In this Libra Markets review we give you reasons for avoiding this broker.
About Libra Markets
Libra Markets is a Forex broker that will let you trade not only currencies, but also shares and indices. Trading is done through contracts for difference (CFD), there is more than 250 underlying assets to trade.
Want to have more information about Libra Markets? It will be difficult, because the broker does not provide it.
Beware of Libra Markets
The first problem we encountered while making this Libra Markets review was the lack of information. The broker doesn’t say what kind of accounts you can open, what is the minimum deposit, what is the minimum trade etc.
More importantly it doesn’t say where it is located, which is a huge red flag. And it means that…
Libra Markets is an illegal broker
You read it right, this broker is illegal in most countries. The reason is that it obviously is not licensed. The broker does not even provide proper contact information, let alone mandatory regulatory details.
Since the only phone number Libra Markets provides leads to the UK, we have to assume that it is headquartered in the UK. It for sure means that it is targeting UK residents.
So Libra Markets has to have a license from the British Financial Conduct Authority, it is the law. But it has no license whatsoever, which was confirmed also by the financial regulator from Austria (FMA), which has issued a warning against this broker.
To sum this part of our Libra Markets review, this broker has no rights to offer its services in most countries, because it is not regulated.
Libra Markets complaints
An important part of every broker review is testimonials from real users and clients. And we can tell you right away that we found a lot of complaints about Libra Markets being a scam.
People complain that the broker would not let them withdraw any money, only asks for more deposits. This is another confirmation that this broker is not a company that you should have any kind of relationship with.
Libra Markets review conclusion
Libra Markets is a broker that is not regulated, people complain about it and it is on a blacklist of at least one financial regulator. We recommend avoiding it.
For financial trading you should use regulated brokers only.
And before investing any real money you have to be sure to understand the risks.