Librapros – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Librapros- DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://librapros.com
Founded: 2022
Regulations: Unregulated
Languages: English
Deposit Methods: Unknown
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Cryptocurrencies, Forex
Trading Accounts and Conditions
There is absolutely no information anywhere on Librapros’ website with regard to the types of trading accounts they may have or even the trading conditions they have set.
Thus, we cannot give you basic information such as the minimum deposit requirement, spreads, leverage ratios, order execution methods, commissions, fees and other conditions necessary for fair trade.
Librapros – Advantages
There are no advantages to trading with Librapros.
Librapros – Disadvantages
After reviewing Librapros, we can say for certain that this broker is a scammer. Here are all the reasons why we have reached this conclusion:
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Lack of Regulation
The first thing that tells us that Librapros is a scammer is the fact that this broker is not regulated in any way.
Legally authorized brokers provide every possible detail to prove that they are legitimate. This means providing complete corporate information, as well as their licensing and registration details.
With Librapros, there is no information at all. We do not know the name of the company that operates and owns this website. We also do not know where this broker or their parent company is located. And we definitely do not have any information about their regulation status.
The only hint we get about where this broker may be located is from their Terms and Conditions section, where Librapros mentions that their clients should familiarize themselves about the regulations of St. Vincent and the Grenadines (SVG).
This could mean that Librapros is an offshore broker (but we do not have any confirmation on that snippet of information). Either way, being based in SVG means nothing, since the SVG FSA (St. Vincent and the Grenadines’ Financial Services Authority) has announced clearly that they do not regulate forex and binary options brokers.
To add to the confusion is another reference to another jurisdiction – Bulgaria. In another section of their Terms and Conditions, Librapros states that users need to be above the age of 18 and be legally allowed to use their website under Bulgarian laws!
The Bulgarian FSA (Financial Supervision Authority) does regulate forex brokers, however, when we checked their online database, we did not find any broker or company by this name listed with them.
Everything we have checked with regard to Librapros regulation status tells us clearly that we are dealing with an anonymous and unregulated broker. Which means that this broker is a scammer and dealing with them would not be a good idea.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Access to Trading Software
On their website, Librapros states that they have a web-based trading software. With most legitimate brokers, once you register for an account with them, you will be able to access their trading software. In fact, most legitimate brokers also offer demo accounts where you can test their trading conditions without registering first.
With this broker, despite registering with them, we could not find any trace of their so-called web-based trading software. In fact, we could not even find a download link or button anywhere on their website.
This leads us to believe that Librapros doesn’t really have any trading software at all!
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AnyDesk and TeamViewer Required
Another huge red flag that warns us that this broker is not honest is the fact that Librapros requires you to download AnyDesk and/or TeamViewer. These two are apps that allow you to access your computer remotely from anywhere in the world.
Scammers get their clients to download these apps under the pretext of offering them remote technical support. However, once this app is installed on your computer or phone, that scam broker has access to your devices – and all the data on them. Which makes you extremely vulnerable; your banking information as well as personal information is theirs to take.
This is why we strongly advise all traders never to do business with a broker if they ask you to download suspicious software such as these apps.
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Issues with Trading Accounts / Trading Conditions
Legitimate brokers offer their clients multiple types of trading accounts – each designed to cater to the experience levels and risk appetites of their clients. With Librapros, there seems to be a single, one-size-fits-all trading account.
Furthermore, this broker has not even bothered with specifying what their trading conditions are. We have no idea how much you are supposed to deposit to open an account with them. We do not know what the cost of trading – spreads – is. We also do not know what the risk levels (leverages) are. And we also do not have any information on the other fees, commissions or charges that this broker may impose on you for doing business with them.
This complete lack of any relevant information tells us that we are dealing with a scammer.
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No Information on Funding Methods
Librapros does not even provide any information on their funding methods. And we failed to find out for ourselves too, since the deposit menu simply offered up an error message every time we tried to check.
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Lack of Clarity on Assets Offered
Librapros is not clear at all about the types of assets they offer to their clients for trading. The broker claims to be a world-class broker offering forex, CFDs and cryptocurrencies, however, on their homepage, the only thing that Librapros talks about is Bitcoin – not even other cryptocurrencies.
All the information on their website centers around Bitcoin – with only a few references to other asset classes.
Conclusion
After having reviewed Librapros thoroughly, we can say with complete confidence that this broker is not safe to do business with. This is a broker that you need to avoid if you wish to keep your funds.
Librapros
Pros
- None
Cons
- Lack of Regulation
- No Access to Trading Software
- AnyDesk and TeamViewer Required
- Issues with Trading Accounts / Trading Conditions
- No Information on Funding Methods
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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