Trading in the Forex market has become a popular activity for those looking to earn money remotely, sitting at a computer. The key to success is to choose a reliable and secure brokerage intermediary. Meet LumineTrade, a UK-based company that offers margin trading in CFDs, complete with customer support and additional services. However, the broker operates without any licenses. Our task is to determine whether this platform is a trustworthy enterprise or a potential scam. Reviews about the firm reveal nothing, as there are few of them, hinting at a new player in the Forex services market.
Table of Contents
Highlights
| 🏛️ Country | United Kingdom, Australia, Canada |
| ⚠️ Regulation | – |
| 🖥️ Website | https://www.luminetrade.com/, https://www.lumine-trd.com/ |
| 🎲 Demo Account | No |
| ⏳ Start Time | 2023 |
| 💲 Minimum Deposit | $250 |
| ⚖️ Minimum and Maximum Leverage | 1:10-1:200 |
| ⚙️ Trading Platform | WebTrader |
| support@lumine-trd.com | |
| 📞 Phone | +61242770161, +442034359251, +14388047756 |
First Impression of Lumine-trd.com
Upon entering the official website, visitors are immediately greeted by a motivating tagline: “Be in control of your financial success.” The site also features quotes from renowned investor Warren Buffet, emphasizing the virtues of patient trading, as well as citations from trading book author Jack Schwager. An interesting move, but quite clichéd. The website immediately offers you the chance to trade with the assistance of an experienced account manager. All of this is set against a visually engaging backdrop featuring images of people holding money and smartphones, intricate financial charts, and high technology.
The top section of the website is fairly standard, featuring details about types of accounts, asset classes, the company itself, contact information, and various formal documents like the user agreement. The main page of LumineTrade is segmented into various blocks, accompanied by generic images showcasing charts, laptops, tablets, and trading terminal interfaces. Ideally, the website should aim to provide visitors with comprehensive information, but it’s evident that the broker has not prioritized this. Instead, the firm has provided utterly meaningless text without any specifics or details, while many points are intentionally ignored. The site’s cookie-cutter design is hard to miss. We’ve seen similar sites before and understand perfectly well how firms with such similar resources operate.
At the end of the main page, managers have posted positive reviews about their activities. We recommend not to trust such comments because they can easily be fake.
Partnership and Bonuses
The brokerage firm is entirely opaque when it comes to disclosing information about affiliate programs or bonuses. Despite our efforts, we couldn’t find even a hint suggesting that such features are available. However, we assume that bonuses are likely offered. It’s unlikely that brokers like LumineTrade would pass up the tempting idea of pushing a bonus onto a client, making it harder for them to withdraw funds. It’s important to remember that such perks often come with specific terms and conditions, usually designed to restrict the withdrawal of funds from an account.
Account Opening on Lumine-trd.com
The process for registering an account with LumineTrade is entirely unclear, primarily because the website lacks a “registration” button altogether. It only provides an option to “login”. Company managers may assist in setting up personal accounts, but this approach is both illogical and opaque. Why wouldn’t they allow free account registration? Additionally, one can’t even try it out for free on a demo account, as that option is also absent here.
Verification
How can one study the verification conditions and find out what documents are required if there is no separate section dedicated to KYC on the website? The fact that the platform does not even allow for account creation, leaving potential users in the dark about how they would upload verification documents further complicates the situation. Consequently, it remains unclear whether verification is even mandatory, and if so, what specific documents would be required.
- None.
- Do not disclose information without pre-registration.
Trading Software
LumineTrade lauds its trading platform as a “revolutionary masterpiece designed with traders in mind.” On their website, the broker highly praises the trading terminal, claiming its capabilities and advantages: user-friendly interface, impeccable navigation, advanced charting tools, real-time market data, and fast execution. Additionally, the firm asserts that its software is accessible not only via web browsers but also through mobile phones. However, it’s worth mentioning that their “mobile trader” refers not to a dedicated app available on the Play Market or App Store, but rather a mobile browser-friendly adaptation. We didn’t risk downloading and launching the PC program, as there’s a chance of catching a malicious virus.
We can’t place faith in the glowing descriptions and claims about LumineTrade’s trading platform. If we assume that their trading terminal is analogous to the software offered by similar brokers, which also have templated official websites, the platform can hardly be described as advanced or professional. It seems to be a standard webtrader that offers only the most basic trading features and nothing more. Most notably, it lacks several options, such as the capability to incorporate bots for automated trading, test strategies in an automatic mode, or upload custom indicators. Furthermore, we can’t practically verify the quality of the software the broker offers, as registering an account on the platform is not possible.
| Features | LumineTrade | XFortunes | TradeCMF |
|---|---|---|---|
| Demo Account | ❌ | ❌ | ❌ |
| Mobile App | ❌ | ❌ | ❌ |
| Own Development | ❌ | ❌ | ❌ |
How Can I Trade With LumineTrade?
it is a CFD broker, so only CFDs are traded on the platform, and spot and futures markets are not available here. Trading conditions depend on the selected account type, which we will discuss below.
All Info About Accounts
Clients are offered a choice of four plans, each featuring different minimum deposit requirements and additional services. The first type of account in LumineTrade starts with a $250 deposit and includes: leverage up to 1:10, daily news, trading academy, weekly market review, account manager, and weekly portfolio progress report. While this suite of features seems to target beginners learning Forex trading, the high minimum deposit of $250 is a red flag. Many popular companies offer to start with $1-10 or provide a cent account type. Another concern is the low leverage of 1:10, which is insufficient for trading with small amounts. Ideally, traders would seek leverage of at least 1:100. How do the company’s founders expect clients to trade currency pairs with a $1,000 balance and only 1:10 leverage? It’s simply impossible.
The second account type requires a staggering deposit of $25,000, presenting a striking gap of $24,750 when compared to the first plan. That’s a massive gap, don’t you think? Owners of the “Gold” package gain perks such as leverage up to 1:50, a daily portfolio progress report, a portfolio manager, weekly live stream and 1-on-1 market analyst sessions, a monthly analyst session with a certified accountant, 24/7 monitoring by a top analyst group, a 25% swap discount, and an end-of-year summary with a certified tax specialist. Traders are supposedly surrounded by professional staff ready to make their trading mega-profitable. However, who these experts are and what kind of results they deliver to clients remains unknown.
The third and fourth accounts in LumineTrade call for substantial deposits of $100,000 and $500,000, respectively. They come with added features like leverage options ranging from 1:100 to 1:200, dedicated wealth managers, access to VIP events, comprehensive market research, highly competitive spreads, educational programs, and trading signals. One has to question, however, why traders with such hefty capital would even need leverages of 1:100 to 1:200. Clients with small deposits actually need such parameters, while big players do not require them.
The trading conditions can best be described as inadequate, foolish, and illogical. Not only does the firm fail to provide options for Islamic or demo accounts, but it also hides crucial information like spread sizes and commission rates. To top it off, the company appears to engage in blatant financial extortion by offering a more diversified set of additional services at exorbitant prices.
- None.
- There are no demo and Islamic accounts.
- High minimum deposit.
- Illogical trading conditions.
- Important parameters are unknown, such as spreads and commissions.
Market Analysis and Education With Lumine-trd.com
LumineTrade has taken a little care of newbies by providing them with a section with educational materials about the financial market, research, investing, and other topics. There is introductory information about asset classes, and a table with bid/ask prices of popular markets.
The website also contains a section directing users to download Anydesk and Teamviewer, software designed for remote computer access. While this feature might imply the presence of a personal manager who can demonstrate trading techniques directly on your computer, it raises serious security concerns. Such programs can easily be misused for fraudulent activities, such as deliberately conducting losing trades to deplete a trader’s funds or, even worse, stealing sensitive personal information like passwords. We strongly advise against allowing remote access to your computer, especially from LumineTrade employees or representatives.
Deposit, Withdrawal, and Fees
The system provides no information on the available methods for transferring funds or any associated fees for depositing money into your account. While withdrawals do incur fees, the specifics are unclear, and no detailed information is provided. Moreover, only verified users are permitted to make withdrawals, and the processing time for such requests can take up to five business days. Premium clients, however, benefit from expedited request processing.
| Features | LumineTrade | Sollari | Mitrade |
|---|---|---|---|
| Debit/Credit Cards | ❌ | ✔️ | ✔️ |
| Electronic Payments | ❌ | ❌ | ✔️ |
| Crypto Transfers | ❌ | ✔️ | ❌ |
| Deposit Fee | ❌ | ❌ | ❌ |
| Withdrawal Fee | ✔️ | ❌ | ✔️ |
How Can I Contact It?
LumineTrade offers three phone numbers and an email address as contact options for their managers. Users also can submit a message via a special feedback form on the website. The company’s headquarters are listed as being in London.
Checking the phone numbers yielded no results, and the provided email address turned out to be fake. We will verify the authenticity of the provided office address later.
- None.
- Email doesn’t exist.
- Social media and online chat are missing.
Is LumineTrade Dangerous?
Looking at the template-like and uninformative website, along with terrible and uncompetitive trading conditions, there’s no reason to talk about profitable and secure trading. For some unknown reasons, it’s not possible to register with LumineTrade. Moreover, the email address is fake. To make a final assessment, we must now examine two critical aspects: the duration of the broker’s operations and its licensing.
How Long Does The Broker Work?
The footer of the official website displays the year 2022, but this contradicts the actual establishment date of the company, which can be deduced from its domain registration date. The domain was only registered in July of 2023, making it a very new entity. Notably, the firm fails to mention when it commenced operations and provides no registration documentation to substantiate its legitimacy.
Attention! Scammers do not reduce their turnover and still continue their malicious activities on the new domain lumine-trd.com, registered in April 2024.
How Is LumineTrade Regulated?
Could regulatory licenses save the broker from allegations of fraud? This ptoject purports to operate within the UK’s legal jurisdiction. Our task, then, is to verify its presence in the UK’s Companies House registry and the Financial Conduct Authority. In both instances, the firm is conspicuously absent, indicating that its claimed London address is fictitious and that it lacks authorization from UK regulatory bodies. Although the contact details list phone numbers from Australia and Canada, hinting at the possibility of branches in those countries, we find it unnecessary to cross-check their respective registries. If LumineTrade has been untruthful about its UK operations, it’s reasonable to infer its non-existence in Australia and Canada as well.
| Features | LumineTrade | Fin Reserve | Tipitek |
|---|---|---|---|
| European Zone | ❌ | ❌ | ❌ |
| Asian Zone | ❌ | ❌ | ❌ |
| American Zone | ❌ | ❌ | ❌ |
| African Zone | ❌ | ❌ | ❌ |
| Offshore | ❌ | ❌ | ❌ |
Frequently Asked Questions (FAQ)
Kevin Berry Unsurprisingly, LumineTrade proves to be a typical scam. There are tons of similar companies on the Internet, all of which are involved in the same activities – fraud and deception. And you know what, it’s even better that you can’t register an account with this shady and dishonest firm. Any naive newcomer who takes these scammers at their word, won’t be able to create an account or deposit funds, i.e., give money to blatant scammers and crooks. Always conduct due diligence, and check for licenses and operational history, otherwise, you might find your potential Forex partner is nothing but a scam, just like that.
LumineTrade rating
4 reviews about LumineTrade
First and foremost, LumineTrade fails to offer an account registration form, a situation I’ve never encountered before. It’s inconceivable to me how they could not allow users to freely register an account. Second, the absence of any licensing information on their website raises serious concerns. Third, they fail to disclose their business model, but it’s evident that we’re dealing with a typical “dealing desk” that operates against its clients to generate profits. The formula is simple: the scam’s gains equate to the traders’ losses. As a result, traders are essentially set up to fail and lose money.
Fourth, there’s no information on how long LumineTrade has been in operation. However, considering there are almost no comments on the internet, and the domain was registered in the summer of 2023, it’s clear that this scambroker is very new. Fifth, the lack of a demo account and a minimum deposit requirement of $250 are typical signs of a fraudulent and disreputable broker.
In summary, LumineTrade has no redeeming qualities – only drawbacks and red flags.
This really looks like some kind of scam broker, not a normal, safe, and reputable brokerage firm. I tried to look for reviews about LumineTrade and found only a couple of positive comments, that’s it. Moreover, the reviews are clearly paid for, meaning they are fake, because they are written in one or two sentences, contain no specifics, and offer no evidence. Obviously, these are fake reviews. So, aside from the broker being little-known and young, scammers and fraudsters are also ordering fake reviews about themselves.
I advise not to invest money in LumineTrade so as not to fall into the financial trap of this scam. Firms like this fraud deceive people in various ways to do one thing – extract money and then cease to maintain contact. There are heaps of such fraudulent projects on the internet. All are engaged in illegal activities, stealing money from traders. And this broker is no exception.
Note that it has no license; even the operating period is not indicated. Nothing is known about the documents; they are not uploaded to the website. And who founded this trash bin? Correct, the names of the founders of LumineTrade are not disclosed, because they are criminals and fraudsters. It’s a fraud scheme where you will lose all your money. Therefore, don’t deposit here.
Guy rings me up from a landline with a Perth (Western Australia) number and claims that I have been accepted into the AI trading platform that I had applied for. He knows my name and surname. I really should have hung up but for some reason I like to go along with these losers to try and work out what the scam actually is. So I asked him when did I apply for this. He tells me he can’t confirm or deny it for privacy reasons but it was about 2 months ago.
Me : How did I apply for this?
Scammer : You would have seen our ad on youtube or facebook and applied.
M : So did you send me an email at that time to tell me I was on the waiting list?
S : I can’t check that but I can send you an email to explain our services more. Can I confirm your email address is ——?
M : Why yes that is my email address. By the way what is your Australian Financial Services License (AFSL) number?
S : AFSL, no what is that? I’m new at this job so I will have to check with my floor supervisor.
S: I am not that familiar with email but I will try and send you an email now. with more information.
Anyway the email came through and the deal is from some losers calling themselves LumineTrade.com
The email contained gems like this :- “The A.I. robot will start placing trades automatically based on volume, moving
averages and supply and demand. Has an 80,7% to 92.8% success rate which
makes it highly consistent. This software is regularly updated and optimized to ensure profitable returns on your investment of up to 400%.”
The phone numbers in the email and on their website are not picked up. The parent company is located in the well known financial capital of the Marshall Islands. Basically what they want is for you to give them USD250. They will then create a false account where the numbers will go up daily and as long as you never ask for the money back everyone is a winner. Of course when you do ask for the money back, the AI has a massive brain failure and the account balance goes down to USD 0.
Still seems like a lot of hard work for what is not much money. The guy who rang me sounded Filipino. If so it is possible that he is in a slave call centre where he is forced to make these ridiculous calls and gets paid nothing. Modern day slavery is a horrible condition which we all need to fight against but there is precious little the individual can do other than hanging up.
Excellent review unfortunately I gave them my phone number and I continued to get dozens of calls from disconnected numbers