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IS Libra Markets a scam broker?
Libra Markets is an unregulated Forex broker that offers its customers a wide range of trading assets including forex, stocks, commodities, indices and cryptocurrencies. While we didn’t want to rush to any judgement and hence, we decided to see for ourselves what this platform has to offer for to its customers in terms of trading assets, platform, fees and commissions, leverage etc. So, please read this article until the very end and decide for yourself whether Libra Markets is a legitimate or a scam broker.
About Libra Markets
The very first thing we look for in a forex broker is its license information and regulatory authority. If it is licensed and regulated by a trusted authority like CySEC, FCA or any other trusted authorities, we can immediately provide a guarantee that your money is in safe hands. But with Libra Markets, we couldn’t find any such information including its license, the company that owns and operates it, etc. We could only see a couple of email addresses and a phone number on their contact us page.
Anyway, we tried creating a new account with Libra Markets, and we were taken directly to the user dashboard with all the trading assets listed on the left and the trading chart in the middle of the screen. At first look, we can clearly see the trading platform is not MT4, but a customized web-based platform. Apart from the trading chart and a few other options, we couldn’t find any analytical tools and instruments that we can see with the MetaTrader platform. This could prove to be a major deterrent for professional traders.
Apart from that, the website also offers its customers with various educational assets including an introduction to online trading, forex trading, latest trends in trading, types of market analysis along with some frequently asked questions and a dictionary. There is also a market analysis section that lists various tools like the Economic calendar, Dividend Calendar, Market Movers and Live Charting.
Is Libra Markets Legit or Scam?
Based on our analysis, being an unregulated forex broker, we would recommend our readers to proceed with caution with Libra Markets. The trading platform is very much basic, and there are no details about the account types offered, minimum deposit, leverage or the spreads offered initially. Only when you open a new account, can you see the leverage and spreads offered in the trading information window for each asset. Hence, we recommend our readers to deal with regulated brokers as far as possible to avoid getting scammed by shady brokers.