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LumineTrade is an unregulated broker with multiple financial authorities, such as the FCA and ASIC, issuing warnings against it due to fraudulent activities.
Numerous LumineTrade reviews highlight significant issues, particularly with withdrawals and customer service, and reports suggest that LumineTrade engages in deceptive practices to scam investors.
Despite offering a variety of trading services and account types, many users report being unable to withdraw funds and experiencing unresponsive customer support.
Key Factors to Consider
- Regulation Warnings: LumineTrade is not regulated. Multiple regulators, including the Financial Conduct Authority (FCA), have issued warnings against this broker.
- Customer Complaints: Numerous reviews highlight significant issues, particularly with withdrawals and customer service.
- Fraudulent Activities: Reports suggest that LumineTrade engages in deceptive practices to scam investors.
Is LumineTrade a Regulated Broker?
No, LumineTrade is an unregulated broker. Several regulatory bodies, such as the FCA and the Australian Securities and Investments Commission (ASIC), have blacklisted LumineTrade due to fraudulent activities.
To understand the importance of regulation in trading, read our detailed article on The Dangers of Investing with Unregulated Brokers: LumineTrade Case Study.
Detailed Warnings from Regulators
Financial and Consumer Services Commission (FCNB)
- Issued a warning about LumineTrade being involved in fraudulent activities.
- Link: FCNB Warning
Autorité des marchés financiers (AMF)
- Warned that LumineTrade is not authorized to offer financial services in Québec.
- Link: AMF Warning
Dutch Authority for the Financial Markets (AFM)
- Blacklisted LumineTrade for unauthorized financial activities.
- Link: AFM Warning
Alberta Securities Commission (ASC)
- Included LumineTrade on their investment caution list.
- Link: ASC Warning
Australian Securities and Investments Commission (ASIC)
- Added LumineTrade to their investor alert list.
- Link: ASIC Warning
Financial Conduct Authority (FCA)
- Warned that LumineTrade is operating as a clone firm.
- Link: FCA Warning
These warnings highlight serious concerns about the safety and legitimacy of the broker, making it a high-risk choice for investors.
LumineTrade Details
- Address: 10 Finsbury Square, London EC2A 1AF, UK
- Support Phone: AU: +61251108353, UK: +442034359251, CA: +14388047756
- Emails: Multiple contact emails including support@lumine-trd.com and nicholas.h@lumine-trd.com.
LumineTrade operates under UIT Solution LTD, a company registered in the Marshall Islands, raising further questions about its transparency and reliability.
LumineTrade Website Variations
LumineTrade operates multiple websites to obscure its activities and attract unsuspecting investors.
Here are the known URLs:
- lumineltd.com
- lumine-ltd.com
- lumine-ltd.net
- lumine-trd.com
- luminetrade.com
- luminetrades.com
- lumitrade.net
- webtrader.luminetrd-ltd.com
- mobtrader.luminetrd-ltd.com
LumineTrade Contact Emails
LumineTrade uses various email addresses, likely to confuse and manage numerous scam operations.
Here are the emails reported:
- leonard.r@lumine-trd.com
- support@lumine-trd.com
- friya.carmani@lumine-trd.com
- nicholas.h@lumine-trd.com
- mateo.martino@luminetrade.com
- nikos.papadopoulos@lumitrade.com
Services Offered
LumineTrade offers trading in forex, cryptocurrencies, indices, commodities, and stocks with various account types:
- Basic Account:
- Minimum Deposit: $250
- Leverage: Up to 1:10
- Features: Daily news, trading academy, weekly market review, account manager.
- Gold Account:
- Minimum Deposit: $25,000
- Leverage: Up to 1:50
- Features: Daily market review, personal portfolio manager, live webinars.
- Platinum Account:
- Minimum Deposit: $100,000
- Leverage: Up to 1:100
- Features: Customized education programs, daily market signals, VIP event invites.
- VIP Account:
- Minimum Deposit: $500,000
- Leverage: Up to 1:200
- Features: Unlimited access to brokers, wealth manager, super tight spreads.
Despite the variety of services, many users report being unable to withdraw funds and experiencing unresponsive customer support, which are major red flags.
Trading Platform Experience
LumineTrade’s platform claims to offer a seamless trading experience with multiple options for accessing the markets, including a downloadable desktop platform, a web-based platform, and a mobile app for trading on the go.
However, user reviews suggest that the platform often experiences technical issues, such as freezing during critical trading moments and unexplained spikes in spreads, resulting in significant financial losses for traders.
The absence of a demo account also prevents potential users from testing the platform risk-free, which is a standard offering among reputable brokers.
For more on identifying fake reviews and fraudulent platforms, read our article on How to Identify and Avoid Fraudulent Trading Platforms.
Customer Reviews
- Reviews.io: 2.3/5 with 85 reviews.
- ProductReview: 1.3/5 with 10 reviews.
- TrustPilot: 2.4/5 with 57 reviews.
- SiteJabber: 2.4/5 with 34 reviews.
- HelloPeter: 3.8/5 with 12 reviews.
Many positive reviews appear to be fake, with genuine reviews often detailing experiences of being scammed, difficulties with withdrawals, and poor customer service.
FAQs
Is LumineTrade a Scam?
Yes, LumineTrade is widely considered a scam by many users and regulatory bodies due to its unregulated status and numerous customer complaints.
Can I Withdraw My Money from LumineTrade?
Many users report significant difficulties with withdrawing funds, with some being unable to retrieve their investments at all.
What is the minimum deposit?
The minimum deposit required to open a basic account with LumineTrade is $250.
Conclusion
Given the numerous warnings from regulatory bodies, significant customer complaints, and reports of fraudulent activities, potential investors should exercise extreme caution and consider avoiding LumineTrade altogether.
It is essential to choose a regulated and reputable broker to ensure the safety and security of your investments.
