-
Please try to select the correct prefix when making a new thread in this folder.
Discuss is for general discussions of a financial company or issues related to companies.
Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"
Compare is for things like "Which of these 2 (or more) companies is best?"
Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"
Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.More info coming soon.
Pharaoh
Brigadier General
- Messages
- 20,308
Many forex companies have very similar names, so it's usually a good idea to include the whole domain name.
I'll assume you are probably referring to LibraFx.com. If not, please let me know.
LibraFx.com appear to have been registered on 2013-09-23. I prefer a broker with a longer history.
The claim an office in London at 145-157 St John Street. It's a virtual office that costs £45 plus VAT per year. You can see that here...
Registered Office - Registered Office Services, Statutory Mail Forwarding London
If I'm sending my money to a broker, I want to know where the broker really is located, not where they've rented a virtual office. Whois information for LibraFx.com shows private registration in Panama. This reduces my confidence in the company even further.
Despite the claimed London location, there's no mention of being registered with the FCA on the LibraFx website. I strongly recommend against placing money with a broker that's not licensed by a major regulator. Libra Fx appears to be completely unregulated.
My advice: Unless LibraFx gets itself registered with a major regulator and discloses a physical office location, look elsewhere.
I'll assume you are probably referring to LibraFx.com. If not, please let me know.
LibraFx.com appear to have been registered on 2013-09-23. I prefer a broker with a longer history.
The claim an office in London at 145-157 St John Street. It's a virtual office that costs £45 plus VAT per year. You can see that here...
Registered Office - Registered Office Services, Statutory Mail Forwarding London
If I'm sending my money to a broker, I want to know where the broker really is located, not where they've rented a virtual office. Whois information for LibraFx.com shows private registration in Panama. This reduces my confidence in the company even further.
Despite the claimed London location, there's no mention of being registered with the FCA on the LibraFx website. I strongly recommend against placing money with a broker that's not licensed by a major regulator. Libra Fx appears to be completely unregulated.
My advice: Unless LibraFx gets itself registered with a major regulator and discloses a physical office location, look elsewhere.
Hi,
Pharaoh - We understand your concerns, but we, at Libra, pride ourselves for our good service and the security that we take to protect our traders funds. You can read about it here: Libra FX - Security of Funds.
Cfsdoc - Happy to see you enjoy using our Social Copy feature.
LibraFX Team
Pharaoh - We understand your concerns, but we, at Libra, pride ourselves for our good service and the security that we take to protect our traders funds. You can read about it here: Libra FX - Security of Funds.
Cfsdoc - Happy to see you enjoy using our Social Copy feature.
LibraFX Team
Pharaoh
Brigadier General
- Messages
- 20,308
Your security of funds page only adds questions instead of answers. Let me make a list of all the questions I have about Libra FX:
1. Is LibraFX registered with the FCA? If not, why is it advertising a London address?
2. Is LibraFX registered with any other regulator?
3. 145-157 St John Street is just a virtual office. Where are LibraFX's offices really located?
4. What firm does the monthly audits to assure that funds are truly segregated?
5. What bank or banks are client funds held with?
Without clear and verifiable answers to these questions, how can anyone have any confidence in LibraFX?
1. Is LibraFX registered with the FCA? If not, why is it advertising a London address?
2. Is LibraFX registered with any other regulator?
3. 145-157 St John Street is just a virtual office. Where are LibraFX's offices really located?
4. What firm does the monthly audits to assure that funds are truly segregated?
5. What bank or banks are client funds held with?
Without clear and verifiable answers to these questions, how can anyone have any confidence in LibraFX?
Hi Pharaoh,
Sorry for taking time to get back to you. Regarding your points from the previous post...
Your security of funds page only adds questions instead of answers. Let me make a list of all the questions I have about Libra FX:
1. Is LibraFX registered with the FCA? If not, why is it advertising a London address?
LibraFX is not registered or regulated by the FCA. Our head office is in Anguilla, the U.K address was on the contact section by mistake and it has now been amended, we apologize for the confusion.
2. Is LibraFX registered with any other regulator?
No we are not, not at the moment at least. This is something we have considered, and we still consider this every so often, its a big dilemma if we are honest. We might in future be doing regulation - it really depends on the needs of our traders.
3. 145-157 St John Street is just a virtual office. Where are LibraFX's offices really located?
Company is registered and operates from Anguilla.
4. What firm does the monthly audits to assure that funds are truly segregated?
We can not expose the firm that does our audits, however we can reveal that the company that provides us with the Liquidity bridge to the market is regulated by CySec.
5. What bank or banks are client funds held with?
We work with a number of banks, if you were to go to the client section and try to do a wire transfer you would receive a few banks (currency depending) to choose from.
Without clear and verifiable answers to these questions, how can anyone have any confidence in LibraFX?
Again, we understand why you would ask these questions and we hope we have now clarified this matter. We think that ultimately, even regulated brokers can not guarantee to their clients that there will be no foul play (and indeed there are plenty of regulated brokers who have failed their traders and were punished by the regulator as a result), it's not to say that regulation does not work, but it is to say that a trader that opens an account with a regulated broker is not immune from bad experiences.
We think that as far as confidence goes, traders can have confidence in LibraFX because our customer service speaks for itself. We deal with issues quick and we are not aware of any long standing complaints about us.
Sorry for taking time to get back to you. Regarding your points from the previous post...
Your security of funds page only adds questions instead of answers. Let me make a list of all the questions I have about Libra FX:
1. Is LibraFX registered with the FCA? If not, why is it advertising a London address?
LibraFX is not registered or regulated by the FCA. Our head office is in Anguilla, the U.K address was on the contact section by mistake and it has now been amended, we apologize for the confusion.
2. Is LibraFX registered with any other regulator?
No we are not, not at the moment at least. This is something we have considered, and we still consider this every so often, its a big dilemma if we are honest. We might in future be doing regulation - it really depends on the needs of our traders.
3. 145-157 St John Street is just a virtual office. Where are LibraFX's offices really located?
Company is registered and operates from Anguilla.
4. What firm does the monthly audits to assure that funds are truly segregated?
We can not expose the firm that does our audits, however we can reveal that the company that provides us with the Liquidity bridge to the market is regulated by CySec.
5. What bank or banks are client funds held with?
We work with a number of banks, if you were to go to the client section and try to do a wire transfer you would receive a few banks (currency depending) to choose from.
Without clear and verifiable answers to these questions, how can anyone have any confidence in LibraFX?
Again, we understand why you would ask these questions and we hope we have now clarified this matter. We think that ultimately, even regulated brokers can not guarantee to their clients that there will be no foul play (and indeed there are plenty of regulated brokers who have failed their traders and were punished by the regulator as a result), it's not to say that regulation does not work, but it is to say that a trader that opens an account with a regulated broker is not immune from bad experiences.
We think that as far as confidence goes, traders can have confidence in LibraFX because our customer service speaks for itself. We deal with issues quick and we are not aware of any long standing complaints about us.
Pharaoh
Brigadier General
- Messages
- 20,308
Totally unregulated. Sure, there are some worthless regulators out there, but there are others that will eventually take action against bad companies.
A claim that there are audits, but the auditing company's name cannot be disclosed. Did you pick up the auditor from PFG Best?
A claim that the LP is regulated, but without the name of the LP being provided.
This does not invoke a warm and fuzzy feeling of confidence.
A claim that there are audits, but the auditing company's name cannot be disclosed. Did you pick up the auditor from PFG Best?
A claim that the LP is regulated, but without the name of the LP being provided.
This does not invoke a warm and fuzzy feeling of confidence.
Michel Sprott
Recruit
- Messages
- 1
Yes I have heard about this company and can asure you that this company is a scam. I am hereby publishing what kind of practice they have:
Van: Maikel Righteoustoo (righteoustoo@outlook.com)
Verzonden: woensdag 6 augustus 2014 16:32:37
Aan: Libra FX (support@librafx.com)
I don't want to be a party pooper but as a member of the forexpeacearmy I have to build up a case before I make any judgement about any broker, that is why I am waiting on your response before I public this as a scam on forexpeacearmy.
Michel
From: righteoustoo@outlook.com
To: support@librafx.com
Subject: RE: SIRIX Web HTML5 Feedback
Date: Wed, 6 Aug 2014 16:07:22 +0200
I haven't heard from you anymore about my withdrawal request neither about your refund through my bank account.
Michel
From: righteoustoo@outlook.com
To: support@librafx.com
Subject: RE: SIRIX Web HTML5 Feedback
Date: Tue, 5 Aug 2014 10:09:42 +0200
I do not think that your bank transfer is working
Michel
From: support@librafx.com
Date: Wed, 30 Jul 2014 12:45:11 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel
In continuation of the issue, I have spoken with my manager and he has approved to give 50 Euro in credit to your account to trade with.
Please note that it is under the same terms we give our bonus promotions (you can read here: Libra FX - Promotions)
The credit has already been applied to your account
Regards
Kate
LibraFX
On 30 July 2014 12:36, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
Thank you so much
Michel
From: support@librafx.com
Date: Wed, 30 Jul 2014 12:34:54 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Thanks Michel
Regards Branch code and the Transaction, I don't know either. Its the service provider who asked for it.
I will email them the details and update you as soon as I hear back from them.
Apologies again
Kate
On 30 July 2014 12:27, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
I am hereby sending you the details that you asked me for with the exception of Branch code and the Transaction Id. as I do not understand what you have to do with these and where to find them.
Michel
From: support@librafx.com
Date: Wed, 30 Jul 2014 11:53:00 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
Our Payment provider has returned and said that the reason they have not refunded you so far is because they are no longer working with the company you used to make the payment (webmoney?)
In any case, I am arranging to refund you via the bank account, can you please send me the following wire details for your account and I'll arrange a refund:
Bank name : ING
Bank Address : ING Bank
Foreign Operations
P.O. BOX 1800
1000BV Amsterdam
The Netherlands
Customers First + Last Name: Kevin Sprott
IBAN : NL70INGB0004052390
SWIFT/BIC CODE : INGBNL2A
Account number : 4052390
Bank Code: NL70INGB0004052390
Thanks
Kate
On 30 July 2014 06:46, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
I do not think that I am only frustrated but I think that you are a scam by now.
From: support@librafx.com
Date: Mon, 28 Jul 2014 16:24:39 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
I completely understand your frustration and on behalf of LibraFX I apologize.
However, LibraFX did ask the credit provider for the refund when you asked for it, I am not sure why the credit provider has not processed it yet. I have been in touch with the credit provider and have stressed them to process it as soon as possible.
Regards a deposit / withdrawal of Euro 50K - We would rather these sort of amounts be wired directly to our bank account and then we also wire the funds back to you.
Regards
Kate
LibraFX
On 28 July 2014 16:14, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
Sorry kate,
But after 2 weeks this sounds like a joke to me and I think as a new broker Libra can do much better. For a customer there is no trust if they cannot withdraw, how can I put my confidence with you if a little amount cannot be withdrawn correctly, what would happen if I had to withdraw 50.000, 00 euro's?
Michel
From: support@librafx.com
Date: Mon, 28 Jul 2014 15:12:22 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
Sorry for not getting back to you - I was sure you had received the funds by now.
I have just contacted the credit provider again and verified they have sent over the funds - I hope it will be with you shortly.
Regards
Kate
LIbraFX
On 28 July 2014 13:56, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
Hi guys, have you any news, I am not happy about this situation, please get back to me with some positive answers.
Michel
From: support@librafx.com
Date: Wed, 23 Jul 2014 01:08:55 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel
We are looking into this and have contacted our payment providers for clarification.
We will update as soon as we here back
Regads
Kate
LibraFX
On 22 July 2014 21:26, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
I just checked my account and it does not appear in my account.
Michel Sprott
From: support@librafx.com
Date: Tue, 22 Jul 2014 01:32:00 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
We sent you the 130 euro's back last week - have you still not received them? please check your credit card statement and update me
Thanks
Kate
LibraFX
On 21 July 2014 14:14, <api.diagnostics@leverate.com> wrote:
Name : 1065093578
Message : Hi guys, I made a withdraw request of 130,00 euro's to my debitcard and I never got it though you confirmed and approved this last week on the 15th of July.
IsGuest : False
Environment : Live
************************************************************************************
This footnote confirms that this email message has been scanned by
PineApp Mail-SeCure for the presence of malicious code, vandals & computer viruses.
************************************************************************************
Van: Maikel Righteoustoo (righteoustoo@outlook.com)
Verzonden: woensdag 6 augustus 2014 16:32:37
Aan: Libra FX (support@librafx.com)
I don't want to be a party pooper but as a member of the forexpeacearmy I have to build up a case before I make any judgement about any broker, that is why I am waiting on your response before I public this as a scam on forexpeacearmy.
Michel
From: righteoustoo@outlook.com
To: support@librafx.com
Subject: RE: SIRIX Web HTML5 Feedback
Date: Wed, 6 Aug 2014 16:07:22 +0200
I haven't heard from you anymore about my withdrawal request neither about your refund through my bank account.
Michel
From: righteoustoo@outlook.com
To: support@librafx.com
Subject: RE: SIRIX Web HTML5 Feedback
Date: Tue, 5 Aug 2014 10:09:42 +0200
I do not think that your bank transfer is working
Michel
From: support@librafx.com
Date: Wed, 30 Jul 2014 12:45:11 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel
In continuation of the issue, I have spoken with my manager and he has approved to give 50 Euro in credit to your account to trade with.
Please note that it is under the same terms we give our bonus promotions (you can read here: Libra FX - Promotions)
The credit has already been applied to your account
Regards
Kate
LibraFX
On 30 July 2014 12:36, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
Thank you so much
Michel
From: support@librafx.com
Date: Wed, 30 Jul 2014 12:34:54 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Thanks Michel
Regards Branch code and the Transaction, I don't know either. Its the service provider who asked for it.
I will email them the details and update you as soon as I hear back from them.
Apologies again
Kate
On 30 July 2014 12:27, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
I am hereby sending you the details that you asked me for with the exception of Branch code and the Transaction Id. as I do not understand what you have to do with these and where to find them.
Michel
From: support@librafx.com
Date: Wed, 30 Jul 2014 11:53:00 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
Our Payment provider has returned and said that the reason they have not refunded you so far is because they are no longer working with the company you used to make the payment (webmoney?)
In any case, I am arranging to refund you via the bank account, can you please send me the following wire details for your account and I'll arrange a refund:
Bank name : ING
Bank Address : ING Bank
Foreign Operations
P.O. BOX 1800
1000BV Amsterdam
The Netherlands
Customers First + Last Name: Kevin Sprott
IBAN : NL70INGB0004052390
SWIFT/BIC CODE : INGBNL2A
Account number : 4052390
Bank Code: NL70INGB0004052390
Thanks
Kate
On 30 July 2014 06:46, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
I do not think that I am only frustrated but I think that you are a scam by now.
From: support@librafx.com
Date: Mon, 28 Jul 2014 16:24:39 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
I completely understand your frustration and on behalf of LibraFX I apologize.
However, LibraFX did ask the credit provider for the refund when you asked for it, I am not sure why the credit provider has not processed it yet. I have been in touch with the credit provider and have stressed them to process it as soon as possible.
Regards a deposit / withdrawal of Euro 50K - We would rather these sort of amounts be wired directly to our bank account and then we also wire the funds back to you.
Regards
Kate
LibraFX
On 28 July 2014 16:14, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
Sorry kate,
But after 2 weeks this sounds like a joke to me and I think as a new broker Libra can do much better. For a customer there is no trust if they cannot withdraw, how can I put my confidence with you if a little amount cannot be withdrawn correctly, what would happen if I had to withdraw 50.000, 00 euro's?
Michel
From: support@librafx.com
Date: Mon, 28 Jul 2014 15:12:22 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
Sorry for not getting back to you - I was sure you had received the funds by now.
I have just contacted the credit provider again and verified they have sent over the funds - I hope it will be with you shortly.
Regards
Kate
LIbraFX
On 28 July 2014 13:56, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
Hi guys, have you any news, I am not happy about this situation, please get back to me with some positive answers.
Michel
From: support@librafx.com
Date: Wed, 23 Jul 2014 01:08:55 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel
We are looking into this and have contacted our payment providers for clarification.
We will update as soon as we here back
Regads
Kate
LibraFX
On 22 July 2014 21:26, Maikel Righteoustoo <righteoustoo@outlook.com> wrote:
I just checked my account and it does not appear in my account.
Michel Sprott
From: support@librafx.com
Date: Tue, 22 Jul 2014 01:32:00 +0100
Subject: Re: SIRIX Web HTML5 Feedback
To: righteoustoo@outlook.com
Hi Michel,
We sent you the 130 euro's back last week - have you still not received them? please check your credit card statement and update me
Thanks
Kate
LibraFX
On 21 July 2014 14:14, <api.diagnostics@leverate.com> wrote:
Name : 1065093578
Message : Hi guys, I made a withdraw request of 130,00 euro's to my debitcard and I never got it though you confirmed and approved this last week on the 15th of July.
IsGuest : False
Environment : Live
************************************************************************************
This footnote confirms that this email message has been scanned by
PineApp Mail-SeCure for the presence of malicious code, vandals & computer viruses.
************************************************************************************
Hi Michel
Having read the thread, and having checked with Kate, I think it's fair to say she has done as best as she could.
We use a few PSP's to process payments on our website (such as your deposit), the PSP that dealt with your deposit and which we wanted to refund back to you once you asked to withdraw stopped working with the method you used to pay and this meant that they had to process the refund back to you in a wire. It took them time and hence the delay.
I am not saying this is not our fault, but I am saying that we were limited in what we could do. We can not force a payment provider to process a refund faster then what they do in practice (though we do ask).
In addition, we did give you a credit as compensation for the sluggishness of service - something that you were happy with.
In any case, Kate has told me that the PSP updated her that the refund was processed over the weekend and she has asked you (by email) to check your bank account to see that you have received the funds.
I hope the issue is now resolved.
All the best
LibraFX
Having read the thread, and having checked with Kate, I think it's fair to say she has done as best as she could.
We use a few PSP's to process payments on our website (such as your deposit), the PSP that dealt with your deposit and which we wanted to refund back to you once you asked to withdraw stopped working with the method you used to pay and this meant that they had to process the refund back to you in a wire. It took them time and hence the delay.
I am not saying this is not our fault, but I am saying that we were limited in what we could do. We can not force a payment provider to process a refund faster then what they do in practice (though we do ask).
In addition, we did give you a credit as compensation for the sluggishness of service - something that you were happy with.
In any case, Kate has told me that the PSP updated her that the refund was processed over the weekend and she has asked you (by email) to check your bank account to see that you have received the funds.
I hope the issue is now resolved.
All the best
LibraFX
