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LuxisTrade Review: Is Luxistrade.io Legit?
LuxisTrade Review: Before you decide to signup with this brokerage, stop and think. How true is the information on their website? What if it is a scam? Read and find out the result of our investigation.
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What is LuxisTrade ?
According to the website, Luxistrade.io is the website of a leading Forex broker that claims to offer its users an effective online trading platform to invest, trade and make profits. We discovered that Luxistrade uses telephone marketing and social media advertising to reach out to clients in USA and Europe. This brokerage was created in December 2020 and registered in St. Vincent and the Grenadines.
What LuxisTrade Say They Offer
- They claim to offer various assets like Forex Pairs, Commodities, Indices, Shares, and Crypto.
- A leverage of 1:100
- Provision of demo account
- Security of users funds
- EUR/USD spread of 3 pips
- Provision of Forex experts and account managers
- Language options between English and Russian
LuxisTrade Trading Software
LuxisTrade trading platform offers a Status Webtrader, fully equipped to the broker. The MetaTrader 4 is also available for either desktop download or web-browser access.
The desktop version of MT4 we discovered to be owned by a different company with the name of GelkoPartners. Surely, this is an indication of a scam. The MT4 web trader is not accessible and the Status Webtrader has everything a newbie trader basically and nothing else advanced. This is disappointing.
Luxistrade Withdrawal and Deposit Methods & Fees
Using this brokerage’s demo, we discovered that there is no minimum deposit. The only medium through which traders can deposit is via an assortment of cryptocurrencies. We tried deposit a very small amount $1 and it was successful.
Strangely, its withdrawal section could not detect our account. This makes us suspect that LuxisTrade does not have provision for withdrawal.
Furthermore, we discovered that inactive users are charged 10% as levy after a period of 3 months. Also, there is an unspecified 20% commission.
Is Luxistrade Licensed?
According to its website, Luxistrade is owned and operated by Mitz Holdings Ltd. company registration number: 25667 and registered address “Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines”.
However, several investigations to discover if Luxistrade is licensed by any authorized body has proven futile. Its name does not appear in any regulator’s list. We believe that Luxistrade has no license(s) and therefore, illegal.
Address: St. Vincent and the Grenadines
Phone: +442038074941, +441613941136
We are not convinced that Luxistrade is legit because they are unlicensed! Potential traders and all who have an interest in Forex trading should be wary of scammers like Luxistrade.
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Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website
Send your message to our team! We will be glad to receive a feedback from you in order to improve the quality of services
This website is owned and operated by Mitz Holdings Ltd. company registration number: 25667 and registered address “Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines” and Mitz Partnership OÜ – (Company registry number 14850860 ) Operating Address : Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-701K, 10119, Estonia) – acts as a Payment Agent.
Risk Warning: Trading Forex is highly speculative and carries a high level of risk. Forex trading and CFD trading involves significant risk to your invested capital. Please read and ensure you fully understand our Terms & Conditions and Risk Disclaimer. It is possible to lose all your capital. These products may not be suitable for everyone so before deciding to trade Company’s Products you should carefully consider your financial condition and your level of experience. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Risk disclosure: Forex trading involves significant risk. We strongly advise that you read our Terms & Conditions. Although the risk when trading Forex is fixed for each individual trade, the trades are live and it is possible to lose your initial investment, particularly if a trader chooses to place his entire investment to a single live trade. It is highly recommended that traders choose a proper money management strategy which limits the total consecutive trades or total outstanding investment.
Disclaimer: LuxIsTrade is an online trading platform provider. We are an industry leading Forex brokers because we offer our investors the ability to trade underlying assets on an accurate and state of the art Forex option trading platform. LuxIsTrade advises its clients to read our terms and conditions carefully before opening positions on our platform. Digital option quotes displayed on the LuxIsTrade.io platform are rates that the company is prepared to offer options at, and as a result may not necessarily correspond to the exact live market quotations. Trading LuxIsTrade contains risks, which may result in partial or full loss of an investment. There are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connection. The Company is not responsible for communication failures or delays when trading via the Internet. Any opinions, news, research, analyses, or other information contained on this website are provided as general market commentary and do not constitute investment advice. The Company is not liable for any loss or damage, including and without limitation to, any loss of profit which may arise directly or indirectly from use of or reliance on such information.
All comments, analytics, opinions, research any other information posted on this web-site is informative and it is not an advice to invest. There is a risk associated with the use of the online trading system, including, but not limited to, a failure of equipment, software and an Internet connection. The company is not responsible for communication failures or delays when trading over the Internet. The company is not responsible for any loss or damage, including and without limitation any loss of profit, which may arise directly or indirectly from the use of the trading platform or the information provided on the website
LuxIsTrade advises clients to examine in detail our conditions before opening positions on our platform. Our company provides the opportunity to trade on all major assets using a modern, convenient trading platform on Forex. The quotes on the website of the LuxIsTrade platform are tariffs offered to traders for buying and selling assets. Forex quotes are indicative that is why the quotes presented on the platform may be different from quotes on the live chart.
LuxisTrade Review – is luxistrade.io scam or good forex broker?
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Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage|
|Newbie||$250||1 :500||3 pips, fixed|
LuxisTrade is one of those brokers that does not reveal to much about its operation, which is the perfect ground for scammer opportunities. Yet, we will also try to come up with some possible benefits this broker might have, as we strive to be objective.
Here are our impressions of ground, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with them.
The MT4 supported
If we are to talk about possible advantages, with LuxisTrade, that could be the presence of the legendary MetaTrader4 platform (MT4). The access to the MT4 is always considered an advantage, as the platform provides 24 analytical objects, such as lines, channels, the Gann and Fibonacci tools, shapes and arrows, with which you can forecast the future price dynamics. The platform is also very popular for its automated trading bots, called Expert Advisors.
However, the following lines will reveal that LuxisTrade is not a broker you can trust, and besides, we found out that its MT4 is provided by an unreliable third party. So, you’d better check out our list of recommended MT4 brokers:
Unknown company, no legit license
Going through the LuxisTrade’s website, we found many disconcerting things. There is a serious lack of information on crucial aspects of a brokerage, as well a lack of clarity as to precisely which is the company operating the brand.
There is an address in Luxembourg, contact number with UK country code Bulgarian governing laws mentioned on the broker’s website. However, we couldn’t find any company name, nor a mention of regulation, so we can safely conclude that LuxisTrade is another anonymous brokerage operating without a legit license.
That being the case, we should mention that anonymity is probably the most serious red flag in forex trading. Many unregulated brokers are engaged in various types of investment scams, but the situation with anonymous ones is worse – there is virtually no way you can file a legal action against them, and no authority you can turn to.
Trading conditions not disclosed, no demo
Another worrisome sign regarding LuxisTrade is that the broker has not disclosed essential trading conditions, such as the spreads, leverage ratios on different accounts, transfer fees, etc. This is also very typical of scam brokers.
Furthermore, LuxisTrade obviously doesn’t offer free demo accounts, which means that potential clients (or victims) are completely unaware what their trading costs would be. This raises yet another serious red flag.
High spreads on web platform
Through a live trading account, we managed to log into LuxisTrade’s Status Trader web platform, and found the benchmark EUR/USD spread fixed at 3 pips.
This isn’t lucrative for traders, given that most fixed-spread brokers have a spread of 2 pips for this pair, and some go even lower.
MT4 provided by a notorious company
This is not a major flaw, yet we decided to mention it nonetheless. This broker’s MT4 is actually provided by Gelko Partners, an offshore company that operates EU Capital, which appears to be a total scam. You are more than welcome to read all the user complaints posted as comments to our review.
To conclude, LuxisTrade (operating via luxistrade.io and the login website is luxistrade.cc) is an anonymous unregulated forex broker that is most likely involved in fraudulent practices. As always, our best advice for investors is to go with brokers that are regulated by trustworthy organizations like the UK’s FCA or CySEC in Europe.
To sum up the Pros on Cons regarding LuxisTrade in a few words:
|Trading on the MT4||Unknown company, no legit license|
|Trading conditions not disclosed, no demo|
|High spreads on web platform|
|MT4 provided by a notorious company|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for LuxisTrade
I received a call from LuxisTrade today and they asked me if I made any reviews about them online. I confirmed that to be true. They accused me of not telling the whole truth and even said they can provide call recordings to confirm our conversations. I am still waiting for those call recordings. They also told me that they want the remainder of the 20% of their fees. I had already paid them 10% and told them I donвЂ™t have the rest. When I asked them to take that money from their fees, they said they cannot do that because it is not part of their company policy. The question is, if the money is already sitting in their account, why would it be difficult for them to withhold their portion. Secondly, if they can trust me to deposit their fees, why should I trust that they will pay me back. I suspect they are trying to threaten me into changing my reviews, however I cannot do that because I still do not have my money. I was told that my account would be deactivated and a few minutes later I received another call telling me that my account would be transferred to the account manager. I am still waiting for communication from the account manager. These people are trying to get more money from me with no guarantee that I will get my money back. I repeat. Do NOT give this broker your money.
Luxistrade is a complete scam
Luxistrade is a 100% scam. They never accept your request to withdraw and will even ask you to pay in their 20% fee before they pay you. Even after you pay them, they still donвЂ™t pay. Instead they become rude and ignore all your emails. Their emails [email protected] and [email protected] do not work. Their contact numbers do not work. These guys will never accept your withdrawal request. Do not invest even a single cent with them.
100% scam. Stay away!
100% scam . stay away from this brocker.
stay away from this brocker.. 100% scam. Donot give them single money. In most most of the Bitcoin % FOREX scams their name can see as agent.
Never they will accept your withdraw request.
LuxisTrade is a Scam broker
I opened an account with Calloway crypto almost 3 weeks ago and made a deposit of $300. My assigned broker is Luxistrade.cc.
Calloway crypto is not working as not a single trade is placed in the last 3 weeks by the autotrader but I don’t know the issue. 5 trades were placed automatically on my broker account, 1 per day (all winner and total $93 profit for all 5 combined), and broker called me and said it was placed by the broker itself through calloway crypto system as they have the access to the calloway crypto and only they can execute the trades themselves in my account. And of course, they asked me again and again to deposit more money which I declined every time. and they also asked me if I wish to use Calloway crypto myself, I have to buy the software from them for $5,000, which I also refused.
But then I decided to withdraw the money. I put a withdrawal request and its been a week that it is still pending. I sent an email to their ID ([email protected]) from the website but I get a response that email doesn’t exist, tried it 3-4 times. Also called the numbers on the website but they are incorrect numbers. So now, I am emailing their compliance department through which they asked for my documents at the start for verification. I sent them a number of emails but haven’t received a single reply.
Yesterday, broker called me again and asked me to give him the access to my computer through AnyDesk which I did, and asked me to open an account with safe currency and buy bitcoin there equals the same amount I have with the broker. He said this is some kind of reversal transaction and this is the only way I will be getting my money back. I contacted safe currency through the online chat box and that was their response”
I don’t know what to do now, my money is stuck. I even asked them just return my deposit money and don’t give me the profit which was generated by them using calloway in my account. Can you help me on this or give me any advice in this regard?
Thank you in advance and sorry for a lengthy email.
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