LV Grow Markets is a relatively new Forex broker that has some serious claims. Apparently, this broker helped more than 200,000 traders to make money and their goal is to change traders’ lives for the better. Well, that would be good if it’s true but unfortunately, our experience proved to us that big claims usually lead to big disappointments. So, let’s see if LV Grow Markets will be able to fulfil everything that’s promised on the website.
Quality of Service
As we already said, this broker has a lot of promises about the quality of the service. For starters, as a client, you should get a personal mentor that will guide you to success. Also, you will have step by step market guidance, winning trading strategies that really work, etc. Overall, the service should be impeccable.
In reality, things are not that good. Yes, the diversity of account types is excellent but that’s not enough. You can choose between Basic, Bronze, Silver, Gold and Platinum accounts but there is not a single chance to find out what is the minimum deposit requirement. And we can all agree that’s the most important thing to know before you decide to open an account.
An interesting thing is that the leverage is up to 1:500 for each account. This is a bit misleading because we have no idea if you will get that leverage for a Basic account or not since they wrote “up to”. With a Bronze account, you will get a junior account manager, while the Silver account offers a senior manager. Also, personalised strategies, one on one trading and trading signals are reserved just for Gold and Platinum members.
So, when it comes to accounts, we are not satisfied. This broker omitted a lot of important information, it offered so many accounts but most of them don’t have good trading conditions and if you want to experience some of the benefits, you have to go with Gold and Platinum accounts.
Another part of the service is a trading platform. We were hoping to see some unique solution, but we got MetaTrader 4. Just to be straight, there is nothing wrong with MT4 but that is the easiest option for brokers, and we want to see something different, that will provide us personalised trading experience.
Lastly, we have to mention education because that is an important factor for every broker. If you want to have success, you need to find someone ready to teach you and pass their knowledge to you. Here, you won’t be able to improve your trading skills because the education centre is non-existent. There is not a single eBook, educational article or video lesson. You are on your own and if you want to learn, you need to search for material in other places. If you ask us, that’s unacceptable and once you decide to be someone’s client, you deserve to have a decent education.
The bottom line, quality of service isn’t the best one. We cannot say it’s the worst we have seen, but other brokers will offer better trading conditions and we cannot see why anyone would choose an average solution once we have so many options nowadays.
Speed of Response
Every experienced trader knows how important it is to find a broker who provides proper customer support. At some point, you will have to contact them and ask some questions and when that moment comes, you want to see a fast reply.
The main problem with LV Grow Markets is the fact they wrote different things about support availability. In one sentence you will see that agents are available 24 hours, 7 days a week but in another sentence, it’s written they are available 6 days a week. We have no idea what’s correct, but based on our experience, they are not available always. In fact, we never got a reply from them.
Unfortunately, the Live Chat option is not available and that’s a big minus. You can contact technical support with email, online form or phone number for Malaysia and Russia. We were disappointed once we saw there isn’t a Live Chat option, but on the other hand, we were ready to forget that if the support is responsive. As you can see, it’s not.
We used an online form and addressed our message to the department that’s in charge of deposits. The online form is easy to use, it’s convenient and you don’t have to add a lot of details, but that’s the only thing we liked.
Although support is supposed to be constant, our reply never came. We waited a couple of days, but we didn’t receive an answer. That said, the experience we had was not positive and unfortunately, LV Grow Markets is not a broker that we can recommend. It’s all in vain if you cannot count on someone to guide you when a problem occurs.
While we appreciate the transparency, you should know this broker needs a lot of time to process your payment. First of all, once you submit the request, they need two to five business days just to process that request. Usually, that doesn’t last more than two business days, especially when we have in mind that there is no KYC policy and you don’t have to send all those documents to verify your identity.
Once your request is approved, you need to wait for an additional five to seven business days to receive money in your bank account. This means that you have to wait for almost three weeks just to see your money, which is unacceptable.
Commissions are the most common thing in the Forex market. Every broker charges them and there is not a single chance that you can avoid them. But you can find a broker that will charge the bare minimum and make your trading journey enjoyable, without unnecessary payments.
Unfortunately, LV Grow Markets is not that broker. Here, you will have to pay a lot of fees once you open an account. Clearance fee is the first one, and it’s 0.5% from every trade (both winning and losing), a withdrawal fee of 3.5%, dormant fee that’s surprisingly high (500 USD/EUR/GBP after 60 days of inactivity), maintenance fee and provision for services.
Basically, you need to pay a certain commission after every step you take while trading.
If you read our reviews regularly, then you already know we do not mind when a broker doesn’t have a license. But in return, we ask to see impeccable conditions and security measurements. This time, those conditions are far from impeccable and security is not on a decent level as well.
This means that the only thing that can save the day is a license, but this broker doesn’t have one. We are talking about an unregulated broker that promises a lot but offers a little. Honestly, we have our doubts once we read that LV Grow Markets promises its clients that they will earn money. Those are some pretty big claims and the registered broker will never tell you something like that. So, keep that in mind before you rush and open an account somewhere.
Variety of Payment Options
Well, there is not much to be said here. As a payment method, you can use Credit Card or Wire Transfer. That’s it! LV Grow Markets didn’t provide different options for its clients and if one of those methods is not suitable for you, unfortunately, you won’t be able to deposit money.
The Bottom Line
As you can see in this LV Grow Markets review, this is not a broker we could recommend. Although the website design is good, it has every detail you need, the service is not on impeccable level. In fact, the quality of service really surprised us negatively.
This broker doesn’t take care of its clients as it should. You cannot count on support or good trading conditions and the whole website is questionable. Yes, we mentioned the good design, but the visual appearance is not that important when you compare the fact that this broker doesn’t care about details and the whole website is a mixture of different languages. Even if you use English, some terms will be in Italian, for example. So, if we consider all that, we can say this is not a serious Forex broker that can provide you secure trading.