Luzuna Review: Deception And Lies Prevail Over Honesty And Fairness
False investment opportunities marketed by the Luzuna scam cannot, under any conditions, turn lucrative, even for the most talented of traders. That is because the company we’re reviewing is an offshore scheme that exists only virtually.
Not only are they hidden in the tax haven of St. Lucia, but they tend to offer services on a worldwide scale without any valid Forex license. Read our Luzuna review to learn about far safer trading solutions.
|Luzuna/ Techna Solutions LTD
|Type of the company
|Unregulated / Offshore
|Warnings from Financial Regulators
|No official warnings
|Majority of clients are from
|United States, France, Germany
|Yes – Email, Phone
The transparency issue is the first obstacle you encounter once you decide to find out more on the legal background of this Forex dealer. Allegedly owned by Techna Solutions LTD, this unknown conduct doesn’t exist in the local register of legally incorporated entities, as ROCIP and Government Of St. Lucia show.
Furthermore, even if they were a legal business registered under the ruling laws of the country, there’s still no way they could be licensed for financial services. That is because the current financial authority in St. Lucia, FSU, doesn’t license brokerage agencies as of July 2023.
That’s why we decided to expand our search and also go through the databases of FCA, ASIC, NFA, CySEC and FINMA. Unfortunately no information exists on this firm and there’s no way to confirm it’s existence. The same situation is detected with BitAurox, which seems to also be hidden in a gray area and preys on Forex newcomers.
Paying For Fake Reviews
The common strategy with faux companies like CoinBriteFX is to pay review seller networks to boost their online reputation. These networks are usually active on various ratings websites, including in this case SiteJabber and Reviews.io .
One of the clues that something is amiss is the impeccable rating of 5 stars. No matter how high the quality of service, it’s inevitable that some clients will be displeased by it. Luzuna reviews all talk about one same thing over and over again, meaning they are coming from the same source.
Common Scamming Strategies
Illicit firms use underhanded methods to attract new clients. They have to hide their operation from the authorities so they can’t exactly advertise on television.
We call these illegal companies boiler rooms, and the people who advertise them – boiler room agents. Agents pester people by phone like in some twisted call center. They allegedly offer lucrative investment opportunities, and If the mark feels reluctant to deposit, they can turn to threats and extortion methods.
If you’re looking for a truly reliable company to start your trading career, take a look at our funded trading options. We offer solid and stable options to those who need that push into the trading world.
Account Creation Locked
To make sure their clients are sufficiently brainwashed, Luzuna Forex scam does not allow outsiders to create a trading account. A promo code is required, one that is disseminated only by boiler room agents.
Here’s an overview of various accounts with their initial deposits:
- Beginner – $500
- Basic – $5,000
- Premium – $50,000
- Premium Pro – $100,000
- Investor – $250,000
- VIP – $1,000,000
More costly account types allegedly give traders some benefits like market updates and account management. Either way, even the cheapest of the accounts is a rip-off, and the selection doesn’t include a demo.
Inaccessible Trading Software
Allegedly, there’s some kind of a downloadable proprietary platform available with this self-proclaimed broker. We were, unfortunately, unable to test the trading environment due to the fact we were missing the aforementioned promo code.
Besides the desktop platform, there is a Web Trader as well, with which we encountered the same problem. You should be warned that many of these bogus companies omit a demo on purpose, to prevent the victims from changing their minds once they see the provided software first hand.
Instruments Hidden From View
One of the most important aspects of trading Forex, CFDs or other assets is knowing the exact offering of financial products to buy and sell. With this company, you can’t exactly tell where to invest money, since there’s no disclosure on the exact instruments.
The firm claims to offer some of the most popular categories, and gives a few examples of ticker abbreviations in a passing mention. Here’s what’s allegedly available:
- Currencies (EUR/USD, AUD/CAD, CHF/GBP, USD/JPY)
- Commodities (Sugar, Gold, Oil, Gas, Wheat, Soybean, Coffee)
- Stocks (Tesla, Amazon, Netflix, Facebook, Disney, Ford, BMW, Adidas)
- Indices (S&P 500, FTSE, DAX, ASX200, NASDAQ, CAC, EuroStoxx)
What are the Costs?
We’ve already gone through the account details that are just weasel words offering nothing of value. No concrete information is given considering costs and fees charged on trading or funding procedures.
Yes, the website does claim there’s no alleged extra fees, but not even the basic ones are revealed and we cannot simply trust anything a fraudster slaps on the advertisement. This situation is another good example of how it looks when a broker is not transparent or honest enough about the costs of their services.
Only detail we could dig up was that the available leverage ranges up to 1:400, which is quite higher than the allowed ratio in the developed nations where this sham operates.
Ever Tried Funded Trading?
Don’t trust the claims presented by this company. They are neither licensed or regulated, and don’t provide enough tagine information to even make them remotely trustworthy. Nearly everything we’ve seen on their site was raising one red flag after another.
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What is Luzuna?
This is a fake online trading platform that operates from offshore and doesn’t hold a license.
Is Luzuna a Regulated Broker?
No, and they’re completely unregulated, starting from their own jurisdiction to anywhere else in the world.
What is the Difference Between Brokers and Prop Firms?
The key difference and benefit of trading with a prop firm is that you’re not risking your own funds.