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 2019 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.
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.
COMPARE WITH A TRUSTED BROKER
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
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- Lack of Adequate Information
- Deficiencies in MetaTrader 4