Is24k Forex Broker

FXMaster Live Forex Broker - Complete Information Guide

1. Broker Overview

　　FXMaster Live, founded in 2012, is a brokerage that presents itself as a UK-regulated entity specializing in cryptocurrency trading. The company claims to have over 630,000 registered users, with substantial deposits and withdrawals. However, it is essential to note that the legitimacy of these claims is highly questionable. The broker's headquarters is purportedly located in London, England, but further investigation reveals that it is an unregulated and anonymous entity. FXMaster Live operates under the guise of a forex broker but lacks the necessary regulatory oversight.

　　The company initially started as a cryptocurrency trading and mining establishment, but in 2016, it transitioned into offering forex brokerage services. Despite its claims of a distinguished reputation and successful trading guarantees, numerous warnings have been issued against it, indicating that it operates as a potential scam. The broker has not disclosed any information regarding its parent company or group affiliations, which raises further concerns about its operational credibility.

　　FXMaster Live primarily targets retail clients looking to trade forex and cryptocurrencies. However, the lack of transparency and regulatory compliance significantly undermines its business model. Consequently, it is essential for potential investors to approach this broker with caution, as the absence of proper oversight places their investments at risk.

2. Regulatory and Compliance Information

　　FXMaster Live is not regulated by any recognized financial authority. The broker claims to be registered in the UK; however, the Financial Conduct Authority (FCA) has issued warnings stating that the firm is providing financial services without authorization. Additionally, the Spanish financial authority has also flagged FXMaster Live as a scam. The broker's registration number corresponds to a company named Bitt-X Limited, which was dissolved on January 7, 2020.

　　Due to its unregulated status, FXMaster Live does not offer any client fund protection measures, such as segregated accounts or participation in an investor compensation fund. The broker has not implemented any Know Your Customer (KYC) or Anti-Money Laundering (AML) compliance measures, which are crucial for safeguarding clients' investments and personal information.

　　In summary, FXMaster Live operates without any regulatory oversight, making it a high-risk option for potential investors. The lack of compliance with standard regulatory practices raises significant concerns about the safety of clients' funds and the overall integrity of the broker.

3. Trading Products and Services

　　FXMaster Live claims to offer a range of trading products, including various forex currency pairs and cryptocurrency CFDs. However, the exact number of forex pairs available is not disclosed, and the broker has not provided specific details on the types of cryptocurrencies it supports. The absence of information regarding the trading conditions, such as spreads and commissions, further complicates potential investors' ability to assess the offerings.

　　The broker also promotes several investment plans that promise exorbitant returns, with claims of daily profits as high as 50%. Such promises are unrealistic and indicative of a potential scam, as these levels of return are not sustainable in the trading environment. FXMaster Live does not appear to offer any unique or proprietary trading products that differentiate it from other brokers.

　　Moreover, there is no mention of institutional services or white-label solutions, which are typically offered by established brokers. The lack of transparency regarding product updates and the introduction of new trading instruments raises concerns about the broker's operational integrity.

4. Trading Platforms and Technology

　　FXMaster Live does not support popular trading platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are widely used in the forex industry. Instead, the broker offers an unspecified web-based trading platform that lacks the features and functionalities traders expect. There is no information available regarding the execution model, whether it is ECN, STP, or Market Making, which further adds to the uncertainty surrounding its trading environment.

　　The broker has not disclosed any details about mobile trading applications for iOS or Android devices, limiting accessibility for traders who prefer to manage their accounts on the go. Additionally, there is no mention of API integration or automated trading support, which are essential features for many traders in today's market.

　　In summary, the technological infrastructure of FXMaster Live appears inadequate and does not meet the standards set by reputable brokers. The absence of recognized trading platforms and a lack of information regarding execution and server locations raises significant concerns about the broker's reliability.

5. Account Types and Trading Conditions

　　FXMaster Live offers a minimum deposit requirement of $300, but the specific trading conditions for different account types are not clearly outlined. The broker does not provide information on spreads, commissions, or leverage ratios, making it difficult for potential investors to evaluate the cost of trading.

　　There is no indication of advanced account types, such as VIP or professional accounts, nor are there any special account offerings like Islamic or corporate accounts. The absence of a demo account policy also limits potential clients' ability to test the broker's services before committing real funds.

　　The broker's lack of transparency regarding overnight fees and minimum trade sizes further complicates the assessment of its trading conditions. Overall, the trading environment at FXMaster Live appears to be poorly structured and lacking in essential details that traders typically seek.

6. Fund Management

　　FXMaster Live supports deposits primarily through cryptocurrency methods, including Bitcoin. The minimum deposit requirement is stated to be $25, but clients can deposit without account verification, which is a significant red flag. The broker claims to process deposits instantly, but there is no information regarding withdrawal methods or restrictions.

　　The minimum withdrawal amount is said to be $1, but clients have reported difficulties in processing withdrawals, often facing additional fees or taxes that were not disclosed upfront. The lack of clarity regarding withdrawal processing times and fees raises concerns about the broker's transparency and reliability.

　　In summary, the fund management policies at FXMaster Live appear to be poorly defined, with significant risks associated with deposit and withdrawal processes. The reliance on cryptocurrency deposits, combined with the absence of traditional payment methods, further complicates the situation for potential investors.

7. Customer Support and Educational Resources

　　FXMaster Live provides limited customer support options, primarily through email and online chat. However, there is no information available regarding support hours or time zone coverage, which is crucial for clients in different regions. The broker does not appear to offer multi-language support, limiting accessibility for non-English speaking clients.

　　In terms of educational resources, FXMaster Live lacks comprehensive offerings such as webinars, tutorials, or e-books that are typically provided by reputable brokers. There is no mention of market analysis services, research reports, or trading tools, which are essential for traders seeking to enhance their knowledge and skills.

　　Overall, the customer support and educational resources provided by FXMaster Live are inadequate, further highlighting the broker's lack of commitment to client satisfaction and education.

8. Regional Coverage and Restrictions

　　FXMaster Live claims to serve clients primarily in the UK and Europe, but it operates without proper licensing in these regions. The broker does not provide a clear overview of its regional office distribution, nor does it specify which countries or regions it accepts clients from. There are indications that the broker may not accept clients from certain jurisdictions, but specific details are lacking.

　　In conclusion, FXMaster Live presents itself as a forex broker with various offerings, but the lack of regulatory compliance, transparency, and adequate support raises significant concerns. Potential investors should exercise caution and thoroughly research before engaging with this broker, as the risks associated with unregulated entities can be substantial.