Table of contents
Here we are with another addition to a particular type of suspicious broker that relies on useless information that comes in huge bulks only to fill in the spaces and cover its tracks more efficiently. LuxisTrade is up next.
which “law” exactly, it is not made clear. Next, in the Environment page section it mentions 6 regulated companies, of which some are mistaken (LuxisTrade trades the FCA name with the FSA in the UK, which is not the official forex regulator), and others are contradictory to each other, like the NFA in the US and the FSC BVI (Financial Services Commission of British Virgin Islands).
There is nothing on the website that proves the broker's legitimacy, making LuxisTrade UNLICENSED, and most definitely a scam out to steal your money!
If users have the trader’s itch, they are more than welcome to trade with any FCA regulated broker. The FCA enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The leverage we were given was 1:100, and the EUR/USD spread was 3 pips, a typical fraudulent broker cost of trade. The assets for trading offered are Forex Pairs, Commodities, Indices, Shares, and Crypto.
The website comes in Russian and English.
The situation with the trading platforms is odd. There is the Status Webtrader, fully equipped to the broker. Then there is the MT4 which is available for either desktop download or web-browser access. The desktop version we downloaded was owned by a totally different company by the name of GelkoPartners, undoubtedly another scam, while the MT4 web trader was accessible only up to its log in screen- we weren't given sign in details for it.
And so we are left with the Status Webtrader.
This web-trader has all the basic things that a trader needs, but doesn’t really go any further to impress. There are options for customization, pending orders, multiple chart indicators, time frames, and a decent amount of trading information. Yet it cannot live up to the expectation of more advanced traders.
LUXISTRADE MINIMUM DEPOSIT
There is no minimum deposit. We tried to continue the payment process with just $1 and were successful. As per the client dashboard, the only way to deposit is via an assortment of cryptocurrencies, the preferred payment methods for scammer brokers.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
LUXISTRADE WITHDRAWAL TIME AND FEES
Interestingly, even after opening a trading account, and after being able to deposit, the withdrawal section did not detect our trading account. There are two possible explanations for this. Either the broker wants a deposit before allowing to reveal further details, or it does not at all allow for withdrawals because it is absolutely a scheme. Either way, do not deposit!
ADDITIONAL FEES AND TAXES
There is a 20% commission on something left unspecified, and dormant users will start being charged a 10% levy after 3 months of inactivity
Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
This broker is a complete scam, and that's is the just of it. Do not deposit here. You owe them nothing!
LuxisTrade compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines