Libra Markets (Libramarkets.com) is a brutish Forex broker scam to hit the lucrative Forex trading world. LibraMarkets has fake promises such as focusing energy on providing complete online trading solutions. Complaints have been sent to us in regards to members losing money with this brokerage house. An investigation was underway to determine he truth behind this broker. Read on to find out the truth regarding this Bogus Forex scam broker.
In order for a scam to have many victims, the scam has to be able to appeal to users. These scammers have done a good job in creating a user-friendly interface. Their homepage looks real and its no wonder so many people have signed up with this broker. Claims of having over 250 trading instruments and easy to operate can be seen a first glance. Don’t let these claims fool you, there’s more than meets the eye.
Promises are another key ingredient that scammers must use to entice users. LibraMarkets is no different as it has used unimaginable promises to members. Promises such as a beneficial partnership and best tools in the market can be seen. These promises are merely meant to increase sign ups. Don’t be the next victim and stop signing up with Libra Markets. Here are some of the tricks used by this broker.
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Sadly, disclaimer at the footer of the homepage reveals nothing as to who really owns this brokerage firm. This is a risky venture since we don’t know where members are depositing money to. If you notice carefully, there’s no concrete evidence as to where this broker is located. And this makes us question everything about Libra Markets. Why have such high levels of anonymity?
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Fake brokers thrive under the assumption that they cannot be touched. LibraMarkets is no different as they leave no contact details. Phone number used at the top of their homepage is of no use. What we did was dial the number, the phone rang a few types and nobody picked it up. This means that the owners don’t want to be contacted for obvious reasons. LibraMarkets is a scam that will take out any and all victims.
During our investigation, we could not verify that Libra Markets was indeed regulated. This means that we are dealing with a broker that has no licensing. Legit brokers have authorization by regulatory bodies to conduct third party transactions. Sadly, LibraMarkets has no authorization which means we are dealing with a scam broker. What other dirty tricks have we uncovered?
Regulatory bodies such as the FCA, CySEC and NFA have no documentation of LibraMarkets. This means that we are most likely dealing with an offshore broker. Offshore brokers are notoriously known to flaunt industry set rules and regulations. LibraMarkets is no different as they have no documents to verify their approval status. Don’t sign up with a broker who is not regulated or licensed by relevant authorities.
Another issue we have with LibraMarkets is their never-ending fake claims about how good they are. Claims of having over 225,000 satisfied dealers are untrue. How can they have such a high number of satisfied dealers when all they have are negative comments? These are just pure lies that try to make the platform look legit. Another fake claim is that they have 1000 new users daily.
Some of these claims are merely meant to make investors believe they are not the only ones investing. These claims are all unfounded since if this platform was truthful, there would be no negative chatter. All Forex investors are asked to ignore the pleas by this platform to join it. Anyone who joins this broker will later regret as some victims have in the past few months. Don’t say you haven’t been warned.
Which platform is LibraMarkets using? Are they using a MT4 or MT5 trading platform? It’s not clear which trading platform they are using which is a problem for us. All brokers should at all times inform traders beforehand which platform is in use. This allows traders to get familiar with the platform and know the pros and cons. Sadly with Libra Markets, there’s no such thing as all members are directed to is another page.
Users can notice that this platform cannot be downloaded on any device. Why do they insist that traders use their web trading platform? This is clear evidence that this is not a professional Forex broker but a bogus broker. Expert brokers ensure that they have platforms that can be used on all devices. With Libra Markets, there’s no such thing which is really a let down for users who prefer trading on the go.
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This is always a good question to ask any platform before signing up. As we had earlier said in this review, we don’t know who owns this platform. This means that members could be depositing money straight to the owner’s personal bank account. Funds are surely NOT SAFE with Libra Markets. Another disturbing detail with Libra Markets is lack of transparency and following rules.
LibraMarkets does not participate in a compensatory scheme as required by law. This means that if you lose money with this broker, you will not be compensated. Best thing to do is simply stay away from this fake broker. Another cause for alarm is that this broker does not segregate funds. All members could be depositing money into one single account. If the broker goes bankrupt, members lose all their deposits.
Another disturbing detail we found out with LibraMarkets is that they don’t have live support. In this day and time, you would expect a broker to have live chat support. Sadly, Libra Markets does not even have a bot to help users with any queries. This means that when members have a problem, they have to wait for a response. Note that some of the responses take time which members don’t have on their plate.
LibraMarkets is indeed a scam that needs to be investigated by the relevant authorities. From the level of anonymity to lack of structure and rules, LibraMarkets IS A SCAM. All Forex investors especially newbies should stay away from this broker. Make sure you mark all their emails as Spam and never click on any links.
Evidence produced clearly points out to a fake broker who has no regards for the law. Regulatory authorities are asked to look into this broker and shut their whole operation down. Scams such as these are the ones that spoil the good Forex trading name. This should stop now with an investigation of LIBRA MARKETS.
At all times go for Genuine and Honest Forex brokers who are known to produce desired results. These brokers are Reputable and Reliable when it comes to Expertise and professionalism. Sign up with Dependable Forex brokers and start making real money. Always get the best and convenient services from quality Forex brokers.
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