Warning! FXLiveTrade is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
FXLiveTrade is not your typical broker, because it is in fact both illegitimate and a copy of another illicit brokerage firm. Read on to find out all there is to know.
When we first opened FXLiveTrade, we got confused, because the interface and the entire feel of the website is an exact copy of kryptobot.online. When we mean exact, we mean a direct copy of the kryptobot template. The only difference is in the values of the assets that as mentioned in the other review are 3rd party provided values, having nothing to do with the broker.
The same obscene regulatory claims are found in FXLiveTrade; i.e the comapny is regulated by CySEC, by IFSC of Belize, and by the CFTC in the United States.
A broker cannot be based in the United States and be licensed by anything else that the local CFTC and NFA. Furthermore, both CySEC and IFSC have nothing on FXLiveTrad, making this one clearly UNREGULATED and a risk to all invested capital.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
All the client dashboard content is blocked. Users must deliver their id docs prior to doing whatsoever. This means that any verified trading information if out of the question. There is not even the chance to open a demo account to check if the broker offers any real trading terminal.
The only trading asset that is all over the place is crypto based.
The only language is English.
Here is a snapshot of the dashboard.
As you can see, all options are off access because we had not provided id documents. We do not recommend doing this to anyone. Usually legit brokers require identification before depositing, although the provide demo accounts. FXLiveTrade has no such thing.
There is a Trade Center button on the top left, which assumes the presence of a trading software.
Given that all deposit and withdrawal section are blocked, the only info we gathered from the website is as follows: users can presumably deposit via bitcoin, and that withdrawals are processed within 7 days. This is all we can give readers.
There are also no legal documents.
We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
If ever there was a scam, FXLiveTrade would be a typical example of it. Never deposit here!