Fx Live Markets (Fxlivemarkets.com) Review: We look at a lot of brokers here, and today we investigate Fxlivemarkets forex broker. This Fxlivemarkets review covers several aspects of Fxlivemarkets broker, taking an in-depth look from the features allegedly offered to the case of its licensing, account types, leverage, withdrawal/deposit methods, and many other things. Read this review to see what experts have to say about Fxlivemarkets forex broker.
Table of Contents
Fxlivemarkets Trading Platform
A trading platform, the software that gives access to the foreign exchange market, is one of the important aspects of a broker as it can make the difference between a bad or a good deal. The widely accepted Meta trader 4 and 5 are the industry standard when it comes to FX trading, but they are some brokers who use software that defers from that.
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Fxlivemarkets forex broker uses the MT4 to offer its clients access to the market.
We would like to point out that the legitimacy or competency of a broker isn’t solely based on the type of trading platform it supports, as they are a lot of scammers and incompetent brokers that have access to these renowned platforms.
Fxlivemarkets forex broker offers leverage at 1:100, but Fxlivemarkets has no trading j platform.
A High leverage can be a double-edged sword in the sense that a trader on a good trade can make a huge profit but also an enormous loss if the reverse becomes the case. Various regulatory bodies have put a cap on leverages for brokers; a limit that most unregulated brokers disregard. We do advise restraint if you ever come upon a broker with a leverage exceeding 1:30, especially if you are new to the market.
Fxlivemarkets Account Types
In this portion of the review, we aim to explore the account types a broker might possess. Here, we check the account with its corresponding deposit and leverage. Doing this gives a clearer idea of how a broker might operate.
After checking, we discovered that Fxlivemarkets broker has 3 account types.
Different brokers have different account types; most legitimate brokers start their entry accounts at $250, which is the acceptable minimum deposit the industry normalized. We reiterate that this is still not a yardstick to measure the legitimacy or competency of a broker.
Fxlivemarkets Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Fxlivemarkets forex brokers has The payment section only provides an array of cryptocurrency for funding. We do not advise you to send any funds to them in this form as transactions with Bitcoin, Etherum, and any other cryptocurrency are hard if not impossible to trace or reverse
One thing to keep in mind is that a broker might have withdrawal conditions concerning accounts; most fraudulent brokers stipulate a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Fxlivemarkets Licensed?
Licensing is another important part of our review because we can trust a regulated broker to some extent not to do anything fraudulent. We complete this part of the review by first checking the name of the company attached to the broker and then run that name through various regulatory bodies to discover if it regulates said brokerage.
In checking the license status of this broker, we had to check the regulatory body Fxlivemarkets broker is meant to be under. To know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy. This list of regulatory bodies is not exhaustive by any means.
To see more of our reviews, take a look at dotfx review, marketscg review, hitoptions review.
This broker is definitely not regulated.
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Accounts
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
In conclusion, we wouldn’t recommend you to trade with Fxlivemarkets, they do not impress us with the vague information they have provided. They don’t give any valid information concerning if they are a regulated broker, Leading us to the conclusion that they are not.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.