LiveFXStocks

It seems to us that we have seen LiveFXStocks.com somewhere else, or actually a some time before doing this review. We later figured out that we have reviewed at least two brokers that looked exactly like it, down to the same design choices and images. The only differences were the names of these brokers and perhaps a couple of clauses here and there and some trading/payment alterations. Both these brokers (maybe there were more?) were utterly unregulated. Connect the dots to come to the conclusion of what LiveFXStocks is. In the review we have done exactly that.

The company could not have added a more ridiculous claim than the one stating that the broker is incorporated in Alabama. As part of the US, Alabama is definitely not the first state one thinks of when FX trading comes up. But the same goes for LiveFXStocks; mention this name to anyone and the last thing on their minds will be an US-based broker. The local CFTC and NFA are definitely not wasting their precious time dealing with an unfit wanna-be like LiveFXStocks.

In the legal documents we find a short clause that reveals so much about the attitude of the broker. The provision states that the website of LiveFXStocks is not “intended for  usage by anyone in any jurisdiction or country where its usage would be contrary to local law or regulation. Yet, there is no local regulation revealed nor a local law, so what are we left with here? This is a popular clause used by hundreds of unlicensed broker, essentially stating that the broker is not responsible for being regulated. It's a cheap trick to make user trust the company.

Trust is the last thing you should give LiveFXStocks. This broker is without a license, and therefore cannot be trusted.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

After a very easy registration, we were faced with a message stating that we were unverified users, yet we could still access the user area. No matter, for the broker turned out to be without a trading software, putting it in the like of some of the worst “brokers” out there.

Without a software, we cannot even speak of applicable leverage, spreads, or tradeable assets, no matter what the site has to say. We have solid proof that the broker does not offer a trading platform.

LIVEFXSTOCKS LOGIN

There are a couple of very weak alternatives to a trading software, although none of them are justified in any way.

There is a suspicious auto-trade subscription-based service that we found quite useless and a probable scam; a way for the company to take even more f your money.

But the crème de la crème are the 5 individual investment packages.

These are just three of a total of 5 investment packages. All of thee promise unrealistic  and untraceable profit margins in exchange for investments on the user's side.

Invest $500 and in four days expect a refund plus a 400 percent profit. If it sounds too good to be true, then it probably is.

LIVEFXSTOCKS MINIMUM DEPOSIT

From the user area we get that the only depositing methods is a crypto wallet. Actually two. Both are huge risks to your money because the payments would be untraceable.

Clients can also buy crypto assets, although we find no real use of this. We doubt that clients will even see the purchased crypto assets.

The minimum deposit, according to the site, is either $100, or $500 for the lowest investment package. The depositing are was unresponsive, so we could not get a value from it.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

LIVEFXSTOCKS WITHDRAW TIME AND FEES

Withdrawals happen through a BTC wallet and a wire transfer.

From the website, we read that it can take up to 96 hours for a withdrawal to be processed, although we seriously doubt that anyone will ever be able to fully withdraw. The broker may lie and manipulate its way to avoiding to reply to its users.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

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!

BOTTOM LINE

Stay away from LiveFXStocks! It is a scam and a risk to all!