No Regulation

Score

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/10

LibraFG

United Kingdom

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://librafg.com/en

Website

Rating Index
Contact
LibraFG
+442080894838
support@librafg.com
https://librafg.com/en
Influence
E

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

WikiBit Risk Alerts

1
Previous Detection 2024-07-18

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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New Arrival

Company Name
LibraFG
Regulatory Status
No Regulation
Company Abbreviation
LibraFG
Platform registered country and region
United Kingdom
Phone of the company
+442080894838

User Reviews

More

2 ratings

Participate in evaluation
FX1003067910
As a cryptocurrency enthusiast, I am very satisfied with LIBRAFG’s interface design and liquidity. The platform is safe and stable, the interface is simple and easy to use, but I am slightly dissatisfied that the customer service response is slightly slow.
2023-10-13 05:00
9
norazuan
LIBRAFG's top-notch security ensures my investments are safe. Plus, the users' interface makes trading smooth & easy.
2023-09-14 14:33
5
Aspect Information
Company Name LIBRAFG
Registered Country/Area United Kingdom
Founded Year 2020
Regulation Unregulated
Cryptocurrencies Offered Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC)
Deposit & Withdrawal Bank Transfer,Debit/Credit Card
Customer Support Telephone, email

Overview of LIBRAFG

LIBRAFG is a cryptocurrency trading company based in the United Kingdom. Founded in 2020, it is relatively new to the market and is currently unregulated. The company offers trading in several popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC). Customers can deposit and withdraw funds via bank transfer or using a debit/credit card.

Additionally, LIBRAFG provides customer support via telephone and email, ensuring that clients can easily reach out for assistance or queries. Being unregulated raises some concerns about the safety of funds and the transparency of its operations, so potential clients should exercise caution and do thorough research before deciding to trade with LIBRAFG.

Overview

Pros and cons

Pros of LIBRAFG:

  • Cryptocurrency Options: LIBRAFG offers a variety of popular cryptocurrencies for trading, including Bitcoin, Ethereum, Ripple, and Litecoin. This provides traders with the flexibility to diversify their portfolio.

  • Multiple Payment Methods: Customers can deposit and withdraw funds using various payment methods, including bank transfer and debit/credit cards. This makes it convenient for clients worldwide.

  • Customer Support: LIBRAFG provides customer support via telephone and email, which ensures that clients can easily reach out for assistance or queries.

  • Location: Being based in the United Kingdom, a country with a relatively stable political and economic environment, could be seen as a positive aspect for some investors.

  • Cons of LIBRAFG:

    • Unregulated: LIBRAFG is currently unregulated, which raises concerns about the safety of funds and the transparency of its operations. There is a higher risk of fraud or mismanagement of funds.

    • Newly Established: Founded in 2020, LIBRAFG is relatively new to the market, which means it may lack the experience and track record that some investors seek in a trading platform.

    • No Mention of Security Measures: There is no information provided about the security measures in place to protect customer's funds and data. This lack of transparency can be a significant concern for potential clients.

    • Limited Information: There is limited information available about the company, its founders, and its operational practices. This lack of transparency could be a red flag for potential clients who prefer to know more about the companies they are dealing with.

    • Pros Cons
      Cryptocurrency Options Unregulated
      Multiple Payment Methods Newly Established
      Customer Support No Mention of Security Measures
      Location Limited Information

      Regulatory Authority

      LIBRAFG is currently unregulated. This means it is not overseen by any regulatory authority.

      Regulatory authorities are governmental or non-governmental organizations that are responsible for overseeing and enforcing laws and regulations in a particular industry or sector. For example, the Financial Conduct Authority (FCA) is the regulatory authority for financial services firms and financial markets in the United Kingdom.

      Being unregulated means that LIBRAFG does not have to adhere to the same standards and regulations as companies that are regulated by authorities like the FCA. This lack of oversight can lead to a higher risk of fraud or mismanagement of funds, and potential clients should exercise caution and conduct thorough research before deciding to trade with LIBRAFG.

      Security

      LIBRAFG is assumed to have basic security measures in place:

      • Basic Accounts: Users can execute trades possibly without KYC procedures, but KYC becomes essential for withdrawing funds or increasing daily withdrawal limits.

      • Enhanced Accounts: KYC verification may provide benefits like increased daily withdrawal limits, ability to update Two-Factor Authentication settings, and recovery of user profile and funds during incidents like loss of mobile devices.

      • It is encouraged for LIBRAFG traders to adopt personal safety protocols, such as using hardware wallets, activating two-factor authentication, and maintaining rigorous online safety practices.

        Cryptocurrencies available

        LIBRAFG provides its clients with the opportunity to trade in some of the most popular and widely recognized cryptocurrencies in the market. Bitcoin (BTC), the first and most well-known cryptocurrency, is available for trading, as well as Ethereum (ETH), which is known for its smart contract functionality. Additionally, clients can trade Ripple (XRP), a digital payment protocol more than just a cryptocurrency, and Litecoin (LTC), created as the “lighter” version of Bitcoin.

        It is important for potential clients to be aware that the cryptocurrency market is highly volatile and constantly changing. While these four cryptocurrencies are currently offered by LIBRAFG, the availability of cryptocurrencies can vary over time. It is always advisable to check the company's website or contact their customer support for the most up-to-date information before deciding to trade.

        Cryptocurrencies Available

        How to open an account?

        The registration process of LIBRAFG involves several steps to ensure the security and authenticity of user accounts.

        1. Start by visiting the LIBRAFG website and clicking on the “Sign Up” button.

        2. Fill out the registration form with your personal information, including your full name, email address, and phone number.

        3. Create a strong and unique password for your account. It is recommended to use a combination of letters, numbers, and special characters to enhance security.

        4. Agree to the terms and conditions of LIBRAFG by checking the appropriate box.

        5. Complete any additional verification steps, such as providing identification documents or undergoing a KYC (Know Your Customer) process. This is to ensure compliance with regulatory requirements and prevent unauthorized access.

        6. Once your account is successfully registered, you will receive a confirmation email or message with instructions on how to activate your account and start using the platform.

        Fees

        LIBRAFG offers four different types of trading accounts to cater to a wide range of clients, from novices to seasoned traders. These accounts are Basic, Gold, Platinum, and VIP. Each of these accounts comes with its own set of features and services, and the fees associated with each account vary accordingly. One significant difference between the accounts is the floating spreads, which can affect the cost of trading.

        Floating spreads can vary based on market conditions, and typically, higher-tier accounts like the Platinum and VIP accounts offer more favorable spreads compared to the Basic and Gold accounts. This means that clients with a Platinum or VIP account may benefit from lower trading costs during times of high market volatility. Clients should carefully assess their trading needs, frequency of trades, and risk tolerance before selecting the most appropriate account type.

        Floating Spreads BASIC GOLD PLATINUM VIP
        EUR/USD 2.8PIPS 2.5PIPS 1.9PIPS 1.4PIPS
        GBP/USD 3.1PIPS 2.8PIPS 2.2PIPS 1.7PIPS
        USD/JPY 3PIPS 2.7PIPS 2.1PIPS 1.5PIPS
        CRUDE OIL $0.12 $0.11 $0.1 $0.08

        Deposit & Withdrawal

        The payment method indicated in the footer of the company's interface is via credit card, debit card and bank transfer.

      • Deposit

      • The four accounts offered by LIBRAFG each have their own minimum deposit requirements. These requirements are set to ensure that the traders have enough capital in their accounts to cover the potential losses and costs associated with trading.

        BASIC GOLD PLATINUM VIP
        Minimum deposit $250 $25,000 $100,000 $250,000
      • Withdrawal

      • The withdrawal information on the website does not specify the minimum withdrawal amount, only stating that withdrawals will be processed 24 hours after approval. Different account types have varying conditions for fee-free withdrawals. For instance, VIP account users will not incur any fees for withdrawals. Platinum account holders are allowed three fee-free withdrawals per month. Gold account members are permitted one fee-free withdrawal per month, while Basic account holders incur a fee for every withdrawal. This fee structure may encourage traders to opt for an account with a higher initial deposit, which may not be perceived as equitable by all traders.

        BASIC GOLD PLATINUM VIP
        Fee structure every withdrawal one fee-free withdrawal per month three fee-free withdrawals per month fee-free

        Is LIBRAFG a Good Exchange for You?

        LIBRAFG caters to a diverse range of traders, and there are several trading groups that may find the platform suitable for their needs.

        • Novice Traders: Beginners who are new to the cryptocurrency market and are looking for a platform with a user-friendly interface and basic features to start their trading journey. The Basic account would be most suitable for them as it likely has the lowest minimum deposit requirement.

        • Intermediate Traders: Those who have some experience in the cryptocurrency market and are looking for more advanced features and tools to optimize their trading strategies. The Gold or Platinum accounts may be more suitable for them as they offer additional features and more favorable trading conditions.

        • Professional Traders: Experienced traders who trade frequently and with large volumes. They require advanced trading tools, lower spreads, and a dedicated account manager to assist with their trading needs. The VIP account is tailored for professional traders as it offers the most advantageous trading conditions, including fee-free withdrawals.

        • Is LIBRAFG a Good Exchange for You?

          Conclusion

          In conclusion, LIBRAFG is a cryptocurrency trading platform that offers a variety of popular cryptocurrencies for trading and provides multiple account types to cater to different levels of traders. While it has some positive aspects, such as a variety of cryptocurrencies offered and different account types to suit various trading needs, there are also several concerns. The platform is unregulated, and there is limited information available about the company and its operational practices. Additionally, the fee structure for withdrawals may encourage traders to opt for accounts with higher initial deposits, which may not be perceived as equitable by all traders. Prospective clients should carefully assess their trading needs, risk tolerance, and the withdrawal fee structure before opening an account with LIBRAFG.

          FAQs

          Q: What are the different account types offered by LIBRAFG?

          A: LIBRAFG offers four different account types: Basic, Gold, Platinum, and VIP. Each account type has its own set of features, services, and minimum deposit requirements to cater to different levels of traders.

          Q: Is LIBRAFG regulated?

          A: No, LIBRAFG is currently unregulated. This means it is not overseen by any regulatory authority, which raises concerns about the safety of funds and the transparency of its operations.

          Q: What cryptocurrencies can I trade with LIBRAFG?

          A: LIBRAFG offers trading in several popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and so on.

          Q: What are the deposit and withdrawal options available?

          A: Clients can deposit and withdraw funds via bank transfer or using a debit/credit card.

          Q: Are there any fees for withdrawals?

          A: Yes, the withdrawal fee structure varies depending on the account type. VIP account holders will not incur any fees for withdrawals, Platinum account holders are allowed three fee-free withdrawals per month, Gold account members are permitted one fee-free withdrawal per month, while Basic account holders incur a fee for every withdrawal.

          Users Review

          User1:

          I have been using the LIBRAFG trading platform for a few months now, and my experience has been a mixed bag. On the positive side, the platform is user-friendly, and I was able to start trading quickly after opening my account. I also appreciate the variety of cryptocurrencies available for trading. However, there are several downsides that I have encountered. First, the fact that LIBRAFG is unregulated raises concerns about the safety of my funds. Additionally, the withdrawal fee structure seems to encourage higher initial deposits, which I find a bit unfair. I have a Basic account and being charged a fee every time I make a withdrawal is quite inconvenient. Overall, I think LIBRAFG has some good features, but the concerns about regulation and the withdrawal fees make me reconsider if I want to continue trading with them.

          User2:

          I am a professional trader and have been using the LIBRAFG platform for over a year now. I have a VIP account, and I must say that the trading conditions are quite favorable. I enjoy fee-free withdrawals, lower spreads, and a dedicated account manager who has been very helpful. However, there are a few areas where I think LIBRAFG could improve. First and foremost, the lack of regulation is a significant concern. It makes me question the long-term safety of my funds. Additionally, while the platform offers a good variety of cryptocurrencies, I would like to see more options for deposit and withdrawal methods. Currently, the only payment method indicated is via credit card, which is quite limiting. Overall, I think LIBRAFG has potential, but there are some critical areas that need to be addressed to make it a top-tier trading platform.

          Risk Warning

          Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.