Beware! Libermark is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Libermark is yet the next one claiming to be among Europe’s leading financial institutions specialising in Forex. A bold statement indeed, but they also say to deliver a platform allowing clients to trade safely and securely. Well, that’s basically impossible because the Forex is a risky endeavour, and people can always blow their accounts if not careful enough. Otherwise, it is introduced as a Bulgarian broker, and you can find out whether it’s legit or not in the full Libermark review.
Libermark REGULATION AND SAFETY OF FUNDS
Libermark is a brand of VITAPROFF Pltd, a company registered in Bulgaria. We can confirm there is such a business with valid registration, and it’s active at the moment. However, it has no license issued by the local financial regulator FSC, so it shouldn’t offer Forex trading to the public. As it’s unregulated, your funds won’t be safe if you deposit with Libermark. In addition, the broker strongly indicates it’s a scam scheme, and we’ll show you why in the following sections.
As this is an unreliable and possibly fraudulent broker, you’d better consider the high-rated EU brokers and British brokers topping both lists. We recommend those because the Europeans offer high-grade security and protection guaranteed by deposit insurance funds created to reimburse clients in case of insolvency. Thus, CySEC brokers’ traders can claim up to 20 000 EUR in compensation, while the British guarantees are up to 85 000 GBP per person. So if you are eligible to open accounts with European companies, you can safely go for it.
Libermark TRADING SOFTWARE
Libermark says to offer high-quality web-based and mobile trading platforms. However, this statement can’t be farther than the truth, and it’s indeed fraudulent. We couldn’t sign-up due to some errors we know nothing about, and it’s impossible to download the distributions from the website. On the screenshot below, you can see what their sign-up page look like, and overall, we can’t confirm that the broker has any functional trading software whatsoever.
That said, the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists are safe and deliver upper-class software with excellent trading conditions. The MT distributions are packed with sophisticated tools such as Expert Advisors, many complex indicators, sophisticated charting tools and a marketplace featuring more than 10 000 apps. MT is definitely the best choice for traders.
As a result, we can’t discuss real-time spreads and leverage, both of which critical elements of the trading software and the service as a whole. The spread is the Buy/Sell difference, and the lower it is, the better for clients because trading becomes more affordable. On the other hand, leverage improves profit potential significantly, but it carries enormous risks and can inflict severe losses if not properly used.
In fact, leverage is so dangerous that most of the respected authorities do regulate it to reduce traders’ risks. For example, EU, British and Australian brokers‘ clients are limited to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. In addition, most of the high-leverage FX companies are unlicensed, and we urge traders to be careful when it comes to leverage.
Libermark DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Libermark is $200, which is pretty much in line with the rest of the shady Forex industry. On the other end, however, many legit brokers offer Micro accounts starting from 5 to 10 dollars, so you’d better stop wasting your time with a suspected scam like Libermark.
The funding methods are unknown, and as it was impossible to get a registration, we couldn’t test depositing. That said, we can offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The companies on top of both lists are adequately regulated, and you won’t face scammers.
Libermark reveals nothing significant about withdrawal and fees. There are no minimum requirements, withdrawal fees, inactivity fees or any other charges specified. At the same time, the broker reserves the right to collect fees from time to time at its sole discretion, so you need to be careful.
However, Libermark focuses too much on its bonus campaign. The broker gives away welcome bonuses, free signals if you join today, cashbacks and even an iPhone 8. Well, firstly, we need to note that bonuses and other forms of trading incentives are prohibited by the Bulgarian FSC, which proves again that Libermark is not a legit broker.
From then on, the additional provisions related to the bonus campaign significantly worsen the trading conditions. There is a minimum trading volume of 50% of the bonus amount in lots, and clients won’t be able to withdraw any funds unless they meet the requirement. In other words, if traders get a $1000 bonus, they will have to execute 500 lots, which equals 50 million USD in turnover. That’s too challenging to achieve!
Overall, Libermark is an unregulated suspected scam, so you should avoid it.
HOW DOES THE SCAM WORK
The Forex scam is a popular type of fraud that’s rather distinctive because it’s actually a process. In the typical scenario, the victim clicked on an ad, then received a phone call, and at some point got convinced to deposit money. To make people accept fraudulent offers, scammers would present deals that sound too good to be true, bonuses, get-rich-quick schemes, and so on. Their imagination is rich and would invent as many stories to get the craved deposits.
Unfortunately, the first deposit is not the end but the beginning. Gradually, scammers would manipulate victims and would urge them to invest repeatedly. For example, con artists may not allow people to trade themselves but would pretend to manage the trading accounts. Forged results would show victims massive profits, and scammers would ask for more money, promising to secure more gains.
However, the problem starts when people ask for withdrawals. Scammers would make excuses to refuse withdrawals and even require additional deposits to let people take their money out. Those criminals won’t stop asking for funds, no matter what. In the worst case, the victim would believe in the scammers’ falsehood and deposit again and again. However, sooner or later, the scam would become evident, the fraudsters would cut the communication and eventually disappear. They would drop the website, create a new one and carry on with their criminal business untouched, while people would be left with losses almost impossible to recover.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened so that they can give you instructions and help, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!
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