Live Markets – Can It be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Trade - DO NOT TRADE WITH THIS PROVIDER
3.1/10
$100
Minimum Depositupdated 2020
Live Markets seems to be using an in-house trading platform rather than the more popular and reliable MT4 or even cTrader platforms.
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://livemarkets.io/
Founded: 2019
Regulations: Unregulated
Languages: English
Deposit Methods: Bank Wire, Debit/Credit Card, E-Wallet
Minimum Deposit: $250 for Basic Account, $10,000 for Silver Account, $25,000 for Gold Account, $50,000 for VIP Account.
Free Demo Account: N/A
Number of Assets: N/A
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
Live Markets seems to be using an in-house trading platform rather than the more popular and reliable MT4 or even cTrader platforms.
The broker has 4 different accounts on offer:
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Basic Account:
This account type offers you a $250 to $10,000 trading range, with a 1:10 leverage. You also have access to an account manager, and you get a 50% trading bonus. Another benefit offered with this account type is a detailed walkthrough of the Live Market’s trading platform.
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Silver Account:
This Silver Account has a trading range of $10,000 to $25,000 and a 1:20 leverage. You get access to a senior account manager as well as a 75% trading bonus. Besides the walkthrough, you also get technical education on how to trade in cryptocurrencies.
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Gold Account:
The Gold Account has a trading deposit of between $25,000 and $50,000, a 1:30 leverage, and a 100% trading bonus. Your account is managed by an Executive Account Manager, you can make daily trades, and not just of cryptocurrencies, and you get technical as well as fundamental education.
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VIP Account:
With a VIP Account, you need to have a minimum deposit of $50,000. You get a 1:40 leverage, and a VIP Account Manager handles your account. You get a 150% trading bonus, access to daily trades and are given technical and fundamental education.
Live Markets Trading Advantages
This broker seems to have only a few advantages:
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Low Minimum Deposit:
The minimum deposit with this broker is just $250, which is quite reasonable as there are many brokers that will not allow less than a $500 minimum deposit.
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Fully Encrypted Trading Platform:
Live Markets claims that it has a fully encrypted platform and that they offer fast as well as accurate execution of trades. This implies a level of safety for users that is a plus.
Live Markets Trading Disadvantages
The disadvantages seem to outweigh the advantages by a long shot for this broker:
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Lack of Regulation
The biggest issue that Live Markets has is that it is not regulated. Live Markets claims that its parent company, Ventura Communication Ltd., is registered as per the laws of the Commonwealth of Dominica.
The thing is, while Dominica is known to regulate banks and some non-banking entities, it does not regulate CFD and Forex brokers. What this means, in effect, is that this broker is not regulated.
A lack of regulation means that your money is seriously at risk. When a broker is regulated it is bound by laws which protect your interests as a consumer. When a broker is unregulated, they could close shop overnight and do away with all your money and you would not be able to do a thing about it.
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 Demo Account:
The broker’s claims of safety, accuracy and speed cannot be verified because there doesn’t seem to be any demo account available on its platform. So, the only way you will find out is by creating a live account.
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Trading Platform
Live Markets does not offer either the cTrader or MT4 trading platforms. Both these platforms are known for their ease of use and performance. In fact, the MetaTrader 4 (and 5) is considered one of the best trading platforms in the world because it is so user-friendly, reliable and has numerous charting tools, trading bots and market indicators.
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Illegal Bonuses
The VIP Account that Live Markets offers gives its customers a 150% trading bonus. This is a huge hook for many inexperienced traders, but what you need to realize is that such bonuses are actually illegal in the European Union as well as other parts of the world.
Regulated and reliable brokers do not offer such bonuses to their clients due to controversy surrounding them. So, if Live Markets is offering such bonuses, it actually raises a big red flag about the legitimacy of the broker.
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Unfair Terms and Conditions
When you go through the terms and conditions on Live Markets in detail, you will realize that they are not customer friendly.
For example, the broker has something called an inactivity fee, and it is 10% of the amount you have deposited in your account!
Legitimate brokers do not charge fees on dormant accounts. And those that do, only charge such fees if an account has been dormant for more than a year.
Another strange rule that Live Markets has is that if you withdraw less than $30 from your account, you will need to pay a withdrawal fees of $25. Which means that you will end up with less than $5 dollars in your pocket!
Overall, Live Markets has too many disadvantages, which makes it an untrustworthy broker, one in which you should invest your money. If you do, you could end up losing all you invest with this broker.
Live Markets
Pros
- Low minimum deposit of $250 for a basic account
- Claims that trading platform is fully encrypted
Cons
- Not regulated
- No Demo Account
- In-house trading platform
- Illegal bonuses
- Unfair terms and conditions
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.
1 comment
I wish someone warned me about livemarkets. They refused to grant me withdrawals for a year and they were fund of asking for more money. I reported them to the police and they closed my account. The police did nothing to help me get back my money, just be careful, don’t be as stupid as me.