Many brokerages are competing for their piece of the market by introducing many features with varying degree of usability. A lot of them sadly fail to comprehend that the most important thing any broker can offer is trust. And this cannot be obtained overnight. In 2021 there are more brokerages than ever, with a lot of them opening as a result of increased demand in the last 12 months. Newcomers will have a hard time determining who is actually trustworthy. We are here to help you as we analyse one of the recently opened brokerages – LV Grow Markets.
LV Grow Markets is an online trading broker that offers numerous assets across different categories including stocks, forex, crypto and more. This is pretty much where all praise ends. From here, everything goes downhill fast. There were numerous times where we were seriously disappointed with what we saw, and more importantly, what we didn’t see in a 2021 brokerage. As always, we have split our review into several segments, and we provide an in-depth coverage of all of their pros and cons. Be sure to stick until the end of our LV Grow review to find out whether this brokerage has what it takes to compete in the online trading industry.
Quality of service
LV Grow Markets is using a thousand times seen before template for its website. It’s not inspiring for anyone who has ever been involved in the online trading industry. The worst aspect of it all is the language used throughout the homepage. Marketing talk takes centre stage in place of an honest overview of their features. In most cases, this is typical of scam brokers who try to lure inexperienced traders with their false claims.
The novice traders might feel encouraged by the Training Academy and its suite of educational tools, but once you engage with the content you realise how lacklustre it really is. The eBooks on offer are too simplistic are offer very little useful information. They are in fact a poorly illustrated definitions that you can find on Google at any moment. There is no true added value in this segment, and It is puzzling why it was included in the first place.
The situation isn’t any better for those who register. On paper, you do receive some educational perks in some account types, but none of them are worth your time. Market reviews are out of date and thus irrelevant. Webinars cover only the fundamentals that are available in the eBooks section anyway. Analyst sessions are just copy/paste materials from more reputable websites. We can go on and on, but you get the picture. None of this will advance your career or even your understanding of the world of online trading and its intrigues.
Speed of response
Trying to connect with LV Grow Markets is not a smooth experience by any means. Despite boasting about being able to provide several channels of communications, all of them fail when it comes to executing those promises. Their phone lines seem to be always busy regardless of the time of the day. We are yet to receive a reply to numerous emails we sent out. We tried using both the on-page form as well as our own email client, but both of them proved to be equally inefficient. There is even a quick chat feature, but it is operated by a bot that only directs your questions to the F.A.Q page using relevant keywords. Bottom line, you are left to your own. When you encounter an issue and trust us, you will plenty of times, you will need to try and fix the problem with the help of Google, or just leave it and pray it gets resolved on its own.
Seeing how far the entire industry has gone in the customer service segment we are sad to see such a backward approach to this. A broker who fails to realise the importance of communication with its clients, and dedicate adequate resources to the matter, is likely to be tarty in other aspects of its business. This has proven to be true, but more on this in the next segment of our review. As far as customer support goes, it is laughably bad, and LV Grow Markets needs to address it as soon as possible.
LV Grow Markets offers its users MT4 trading platform. This choice is very polarizing in the trading community. It has been an industry-standard solution for many years, but it is quickly becoming obsolete in a time when many brokerages are offering their own custom made solutions. While many traders will find Meta Trader platform to be familiar, more advanced users will despise its inability to perform well especially when using many analytical tools.
You are given a lot of freedom when it comes to analysis. You can examine current and past trends with relative ease and then perform your own test in order to come up with the best trading strategy. The problem with this is that MT4 heavily slows down its performance to enable such tests. This industry is extremely fast-paced, and any slowdown in the trading platform may have a huge impact on your overall balance.
Over the past several years, brokerages have been advocating for transparency. This has led to establishing a long-lasting relationship with traders, that is based on trust. LV Grow markets doesn’t follow this trend. If you wish to find out what costs you will be encountering while trading, you are out of luck. This type of information (as well as many others) is hidden and cannot be accessed regardless of whether you have registered or not. This is a huge step backwards and we cannot understand how this is possible in 2021. All current and potential LV Grow Markets traders should be aware of this, given that this is a pretty sure sign of some wrongdoings.
Given everything we noted so far, it is hardly surprising this brokerage is completely unregulated. In practice, this means that there are no financial watchdogs to look over their operations. As a result, LV Grow Markets is not encouraged to follow any industry guidelines. Your funds may be at risk, and there is no way they are quarantining their safety. It is true that the absence of licences doesn’t necessarily mean that the entire operation is a scam, but it is a huge red flag.
There are other new brokerages that opt not to focus on licences in the beginning, but rather focus on other aspects of their business, but given everything we have seen so far, LV Grow Markets seems like a very poor broker choice given how far the competition has advanced in the past year or so.
Variety of Payment Methods
On paper, LV Grow Markets has everything you would expect a modern brokerage to offer. Yet, somehow, they still manage to disappoint. For those who prefer using a bank-related payment method, there are two most popular options: bank wire and credit cards. Alternatively, if you already own an eWallet, you can use Bitcoin transfer. We strongly recommend using this method, because it is the only way of assuring you get your funds back. Across all channels, deposits will work pretty much as expected. They are executed almost immediately. However, when you are ready to withdraw your funds, this is when things take a turn for the worst.
Regardless of what bank you are using, you can expect days, or even weeks before you receive your funds back to your wallet. Despite numerous conversations we had with their representatives, there was always an issue that failed to be resolved in any reasonable time. This practice is typical for shady brokerages, and based on what we went through, we strongly advise looking elsewhere for your trading needs.
To sum up our LV Grow Markets review, there are few positive things we can say about it. We were left disappointed on numerous occasions. From buggy platforms, non-transparent trading conditions, lack of regulation, shady withdrawal policies and even outright rude customer care, there is very little we can actually praise. The online trading industry has been on a steep rise over the past 18 months, and it is getting increasingly difficult to get away with conditions like this. In our opinion, brokers like LV Grow Markets have no place in this industry. If you are looking to start trading for the first time, or are simply looking for a better broker, we advise you to consider other options and stay clear from this one. Online trading has become one of the most popular career choices in 2021, and you as a trader deserve far better than what is on offer here.