Thinking of getting into business with Live Fx Arena? Here is what you must know about this broker. Carefully read this review to find out if livefxarena.live is the trading platform you will want to trade with.
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About Live Fx Arena Broker
Live Fx Arena is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from United Kingdom.
There are different account types the broker offers, namely Starter account $1000, Classic account $5000, Platinum $10,000 and Forex Signal Subscription (1 Month) $550.
To clarify, regardless of the trading instruments Live Fx Arena claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
livefxarena.live: Reasons to Avoid This Broker
Firstly, livefxarena.live is a platform with no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Conduct Authority UK does not approved the broker amongst licensed entities.
Secondly, we noticed livefxarena.live has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under withdrawal policy, Live Fx Arena leaves us with no specific information on withdrawal fee nor processing days on withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
Live Fx Arena minimum deposit is pegged at $1,000 according to the account type.
As for the payment methods, the broker does not specify the different payment options. Truly, you should not consider making any payment with this broker because it is a risk. So beware!
Live Fx Arena Platform
Live Fx Arena offers Web Trader and MT5 (Industry standard trading platform), however, the option of MT5 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, the broker discusses 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Live Fx Arena Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is livefxarena.live a Reliable Broker?
No, livefxarena.live does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to find out scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.