Libra Markets Review
Libra Markets is an online trading platform and broker dealing in a variety of CFDs in different currency pairs, forex, and cryptocurrencies. Read the full Libra Markets review here.
Libra Markets is owned by Yield Enterprise Currency Software OÜ, which is registered in Estonia. The company however seems to operate out of Riga, Latvia. The company has its own web based trading platform, built by Panda TS, and doesn’t go for Meta Trader 4. They offer quite lucrative leverages that go as high as 1:500. However the spread that they have to offer on EUR/USD is a very disappointing 3 pips, as compared to the market average of 1.5 .
About Libra Markets
Once we know the owners of a trading platform, the first thing we usually lok at is whether the company is regulated. The company is registered in Estonia, and operates out of Latvia which are both based in the EU and have their own local regulators. But there is no mention of a license ever been provided by the Estonian Financial Supervision Authority to Libra Markets. Which essentially means that the broker is not regulated. Some more digging also led us to find out that Libra Markets is actually blacklisted already by the Austrian Financial Markets Authority.
Apart from this, the parent company of Libra Markets, Yield Enterprise Currency Software OÜ is also the parent company of UproFx, which is a scandalous broker which has been banned and warned against by many regulators in the past. Apart from the regulation issue, the company also offers a very disappointing 3 pip on spreads. The seemingly attractive leverage of 1:500 should also be looked at a bit closely, as it means that while the reward is 500 times, so is the risk. And new or beginner traders should be very careful with such leverages as such a high leverage favours the broker. The broker requires a minimum deposit of 250 USD for its basic account.
Given that Libra Markets doesn’t have a license to offer financial services is perhaps the biggest red flag that potential investors should know of before they think of investing with them. Add to the fact that they are also actively blacklisted in some places and have a parent company with a shady past. This leads us to believe that Libra Markets has a lot of red flags that indicate it to be a scam. Also the internet is filled with voices of seemingly disgruntled customers, who warn other investors on the internet. With it’s non standardized platform and unattractive spreads, it seems like the right thing to do to avoid investing with them.