Overview:
The FX and CFDs broker LV Grow Markets offers many trading instruments on an unknown trading platform. The accounts provided are Basic, Bronze, Silver, Gold, and Platinum. The leverage level is of 1:500 a high ratio. This LV Grow Markets review will help our readers to understand this broker well.
About LV Grow Markets:
The broker LV Grow Markets has FX, many products, indexes, shares, and a variety of cryptos in its product portfolio. The problem with this broker is it is unlicensed and not regulated. The leverage level provided is at 1:500 and considered high. The high leverage can make a huge profit but traders can suffer from high loss as well.
The Vanuatu based firm, Arrow Capital LTD, manages LV Grow Markets brand from Oceania. The website does not provide information on the broker’s managing body. Also, the local financial body named Vanuatu Financial Services Commission does not have registration of LV Grow Markets in its registry. This is evident to call this broker unauthorized. We have come across several scam brokers over the period and funds of the traders pose a high risk of scam with them. Many regulated markets have banned this broker from providing its financial services. Also, FMA the Austrian local financial body has issued warnings against LV Grow Markets.
The trading conditions of LV Grow Markets are not mentioned on the site. Therefore, we surely don’t know about spreads, minimum investment, and commission of this broker. This opaque nature of the broker must be taken seriously. The broker deliberately misses on providing a demo account. The trading platform provided by LV Grow Markets is a complicated online trading platform with many glitches. Furthermore, while testing the real accounts we came across a fixed high spread of 3 pips on EURO/DOLLAR Foreign exchange pair.
The broker also applies many charges to traders. Such as withdrawal charges of 3.5%, profit clearance fee of 0.05%. Also, for two months inactivity, a dormant charge of $200 is applied.
Is LV Grow Markets scam or legit?
The broker has many warnings of FMA against it. The trading conditions are not disclosed on its website. Also, LV Grow Markets apply high charges on withdrawals. The broker is unlicensed and unregulated. The investment is at risk with this forex scam broker.