Celox.Live is another offshore broker operating without a licence from a shady place. We strongly advise you not to use their services. Continue reading to learn more about this scam broker.
Is Celox.Live Trustworthy?
No, the broker works illegally and from St. Vincent and the Grenadines, an all-too-familiar location. However, what makes them such an unsuitable place for a broker to do business is unclear.
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Officials in St. Vincent have said that they have no control over the Forex markets, which has attracted a swarm of scammers. Even if the St. Vincent firm with whom you want to do business is legitimate, there is no assurance it will survive the unpredictable Forex markets.
Contrast this with the United Kingdom, another island country that exercises market control. They are regulated by the Financial Conduct Authority, which has established strict rules to guard against the two main risks of companies going bankrupt and vanishing with their investors’ money, as well as fraud.
To begin, the FCA imposed a minimum capital requirement on brokers, requiring them to have a minimum of 730 000 euros in liquid cash to get a licence. Following that, they will be obliged to provide daily reports on open and closed deals – this is part of the FCA’s anti-scam rules, and it guarantees that no unaccountable brokers are involved.
Celox.Live Bonus Trap
Worse, Celox.Live has a policy that restricts your ability to withdraw any of your earnings; it does this by providing incentives that are subject to further limitations.
Thus, in order to withdraw a bonus, you’d need to meet specific turnover requirements; let’s look at an example of why this is a problem. If you make a $100 deposit and get a $100 bonus, you must trade a tenth of that amount in normal lots. A million is the result of multiplying 100,000 by ten. A bonus of less than $100 requires a turnover of more than a million dollars.
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It says that you may make irregular withdrawals only until the requirements are fulfilled, and that these withdrawals must be equal to your deposits minus any trading losses. You should not anticipate to receive your earnings at all, since the criteria is very difficult to fulfil. Inactivity has a hefty cost too.
Celox.Live offers a web-based trading platform that falls short of the industry standard Metatrader 5 in terms of automated trading functionality.
It’s also worth mentioning that Celox.Live offers a desktop platform, which our antivirus software recognised as a danger. As a result, we strongly advise against installing it.
Celox.Live offers leverage of up to 1:200, which is much higher than the leverage recommended by the majority of regulatory bodies worldwide, and the broker does so without concern for the security of its customers’ money.
It’s a joy for us to write the Celox review, and we want to save as many people from losing money as possible. Before participating in any transaction, it is advisable to thoroughly research all Forex businesses, as well as any other organisation. We hope you enjoyed our Celox review.