Libra Markets Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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Stay away from Libra Markets! I lost a lot of money due to their fake trading signals. Don't be fooled by their promises and slick website. They are a scam and will take your money without any remorse. It's important to do your research and choose a reputable broker. Don't make the same mistake I did.
Summary: The overall assessment of Libra Markets is overwhelmingly negative, with multiple sources labeling it as an unregulated and potentially fraudulent broker. Key concerns include a lack of regulatory oversight, high fixed spreads, and numerous complaints regarding withdrawal issues.
Note: It is essential to recognize that Libra Markets operates under various entities across different jurisdictions, which may complicate the regulatory landscape and transparency of its operations.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
We rate brokers based on user feedback, expert opinions, and regulatory status.
Founded in 2019, Libra Markets is operated by Yield Enterprise Currency Software OÜ, which is registered in Estonia but claims to operate out of Riga, Latvia. It offers a web-based trading platform, which is notably absent of popular trading software like MetaTrader 4 or 5. The broker claims to provide access to over 250 trading instruments, including forex, stocks, indices, and cryptocurrencies. However, it has come under scrutiny for lacking any credible regulatory oversight, which raises significant concerns about the safety of client funds.
Libra Markets is not regulated by any recognized financial authority, such as the FCA in the UK or ASIC in Australia. According to multiple sources, including 55brokers.com, the broker has been blacklisted by the Austrian Financial Markets Authority, indicating it is unauthorized to conduct financial transactions in Austria. This lack of regulation is a major red flag for potential investors.
The broker primarily operates in euros, with a minimum deposit requirement of €250. Withdrawal processes reportedly can take up to 10 business days, with a minimum withdrawal amount set at €500, which is considered excessive given the minimum deposit requirement. Such conditions could lead to difficulties for traders wishing to access their funds.
As mentioned, the minimum deposit to open an account is €250. This is relatively high compared to other regulated brokers that often allow smaller initial deposits, which may deter new traders from entering the market.
There is little to no information available regarding bonuses or promotions offered by Libra Markets. The absence of promotional offerings may suggest a lack of competitive edge in attracting new clients.
The broker claims to offer a wide range of assets, including over 250 instruments. However, the actual conditions and quality of these offerings are questionable, especially given the absence of detailed information regarding spreads and commissions.
Libra Markets has been criticized for its high fixed spreads, with the EUR/USD spread reportedly set at 3 pips, which is significantly higher than the industry standard. This can substantially affect the profitability of trades. Sources like Global Fraud Protection highlight that high costs are another reason to approach this broker with caution.
The broker offers leverage of up to 1:500, which is considered irresponsibly high, particularly for inexperienced traders. This level of leverage can lead to significant losses, as it allows traders to control larger positions than they can afford.
Libra Markets does not offer the widely-used MetaTrader 4 or 5 platforms. Instead, it provides a basic web-based platform that lacks advanced features, making it less attractive to serious traders. This limitation is highlighted in reviews from Valforex, which notes that the platform is more suitable for binary options rather than comprehensive forex trading.
There are no clear indications of specific regions where Libra Markets is restricted, but the lack of regulation suggests that it may not be suitable for traders in jurisdictions that require broker licensing.
Customer service appears to be limited, with English being the primary language of support. The lack of a robust support system is a common complaint among users, as many have reported difficulties in reaching customer service representatives when issues arise.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 2 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 1 |
| User Experience | 2 |
Account Conditions: The minimum deposit is relatively high, and the lack of transparent trading conditions raises concerns.
Tools and Resources: The absence of popular trading platforms and limited educational resources hinder traders' abilities to succeed.
Customer Service and Support: Complaints about unresponsive customer service highlight significant deficiencies in support.
Trading Setup: The basic web platform lacks essential features, making it less suitable for serious traders.
Trustworthiness: The absence of regulation and negative user feedback strongly indicate that Libra Markets is not a trustworthy broker.
User Experience: Overall negative reviews and withdrawal issues contribute to a poor user experience, aligning with the broader consensus that Libra Markets should be avoided.
In conclusion, the Libra Markets review indicates a broker that poses significant risks to traders, primarily due to its unregulated status and high costs. It is advisable for potential investors to seek out regulated brokers with proven track records to ensure their funds' safety and trading success.
