On February 16, 2024, the Australian Securities and Investments Commission (ASIC) issued a warning to Australian consumers regarding LumineTrade.
This company, operating via luminetrade.com, is providing financial services without the required Australian financial services license or credit license.
For a detailed review, you can read the comprehensive LumineTrade Review.
Company Details
- Name: LumineTrade (luminetrade.com)
- Type: Unlicensed
- Aliases: LumineTrade, UIT Solution Ltd
- Address: 10 Finsbury Square, London EC2A 1AF, UK
- Website: www.luminetrade.com
- Email: support@luminetrade.com
- Phone Numbers:
- +61251108353
- +442034359251
- +14388047756
Important Information
LumineTrade is suspected of offering financial services to Australian consumers without the necessary authorization.
Almost all financial service providers in Australia are required to be licensed by ASIC to ensure they adhere to regulatory standards that protect consumers.
Risks of Unlicensed Entities
Engaging with companies like LumineTrade, which operate without proper licensing, carries significant risks.
Without regulatory oversight, these companies can engage in fraudulent or high-risk practices, leaving investors without legal protections or recourse.
Recommendations for Consumers
- Avoid Unlicensed Firms: Do not do business with companies that lack the required ASIC license.
- Check Registrations: Always verify a financial services provider’s license status through the ASIC Connect online registry.
- Do Your Research: Even if a company is not listed as unlicensed, it’s essential to conduct thorough research before investing.
- Be Cautious: Treat unsolicited offers with skepticism, especially those that promise guaranteed high returns.
For further details, refer to the official ASIC warning.
ASIC strongly advises consumers to remain vigilant and perform due diligence to safeguard their financial interests.
If you have been contacted by LumineTrade or have already engaged with them, reach out to ASIC for support and guidance.
By staying informed and exercising caution, consumers can better protect their assets from potential fraud and high-risk investment schemes.
