LunoFx Review: A Legitimate Platform or Potential SCAM?

LunoFx - logo
Rating:
2

Today, we embark on a comprehensive exploration of LunoFx, eager to uncover what this broker brings to the table. Our focus lies in understanding the offerings extended to clients, evaluating the safety of their proposals, and determining whether it stands as a legitimate platform or a potential scam. Join us in this review as we seek answers to these critical questions.

LunoFx General Information

Website https://www.lunofx.com/
Phone Number
Email support@lunofx.com
Address 110 Bishopsgate, London, EC2N 4AY, UK PO Box 4385, 11185213 Cardiff, CF14 8LH
License
Minimum Deposit $2,500
Assets CFDs
Leverage
Trading Platform WebTrader

Registration and Client Portal Review

The official website of LunoFx appears as if it has been stitched together from various disparate elements. The diverse stock images do little to enhance the design, lacking aesthetic appeal and conveying no meaningful message. In essence, the site does not present an attractive appearance. Notably, there is a striking lack of information about the company itself. It is worth mentioning the presence of a risk disclaimer on the website. Additionally, the account descriptions provided are not overly detailed. Furthermore, the site is exclusively available in English, potentially limiting its audience.

LunoFx - website

The registration process at LunoFx follows a conventional path where users are required to fill out a personal information form, including contact details and address. Interestingly, the broker does not request the user’s date of birth, despite its attempts to present a licensed image. Additionally, the company does not send verification codes to either email or phone during the registration process. The absence of this initial step of contact verification raises concerns. Verification codes are a common practice in ensuring the legitimacy of user information, enhancing security, and preventing unauthorized access. LunoFx’s omission of this crucial verification step may be seen as a lapse in security protocols, potentially exposing users to the risks associated with unverified accounts.

Register

Upon completing the registration process, users are directed to the Client Portal. Here, it’s challenging to make sweeping judgments, as the portal aligns with a standard template featuring all fundamental functions. The portal’s design leans towards minimalism, ensuring intuitive navigation, but it doesn’t offer anything extraordinary. It encapsulates the essential tools but refrains from providing any remarkable or advanced features. In essence, it falls into the category of a typical user interface — neither exceptional nor lacking, serving its purpose without much fanfare.

LunoFx - Client Portal

LunoFx Trading Conditions

Let’s delve into one of the pivotal aspects — dissecting the trading conditions. This often serves as a compass for traders contemplating whether to engage with a broker.

Account Types Review

LunoFx extends a spectrum of 7 account types to its clientele. Among these, two cater to beginners, one is touted as a client’s choice, and an additional two are reserved for top-tier traders. The final two are earmarked for a select circle of investors, with deposits starting from $100,000 and $500,000, respectively. As they are exclusively available through closed proposals, detailed descriptions remain elusive.

Turning our attention to the others — the minimum deposit for the Bronze account is relatively steep at $2,500. Notably, the platform lacks a demo account, making these requirements seem rather stringent. The default accounts elucidate the platform’s operations, risk management, and trading rules. However, the pricier accounts for top-tier traders introduce additional educational sessions. One might question the rationale behind this, as it appears evident that training is particularly crucial for novices. Moreover, the allure of risk-free trades for top traders should be approached with caution, as such trades often diverge significantly from real market dynamics. Keep this in mind as you navigate the offerings.

Trading Platform

The company offers its clients the convenience of using WebTrader, along with a mobile version tailored for smartphones and tablets. However, it’s essential to approach this platform with a discerning eye.

The WebTrader and mobile versions boast a user-friendly interface, making them accessible for traders on the go. Despite this, the platform falls short in terms of features, receiving criticism for its simplistic design. Traders have voiced dissatisfaction, citing a lack of robust functionalities and a shortage of trading indicators. This simplicity might appeal to those seeking a straightforward approach, but for clients desiring a more sophisticated and feature-rich trading environment, LunoFx’s platform may not meet expectations.

WebTrader

LunoFx — Deposit and Withdrawal of Funds

The broker presents an air of mystery when it comes to its listed payment methods. In the footer, the broker claims to accept various payment options, including Visa and Mastercard, bank transfers, as well as unconventional choices like WebMoney, YandexMoney, and Qiwi. It’s worth noting that these less-common payment systems aren’t widely used in Europe or the United States and are specific to certain regions, particularly Russia and its neighboring countries.

Upon further investigation within the client portal, we uncovered intriguing discrepancies. The broker seemingly allows deposits via Visa, Mastercard, AMEX, or Diners Club. Delving into the withdrawal section of LunoFx, we unearthed an enigmatic array of options. Surprisingly, the broker offers withdrawal methods that include Bitcoin, Skrill, cards, and electronic wallets.

Verification

LunoFx, in adherence to regulatory standards, mandates a verification process for its users. Following registration, users are usually required to submit identification documents. Commonly accepted documents include a government-issued ID (passport, driver’s license) and proof of address (utility bill, bank statement). These documents serve to confirm the user’s identity and residence.

LunoFx’s compliance team reviews the submitted documents to ensure they meet the required standards. Upon successful verification, users typically receive a notification of approval. This signals that they can proceed with accessing the broker’s complete range of services, including fund deposits and withdrawals.

Additional Options

While exploring LunoFx’s offerings, we’ve outlined some additional options available on the platform. However, it’s crucial to draw attention to indicators that suggest LunoFx might operate as a boiler room, lacking a genuine connection to real financial markets.

The absence of concrete information about LunoFx’s market access or liquidity providers raises concerns. A genuine broker would be transparent about its connections to the real interbank.

Boiler rooms are entities that engage in deceptive practices, often misrepresenting financial services to clients. They may manipulate prices or execute trades in-house without routing them to external markets.

Is LunoFx a Scam?

As of now, LunoFx appears to be a highly questionable option, prompting us to proceed with our investigation to uncover its true nature.

Understanding the whereabouts of this company proves to be a challenging task. The provided documents lack crucial information about the managing company’s name or the jurisdiction of its registration. The contact details include an address in the United Kingdom, which serves as our starting point. Naturally, we scrutinized the UK registry and found no trace of LunoFx. A similar outcome was observed in the FCA registry. It’s evident that this broker does not officially exist and has not obtained the necessary licenses for its operations.

Legal data check

Moving forward, we will continue our efforts to shed light on the legitimacy and practices of LunoFx. The lack of official recognition and licensing raises red flags, urging potential clients to exercise caution and consider alternative, more transparent options.

Lunofx.com Domain Info

Adding to the mounting concerns about LunoFx’s reliability is the stark reality of its operational history. Contrary to the image it projects, this broker has been in existence for an incredibly short span – not a year, not two, not even five, but a mere month.

Our investigation took us to the domain registration details via the Whois service, revealing that the domain was registered on November 6, 2023. Such a brief existence in the financial landscape raises serious doubts about the credibility and stability of the project.

Domain info

Contacts Review

LunoFx claims to be at your service, offering communication channels through email or a visit to their office. However, a notable absence is the provision of a contact number. The address provided for the office, unsurprisingly, appears to be fictitious, further fueling suspicions about the legitimacy of the platform. With no verifiable means of reaching them and the questionable nature of their contact details, potential clients are strongly advised to exercise extreme caution before attempting any form of engagement with this broker.

Pros and Cons

  • Simple registration.
  • Opaque ownership.
  • Limited trading information.
  • Inadequate regulatory compliance.
  • Unsubstantiated claims.
  • Short operational history.

 

3.1 TOTAL SCORE

LunoFx Summary

LunoFx - favi

LunoFx presents itself as a potentially dubious entity, lacking essential regulatory compliance and providing limited transparency. The absence of verifiable ownership details, combined with a short operational history, underscores the need for caution.


Website information content 3
Client Portal 4
Trading conditions 4
Trading platform 4
Deposit and withdrawal 4
Verification 4
Extra options 3
Licenses and guarantees 1
Work duration 1
Feedback 3

Frequently Asked Questions (FAQ)

What Does LunoFx Offer?

It claims to provide diverse trading accounts.

How Much Money Should I Invest With LunoFx?

According to trading conditions, the minimum deposit requirement stands at a relatively high $2,500.

Is LunoFx Safe?

No, LunoFx raises suspicions of being an unreliable broker due to its lack of regulatory compliance, unclear ownership, and limited operational history. Clients are advised to exercise extreme caution and consider alternative, more reputable options in the market.

Subhash Mishra
Forex & CFD Trader

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

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Client Reviews

  1. Munoz

    Bad feelings

    Recently, a representative from LunoFx called me, presenting an opportunity for collaboration. However, I have decided to refrain from making a final decision. Essentially, the reason lies in the lack of information about the broker. The scarcity of reviews and feedback online leads me to believe that such a lack of feedback might be a sign of limited trust in this company. For now, I am unsure about the reliability of this company and prefer to be cautious in selecting my broker.

    Reply
  2. Alan Owens

    Lack of information

    After a thorough examination of the broker’s offerings, I cannot help but express serious doubts regarding LunoFx. Signs of fraud seem glaringly apparent: a lack of detailed information about the company, dubious trading conditions, and a lack of transparency. Even the absence of reliable regulation and the short period of operation make this broker an extremely risky choice for a trader. All of this makes me strongly question the honesty and reliability of it.

    Reply