Lumina Group broker is a virtually anonymous Forex and CFD trading provider. The brokerage is based offshore, away from any regulatory oversight.
At first glance, the website looks overwhelmed with information. Yet, it’s irrelevant for potential investors once you start reading through it. Lots of praise for their nonexistent services.
Read our comprehensive Lumina Group broker review to find out everything you need to know.
To begin with, Lumina Group Forex brand belongs to Halcyon Group LLC, registered in Saint Vincent and the Grenadines. The company entered the FSA register in July 2022. Despite its name, the Financial Services Authority serves as a register. Brokers are directed to opt for a license in the service country.
Therefore, we’ve searched through Tier 1 license providers’ registers to find Lumina Group regulations. Our search of the FCA, ASIC, BaFin, CONSOB, CySec and numerous other databases gave no results.
Investment companies that wish to operate in the EEA zone should comply with ESMA and MiFID rules, keep funds in segregated accounts and protect customers’ money. Yet scammers like the broker Lumina Group disregard this, which is why they’re unsafe.
Lumina Group is a trading company based in Saint Vincent and the Grenadines. The firm has no license and operates unsupervised. The fraud was promoted through the fraudulent crypto campaign Bitcoin Code.
The Lumina Group trading scam has been active since August 2022. Customers that have filed the most complaints come from:
Since the firm is unlicensed and doesn’t comply with any regulatory regime, you cannot count on the financial ombudsman to assist in case of any issues.
According to Lumina Group reviews, this broker promotes its services through a fraudulent crypto marketing campaign called Bitcoin Code. The campaign was launched through Google ads and social media sites like Facebook and Instagram.
Allegedly, customers are applying for a trading robot with 99.4% success predicting crypto movements.
Once they register, broker employees get in touch via phone or email, promising support, and quick results. Anything it takes to get ahold of new members.
Then, alleged account managers overtake. These people are not certified financial advisers but boiler room agents trained to sell their stories and take clients’ life savings. They might add you to private Telegram and WhatsApp chats, sending signals to “special traders.”
If something sounds too good to be true, it usually is.
Lumina Group says to offer WebTrader, “a sophisticated platform based on sharp algorithms.” Of course, it’s advertised as state-of-the-art software enabling customers to manage the whole portfolio and apply even advanced trading strategies.
In reality, all you can get is basic web-based software with no special features. Despite a false story about trading bots, we could not find this functionality. All we accessed was a TradingView chart with several indicators, trading history, and pending orders.
If you’re about to start trading and need an advanced tool, choose MT4 or MT5.
The platform is entirely internet-based, and there are no mobile apps. Both Android and iOS users will need their web browsers for Lumina Group login.
Once again, MetaTrader has an advantage, enabling dedicated mobile apps and sophisticated trading. Make sure to check this platform on the Demo account.
Despite advertising through a crypto campaign, Lumina Group doesn’t offer crypto trading. Customers have access to the following:
The spread starts at 1.3 pips for EUR/USD pair, which is quite solid. Other fees are not specified but don’t mean that there aren’t any. Most brokers charge swaps to keep the position overnight and other trading-associated commissions.
The fact that Lumina Group failed to provide us with the details only means that they’re more interested in your deposit than in genuine trading.
Lumina Group account types are advertised as suitable for novice and experienced traders. You can choose from one of the following:
Each account brings higher welcome and referral bonuses, higher leverage, and more analytical tools.
The Lumina Group’s minimum deposit is 250 EUR, which is rather high compared to legit brokers who allow customers to start with as low as $10.
If you’re interested in a certain broker, having the option to check their platform risk-free is always good. However, the Lumina Group Demo account is not available.
Simply put, this firm will pressure you to deposit first and only then access trading tools. This is rather inconvenient as you may not be pleased with the offer, but they will hold your funds anyways.
This review has shown that falling victim to the Lumina Group scam is not hard. The broker has specialized ads, tools, and a trained support team.
Lumina Group is an online trading brokerage without a trade license. We advise you to stay away. If, however, you’re already involved, allow us to help you with the refund process.
Yes, Lumina Group broker offers a welcome bonus of up to 20% on the initial deposit, depending on the account type.
Company requires an initial deposit of 250 EUR for customers to start trading.
Lumina Group offers basic WebTrader and doesn’t have a mobile app for Android or iOS.
Lumina Group is an online trading brokerage without a trade license. We advise you to stay away. If, however, you’re already involved, allow us to help you with the refund process.
Yes, Lumina Group broker offers a welcome bonus of up to 20% on the initial deposit, depending on the account type.
Company requires an initial deposit of 250 EUR for customers to start trading.
Lumina Group offers basic WebTrader and doesn’t have a mobile app for Android or iOS.
The post Lumina Group Review – LuminaGroup.io Is a Typical Trading Scam appeared first on Global Fraud Protection.
