Lumina Group Review: All About LuminaGroup.Io Broker
The Lumina Group review starts off by examining what the broker offers on its official website. Upon gathering some basic info, we’ve put it all into the table below.
What we’ve got here is a textbook example of a suspicious and shady broker. In its “Terms and Conditions,” Lumino Group claims it operates within Halcyon Group LLC, a “trading company registered at first floor, First St. Vincent Bank Ltd. building, James Street Kingston, St. Vincent, and the Grenadines, reg. number 2358 LLC 2022.”
There seem to be numerous complaints claiming that victims made payments to the fraudulent broker via Chinese bogus companies. First, we need to explain why this entity is unlicensed and then, by dissecting its offers, emphasize the danger behind it and the threat it poses to you and your money.
In addition, we advise you not to invest with fraudulent brokers like Virtual Fxtrade, Future Bots Trade, and Lite Forex Pro.
|Leverage||Up to 1:500|
|Headquarters||St. Vincent and the Grenadines|
|Broker Type||Forex, CFDs|
Regulation and Safety of Funds at Lumina Group
As mentioned, the financial swindler says it is based in scammers’ paradise, i. e. St. Vincent and the Grenadines. This place is swarming with unlicensed offshore brokers mainly because of regulation rules and the tax system. Therefore, it’s easy to conclude that we’re dealing with a con artist and a liar.
SVG is home to a large number of similar scammers that take advantage of the conditions there to try to appear legitimate and deceive people. Hence, you should avoid them at all costs and instead trust licensed providers.
Lumina Group Trading Software
According to the broker’s website, it offers WebTrader to its clients and enables them to trade Forex pairs, commodities, stocks, and indices from a single account. Also, there’s talk of real-time access to market prices, robust stability, and high security, an advanced chart package, etc.
It is all pompously presented to make it seem like they’re offering a space shuttle interface when in reality, all you get is an unpolished and ineffective browser-based platform that lacks advanced tools.
Many similar unscrupulous brokers offer the exact same thing. So, it would be wise not to trust them and turn your attention to providers that allow you to use renowned software such as Meta Trader 4 or 5, the industry’s best.
Deposit and Withdrawal Options
As far as deposits and withdrawals go, this phony broker is not that much different from the rest of the pack. Instead of giving clients as many options to make payments as possible, the only methods it offers are credit/debit cards, cryptocurrencies, and some strange “Avalanchepay” option, the specifics of which cannot be found anywhere on the Internet.
The minimum deposit is $250, typical of most scammers who put that amount in their pockets. When it comes to fees, in one instance Lumina Group says that the majority of services are free of charge and in another, it simply wrote “0 fees for,” and what they meant by that is a mystery. None of the account types requires any commissions.
That’s pretty much it regarding payments. It’s a perfectly valid reason to cross out this fraudulent broker if you ask us and instead seek other legitimate providers.
Offshore Brokers’ Fraudulent Tricks
Offshore brokers have multiple tricks up their sleeves and one of them is bonuses. Essentially, bonuses are banned by most regulatory bodies and are an indication that you’re dealing with a scammer. These bonuses are often tied with hidden fees and other unfavorable terms.
For example, according to the info from “Non-deposited funds,” our subject broker basically says that withdrawals are only possible for profits that were not made with bonuses. This is absurd since there is no possible way of determining which profits were made using what. Thus, Lumina Group will deny you your funds while claiming that everything is done by the book.
Most con artists rely on the initial deposit and once they lock in on it, they either vanish or simply refuse to pay you out. They also use manipulative trading software to fool you into believing you’re making profits. What you’re really doing is filling their pockets.
Recommended Forex Brokers
Dealing with such illicit brokers can wear one out. So, we are here to offer much better solutions, i. e. providers we consider legitimate. Do not take our word for it, simply check out their licenses. Also, the minimum deposits they require you to make are more favorable. Scout them all out if you wish and then choose the one you deem most appropriate!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Lumina Group Summary
- We are dealing with a classic fraudster here that is unregulated;
- Its background is based on false information and claims;
- It only accepts payments via cards and cryptocurrencies. “Avalanchepay” is an unknown;
- The broker opposes regulatory standards and rules by claiming it offers bonuses;
- The minimum deposit it requires is $250.
FAQs About Lumina Group Broker
Is Lumina Group a Good Broker?
Lumina Group is not a good broker because it is unregulated and dishonest.
What Is The Minimum Deposit for Lumina Group?
The minimum deposit that Lumina Group requires you to make is $250.
Does Lumina Group Offer a Demo Account?
Based on the info on the broker’s website, Lumina Group does not offer a demo account.