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Luxtious Review | A Modern Platform or Scam?

by Kevin Berry
Rating: 
  1.2/5   Reviews: 2
Luxtious - logo

The little-known brokerage company Luxtious, which does not have many reviews online, is based in the Comoros Islands and is under the control of the local regulator. However, this information still requires thorough verification, so it should not be taken at face value just yet. This is an online broker where traders have access to various types of accounts to choose from, a modern platform, and other options. Our main task is to study the firm and find potential signs of a scam. If you’re interested, join us.

Highlights

🏛️ Country Comoros
⚠️ Regulation MISA
🖥️ Website https://luxtious.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $2,500
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform WebTrader
📨 E-mail customerservice@luxtious.com
📞 Phone +18007059578

First Impression of Luxtious.com

The first impression of the official website is mixed. On one hand, it’s an informative resource with standard sections at the top of the page, where you can learn more about the firm, its advantages, and trading conditions. On the other hand, much of the text is meaningless and does not provide any benefit to the visitor. Luxtious uses clichéd motivational phrases with a touch of philosophy, thereby trying to awaken in users the desire to quickly open a brokerage account, replenish the deposit, and start working. It looks extremely funny and unsuccessful.

Luxtious - site

Upon opening the official website, we immediately see a pleasant-looking woman and the main offer from the broker to start trading with leverage of 1:200. Then, you can see rocket images, platform screenshots, and that’s it. The graphic design ends there. So in this respect, Luxtious did not surprise.

The site is only in English. Users can familiarize themselves with features and advantages, study legal documents, and other information. The company does not tell much about itself, for example, the foundation date and business model are unknown. To make a brief conclusion, Luxtious has presented traders with a typical, boring, and template site. The only joy is brought by the beautiful girl on the main page.

Partnership and Bonuses

There is no mention of an affiliate program on the site, but looking ahead, at the moment of registration, clients are offered to indicate some referral code. This code signals the presence of an affiliate program in Luxtious. It’s a pity the conditions are not described.

Nothing is said about bonuses either, but they are mentioned in the user agreement. So it can be said that the broker offers bonuses to traders, but how much and under what conditions, remains a mystery for us.

Account Opening on Luxtious.com

Cooperation with the firm begins with the account registration process. Luxtious offers a rather large form for filling in personal data at the moment of creating a personal account. Users need to specify not only contacts, name, and password but also date of birth, full residential address, including zip code, account currency (EUR/USD), and a promo code (if available). It’s also necessary to agree to the terms and that you are over 18 years old and are not a US citizen.

Registration

However, the system does not let us proceed further. After entering all the data and submitting the application, a window pops up with the text: “Request Failed”. What does it mean? Is it impossible to create an account? It turns out that currently, free registration in Luxtious is impossible. To resolve this issue, one could try contacting the managers.

Request failed

It’s unlikely that a verified and popular broker would have such a situation. You could return in a week, two, or even three, and we are sure that this error will remain relevant. Apparently, the firm accepts new clients only after communicating with them via phone/email or some other method. And by the way, a demo account in Luxtious is absent.

Verification

Those wishing to trade in Luxtious must understand that the company requires mandatory identity verification according to the AML&KYC policy. Clients must provide several documents:

  • Proof of identity, for example, a government-issued ID, passport, or driver’s license.
  • Proof of residence. This can be a bank statement, residential certificate, government-issued lease contracts, or utility bill not older than 6 months.

Also a photo/scan of the credit/debit card used for depositing. Documents are accepted via email to technical support, or they can be uploaded in the personal account. Without KYC, using Luxtious services is not possible.

Pros
  • Mandatory verification of identity.
Cons
  • Requires a lot of documentation.

Trading Software

Since we could not register a personal account due to an error, reviewing the trading terminal is not possible. The only option left is to believe how Luxtious describes its terminal.

The broker highlights several main advantages of its platform: compatibility with all devices, a variety of indicators, technical analysis, various chart layouts, different types of order execution, and a friendly interface. Whether to believe this or not is up to you, but usually, in practice, the terminal is much worse than described.

Although Luxtious claims to have a mobile application for Android/iOS, as well as support for Linux, Mac OS, and Windows, we don’t think this is true. Download links are available only to registered users. Access to WebTrader is also not possible without an account, and the name of the software is not provided. However, let’s assume that the terminal indeed supports all types of devices.

Features Luxtious AlterSpots Vortexyl
Demo Account
Mobile App ✔️
Own Development

How Can I Trade With Luxtious?

We are looking at an ordinary CFD broker, so trading here is limited to Contracts for Difference. The available asset classes for clients include over 60 currency pairs, commodities (coffee, gas, and others), stocks, metals (gold, silver, and others), indices (FTSE 100, S&P 500, Nasdaq, and so on), and cryptocurrencies.

The offered possibilities depend on the account type. Next, we will look more closely at the tariff lineup in Luxtious and determine whether the conditions here are favorable or not.

All Info About Accounts

The broker offers 6 types of accounts, as well as an Islamic account available to all clients. The minimum deposit is very high. $2,500 is not a common practice among well-known and established brokerage firms. It is often scammers who set such high thresholds for the minimum deposit. Owners of the first tariff at $2,500 receive from Luxtious basic access to the market, platform, one-click trading, and daily analysis. The set of features is meager and does not provide any advantages to the trader.

Account types

Furthermore, with an increase in the tariff plan, one additional service is added:

  • Special market coverage.
  • Trading strategies.
  • Special events.
  • Private instant support.
  • VIP Personal manager.

The services are not described, and it’s unclear what they entail. However, one thing is clear – Luxtious requires colossal amounts for the deposit. Thus, an overt attempt to extract money from clients is evident. Want more opportunities? Be prepared to pay more money. Need we say that such an approach is used exclusively by fraudulent firms? Of course, there are exceptions, but this is unlikely to be one of them.

Leverage up to 1:200 is a clear violation of regulatory requirements, but since the firm is offshore, such leverage is not surprising. However, we want to highlight the absence of information about spreads and commissions. The most important conditions are not disclosed. Is Luxtious deliberately or accidentally not revealing this?

Pros
  • Islamic account.
Cons
  • Spreads and commissions are not marked.
  • $2,500 is a high minimum deposit.
  • No demo.

Market Analysis and Education With Luxtious.com

The broker has free widgets that are supposed to help traders in their daily trading. These include contract expirations, an economic calendar, news, and trading hours. If the last three widgets can indeed benefit clients, it’s unclear why traders would need the first widget. What’s the point of contract expiration if Luxtious offers to trade only CFDs, and there are no futures here?

Moreover, it’s difficult to understand how the company tries to compete with other brokerage firms. After all, there are no educational courses, ready-made technical analysis, and other free opportunities here.

Deposit, Withdrawal, and Fees

According to the official website, money can be transferred in three ways: bank, credit/debit cards, or cryptocurrency. The last method has its specifics: a cryptocurrency transaction cannot be canceled, and it’s impossible to get a chargeback. Moreover, digital currency allows the payment recipient to remain anonymous.

Luxtious does not charge a fee for replenishment but reserves the right to charge a fixed fee for fund withdrawals, a minimum of $10. Processing withdrawal requests takes a long time – from 1 to 5 working days.

Features Luxtious Luzuna Buxberg
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Users can write an email, submit a request through a special feedback form, call the provided number, or write in the online chat. Responses in the online chat are slow, or completely ignored, as the staff did not respond to us when we asked about an account registration issue. Will Luxtious respond through other channels? An interesting question.

We checked the company’s contact details but revealed nothing suspicious. They are genuine, and any suspicions are unfounded. The broker even maintains accounts on social media platforms Twitter and YouTube. However, there’s no content or followers, and the accounts were created in January 2024.

Pros
  • There are all methods of contacting managers.
Cons
  • The online chat is not answered.

Is Luxtious Dangerous?

The trading conditions look absurd, and commissions and spreads are unknown. Moreover, problems with account registration are unlikely to be a normal occurrence. However, it’s too early to definitely speak of a fraudulent nature. For that, it’s necessary to check the operation period, licenses, and legal data of Luxtious.

How Long Does The Broker Work?

The foundation date is unknown. Such information is not provided on the official website. When was the platform launched? The website’s domain was registered on October 20, 2023, and social media appeared in 2024. Moreover, there are few reviews online, which only started appearing relatively recently. All this confirms that Luxtious has not been operating for long. The broker began serving clients less than a year ago.

Domain

How Is Luxtious Regulated?

Now let’s consider the regulation issue. The firm shares the name of its legal entity – INTERMARKETS Corp. Ltd, which is registered in Mwali, Comoros, and there it obtained a license for operation. Indeed, this organization is listed on the MISA registry. It was registered on June 14, 2023. By the way, it is another confirmation of Luxtious’s short operation period.

Luxtious - MISA

Despite having regulation from MISA, the reliability level here is still low. It’s important to remember that this is an offshore jurisdiction, and MISA cannot provide 100% security guarantees, unlike the state regulatory bodies of other countries. Reliable licenses include FINMA, FCA, BaFin, and others, but MISA is an unreliable regulator. Essentially, it can be boldly stated that the broker is unregulated. Obtaining such a license is very easy, and the cost is just a few thousand dollars.

Features Luxtious Nour Trade Tools4Deals
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

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Expert Opinion

The number of negative factors and red flags is simply off the charts. The cons include not only non-transparency, secrecy, short period of operation, offshore registration, and high minimum deposit but also the business model here is 100% B-Book. This means that the platform benefits when clients lose money. So, is there any sense in trading with Luxtious? The positive reviews that can be found online are striking. All of them are no longer than 1-2 sentences, similar to each other, so there is no doubt that they are fake and written to order. And this is another serious red flag. So, stay as far away as possible from such a pseudo-broker.

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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about Luxtious

JUPITER January 26, 2024 - 01:48
I'd advise you to stay out of here
The level of trust
Quick withdrawal of funds
Efficiency of technical support

It’s impossible to create an account! Moreover, the fraudsters do not respond! That’s even better, so I forgot about the firm and found another broker. I advise everyone to do the same. Do not read positive reviews; they are fake.

Reply
Will Gangs February 8, 2024 - 16:09
Very huge risk! It's possible a fraud
The level of trust

Understanding that offshore brokers almost always turn out to be scam is enough to abandon the foolish idea of opening an account with Luxtious. Think carefully before investing your money here. After all, you won’t be able to withdraw it later. This company may operate honestly for a while, but ultimately, it will still scam you out of your money. The operation is almost fake. Nothing prevents scammers from just shutting down the platform and running away with the money.

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