Welcome to my unbiased LunoFX review, objectively detailing why LunoFX as a scam broker.
LunoFX landing page.
LunoFX Review Part 1: What is LunoFX?
According to the product website, LunoFX is a trading platform for forex and various CFDs. The problem with this company is that it makes many alluring claims without backing them up.
For example, it brags that the brokerage is slightly different from others in that it’s established by certified traders who help investors analyze various investment scenarios, ensuring that they choose only the best trading options. However, it fails to specify who certified those so-called professional traders.
Similarly, it claims that LunoFX are recognized professionals in their field. Again, it fails to disclose by who.
Lunofx.com also maintains that LunoFx is voted #1 financial trading platform in the United Kingdom year after year. Again, it doesn’t show any proof of that.
LunoFX is all talk with no proof, making it hard for anyone to believe them.
Notwithstanding all these baseless claims, is LunoFX legit or is it a scam?
To answer the question, I can confidently say that LunoFX is a scam, taking a number of proofs into account.
| Company | LunoFX |
| Website | www.lunofx.com |
| support@lunofx.com | |
| Address | 110 Bishopsgate, London EC2N 4AY, UKPO Box 4385, 11185213 Cardiff, CF14 8LH |
| Products | Forex, CFDs, |
| Account Types | BronzeSilverGoldPremiumPlatinum |
| Minimum Deposit | Depends on the account type: Bronze—$2500.Silver—$5,000.Gold—$10,000.Premium—$25,000.Platinum—$50,000.VIP Exclusive(Closed Group Invitation Only)—$100,001.CEO Managed(Closed Group Invitation Only)—$500,0001. |
| Regulation | Unregulated |
| Excluded Countries | USA |
| Base Currencies | USD, EUR, GBP, and BTC(Bitcoin) |
| Trading Platforms | Webtrader |
| Demo Trading | Unavailable |
LunoFX Review Part 2: Why This Company Is a Scam
Judging by the pieces of evidence I’ve presented below, it’s safe to say that LunoFX is fake:
1. LunoFX Is a Clone of a Brokerage Platform Called “Luno”
If you are not keen enough, it’s very easy to confuse LunoFX for “Luno.” Formerly “BitX,” Luno is a legitimate trading platform registered and regulated by the FCA. You can confirm this information by going to this Financial Conduct Authority page.
Owned by Luno Money Ltd, the brokerage that has been around for over 20 years, is headquartered in London. But it also has branches in South Africa and Singapore.
LunoFX is designed to confuse you with Luno. Similar to the latter, it’s supposedly located in London. But the suspicious thing is that unlike Luno, it’s not registered or regulated by the FCA.
2. LunoFX Is Unregistered and Unregulated
We can see on the company website that LunoFX operates from the United Kingdom. The UK government requires all financial brokers and service providers to register with the Financial Conduct Authority(FCA), and be granted a license. It further expects the FCA registered and regulated companies to conspicuously display their registration and licensing details on their websites.
LunoFX doesn’t display those.
Just to be sure that the company is not in the FCA’s database, I decided to run a check for it on the authority’s website, but it did not show up. Meaning this broker isn’t registered or regulated, despite operating in the UK, which is against the law. The penalty is harsh and no legitimate broker would risk it.
3. A LunoFX Representative Hung Up On Me When I Enquired about Licensing
I signed up with LunaFX and later received a phone call from one of the company’s representatives. The guy tried to persuade me to deposit money. I told him that I would consider doing that once he answers a few questions. I asked him whether the broker is licensed, and if yes what proof is there to show that they are. But instead of providing answers, he hung up.
4. LunoFX Does Not Accept Clients from the United States
America has a strong and robust regulatory framework for financial services. The National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC) implement those regulations.
Brokers operating in the U.S must adhere to them. However, doing so can be so demanding and expensive that it would be irrational for a fake broker. That explains why LunoFX, Expertoption, and other scam brokers avoid the US.
5. LunoFX Offers No Demo Trading Account
While the law doesn’t compel brokers to provide demo trading accounts, many legitimate brokers offer them for the benefit of the customer. It enables new traders to practice, acquaint themselves with a trading platform, and understand how the forex market works, without risking real money.
On the contrary, many scam brokers don’t provide demo trading accounts. As I wrote in my honest review of AppleAiBot, one of the reasons is that their exchanges may not reflect market conditions accurately. Another one is that demo accounts may reveal inconsistencies, fraudulent practices, and a lack of authenticity. Fake brokers would rather avoid demo accounts “to be on the safe side.”
6. Scamadviser Report Suggests Otherwise
Notably, Scamadviser shows that LunoFX.com is only 1 month old. On the contrary, Lunofx.com maintains that LunoFX is voted #1 financial trading platform in the United Kingdom every year. In addition to that, the website claims that these brokers are recognized professionals in their field.
But how is that even possible? A one month old website being voted #1 financial trading platform in the United Kingdom every year?
It means that this company makes false claims deliberately. As I said in my Walfa.co Broker review, a broker who intentionally provides false information to mislead clients is a scam! That’s exactly what LunoFX has done, leaving no doubt that it’s one.
7. LunoFX Review YouTube Videos Suggest That LunoFX Is a Scam
There are a few LunoFX review videos with varied opinions on YouTube. However, most of the videos say that this product is a scam. The videos that portray it as legit are evidently fake and incentivized, judging by the falsehoods they contain. For example, I came across this video, which suggests that the company has been around for over five years. Yet Scamadviser reported that the domain is barely 2 months old.
8. LunoFx Has Attracted Customer Complaints
According to scamadviser.com, LunoFX is just one month old. But despite that, many customers are already unhappy with it. A lot of them reported depositing money into the platform and losing it.
I came across this particular complaint on reddit where the customer reported that Luno did not want to acknowledge the fact that she got scammed on their platform. Here’s a screenshot of her complaint:
Customer complaint against Luno on Reditt.
Luno’s(the official Luno broker’s) response part 1.
Luno’s(the official Luno broker’s) response part 2.
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Luno’s(the official Luno broker’s) response part 3.
From what I can tell, it seems that this customer was scammed by LunoFX, but tagged Luno.com(the legit broker), instead, when she filed a complaint to the shown Gecko App Reddit forum.
LunoFX Review: My Final Verdict
LunoFX is a scam broker who joined the industry recently. Judging from my interaction with them, they lack transparency and credibility like other fake brokers.
Speaking metaphorically, LunoFX is like a time bomb that is sure to go off soon. In other, many investors don’t know about them yet, which is why they have not come under public scrutiny. Once they do, the website is likely to shut down, disappearing with people’s money.
Avoid signing up with them and tolerating communication from this company. Nothing good will ever come out of them.
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