Warning! Luxstar Group is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Luxstar Group quickly exposes itself for the company it really is. It lacks many of the core features of a broker, leading us to the question of is Luxstar Group an actual broker? Read on to find ot all about it.
The webiste holds close to zero helpfull information, not only concerning a regulation, but also trading terms and payment conditions. The only thing that is revealed is found in the Contact Us page where the address given is in Luxembourg.
In Luxembourg the Commission de Surveillance du Secteur Financier is the local forex watchdog. All brokers under their jurisdiction must hold at least € 730 000, offer a negative balance protection, provide regular reports of their activities and other demanding requirements. Needless to say we could not find Luxstar Group in the online registry of the watchdog.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
There was no way to register at all, no legal documents, and no trading conditions conveying a message that we can articulate in the following way: we assume that Luxstar Group is a front for one of the most common schemes utilized by scammers. The scam involves users providing, willingly, their contact details on fake ads or fake surveys online, and other sources. Should users provide a real phone number they will be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.
The website of Luxstar Group, pressumably, works as proof of a site of operations for more suspicious potential depositors.
Needless to say, there is nothing in the website that puts it in the same category of any broker.
LUXSTAR GROUP LOGIN
At this point is it surprising that there is no trading platform mentioned anywhere? We find this to be a sloppy job done even by a fraudulent company.
LUXSTAR GROUP DEPOSIT/WITHDRAWAL
As you would expect there is absolutely no informtaion on deposits and withdrawals. Assuming that the retainer has done his/her job and a user has deposited an amount in their account, said user will never see their money back. Be assured of that!
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
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.
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 this to build a stronger case against you in the event that you request a chargeback.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
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.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
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!
Luxstar Group offers nothing; it is an empty website devoid of any meaning. Watching paint dry is more recommended.