FX-Live.com review – 5 things you should know about fx-live.com

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Beware! FX-Live.com is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Naming your broker FX-Live.com is one of the laziest moves we have seen in a while. The sheer fact of this is an indicator of the nature of the broker. Yes, there are some huge brokerages today with some of the blandest names ever, but they have been in the FX game for decades, and thus are justified. But FX-Live.com is not an old broker, nor will it be around for more than a year, or until authorities discover it, and the people behind it are forced to shut down all operations.  In other words, expect nothing good out of this broker.

Registering is incredibly easy, and the user area is very professional looking, yet the broker cannot hide from us its true nature. We were also able to access a trading software.

We read a EUR/USD cost of trade of 1.2 pips, while the tradeable assets are forex currency pairs, shares, indices, commodities, and cryptocurrencies. The leverage is capped at 1:10, and that’s for the highest account type. This is very odd, for suspicious usually aim for much higher leverages.

The website of the broker is available in English and German.

FX-LIVE.COM REGULATION AND SAFETY OF FUNDS

There are a few confusing things that the broker puts out.

The first one is an alleged Estonian registration, as per the footer, which is not at all backed by any evidence. In other words, the broker never mentions that it’s regulated in Estonia, while the Estonian Financial Supervision and Resolution Authority has no proof of FX-Live.com being regulated. Thus, if this broker is located in Estonia, it is operating there without a license.

We managed to track down a very indicative clause that is commonly employed by illegitimate brokers. It states that the company is not available to users who are citizens of a nation where the use of FX-Live.com would be contrary to local laws. So, where is are your services available? Unfortunately, not many users will ask themselves this question.

Further down in the terms and conditions we come across an assertion revealing that the broker is actually operational from Saint Vincent and the Grenadines. This is also not supported by any further evidence. Saint Vincent and the Grenadines do not have an FX regulator, and because of this FX-Live.com is not licensed to operate there, even if it is actually located there.

We don’t think that it’s necessary to add more proof of irregularity, but here is one more. The next provision states that the broker does not guarantee that the info on the site is accurate, nor that the content on the site secure. It is basically using its own words to tell users it unregulated!

To conclude, FX-Live.com is definitely NOT LICENSED, and is a risk to all, and probably a scam!

Investing in brokers that have no license is a pure waste of funds. You could be doing so much more with your money. Like, say investing in an FCA or CySEC regulated entity where there is a real chance of winning. Not only are all regulated brokers trustworthy, but they also work for the client, always endeavoring to bring the best and most stable trading experience out there, which makes the market very competitive. Furthermore, some regulators, mainly the FCA and CySEC employ fund compensation schemes whose main purpose is to reimburse users at times when the broker cannot pay his clients back, mainly due to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

FX-LIVE.COM TRADING SOFTWARE

We have on our hands a very typical scammer broker web trader.

Some main features include pending orders, chart customizations, time frames, and a live news feed. And there isn’t much to add to that.

The broker will have the full right to remove the trading platform whenever it sees fit! This is against all proper regulatory standards!

Moreover, the company can also set limits on users’ orders! There are similar clauses throughout the terms and conditions. It seems that FX-Live.com controls almost the entire trading experience! So what’s the point of trading with this scammer brokerage?

FX-LIVE.COM DEPOSIT/WITHDRAW METHODS AND FEES

As per the user deposit area, the minimum deposit is $205, and the only real way to invest is through a credit or debit card terminal. Users can also buy cryptocurrencies, but this is a sure way of losing money!

The withdrawal section discloses nothing to us. We, therefore, have to rely on the website for all the withdrawal details. And please note, that scammer brokers tend to lie about this info, in order to appeal to user’s preexisting beliefs.

According to the legal docs, withdrawals take 7 to 10 days to reach a user’s wallet. The minimum withdrawal amount for wire transfers is $1000, and $100 for credit cards. There are fees including a 1% clearance fee on all executed trades, a $75 quarterly fee, and there are withdrawal fees, probably. We are not entirely sure, for the broker is ambiguous.

The presence of bonuses is always a sign that you are dealing with a shady broker. Here, users have to trade the bonus plus the deposit times 25 in order to withdraw it.

Most unlicensed brokers come with the following clause because it is one of the safest ways to get out of harm’s way. We are speaking of the indemnification clause, conveying that the broker is not responsible for any damages it causes to users.

At the end of the day, FX-Live.com turned out to be nothing more than your average scammer broker. We urge users to stay away from this one, because all investments will be lost, and users’ personal details may be used against them!

How does the scam work?

The way that scams work is very simple, and it is a surprise that still many people fall for them in this day and age.

What happens is that user clicks on misleading ads on social media or other popular websites, and are there redirected to a scammer broker, an intermediary site, or an investment site that is also a scam. Either way, you are in deep stuff once you enter.

These ads are very alluring, using a number of methods to attract users: beautiful women, luxurious cars and houses, expensive vacations, etc.

Once you enter these sites, the broker will try to convince you to invest, which you should not do! The first investment is usually initiated by the rookie scammers, who will get a large commission out of it, meaning they have a motive to defraud you.

A second deposit is made in the presence of the advanced scammers, or sometimes called account managers. These are sweet talkers and can steal your money without you knowing of it.

There will come a time when the user will start getting suspicious. This mainly happens when one tries to withdraw and fails on multiple occasions. Each scammer broker uses one of many tactics to stop users from withdrawing: stalling the request, shutting down the account, not responding to requests, or at times closing down the entire website!

What to do if scammed?

Chargebacks are your safest bet. Credit and debit card companies have this option for such cases. MasterCard and VISA have a chargeback period of 540 days.

Wire transfer losses are harder to recuperate, however, your bank may have a plan installed just for such scams. Best check with your local bank. And make sure to change your bank account user name and password.

If you have lost your money by means of a crypto deposit, then we have some bad news for you. Please never invest in an unregulated broker through any crypto method.

Finally, you may stumble by accident on a recovery agent or similar person or agency claiming to be able to get your money back. Never trust these, for they are scams on their own, or can sometimes work for the fraudulent broker.

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-19

Reviewed Broker

FX-Live.com

Broker Rating

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