LiveFxTm.com – Are They a Scam?

Website URL: https://livefxtm.com

Founded: 2020

Regulations: Unregulated

Languages: English

Deposit Methods: Unknown

Minimum Deposit: Unknown

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Unknown

Trading Accounts and Conditions

This broker has not provided any information on the types of accounts it offers its customers. There is also no information on the trading conditions. Thus, we cannot give you information with regard to the leverage ratios, the spreads, or other necessary details.

LiveFxTm – Advantages

Do not trade with LiveFxTm. It is a scam and there are no advantages to trading with this broker.

LiveFxTm – Disadvantages

LiveFxTm is a scammer – we cannot emphasize this enough. Here are all the reasons why:

• Anonymous Unregulated Broker, Clone Firm

The first thing we check about a broker is whether it is licensed and regulated by the appropriate authorities. This is because a licensed and regulated broker is controlled to the extent that customers (traders) are protected from broker-related losses and scams.

LiveFxTm, which calls itself Live Forex Times, claims to be regulated under the laws of the FCA (Financial Conduct Authority) of the UK, a regulator with some of the most stringent regulations in the world. This broker also claims to be regulated by the MFSC (Mauritius Financial Services Commission) and the JSC (Jordanian Securities Commission).

We checked the online registers of all three regulatory authorities, and this is what we found:

• The FCA has blacklisted this broker and issued a warning against it. The authority has clearly stated that this broker has used the credentials of a reputed forex broker by the name of Hantec Markets Limited, an FCA-regulated firm that has been operating for over 10 years. This means that LiveFxTm is not only not regulated, but it is also a clone firm – a firm that uses the credentials of a legitimate company as its own in an effort to dupe customers into investing with them. A scam.
• We used the license number given on LiveFxTm’s website to find out about its MFSC regulation status. We came up blank – this broker is not even listed with the MFSC.
• When we checked the JSC, once again, there was no record of this broker being registered with this authority.

Thus, considering that there is no contact information on this broker’s website – not even a physical address – and that it is blacklisted by the FCA, and it has lied about its regulation status, LiveFxTm is clearly a scam that everyone should stay away from.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

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.

• No Terms and Conditions

Despite the fact that this broker’s website looks pretty good, when you click on the Terms and Conditions link, you get nothing. This means that this broker has not shared its terms and conditions with its customers which is a massive red flag.

The terms and conditions are the contract between the broker and the trader. And if it is missing, then it means that a trader will not know the conditions under which they will use this broker’s services. So, if you sign up with this broker – without going through their terms and conditions – you are basically agreeing to whatever the broker desires. This is one of the main ways in which unwary traders get scammed.

And this is the reason why we strongly recommend to all traders that they read the terms and conditions of service very carefully before they sign up with any broker. At least you know what you will be getting into when you contract with that broker.

• No Information on Accounts and Trading Conditions

Despite going through their entire website, we were unable to find any information about the trading accounts and conditions related to them. Thus, we do not know what the minimum deposit amounts are. We also do not know that the leverages or even the spreads on trades are.

Without this information, it is impossible for a trader to make an informed trade and it is tantamount to shooting in the dark.

• Cannot Access Trading Platform

LiveFxTm claims to offer its clients the popular MetaTrader 4 trading platform. However, we could not find the link to the MT4 platform anywhere on this broker’s website. Furthermore, despite registering for a live account, we were unable to access it due to some technical issues. Thus, we cannot confirm or deny the availability of the MT4 platform. We also cannot tell what kind of a platform this broker offers.

This is yet more proof that this is not a broker to be trusted.

• No Information on Fees or Funding Methods

The complete lack of information continues even in the funding methods and the fees that this broker charges its clients.

We do not know anything about the types of fees you will be charged when you do business with LiveFxTm. We don’t know the minimum first deposit requirement. We also do not know what the withdrawal fees are, or even what the minimum withdrawal amounts are. There is absolutely no information on the charges you will bear if you deal with this broker.

This broker has also does not tell you what the funding methods are. Without this information, you will not know what payment method to use until you have already committed yourself to trading with this broker.

• Unknown Trading Promotion

LiveFxTm offers its clients a $30,000 giveaway but does not bother to give any other details about this promotion. We don’t know the terms and conditions of this bonus. And it is wise to remember that bonuses are not free – they are actually leverage tools the broker uses to attract more customers, and these tools come with some pretty nasty terms and conditions.

Conclusion 

LiveFxTm is a scammer through and through. And if you trade with this broker you stand to lose everything you invest. Thus, we would recommend that you look for a firm that is legitimate and offers all the relevant information transparently.

LiveFxTm.com

2.5

User Experience

3.2/10

Payment Options

2.3/10

Security

2.4/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous Unregulated Broker, Clone Firm
• No Terms and Conditions
• No Information on Accounts and Trading Conditions
• Cannot Access Trading Platform
• No Information on Fees or Funding Methods