In the last few years, the interest in the financial markets has increased twofold due to the sheer number of opportunities for making money. People can trade in the markets for supplementing their income, or have a full-fledged career. Online trading also offers a lot of flexibility and this has added to the appeal, but there are also risks to be mitigated. This doesn’t just include the risks inherent in trading, but the increase in cybercrime that has also been seen. Fraudulent and scam brokers can be found, as they heavily advertise their trading services in order to lure victims.
It is not possible to trade online without a broker, so you cannot skip this step, but you can do some homework to ensure that you have a dependable platform for your trading needs. Indeed, good ones do exist and many have used them for earning massive fortunes. When you come across CeloxLive, you need to take some time to determine if you can depend on it or not. The best way to find the truth is to go through this CeloxLive review:
Regulation and Licensing
A regulated and properly licensed broker is one you can depend on because you know they are legitimate and follow rules and regulations. So, it is natural to wonder about CeloxLive and sadly, you will be disappointed when you realize they are not licensed or regulated at all. The broker is operating from St. Vincent and the Grenadines, a destination that’s well-known for being the hotspot for scammers and fraudsters. This is due to the fact that the region has specified that the forex markets are not regulated there. It is extremely easy to register a business in a shady destination like that and CeloxLive appears to have done the same.
Terms & Conditions
When you are looking at a broker, it is important to go through their Terms & Conditions as well because sometimes, they can also be useful in distinguishing between legitimate and scam brokerages. In the case of CeloxLive, you will find that they prevent you from withdrawing your funds, which is not something authentic platforms are known to do. They issue bonuses and add some conditions to it, which make it impossible for people to be able to withdraw their hard-earned money.
If you go through the conditions of the bonus, you will come to know that a certain turnover has to be achieved in order to make a withdrawal. Even though it is not a common practice, it would be logical if the turnover amount was reasonable. However, as per CeloxLive’s policies, you will have to have a turnover of about a million dollars for a bonus of just $100. Does that sound reasonable? Definitely not. It is practically impossible to meet this condition, which means you will not be able to withdraw the funds you have deposited.
No one has the right to prevent you from withdrawing money you have deposited. Secondly, a further check of the Terms & Conditions of CeloxLive indicates that they charge a dormant or inactive account fee as well. Even though this is not uncommon, the 85 (GBP/EUR/USD) they are charging is insanely high. This also indicates that they are just trying to get your money.
The trading platform you get will impact your trading experience directly, so it is worth checking out. Rather than offering the industry standard and popular MetaTrader platform, CeloxLive provides a web based trading platform. The problem is that it is severely lacking in tools and features, especially when you put it up against the MT4 or the MT5 platforms. All legitimate brokerages offer their clients these leading platforms to choose from and the fact that CeloxLive doesn’t is another mark against it. They have added a desktop platform, but it appears to be malware of some kind.
With shady Terms & Conditions, no licensing and no proper platform, CeloxLive is not a broker to depend on.