Austria’s FMA has issued a warning against Libra Markets
Austria’s financial markets and services providers regulator FMA warned that the Forex and CFD broker Libra Markets is not licensed to offer its services in Austria. Therefore the acceptance of funds from other parties on a commercial basis for management purposes or as deposits is not allowed.
The Austrian Financial Market Authority (FMA) is an independent, autonomous and integrated authority for the Austrian financial market. The Austrian FMA is responsible for: contributing to the stability of Austria as a financial market; reinforcing confidence in the ability of the Austrian financial market to function; protecting investors, creditors and consumers.
Libra Markets is a Forex and CFDs brokerage. According to the website, the broker is owned by Yield Enterprise Currency Software OÜ, Tallinn, Estonia and operated from Riga, Latvia. The government of Estonia allows forex trading within the country for those brokers authorized by the local regulator Financial Supervision Authority. However, we didn’t find any mention of Libra Markets or Yield Enterprise Currency Software OÜ in regulator’s register.
To add up, we have found numerous negative reviews from Libra Markets customers on the net. People state that they cannot get their money back and the company refuses to provide any kind of help.
When choosing a new Forex broker, it is very important to verify that they are in fact licensed for investors from your country of residence. Trading with a licensed broker ensures you will not have issues withdrawing your investment. The most trustworthy brokers are those registered with such regulators as FCA in the United Kingdom and ASIC in Australia. You can read our review on this broker here.