Libra Markets is an Estonian forex broker with a Standard trading account. It also provides many trading solutions like Robo Trading and Social Trading. The high leverages and spreads are provided to traders. However, this broker does not come under the jurisdiction of any financial regulator, and it is a fact of an actual worry. We will acknowledge our readers with all the critical information of this broker in this Libra Markets review. Please go ahead and read it thoroughly.
About Libra Markets:
The only account provided is called Standard Account with the initial investment of $250 and leverages of 1:500. The spreads of 3 pips are also offered. To make this unique review neutral, we will discuss the possible pros and cons of Libra Markets. The first advantage of this broker is its plethora of tradable assets. A total of 250 tradable assets is available, including CFDs on fx pairs, crypto coins, indexes, commodities, shares, and many more. The generous leverage of 1:500 is offered; however, such leverages come with the possible risk associated with it. Many regulated markets such as America had banned such high leverages and capped them to 1:50 because they cause considerable losses to the traders and significant benefits to the brokers. Now we will cover the possible disadvantages here. The company called Yield Enterprise Currency Software OU based in Estonia, and operational from Latvia owns the brand, Libra Markets. The financial regulator Finantsinspektsioon must regulate the brokers based in Estonia. Unfortunately, the broker is not regulated by any financial regulator. Another alarming aspect of Libra Markets is its alliance with other scam brokers. The same company Yield Enterprises Currency Software OU, manages many proved scam brokers like UproFX and KontoFX. The spreads provided of 3 pips on EuroDollar FX pair is comparatively high and causes a rise in the coast of trading and are unacceptable. This broker does not provide a significant trading platform MetaTrader, and it is also a possible disadvantage. The withdrawals are capped at a minimum of $500 with withdrawal charges applied. The withdrawal process takes ten working days.
Is Libra Markets scam or legit?
The broker Libra Markets is an unregulated overseas-based brand. The owner of this brand has an alliance with another scam brokers. The trading condition is high, and withdrawal is capped with higher withdrawal fees. The Libra Market is a potential scam broker 2020.