Libra Markets Review (2023)

Founded

2019

Avoid Reason

No license

Is Libra Markets a scam or legit broker?

Libra Markets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

About Libra Markets

🗺️ Registered in	Estonia
🗺️ Type of License	No License
🛡️ Is Libra Markets safe to trade	No
🗺️ Recommended Licenses	FCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative Broker	IC Markets - licensed by ASIC in Australia

No, it is not safe to trade with Libra Markets. Libra Markets is owned by Yield Enterprise Currency Software OÜ, Tallinn, Estonia and operated from Riga, Latvia.

According to the website, Libra Markets provides industry-leading forex brokerage to enable secure investment and trading across multiple asset classes. The broker doesn’t provide any information about its regulation or license and it actually seems it doesn’t have any. As it claims to be registered in Estonia, it was supposed to be regulated by the local regulator Estonian Financial Supervision Authority. We didn’t find any mentions about the broker in the FSA’s register, which means Libra Markets is not regulated to provide its financial services in Estonia as well as other EU countries.

In addition, Libra Markets has been blacklisted by Austrian Financial Markets Authority:

“Libra Markets is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore neither permitted to trade on a commercial basis on its own account or on behalf of others.”

We have also reviewed one more broker UproFx, operated by Yield Enterprise Currency Software OÜ. This broker has been banned by several regulators and has a lot of negative reviews.

Conclusion

We advise all investors and traders to avoid Libra Markets and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and BDSwiss. You may be interested reading RoboForex Review.

Libra Markets website is no longer active.

Reviews

tonyluis Says:

At: 1 year ago

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Linda Robertson Says:

At: 1 year ago

I had money invested and requested a withdrawal of $9000 USD withdrawal they asked a ridiculous amount of money for insurance and tax fees and then asked for a license to be paid. I paid the first 2 but not for a license as you don’t need a license to withdraw your funds. To this day I have not seen what I paid for but they keep harassing me for more money. Not a trustworthy company. As I have been told by other firms that they take their fees before transferring funds. , I contacted the email provided for consultation, jamesgroup86 @ g m a i l . c o m. I got feedback after some hours and I was asked to provide all legal details concerning my investment, I did exactly what they instructed me to do without delay, to my greatest surprise I was able to recover my money back including my profit which my capital generated. So guys beware and alert all your friends.