LumineTrade Review: Discrepancies Right Off The Bat
LumineTrade purports to be a legitimate Forex trading provider with favorable conditions and satisfied clients. However, the legal background of this brokerage is foggy given that the website is full of discrepancies.
For instance, it states that the business was founded in the United Kingdom and is part of an offshore company based in the Marshall Islands. Could this platform be illicit like Bitetoro? For more information, we suggest you read our entire LumineTrade Review.
|Unregulated Scam Broker
|Is This Company Safe?
|No, the platform is unregulated
|Have Warnings from:
|Forex, Indices, Commodities, Stocks, Cryptocurrencies
|Free Demo Account:
|How to Withdraw from This Company?
|Since this company is unlikely to return your money – contact your bank or financial regulator, or simply contact us for professional assistance in recovering your funds.
Legal Info: Is LumineTrade Regulated?
The LumineTrade broker is not registered in the listed countries on the website. We checked the database of the United Kingdom’s Financial Conduct Authority (FCA) but did not find the company there, meaning that the business is not regulated.
In case you trade on this platform and lose money under suspicious circumstances, you cannot count on help from the financial ombudsman or compensation contract. Therefore, please avoid virtually anonymous websites with fraudulent content.
Instead of trusting unlicensed phonies, you should stick to regulated providers operating under the watchful eyes of renowned financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), JFSA (Japan), MAS (Singapore), etc.
Who Are LumineTrade’s Targets?
According to godaddy.com/whois, the luminetrade.com website domain was created on July 18, 2023. Since then, the financial swindler has been targeting mainly unsuspecting traders who reside in the following countries:
- United Kingdom;
All these countries have stern regulators that supervise their respective markets and enforce laws to prevent unauthorized imposters such as Tipitek from defrauding traders and investors.
One common rule says that each financial market participant and broker must obtain a necessary permit. LumineTrade, as mentioned, has no license whatsoever. The broker directly violates European and Australian regulations by offering users leverage higher than allowed for retail clients (1:30).
Trader Reviews – Sharing Experiences
We found 38 LumineTrade reviews on trustpilot.com, many of which were complaints against the platform.
“This is a rip off. I have been trying to withdraw for over a month. Now no response to phone or e-mails,”
one user stressed.
More negative reviews can be found on scamadviser.com. Withdrawal issues seem to be a recurring theme. Keep in mind that it’s illegal for a broker to demand an upfront fee before fulfilling withdrawal requests.
The digital con artists behind the sham broker are looking for potential victims on various social media platforms such as Instagram and Facebook. We thus recommend you always read what users say about a certain provider to learn which methods the tricksters use to fool traders.
Which Trading Platform Is Available?
Although the website offers a link for a desktop platform, we strongly advise you not to download the suspicious files. The LumineTrade trading platform also has a simple web version that supports popular trading instruments such as Forex currency pairs, CFDs, indices, commodities, stocks, and cryptocurrencies.
Since there is no demo account, we could not check it out as the broker required us to register and deposit funds first. Nevertheless, online platforms are generally lackluster and ineffective, with no sophisticated tools.
If you want a real trading experience, you should find a licensed provider that supports recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.
Available Live Account Types
Leverage, Spreads, Commissions, Demo Account
The maximum leverage that LumineTrade offers is capped at 1:200, which, as mentioned, is significantly higher than the legal limit for retail clients in Europe & Australia (1:30) or North America (1:50). Keep in mind that high leverage is a double-edged sword. It can amplify potential profits but also lead to terrible losses.
As for the trading costs, i.e. spreads and commissions, the website advertises 0.6 pips for the EUR/USD pair, which is quite competitive. However, we could not confirm this, plus the commissions were not disclosed.
Another major red flag is the absence of a demo account. If you are a beginner, you should not be risking real money without practicing with virtual funds first. Every legitimate broker nowadays offers a free demo account so be sure to choose the right platform.
AnyDesk and TeamViewer
The website also provided download links for AnyDesk and TeamViewer. These two apps allow one user to access the PC of another and take over control.
Per se, the programs can be useful when used for good purposes but they can also be used to wreak havoc. Imagine the damage the scammer can cause if he had access to your personal information. That being said, do not trust LumineTrade on this one.
Deposit and Withdrawal Process
Payment methods and deposit and withdrawal fees were not disclosed, which raises concerns. The three most popular funding options include credit/debit cards, wire transfers, and crypto transactions.
If you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.
The reason why scammers prefer crypto payments is that they are extremely hard to trace and undo, plus such a method allows them to remain anonymous and run their schemes.
To reverse crypto transactions, you’re going to need to seek out professional assistance as these types of payments can be a nightmare to reverse. Luckily, we have a team of experts that can help you recover your funds.
Key Facts To Consider About LumineTrade
LumineTrade is an anonymous trading scheme mainly targeting users from the UK, Netherlands, Norway, Australia, and Canada. The platform is not aligned with regulatory standards and rules, meaning it is risky.
We do not recommend the firm because it is unregulated. In case you’ve lost money to the LumineTrade scam, you must seek our professional help to recover your funds!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
What is LumineTrade?
LumineTrade is an anonymous trading scam operating with a rigged platform and offering Forex trading.
Is LumineTrade a Legit Broker?
No, the platform is not legally approved. We urge you to avoid trading with this phony brokerage firm.
Can I Recover Money from a Trading Scammer?
Yes, it is possible via a chargeback. Contact us to learn more about the fund recovery process.