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Lyraten Review | "Welcome to the Future of Trading" or to Scam?

by Kevin Berry
Rating: 
  1.3/5   Reviews: 5
Lyraten - logo

“Welcome to the future of trading” – This is the intriguing slogan of the brokerage firm Lyraten, which has an average online review score of 4.8 points. It seemed very odd and suspicious to us. The broker hasn’t acquired any licenses, hasn’t provided legal details, including their address, and the foundation date remains unknown. It’s a very secretive organization that receives a vast number of positive feedback online. It’s certainly worth investigating to determine whether we’re dealing with a scam or a legitimate brokerage intermediary.

Highlights

🏛️ Country Sweden
⚠️ Regulation
🖥️ Website https://lyraten.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:1-1:100
⚙️ Trading Platform WebTrader
📨 E-mail support@lyraten.com
📞 Phone +46451288179

First Impression of Lyraten.com

The official website of the broker is a collection of self-praises, pseudo-advantages, fabricated merits, and other meaningless phrases. “Trade like experts”, “we do things differently”, and “secure and easy way to trade” are among the lofty phrases that fill Lyraten’s site. Instead of creating a quality and informative resource that fully introduces the visitor to the company, facts about its activities, and provides substantial evidence, the firm presented a vacuous and low-value site.

Lyraten - site

It’s a typical and generic site, similar to any other brokerage resource, where standard sections are at the top, the homepage lists pointless advantages, and a risk warning is at the bottom. It’s utterly unremarkable, with no uniqueness. Essential legal documents, necessary information, and other aspects that should be present are missing. Although there are no mistakes or typos, one can’t call Lyraten’s website quality or useful. After all, this is what every trader initially encounters.

Partnership and Bonuses

The affiliate program and bonuses are absent in Lyraten. At the very least, these opportunities are not even mentioned on the company’s website, which is quite odd. For instance, an affiliate program is an excellent tool for promoting a firm’s services and a nice additional income source for clients. And bonuses are a favorite tool among dishonest brokers. Many traders aren’t aware that bonuses are provided under specific conditions, due to which they can’t even withdraw their money until those conditions are met.

Account Opening on Lyraten.com

The registration procedure at Lyraten is standard. A client needs to provide personal information, create a password, and agree to the terms of the provided documents. After this, the system will require the user to log into the account using the provided credentials, without the need to verify an email or phone number.

Registration

The user dashboard is rather basic. Interestingly, unlike the official site, its interface is translated into 13 languages, including Arabic, Russian, Chinese, and others. Users can view their transaction history, edit personal information, upload documents for KYC, and access a web trader for trading. It’s also worth noting that Lyraten does not offer a demo account, and there doesn’t seem to be a section for depositing funds, but there is an option for withdrawing money.

Verification

Verification at Lyraten is mandatory, as the broker adheres to the AML & KYC policy. There is even a dedicated document on the site regarding AML & KYC, which describes its purpose and how a trader can verify their identity. In short, the company’s verification process is standard, like in any other organization. Document uploads are done through the user dashboard interface.

Pros
  • There is an AML&KYC policy.
Cons
  • The firm requires a photo of the bank card.

Trading Software

The trading platform is only available as a WebTrader. There’s no need to download software to your PC, yet there are no apps for Android/iOS. However, the terminal is adapted for mobile browsers, which doesn’t make it more convenient or comfortable compared to mobile apps. Lyraten’s dashboard mentions “MT4”, hinting at the well-known and popular software by MetaQuotes. Yet, why aren’t there separate programs and apps for all devices when Metatrader supports this? Perhaps the broker simply attributed a well-known brand to their basic platform, nothing more.

Lyraten - dashboard

We couldn’t access the Webtrader because it requires a separate login with an ID and password. Where to get the ID is unclear. However, the support manager hinted that the ID is located in the top left corner of the personal account, but it wasn’t found there. In practice, it’s impossible to see the platform at Lyraten, so one has to take the company’s word for it, which is rather foolish. Describing the functionality and terminal can be done in any way, but in reality, it might be entirely different. By the way, attempts to solve the problem with the manager in the online chat were unsuccessful. The employee stopped responding and later closed the chat entirely.

Online chat

Features Lyraten FiatVisions Investing X
Demo Account ✔️
Mobile App ✔️
Own Development

How Can I Trade With Lyraten?

It is a CFD broker, so trading is exclusively conducted with this type of asset. Futures and spot markets are not available. In total, there are over 500 instruments across various classes: forex, commodities, metals, indices, stocks, and cryptocurrencies. The conditions depend directly on the chosen account type, which we will discuss further.

All Info About Accounts

The minimum deposit with the broker is $250, and such an amount is required to open the first type of account called “Basic”. Lyraten offers six different account tiers. Owners of the basic account get the following conditions: 5% commission, swaps 1.5%, type of spreads variable, minimum spread 2.4, MQL access, leverage up to 1:50, economic calendar, technical analysis, market analysis and a platform manager.

Account types

The higher the account type, the more services are available and the more favorable the conditions. It is a typical philosophy for any fraudulent broker, including Lyraten. In this way, dishonest firms motivate trusting traders to invest more money to receive a more advantageous service. The maximum available leverage is 1:100, commissions can be reduced to 1%, swaps to 0.5%, and spreads to 0.4 pips. Additional services include analysis insights, 1-on-1 support, a dealing room, and robots.

Can Lyraten’s conditions be called beneficial? Certainly not. A 5% commission – have you ever seen such high rates elsewhere? Plus, the client has to pay spreads. A minimum deposit of $250 is also a high figure. All reputable and popular firms offer minimum deposits from $100, or even less. The additional services are not fully disclosed. What is a dealing room? Where are examples of ready technical analysis? Who are the platform managers and can they confirm their professionalism? There’s no mention of an Islamic account – another important observation.

Pros
  • None.
Cons
  • High minimum deposit.
  • Unfavorable trading conditions.
  • There is no Islamic account and swap-free option.

Market Analysis and Education With Lyraten.com

All possible additional services related to educational resources and analytics are indicated in the descriptions of the account types. Lyraten offers nothing else. It’s worth noting the absence of a calculator for position parameters, a news feed, and online charts.

Deposit, Withdrawal, and Fees

Depositing funds is commission-free, but for withdrawing funds, a client has to pay a 5% administrative fee. Lyraten accepts credit/debit cards and cryptocurrency as payment methods.

Features Lyraten Xtrader365 Bithebanx.pro
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

There are three ways to contact Lyraten’s managers: phone number, email, and online chat. We’ve already seen that they respond quickly in the online chat, but they don’t seem eager to resolve issues fully. Checking their contacts yielded no results. However, we still have questions about their presence on social media, as no accounts have been created, even though it’s a mandatory attribute for any online business.

Pros
  • There are all the major ways to contact.
Cons
  • Tech support does not solve problems in chat until the end.
  • There are no accounts on social media.

Is Lyraten Dangerous?

First and foremost, the broker raises suspicions with its secrecy and lack of transparency. Why aren’t there any legal documents? Why aren’t the license and business model specified? Moreover, the known trading conditions can’t be called advantageous or competitive. Let’s delve into Lyraten’s legitimate status.

How Long Does The Broker Work?

Complete ignorance of the foundation date is a serious red flag. Additionally, Lyraten lacks registration documents that could hint at the broker’s launch date. We had to examine the website’s domain to understand when the company was approximately founded. The domain was created in February 2023, so the organization has been operating for less than a year, which is a very short period.

Domain

How Is Lyraten Regulated?

The licensing issue is unclear since the broker’s legal address is not specified anywhere. Most likely, the firm isn’t legally registered anywhere. Otherwise, why is even the address missing? However, Lyraten’s phone number is Swedish. So, we’ll try to find our review’s protagonist in the register of the Swedish regulator, Finansinspektionen. Unfortunately, or fortunately, the firm isn’t listed in the registry, meaning it doesn’t have a license from Finansinspektionen.

Regulation

Maybe the company is registered in Sweden but hasn’t managed to obtain a license yet? However, a search on the site by the name Lyraten yielded no results. No such organization is registered there. And we don’t have any other data.

Fake company

Features Lyraten Capitalex Pro LumineTrade
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Lyraten?

To start, you need to create an account. It is done on the official website, where you have to provide personal details. After this, the broker demands identity verification. Only then can you fund your account. Notably, testing on a demo account isn't possible since this feature is missing.

Is Lyraten Legit?

The broker operates unlawfully. Legal information and address are not provided. Licenses are not found.

How Risky Is It?

Trading with companies like Lyraten is extremely risky. You can deposit money, but withdrawing it will be impossible. This is a 100% risk.
Kevin Berry
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Expert Opinion

The only lead was in the form of a Swedish phone number. Checking Swedish registries yielded no results; such an organization doesn’t exist there. There’s no doubt that the broker is a scam, because legitimate and safe firms don’t hide their legal addresses, founding dates, and licenses. Lyraten is an unknown platform that launched only in 2023. Clearly, it is too short a duration for a brokerage intermediary. The scammers couldn’t even assist with accessing the webtrader, conveniently ending the conversation without resolving the issue. Are these the signs of a client-focused broker? Definitely not. Stay as far away from Lyraten and similar companies as possible.

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Lyraten rating

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

5 reviews about Lyraten

Cap of Tea October 3, 2023 - 17:12
Zero guarantees
The level of trust
Quick withdrawal of funds

How can one invest money in a company without a legal address and license? This scam provided nothing. There are no guarantees. The scammers have a fake platform. It’s not MetaTrader4, it’s some kind of fake webtrader. No licenses, no long operating history, but there are fake positive reviews.

Reply
Konstantin October 7, 2023 - 13:40
The scammers deceived me and conned me out of 1000 dollars
The level of trust
Quick withdrawal of funds
Efficiency of technical support

THESE SCAMMERS TOOK MY MONEY!!! A month ago, I invested $1000 in Lyraten to trade in the forex market with leverage. I thought it was a safe and verified company because I read many positive reviews from other traders about the broker and platform on Google. However, I was wrong, as one shouldn’t trust positive reviews blindly.
In the end, I couldn’t even make $100. From the very first day, my deposit started to decrease. When the balance dropped to $600, I realized I needed to withdraw my money as this couldn’t go on any longer. I requested a withdrawal. My verification was already completed, but the withdrawal still didn’t work.
The scammers from Lyraten stopped communicating with me. I write to them every day, but there’s complete silence and ignorance from their side. What do you do if you fall into a fraud scheme? Is there any way to get money back from a scambroker? Has anyone else experienced this? What should I do? Please help.

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Anonymous October 10, 2023 - 13:08

If you paid with a bank card best thing would be to call your bank directly and explain to them what happened. Tell them you believed this to be legit at first but then realized this is a scam. Say you saw ads that were exactly the same ads that you saw initially only under different companies. I done exactly this. I saw their ads on social media with Elon musk talking about an innovative way to make cash well the ad I saw turned out to be a deep fake scam. Bbc news deep fake scam

Reply
jax October 9, 2023 - 03:45
Lyraten

just had the same experience with Lyraten as your two reviewers (Cap of Tea, Konstantin etc….)
Went in blindly on an Instagram ad focusing on the latest Xai platform advertised by Lyraten, dropped down $400 (Oct, 6th 2023) even with all the passcodes, passwords etc I have not been able to access a thing since!! So stupid of me but I have to admit when your feeling a bit down and out something new and exciting showing a way to passively create and income sounds inviting!! Tried contacting them by all there so called means of contact and nothing!! So i have given in to the fact that money is gone..

Reply
Jola December 5, 2023 - 20:30
Unlawful, untrusted platform LYRATEN

Hi everyone, we opened account around 5 months ago, but because of high demand of calls after couple days we decided to close account. We called to LYRATEN advisor and asked to return deposit. Unfortunately until now we still fighting for our money. Each time they are calling from different numbers, promising return deposit. How you can trust to LYRATEN if you can’t get small money back. People’s don’t trust platforms like LYRATEN, you will never be able get money back

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