Overview
LIVE FXTM, an unregulated forex broker based in the United Kingdom, presents significant concerns for potential traders. The lack of regulatory oversight raises red flags about trader protection and market fairness. Moreover, key information such as the minimum deposit requirement and details about customer support and educational tools are notably absent.
The company's website being reported as a scam and experiencing downtime further erodes confidence in its legitimacy and reliability. While they offer a diverse range of tradable assets and account types, the absence of crucial information and the reported website-related issues make it imperative for traders to exercise extreme caution. In such a volatile industry, traders are strongly advised to explore alternative options, especially those offered by regulated brokers, to ensure a safer and more secure trading experience.
Regulation
LIVE FXTM operates as an unregulated forex broker, and this lack of regulatory oversight should raise concerns for potential traders. Regulated brokers are typically subject to stringent rules and standards designed to protect traders' interests and ensure fair market practices. Before considering any involvement with LIVE FXTM or any unregulated broker, individuals should exercise caution and conduct thorough research. It's crucial to stay vigilant because a broker's regulatory status can change, so traders should verify LIVE FXTM's current regulatory status through up-to-date sources before engaging in any trading activities with the company.
Pros and Cons
In summary, LIVE FXTM presents a range of pros, including a diverse offering of trading instruments, multiple account types, competitive spreads, and the use of the MT5 platform. However, significant concerns arise due to the lack of regulatory oversight, limited information on support and educational resources, and the reported issues with the website's legitimacy. Traders should exercise caution and consider alternative options, especially in light of the reported website-related issues and regulatory concerns.
Market Instruments
LIVE FXTM offers a wide array of market instruments designed to accommodate the diverse trading preferences of its clients, providing ample opportunities for portfolio diversification and capitalizing on market movements.
Forex Trading:
At LIVE FXTM, the primary offering is Forex trading, involving the trading of currency pairs. This allows traders to speculate on currency value fluctuations. LIVE FXTM provides access to a variety of currency pairs, including major, minor, and exotic pairs such as AUD/CAD, AUD/CHF, and AUD/JPY. Real-time buy and sell prices, spreads, and percentage changes for these currency pairs are available in a table format.
Stock Trading (as CFDs):
LIVE FXTM offers stock trading as Contracts for Difference (CFDs), enabling traders to speculate on the price movements of global stocks without owning the underlying assets. The selection of available stocks includes well-known companies like Apple Inc. (AAPL), Amazon.com Inc. (AMZN), and Alibaba Group Holding Limited (BABA). The table provides current buy and sell prices, spreads, and percentage changes for these stocks.
Indices Trading:
Indices trading allows traders to invest in the performance of a group of stocks, reflecting overall market sentiment. LIVE FXTM provides access to major indices such as S&P 500, Dow Jones Industrial Average (DJIA), and NASDAQ-100. Buy and sell prices, spreads, and percentage changes for these indices are readily accessible for analysis and speculation.
Commodities Trading:
Traders can engage in commodities trading at LIVE FXTM, including agricultural commodities like cocoa, coffee, corn, cotton, soybean, sugar, and wheat. These raw materials play a vital role in various production processes. The table presents essential information for each commodity, including buy and sell prices, spreads, and percentage changes.
Precious Metals Trading:
For those interested in precious metals, LIVE FXTM offers trading activities involving metals such as silver (XAG/USD), gold (XAU/USD), palladium (XPD/USD), and platinum (XPT/USD). Precious metals are often considered safe-haven assets, and their prices and spreads can be monitored using the provided table.
Energy Trading:
Energy trading is another prominent offering, featuring commodities like natural gas (NGAS), Brent Crude Oil (UKOIL), and WTI Crude Oil (USOIL). These energy commodities are widely used in various domestic and industrial applications, making them significant trading assets. The table displays real-time buy and sell prices, spreads, and percentage changes for these energy commodities.
In addition to these market instruments, LIVE FXTM offers various account types tailored to different trading preferences. These accounts provide access to different leverage options, competitive spreads, and an array of trading tools. Traders can choose the instruments and account types that align with their trading strategies and goals, offering flexibility and diversity in their trading experience.
Account Types
LIVE FXTM provides a diverse range of account types to accommodate the varied needs and preferences of traders, offering flexibility and choices that align with their trading styles and objectives.
Classic Account:
The Classic Account is a versatile option offering access to a wide array of tradable CFD instruments, including currencies, stocks, indices, precious metals, oil, natural gas, and agricultural commodities. It is well-suited for traders seeking a comprehensive trading experience, featuring a diverse portfolio of assets and flexibility.
Premium Account:
The Premium Account shares the features of the Classic Account but comes with an enticing deposit bonus of up to 150% based on the initial investment amount. Traders can activate this bonus with a minimum deposit of $20. This account type is particularly appealing to those looking for additional trading capital to enhance their positions.
Islamic Account:
LIVE FXTM offers an Islamic Account, also known as a swap-free account, designed to cater specifically to Muslim clients. This account ensures that no overnight fees are charged for holding positions, adhering to Islamic finance principles. It offers a Sharia-compliant trading experience, making it accessible to traders who require this feature.
Islamic Premium Account:
Similar to the Premium Account, the Islamic Premium Account is a swap-free account tailored for Muslim traders. It includes a deposit bonus of up to 150% based on the deposit amount, providing an opportunity for additional capital. A minimum deposit of $20 is required to activate the bonus, ensuring accessibility for a wide range of traders.
ECN Pro Account:
The ECN Pro Account is an ECN (Electronic Communication Network) account that provides direct access to various tradable assets in the FOREX, Precious Metals, and Energy markets as CFDs. It boasts ultra-low spreads starting from 0 pips, making it an excellent choice for traders who prioritize tight pricing.
ECN Pro Premium Account:
Similar to the ECN Pro Account, the ECN Pro Premium Account is an ECN account offering a deposit bonus of up to 150% based on the investment amount. Traders can activate this bonus with a minimum deposit of $20, providing additional trading capital to enhance their strategies.
Leverage
LIVE FXTM offers a maximum trading leverage of up to 1:1000 for its trading accounts. This means that traders can control positions in the market that are up to 1000 times the size of their initial capital. While high leverage can potentially amplify profits, it's important to understand that it also comes with an increased level of risk. This heightened risk means that losses can be significantly magnified.
To trade responsibly and safeguard their investments, traders should exercise caution and implement a robust risk management strategy when utilizing high leverage. It's crucial to be aware that the availability of leverage may vary depending on the specific account type and the financial instrument being traded. Therefore, traders should always be mindful of the leverage limits associated with their chosen trading account and the assets they are trading. This awareness is essential for maintaining responsible trading practices.
Spreads and Commissions
LIVE FXTM offers a diverse range of trading instruments across various asset classes, with spreads and commissions that can vary based on the chosen trading account. Let's take a closer look at the specifics of these trading conditions across different categories.
Forex Trading:
In the realm of Forex trading, LIVE FXTM provides an environment where spreads are generally low. For instance, the AUD/CAD pair typically exhibits a tight spread of 0.00147. This competitive spread can be attractive to traders looking to engage in currency trading.
Stock Trading (as CFDs):
For those interested in trading stock CFDs, the spreads can vary depending on the chosen trading account. Stocks like AAPL, for instance, may have a spread of 0.05. This variability in spreads allows traders to select an account that aligns with their trading objectives.
Indices Trading:
Trading indices with LIVE FXTM involves spreads that may differ based on the trading account. For instance, the ASX200 might have a spread of 3.1. This flexibility in spreads accommodates a wide range of trading strategies.
Commodities Trading:
LIVE FXTM offers trading opportunities in agricultural commodities, and the spreads can vary depending on the selected account. For instance, COCOA may feature a spread of 4. Traders interested in commodities can find suitable conditions based on their account type.
Precious Metals Trading:
When it comes to precious metals, spreads can also vary depending on the account type. For example, XAG/USD may have a spread of 0.01. This allows traders to tailor their trading experience to their specific preferences.
Energy Trading:
Energy commodity spreads fluctuate based on the chosen trading account. As an example, NGAS may have a spread of 0.013. LIVE FXTM strives to provide a versatile trading environment for those interested in energy commodities.
It's important for traders to carefully review the specific spreads and commissions offered on the LIVE FXTM platform, as these can be influenced by the chosen account type. The selection of an account should align with individual trading strategies and preferences, as LIVE FXTM aims to provide competitive pricing and favorable trading conditions across its diverse range of trading instruments.
Deposit & Withdrawal
Deposit:
Sticpay: Deposits made using Sticpay do not involve any additional fees. You can fund your trading account without incurring any extra charges.
Credit Card: Deposits via credit card also do not incur any fees. You can add funds to your trading account without any additional costs.
Skrill: Similar to credit card deposits, Skrill deposits do not involve any fees. You can deposit funds into your trading account without incurring any extra charges.
Bank Wire: Bank wire deposits may have associated bank fees, but LIVE FXTM does not charge additional fees for this method. Any fees incurred would be dependent on your bank's policies.
Withdrawal:
Sticpay: Withdrawals using Sticpay will be subject to a 2% fee. When you request a withdrawal, 2% of the withdrawal amount will be deducted as a fee.
Credit Card: For withdrawals via credit card, there is a fee of 1.5% of the withdrawal amount, along with an additional fixed processing fee of $2. This means you'll be charged 1.5% of the amount you want to withdraw, plus a $2 processing fee.
Skrill: Skrill withdrawals incur a flat fee of $1. Regardless of the withdrawal amount, you'll be charged $1 for each Skrill withdrawal.
Bank Wire: Bank wire withdrawals may have associated bank fees, but LIVE FXTM does not charge additional fees for this method. Any fees incurred would be dependent on your bank's policies.
Please note that these fees and methods are subject to change, and it's advisable to check the most up-to-date information on the LIVE FXTM platform or their official website for the latest details on deposit and withdrawal options.
Trading Platforms
LIVE FXTM provides its clients with access to the MetaTrader 5 (MT5) trading platform. MT5 is a well-respected and versatile trading platform that opens up opportunities across a broad spectrum of financial instruments, including Forex, stocks, commodities, indices, and cryptocurrencies. Renowned for its user-friendly interface, advanced charting capabilities, and comprehensive support for various trading orders, MT5 caters to traders of all experience levels. It empowers traders to perform thorough technical analysis, execute trades with precision, and tap into a diverse range of assets, enabling them to construct well-rounded investment portfolios.
Customer Support & Educational Resources
Information regarding Customer Support and Educational Resources for LIVE FXTM is not available in the provided content. For specific details on these aspects, it's best to visit LIVE FXTM's official website or contact their customer support directly.
Summary
LIVE FXTM, operating as an unregulated forex broker, raises substantial concerns due to the absence of regulatory oversight, potentially exposing traders to risks. While it offers a diverse range of trading instruments and account types, competitive spreads, and utilizes the popular MetaTrader 5 platform, it's imperative for potential traders to exercise extreme caution. Furthermore, the reported issues of its website being down and being labeled as a scam add significant doubts about its legitimacy, highlighting the need for thorough research and vigilance before considering any engagement with LIVE FXTM.
FAQs
Q1: Is LIVE FXTM a regulated forex broker？
A1: No, LIVE FXTM operates as an unregulated forex broker, which means it lacks the regulatory oversight typically provided by authorities to ensure trader protection and fair market practices.
Q2: What trading platform does LIVE FXTM offer？
A2: LIVE FXTM provides access to the MetaTrader 5 (MT5) trading platform, known for its user-friendly interface, advanced charting tools, and support for various trading orders.
Q3: Are there any fees for deposits at LIVE FXTM？
A3: Deposits made via methods like Sticpay, Credit Card, Skrill, and Bank Wire do not incur additional fees. However, withdrawal fees may apply depending on the chosen method.
Q4: Does LIVE FXTM offer Islamic (swap-free) accounts？
A4: Yes, LIVE FXTM offers Islamic accounts that comply with Sharia principles, ensuring no overnight fees are charged for holding positions.
Q5: Can I trust LIVE FXTM as a reliable forex broker？
A5: Due to reported issues with the website being down and being labeled as a scam, it's advisable to approach LIVE FXTM with extreme caution. Conduct thorough research and consider alternative regulated brokers for a safer trading experience.
2023-03-03 11:18
