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Liberty Reserve's Shutdown: Forex Brokers' Reactions

May 28 2013

Yesterday we reported on the Liberty Reserve, the popular e-wallet, being shut down after its owner's arrest in Spain last Friday, and we wondered how would this impact the forex industry. We  must have not been the only ones as today some of the brokers who offered Liberty Reserve as a payment option came up with official statements. 

One thing is for sure – Liberty Reserve is removed from all the deposit/withdrawal pages of brokers. Some of the companies were very concise and to-the-point. FxNet for example didn't release any official details, however a representative of the broker assured us that if a Liberty Reserve depositor requested a withdrawal, it will be processed through another convenient payment option. 
With this current debacle and the overall state of the global forex industry, I see a clear trend emerging: that of using only licensed payment methods as a way of increasing the general public's trust in forex, as well as of offering better investor protection. 
Below is the official information published by some brokers earlier today. 


Dear traders!
Due to the fact that Liberty Reserve payment system is still not available, financial operations through this payment system are not processed.
All the deposits made via Liberty Reserve are safe and stored on FBS segregated bank accounts. If you deposited your FBS trading account via Liberty Reserve, you may easily withdraw your funds any time using the following options:
- Webmoney (amounts from 1 to 100 USD)
- Moneybookers (amounts from 1 to 100 USD)
- Bank Wire Transfer in USD (over 100 USD)
- Local Bank Transfer in IDR (any amount)
Please note that all customers’ deposits are safe and available to be withdrawn any time. You may also continue your trading using your accounts which were deposited through Liberty Reserve payment system. Present withdrawal conditions will be invariable.
You may also deposit your account using any other most convenient payment option.


Dear Clients and Partners!
We’re informing you that starting May 24th, 2013, Liberty Reserve electronic payment system has been experiencing serious technical difficulties:
- The company’s official website is unavailable.
- All operations are suspended.
As of today, we’ve disabled funds transfer via Liberty Reserve payment system in your Live Account. We will enable depositing and withdrawal as soon as the payment system resumes its operations. Until then, we suggest you use other payment systems, which are available in Deposit/Withdrawal section.
We are very sorry for inconveniences.


We regret to inform our clients that due to circumstances beyond our control we will no longer be able to cooperate with Liberty Reserve payment processor.
Clients who deposited via Liberty Reserve will have to make a withdrawal via another payment system or to a bank account.
If you have any questions or need assistance, please contact us via LIVE CHAT or send an email to 


Dear clients and partners!
We inform you that the electronic payment system Liberty Reserve has serious technical problems from 05/24/2013 till the current moment (the official website is not available, the service does not work), that leads to the partial or full blockage of deposit/withdrawal operations from trading accounts of our clients via this payment system.
In view of the fact that we do not exclude the possibility of prolongation of maintenance works in Liberty Reserve, our company strongly recommends to all of our clients, that used Liberty Reserve earlier, to withdraw funds via bank transfers and use any other payment systems, available on our official website for depositing the trading accounts.


Dear Client,  
The Liberty Reserve money transfer gateway is currently unavailable due to reasons that are still unclear. Therefore this method will be unavailable for Deposit or Withdrawal operations until further notice.
Clients who used Liberty Reserve in order to deposit into a HotForex account will now have the option to withdraw funds via the GlobePay, Moneybookers or Webmoney money transfer gateways.
IMPORTANT NOTE: For withdrawals to be possible, the name on the HotForex trading account needs to match the name of the money transfer gateway. Therefore, clients who do not have an account with any of the above money transfer gateways will need to open an account with them under their own name.
For any questions please send us an email to
Best Regards,
The HotForex Management


TAGS: Liberty Reserve  online payments  fraud  scam  forex broker  investor protection 
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