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Is LV Grow Markets a scam broker?
The offshore broker LV Grow Markets provides traders with a variety of assets to trade with on a unique web-based trading platform. It provides Basic, Bronze, Silver, Gold, and Platinum accounts with a leverage of 1:500. This review will help you to whether to trade with this broker or not.
About the LV Grow Markets:
As we discussed LV Grow Markets provides trading in a variety of assets like foreign exchange, many commodities, the plethora of indices, a variety of stocks, and the number of cryptocurrencies. But the fact is LV Grow Markets is unlicenced and hence it is not reliable. The maximum leverage provided by LV Grow Markets is soaring high, embracing 1:500 level. As many traders take this high leverage as a favorable circumstance for instantaneous and enormous profits, others certainly not think so. There is a huge risk associated with high leverage.
The LVGrowMarkets is owned and operated by Arrow Capital LTD, Vanuatu country situated in Oceania. The website fails to provide or mention of any regulatory body around the world that is regulating this firm. Also, local authority the Vanuatu Financial Services Commission does not say anything about LV Grow Markets on its website. This is enough to say that this scam broker is not licensed. We have come across several such fraudulent brokers in the course of time. This means all the funds of the traders are at high risk. It is also important to mention that such scam brokers are excluded from the regulated markets and can not provide their services in it. The Austrian authority FMA has blacklisted LVGrowMarkets.
The main components of the trading environment apart from leverage are exclusively missing from the LVGrowMarkets’ official website. The absence of spreads, minimum deposit, and applicable commission hinders transparency and causes harm to any broker. It also indicates that there is a lack of commitment from the broker’s side about the security and safety of the trader’s funds. Moreover, LV Grow Markets does not offer any demo account. the LVGrowMarkets offers an unproven and simple web-based trading platform. Besides, other major regulated and genuine brokers are equipped with the world leader MetaTrader trading platform. On opening live account one can observe the spread of 3 pips on EUR/USD pair.
There are several fees and charges are associated with the VLGrowMarkets viz withdrawal fees of 3.5%, clearance on profits of about 0.05% each time. Also, the inactivity fee of $200 is imposed on the two months inactivity.
Is LVGrowMarkets legit or Scam?
LVGrowMarkets has very low credibility, has the FMA warning against it and opaque trading environment. Also, the cost of trading of LVGrowMarkets is soaring high and enormous fees and charges are applied every now and then. Sadly, offshore and unregulated nature makes it worse. The trader’s funds are at the risk and one should avoid this scam broker at any given time.