LUCRO FX is a Forex broker based in Auckland, New Zealand. The platform offers several live trading accounts with a low minimum deposit requirement of 50 USD and operates as a straight-through processing (STP) broker with zero commission trading.
LUCRO FX seems like a decent provider but the truth is a bit different. Read our LUCRO FX Review to learn the key facts about this platform and why it is not a good option for trading.
No, LUCRO FX is not currently regulated by any financial regulatory authority. The broker was previously registered with New Zealand’s Financial Service Provider Register (FSPR) but was deregistered in April 2019.
LUCRO FX operates without regulatory oversight from the New Zealand Financial Markets Authority (FMA) or any other renowned financial authority to ensure the broker is adhering to industry standards and investor protection measures. Some sources even suggest that the company is out of business but the website is still active.
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The former forum even mentioned that the “website is down. Company seems to be out of business,” which is true for one of the links we provided in the table. As for the reviews, we read about some frustrating withdrawal issues, which is not surprising considering that LUCRO FX is not regulated.
According to the company’s website, LUCRO FX has been active since 2010. Since then, the now-unregulated broker has primarily been offering Forex trading services to traders who reside in the following countries:
LUCRO FX was seemingly all over the place. The regulators that oversee the financial markets in these countries all implement different rules, laws, and trading regulations, which differ from those in force in New Zealand.
LUCRO FX offers MetaTrader 4 (MT4), a critically acclaimed trading platform that is widely used in the Forex industry. It is famous for its EA automated trading option, user-friendly interface, advanced charting tools, and technical analysis capabilities.
Traders can use LUCRO FX’s MT4 on both desktop and mobile devices, making it convenient for trading on the go, suiting the needs of both beginner and advanced traders. However, since the LUCRO FX login page is not functional, we doubt that anybody will be downloading this software.
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LUCRO FX offers four live account types:
The available trading assets include popular Forex currency pairs such as EUR, USD, AUD, CAD, CHF, HKD, etc, as well as precious metals such as gold and silver.
The broker’s website does not mention a demo account though. This is bad news if you’re a beginner; you shouldn’t be risking real money unless you’re absolutely certain in your ability to use the trading platform and run some strategies.
The maximum leverage that LUCRO FX offers is 1:500 for Forex trading. Although high leverage can magnify profits, it more often than not results in heartbreaking losses, hence the safe regulatory caps of 1:30 (Europe) and 1:50 (North America).
LUCRO FX offers commission-free trading. This means that the broker does not charge a separate commission on trades but instead takes the profit from the spreads, which are around 1.5 pips, i.e. the industry’s standard for Forex.
The broker listed two available payment methods for deposits and withdrawals:
The minimum deposit requirement for LUCRO FX is 50 USD. According to the website, LUCRO FX did not specify the deposit and withdrawal fees.
If you deposited funds via MasterCard and VISA credit/debit cards or wire transfers, you can request a chargeback, i.e. a recall. It can be done at the issuing bank within 540 days of the transaction. We can guide you through the process but first, you must book a consultation with us.
The LUCRO FX scammer is a shady broker that offers Forex and precious metals trading services mainly to traders from the US, Philippines, Czech Republic, Malaysia, and Brazil.
This platform is not regulated so please do not invest money in it. In case you already have and are now experiencing withdrawal issues, book a free consultation with Global Fraud Protection. We have a team of skillful professionals who can assist you with the chargeback and the fund recovery process.
Book your free consultation today and start the chargeback process.
No. LUCRO FX is not a licensed Forex broker. The company is not regulated by the NZ FMA.
No. LUCRO FX is not regulated by any financial authority, making the platform pretty risky.
If LUCRO FX refuses to fulfill your withdrawal, book a consultation with us because we can help you get it back.
The post LUCRO FX Review: Why We Wouldn’t Trust This Platform appeared first on Global Fraud Protection.
