Top Menu

Feedburner

Right-Side Top Menu

Has Liberty Reserve Shutdown Influenced Your Trading?

June 3, 2013

Not all Forex scams are the same. Sometimes traders lose their money due to indirect scams. Shady business practices (or the lack of necessary transparency and AML compliance, however you call it) adopted by Liberty Reserve have resulted in a loss of funds for many traders. The payment system was quite popular in the online FX industry with more than a third of all brokers listed on our website supporting it. Those who were using it for trading account funding would probably have some balance sitting in LR (either profit withdrawn or some funds ready to be deposited). Now, the money is gone and it is not due to brokers’ fault, it is due to criminal activity of the payment processor.

Of course, Liberty Reserve was not the first payment system to go defunct. e-gold, e-Bullion, and the less popular OS-Gold, Standard Reserve and INTGold have also contributed to an elevated level of distrust in the anonymous global payment systems and the industries using them as well. Unfortunately, the LR case is going to influence the public opinion on the foreign exchange trading too.

I was fortunate enough to hold only about $0.09 in my LR account when the website had been shut down on May 24, but I am not sure that other traders have been as lucky as I was. So, today’s question is — has your trading ever been influenced by a payment system shutdown, be it current Liberty Reserve issue, or something from the earlier times?

Has your Forex trading ever been affected by payment processor malfunction?

View Results

Loading ... Loading ...

By the way: as of April 2010 about 10% of this blog’s visitors were using Liberty Reserve as their preferred method of deposit/withdrawal in Forex.

If you would like to share your opinion on Liberty Reserve incident or give us more details about your past negative experience with some payment system, please feel free to do so using the form below.

4 Responses to “Has Liberty Reserve Shutdown Influenced Your Trading?”

  1. vivian

    if you know you lost your fund in LIBERTY RESERVE shot down, you do need to worry , just email me at tomsvivian@gmail.com with your name and country , i will help you get your funds

    Reply

    admin Reply:

    SCAM WARNING! Although this person may offer some genuine help in the matter, it is also probable that you will be tricked into sharing your personal information (such as LR account/password) and/or giving that person money for nothing. Please be very careful.

    Reply

  2. olatunji ibrahim

    Liberty reserve close down has cost me to lost 40usd in my lr account, thank God, that has force me to use most reliable payment option, demociliary account swift transfer, aka wire transfer and it is very fast and reliable.

    Reply

    admin Reply:

    Sorry to hear about your loss. I wish you better luck with using the SWIFT transfers.

    Reply

Leave a Reply

required
required (will not be published)
optional

Follow EarnForex Blog on Twitter