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Author Topic: Liberty Reserve  (Read 1744 times)
Sant001
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June 24, 2012, 02:14:05 AM
 #1

I've just got my Liberty Reserve account and I was hoping somebody could shed some light on the following:

1. Why they have so many passwords and what if I forget some or all of them?

2. Is LR safe from account freezing and reversals (and other typical Paypal problems)?

3. What's the cheapest way to fund it?
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wmXchange
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June 24, 2012, 07:50:30 AM
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1. Why they have so many passwords and what if I forget some or all of them?
LR use three types of password in order to secure your account and protect you against hackers and even against your own careless
1st password: The main account password = is used to login into the account

2nd password: The PIN code (5 digits code) = is used to give access to the account functions, without this you can't really use the account, if you know only the 1st password you can only see the account balance. This code can't be copied and pasted into the password field, so even your computer is infected with viruses, keyloggers, trojans, this password will be hard to get. This is why is important to remember this code and don't save it anywhere on your computer

3th password: The Master Key code (3 digits code) = This code is the used to ultimately authenticate you as the owner of the account just before you can make an account operation (transfer funds, change passwords, change settings).

The main reason for three passwords instead of just one, is that many people use a single password on all their online accounts, so theoretically if a hacker gets your login credentials from a week database (forums, blogs, online services) then he can use it to try access your LR account.

The best practice is not to save the 2nd(PIN) and 3th(Master Key) password anywhere, just to remember them. So even if a hacker gets access to your computer and see your main password, it will not be able to get access to your LR account without the PIN and Master Key.

If you forgot some of the passwords or all three, you can use the Account Reset Wizard tool to reset it. Just make sure you remember the security answer you provide during LR account registration, because without it you will not be able to reset your LR account passwords.

2. Is LR safe from account freezing and reversals (and other typical Paypal problems)?
LR doesn't freeze accounts so easily. In the last 4-5 years we heard only a very few cases when LR freeze an account, and most of that cases was connected to a hacker trying to hack into the LR system itself or into exchangers accounts.
In the LR system the term of "chargeback" does not exist, they do not reverse transactions even on multiple complains from users. Take for example all the HYIPs that use LR, there was not a single case since LR start operating back in 2002 when a user got his payment reversed from a HYIP. LR has in its own Terms of Service that:

"5. Irrevocability of Transfers"
5.1. User agrees that all Transfers initiated by User are final and not reversible.
5.6. The account of the intended recipient will be credited instantly with the funds. Once funds are credited to the recipient’s Account, the transfer becomes irreversible."
Link: http://www.libertyreserve.com/en/home/termsofservice

3. What's the cheapest way to fund it?
Depends on what funding method you prefer. One thing is important to be mentioned here: You can fund your LR account only through a third party not directly from the LR system itself. So you need to use an exchanger or another LR user to fund your LR account. Using exchangers is the most safest way. You can choose what exchanger to use based on what deposit method you prefer.

For example we (www.wmxchange.net), as an LR exchanger offer the possibility for you to buy Liberty Reserve with Western Union, Money Gram, Bitcoin, OKpay, Perfect Money and soon others methods as well.

There are also a lot of other exchangers on the market that can offer other funding methods, most of them are listed here: http://www.libertyreserve.com/en/exchangers

Choosing the right exchanger depends mainly on you, so make a little research before selecting an exchanger. Just keep in consideration that usually the cheapest rates doesn't mean the best exchanger, because there are a lot of scammers pretending to be legit exchangers that will want to scam you of your money by offering unbelievable good conditions and low rates.

WMXchange.net - Certified e-currency exchanger. We buy, sell and exchange Bitcoin using Western Union, Money Gram, Bank Transfer, Liberty Reserve, CashU, OKpay, Perfect Money.
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Sant001
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June 24, 2012, 10:41:13 AM
 #3

1. Why they have so many passwords and what if I forget some or all of them?
LR use three types of password in order to secure your account and protect you against hackers and even against your own careless
1st password: The main account password = is used to login into the account

2nd password: The PIN code (5 digits code) = is used to give access to the account functions, without this you can't really use the account, if you know only the 1st password you can only see the account balance. This code can't be copied and pasted into the password field, so even your computer is infected with viruses, keyloggers, trojans, this password will be hard to get. This is why is important to remember this code and don't save it anywhere on your computer

3th password: The Master Key code (3 digits code) = This code is the used to ultimately authenticate you as the owner of the account just before you can make an account operation (transfer funds, change passwords, change settings).

The main reason for three passwords instead of just one, is that many people use a single password on all their online accounts, so theoretically if a hacker gets your login credentials from a week database (forums, blogs, online services) then he can use it to try access your LR account.

The best practice is not to save the 2nd(PIN) and 3th(Master Key) password anywhere, just to remember them. So even if a hacker gets access to your computer and see your main password, it will not be able to get access to your LR account without the PIN and Master Key.

If you forgot some of the passwords or all three, you can use the Account Reset Wizard tool to reset it. Just make sure you remember the security answer you provide during LR account registration, because without it you will not be able to reset your LR account passwords.

2. Is LR safe from account freezing and reversals (and other typical Paypal problems)?
LR doesn't freeze accounts so easily. In the last 4-5 years we heard only a very few cases when LR freeze an account, and most of that cases was connected to a hacker trying to hack into the LR system itself or into exchangers accounts.
In the LR system the term of "chargeback" does not exist, they do not reverse transactions even on multiple complains from users. Take for example all the HYIPs that use LR, there was not a single case since LR start operating back in 2002 when a user got his payment reversed from a HYIP. LR has in its own Terms of Service that:

"5. Irrevocability of Transfers"
5.1. User agrees that all Transfers initiated by User are final and not reversible.
5.6. The account of the intended recipient will be credited instantly with the funds. Once funds are credited to the recipient’s Account, the transfer becomes irreversible."
Link: http://www.libertyreserve.com/en/home/termsofservice

3. What's the cheapest way to fund it?
Depends on what funding method you prefer. One thing is important to be mentioned here: You can fund your LR account only through a third party not directly from the LR system itself. So you need to use an exchanger or another LR user to fund your LR account. Using exchangers is the most safest way. You can choose what exchanger to use based on what deposit method you prefer.

For example we (www.wmxchange.net), as an LR exchanger offer the possibility for you to buy Liberty Reserve with Western Union, Money Gram, Bitcoin, OKpay, Perfect Money and soon others methods as well.

There are also a lot of other exchangers on the market that can offer other funding methods, most of them are listed here: http://www.libertyreserve.com/en/exchangers

Choosing the right exchanger depends mainly on you, so make a little research before selecting an exchanger. Just keep in consideration that usually the cheapest rates doesn't mean the best exchanger, because there are a lot of scammers pretending to be legit exchangers that will want to scam you of your money by offering unbelievable good conditions and low rates.

Thanks wmXchange, LR sounds like a very solid service.
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June 24, 2012, 05:39:23 PM
 #4

One should mention that you should never ever have more than 10k USD in you account, because that is the point where LR freezes your account for verification(AML). They have a crazy demand on documents for that. So just make sure your account balance stays below $10.000 all the time, and you'll never have problems with them. if you get close to the limit, just create more accounts.
wmXchange
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June 24, 2012, 05:59:43 PM
 #5

One should mention that you should never ever have more than 10k USD in you account, because that is the point where LR freezes your account for verification(AML). They have a crazy demand on documents for that. So just make sure your account balance stays below $10.000 all the time, and you'll never have problems with them. if you get close to the limit, just create more accounts.

I am quite sure there are people around here that have or had more than 10k once into their LR account and they never had any such problem. LR does not freeze accounts just because of the amounts in it, even for 100k+. Only 10% from the LR exchangers are verified by LR system, the rest didn't sent any kind of documents to LR and they still function, have more than 10k in their accounts and. Also there are a lot of business users that move large amounts of LR in and out of the system and never had any problem.

From what we know, and maybe other LR exchangers around here can confirm, LR freeze accounts only if there is hard evidence this accounts are connected to a hack against LR system itself or against their accredited exchangers and in case they receive a court order from the local Costa Rican courts.

WMXchange.net - Certified e-currency exchanger. We buy, sell and exchange Bitcoin using Western Union, Money Gram, Bank Transfer, Liberty Reserve, CashU, OKpay, Perfect Money.
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Sant001
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June 25, 2012, 12:07:19 AM
 #6

One should mention that you should never ever have more than 10k USD in you account, because that is the point where LR freezes your account for verification(AML). They have a crazy demand on documents for that. So just make sure your account balance stays below $10.000 all the time, and you'll never have problems with them. if you get close to the limit, just create more accounts.

I've heard about them doing that too...

What about PerfectMoney? I was checking out their website and they even put incentives to have 50k+ on your account with them
Sant001
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June 25, 2012, 12:15:06 AM
 #7

To fund a LR account the exchanges charge 0.5 to 5% on average, depending on how much you fund.

And then you're hit again with a fee of 1% of LR itself, totaling 1.5 to 6.5% in fees just to get in.

And as soon as you pay the person/company you intended to, another 1%! Bringing the total now to 2.5-7.5%

Is that right or have I misunderstood something? Sounds quite high to me...
wmXchange
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June 26, 2012, 05:41:30 AM
 #8

To fund a LR account the exchanges charge 0.5 to 5% on average, depending on how much you fund.

And then you're hit again with a fee of 1% of LR itself, totaling 1.5 to 6.5% in fees just to get in.

And as soon as you pay the person/company you intended to, another 1%! Bringing the total now to 2.5-7.5%

Is that right or have I misunderstood something? Sounds quite high to me...

You are right about the fees. If you compare with Bitcoin the fees are clearly high, this is why Bitcoin started to get LR user's attention.

WMXchange.net - Certified e-currency exchanger. We buy, sell and exchange Bitcoin using Western Union, Money Gram, Bank Transfer, Liberty Reserve, CashU, OKpay, Perfect Money.
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