they are not regulated, as they should be, if they want to offer any kind of financial services on regulated markets like for example the European Union and the UK. So if you are considering whether to invest your funds with LiveMarkets, be sure to read the following review first.

 

LiveMarkets Advantages:

 

Acceptable minimum deposit requirement 

 

LiveMarkets requires a minimum deposit of 250 USD – basically the same amount as required by most other brokers – and this is the only positive aspect about their offer that we were able to discern. And beside, with some well known brokers like FBS and IG you will be able to open a trading account with just 5 USD or so.

 

LiveMarkets Disadvantages: 

 

No license

 

LiveMarkets is owned by Ventura Communication Ltd., an offshore company based in the Commonwealth of Dominica, but all payments are processed by Fostira OU, which is registered in Estonia. And as we already noted LiveMarkets does not have a license to offer any kind of financial services on regulated markets like the European Union, including the UK, the U.S., Canada, Australia or Japan.

 

Bear in mind that trading with properly regulated brokers is the only way to avoid getting scammed, while depositing any funds with unregulated, offshore websites like LiveMarkets is exactly how people get scammed.

 

So our best advise here is to trade only with brokers regulated by well known institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).  

 

Actually, trading with a FCA broker will even give you the protection of a client compensation fund, which basically will insure your trading account for up to 85 000 GBP. Here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses

 

LiveMarkets offers trading bonuses of up to 150%, and although at first glance this may seem attractive, in reality trading bonuses are just a trap. Bear in mind that trading bonuses in general are a highly controversial practice, which is banned on most regulated markets like the European Union altogether. The problem is that trading bonuses always come with strings attached, like some minimum trade volume requirement, too often used by scammers as a pretext to cancel your withdraw requests.

 

Unusual withdraw conditions and fees

 

If you have not traded for just 60 days LiveMarkets will charge you a 10% inactivity fee (but no less than 100 USD). This is not a usual practice. Legit brokers might charge you a dormant fee only after a year of inactivity. And LiveMarkets also says that if you request to withdraw profits of 30 USD or less you will be subjected to a 25 USD withdrawal fee. This is also highly unusual.

 

MetaTrader4 not supported

 

And this is yet another negative point. We are offered some unproven, web based platform that lacks many of the standard features readily available with classic trading solutions like the MetaTrader4. You can see the LiveMarkets platform here:

 

 

For example we miss the option to run automated trading sessions – something quite easily achievable on a MT4 with the help of specially designed trading robots and lots of customizable market indicators. And the platform also comes with a fine set of advanced charting tools, so here you may check as well our list of brokers, which support MetaTrader4:

 

>>MT4 Brokers<<

 

Skrill not accepted as payment method

 

We understand that LiveMarkets accepts payments with bitcoins and some credit cards like VISA and MasterCard, but not Skrill, and that is notable because of the new anti scam policy of the money money transfer company. According to it Skrill partners only with properly regulated brokers, and as we already mentioned  LiveMarkets is a unregulated, offshore broker. And here you can always check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Conclusion:

 

LiveMarkets is a low credibility, unregulated, offshore broker, which we can not recommend for obvious reasons. And because proper regulation is the single most important factor for the safety of your funds, once again we will repeat our usual advise to trade only with brokers regulated by well respected financial watchdogs like the FCA in the UK, CySEC in Cyprus or ASIC in Australia – the three most popular regulatory hubs in the industry.

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Traders` reviews for LiveMarkets

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Price feed

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Platform

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Customer service

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Scammed by Livemarkets.io

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.

Mikele 12/19/2019
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