ForexLive is a broker that claims to know how to trade. Just like them, we also have knowledge of trading, but for some reason, we’re not running a brokerage firm. Well, we will thoroughly examine this project to determine if it’s a scam. We encourage you to read our review to gain insight into our findings.
Table of Contents
Highlights
| 🏛️ Country | Saint Vincent and The Grenadines |
| ⚠️ Regulation | — |
| 🖥️ Website | https://forexlive.io/ |
| 🎲 Demo Account | Yes |
| ⏳ Start Time | 2023 |
| 💲 Minimum Deposit | $10,000 |
| ⚖️ Minimum and Maximum Leverage | 1:100 |
| ⚙️ Trading Platform | MT5 |
| support@forexlive.io | |
| 📞 Phone | — |
First Impression of Forexlive.io
The official website of ForexLive leaves much to be desired. It appears to be nothing more than a generic and cookie-cutter platform. The design is uninspiring, lacking any unique or engaging features. It gives the impression that little effort was put into its creation.
Furthermore, it seems that the website was recently developed, as some of the links on the site are not functional or lead to error pages. This raises concerns about the overall professionalism and reliability of ForexLive. A well-established and reputable broker will ensure that their website is fully functional and user-friendly.
Partnership and Bonuses
ForexLive offers an enticing affiliate program, allowing individuals to become representatives of the broker and earn generous commissions on each referred client, up to 30%. As your referrals engage in trading activities, you will continuously earn income without any limitations on the payout amount. The earned rewards can be withdrawn directly to your cryptocurrency wallet on a weekly basis. This affiliate program seems appealing, providing an opportunity for individuals to generate passive income through the success of their referred clients.
Account Opening on Forexlive.io
When we were reviewing the affiliate program, we were immediately puzzled by the fact that it is referred to as “Tradiso.” However, we initially overlooked it without giving much thought. Little did we know, it turns out to be a significant concern. Upon proceeding with the registration process, you are abruptly redirected to another official website, Tradiso.com, which seems to be a separate broker altogether. So, ForexLive is essentially urging us to open an account with Tradiso? This raises doubts about their practices, as reputable companies typically do not engage in such confusing and misleading maneuvers.
Surprisingly, ForexLive does indeed prompt users to open an account with Tradiso, as upon completing the registration process, we are directed to Tradiso’s client portal. This unexpected twist caught us off guard, leaving us at a loss for words. We certainly did not anticipate such a convoluted situation.
Verification
It appears that verification at this broker is curiously referred to as “Varification.” Despite not undergoing any verification process, we were granted access to deposit, trade, and withdraw, albeit limited to cryptocurrencies. It is evident that compliance with AML and KYC regulations is severely lacking in this regard.
- None.
- The verification is not required.
Trading Software
The broker offers MT4 for trading. MetaTrader 4 (MT4) is a widely used trading platform in the financial industry. It is known for its robust features and user-friendly interface, making it popular among traders of all levels of experience. MT4 provides a comprehensive set of tools and functionalities to facilitate trading in various financial markets, including forex, stocks, commodities, and indices.
The platform offers real-time market quotes, interactive charts with multiple timeframes, and a wide range of technical analysis indicators.
| Features | ForexLive | Genesis Exchange | Graystone Venture Capital |
|---|---|---|---|
| Demo Account | ✔️ | ❌ | ❌ |
| Mobile App | ✔️ | ❌ | ❌ |
| Own Development | ❌ | ✔️ | ❌ |
How Can I Trade With ForexLive?
The answer to this question is no. Apparently, you can only trade with Tradiso.
All Info About Accounts
Unfortunately, there is no information available regarding the specific account types offered by the broker in question. The absence of distinct account types suggests that upon funding your account, you can start trading immediately. Additionally, there is a demo account available for practice purposes. It is important to note that trading is limited to CFDs only, and the minimum deposit requirement is not specified. The broker also fails to provide an account description page, indicating a lack of attention to detail on their website. Overall, it seems that this broker operates similarly to ForexLive, potentially under a different name, given the negligent approach to the website’s content.
- None.
- Trading conditions are not described.
Market Analysis and Education With Forexlive.io
ForexLive does offer educational resources on their website, specifically in the form of a dedicated section that provides guidance on trading various assets. However, it is worth noting that our focus has been primarily on evaluating the brokers themselves, and we have not delved into the extent to which these educational services can be relied upon. It is uncertain whether these services are applicable to Tradiso, as the latter broker does not seem to provide such educational materials. Instead, Tradiso emphasizes features like PAMM accounts and managed account services.
Deposit, Withdrawal, and Fees
The fact that ForexLive or Tradiso (whichever name you prefer) only offers deposit options in cryptocurrencies can be seen as a disadvantage for several reasons. Firstly, it limits accessibility for traders who prefer or have easy access to traditional payment methods such as bank transfers or credit/debit cards. Not everyone is familiar or comfortable with cryptocurrency transactions.
Secondly, relying solely on cryptocurrencies for deposits can introduce additional complexities and risks. Cryptocurrency markets can be volatile, and the value of cryptocurrencies can fluctuate greatly. Traders may face challenges in accurately calculating their deposit amounts due to these fluctuations, which could affect their trading capital.
| Features | ForexLive | Clark Financial | InternationalReserve |
|---|---|---|---|
| Debit/Credit Cards | ❌ | ✔️ | ✔️ |
| Electronic Payments | ❌ | ✔️ | ✔️ |
| Crypto Transfers | ✔️ | ❌ | ❌ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ❌ | ❌ | ❌ |
How Can I Contact It?
The fact that contacting ForexLive is uncertain and limited to email communication can be considered a disadvantage for several reasons. Firstly, email communication is often slower compared to other forms of communication such as live chat or phone support. Traders may need immediate assistance or have urgent inquiries, and relying solely on email may result in delays in receiving a response.
- There is an email.
- Lack of contact details.
Is ForexLive Dangerous?
Given the nonsensical aspects observed on this platform, we certainly wouldn’t consider depositing funds here. For reputable brokers, the practices implemented on this platform are questionable at best. However, if you still have doubts, we welcome you to explore our investigation further.
How Long Does The Broker Work?
The ForexLive lifespan made us laugh a lot. In fact, the company writes on its website that it was launched in 2023. And in the same section, it writes nonsense about attracting 50,000 traders. In a couple of months? Are we supposed to believe it? No, thanks. In general, we checked the domain and our guesses were confirmed. The domain was registered on March 28, 2023.
How Is ForexLive Regulated?
The question of legitimacy is also very interesting. ForexLive claims to be registered in Saint Vincent and the Grenadines. Also, it claims to have received at least 5 licenses from European regulators. All of these claims are nonsense. The broker is not listed either in the registry of the named offshore, or in any of the jurisdictions mentioned by it.
As for Tradiso, it really works in the jurisdiction of Saint Vincent and the Grenadines, but it has no license.
| Features | ForexLive | NPBFX | Alliance Reserve |
|---|---|---|---|
| European Zone | ❌ | ❌ | ❌ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ✔️ | ❌ |
| Offshore | ❌ | ❌ | ❌ |
Frequently Asked Questions (FAQ)
Kevin Berry Well, I just don’t have the words. But yes, it happens. I have met many brokers along the way. The main thing you need to understand is that all these scams are launched not to give you a great trading experience, but to leave you without money. So whoever offers their services to you, ForexLive or Tradiso, just pass by this charlatan.
ForexLive rating
2 reviews about ForexLive
The best option not to scam in trading is not to trade in garbage organizations like ForexLive. Well, is it a broker? This is not even a broker. This is an ordinary site that parodies a broker, but in fact it is not. On their wretched and dirty website, they did not tell us any information about their own activities. This is the behavior of a frank scammer project. They do not tell anything about the business model, or how they generally work, or how they earn. They are also redirected to the site of another broker. “High class.”
In fact, this is some kind of not a broker, but a fake. I registered for fun on their website. Firstly, it was possible to enter any mail data and immediately a phone number and any name. It was not necessary to confirm all this after registration. There’s also a bug in the security system. A serious hole, I would say. Then I deposited my account with 10 USDT, but they simply did not affect the balance. In general, everything is clear with this broker.