Luzuna proudly calls itself Trading Edge. You know, lately, there’s been a surge of these heroes proudly calling themselves the best in the industry. However, we’re not particularly inclined to believe in such bold claims. So, we’re going to check right now whether this project can be trusted and whether it might turn out to be a scam. Well, let’s get started with our review.
- Luzuna General Information
- Registration and Client Portal Review
- Luzuna Trading Conditions
- Account Types Review
- Trading Platform
- Luzuna — Deposit and Withdrawal of Funds
- Additional Options
- Is Luzuna a Scam?
- Legal Information and License
- Luzuna.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Luzuna General Information
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Registration and Client Portal Review
Luzuna has opted for a rather peculiar official website. In particular, we find the color scheme quite baffling. A completely dark background with an acid-green logo. Well, it doesn’t seem aesthetically pleasing, does it? Besides the unattractive appearance, like many of its competitors, here, we encounter typical issues. Firstly, it’s a template. We can immediately name several similar websites. Secondly, as always, there are concerns about the content. We fail to understand what’s so difficult about dedicating more attention to the company itself and providing at least some information about its history, managers, and team members. And no, as usual, there’s a plethora of self-promotion and pointless self-praise. Well, at least the documents seem to be in order.
Although Luzuna’s website is entirely presented in English, the registration form turned out to be in French. Not quite logical… Well, at least it’s still intuitively understandable. As usual, you will need to provide your contact details, including your full address and postal code. However, don’t get ahead of yourself. In reality, accessing the personal account is not as simple as it seems. No matter what data you enter, the broker won’t allow you to register. What the problem is here, we don’t know. Perhaps a promo code is required. Or maybe you need to contact the managers beforehand and get their approval. Whatever the case, it’s not very reassuring.
The situation raises concerns. Requiring additional steps complicates the registration process without clear justification. This lack of transparency and straightforwardness may deter potential users and raise suspicions about Luzuna’s intentions or the legitimacy of their operations.
Luzuna Trading Conditions
It’s time to take a look at the trading conditions and understand why Luzuna calls itself Trading Edge. Perhaps this company is exaggerating its services a bit?
Account Types Review
During the review of Luzuna’s website, we noticed that the promotional image depicts LUNA being converted into BUSD, which is quite intriguing given the recent events involving BUSD. However, the fact that LUNA itself is portrayed may not be worth mentioning. Hopefully, this isn’t their main trading pair. Moving on, the platform offers a total of 6 accounts, with no demo accounts available for traders. This absence of a demo account option is disadvantageous as it deprives traders of the opportunity to practice and familiarize themselves with the platform before investing real funds.
The other account types left us with numerous questions, particularly because they differ from each other by only 1-2 services, while the minimum deposits vary significantly. For instance, the Beginner account requires a deposit of $500. Despite this, traders can only expect services like No Extra Fees, One Click Trading, Mobile Apps, and Free Education. On the other hand, the Basic account requires a deposit of $5,000, yet the services offered are not significantly different; they include Basic Market Access, No Extra Fees, One Click Trading, Free Education, and Market Updates.
It’s only the VIP account that offers a completely different set of services, including Access to New Features, Best Execution & Pricing, Priority Support, Exclusive Events & Promotions, and a VIP Account Manager. However, the price for these services is a staggering $1 million minimum deposit. It’s clear that these services do not justify such a high minimum deposit, and traders should carefully consider whether they are worth the investment.
Furthermore, Luzuna does not disclose its spreads, and the leverage here goes up to 1:400, a size that is actually prohibited by all reputable operators.
Luzuna offers a rather mysterious trading platform. In fact, it does not disclose who developed this software. It is implied that the broker did it themselves. Well, in reality, who knows? The thing is, the company offers to download the application for PC, as well as its mobile versions and even a version for tablets. However, you won’t be able to view anything. And downloading it is out of the question, too. Everything is only accessible from the client’s cabinet. We don’t understand what these restrictions are about. Hint: all reputable brokers do not hide their platforms.
After logging into the client portal, we still wouldn’t recommend installing terminals on your PC. Simply because it’s essential to download them only from official sources and use verified software.
Luzuna — Deposit and Withdrawal of Funds
According to the client agreement, Luzuna accepts funds through credit and debit cards, bank transfers, select payment systems, and even cryptocurrency. However, you know what’s most interesting? Deposit processing time takes about 1 day. However, withdrawals may take up to five days. Luzuna explains this by citing potential delays from payment systems. But if any internal delays occur within the company, it promises to inform clients. Just inform, that’s it. Additionally, the broker may impose limits on fund withdrawals. How about that?
To ensure compliance with regulatory requirements and enhance security measures, Luzuna implements a verification process for all its users. The verification process involves submitting certain documents to confirm the identity and address of the account holder.
Users are typically required to submit a government-issued identification document such as a passport, national ID card, or driver’s license. The document must be valid and include a clear photo, full name, and date of birth.
Also, traders need to provide a document verifying their residential address. Acceptable documents may include utility bills (electricity, water, gas), bank statements, or official government documents. The document should display the user’s name and address, and it should be recent (usually within the last three months).
In some cases, Luzuna may request additional documents for verification purposes, such as a recent bank statement, a copy of the credit card used for funding, or a selfie with the provided identification document.
Luzuna boasts an array of supplementary features and services. Among these are a plethora of trading signals, aimed at assisting traders in making informed decisions. Furthermore, the platform offers educational resources, including tutorials and webinars, along with personalized support from account managers. However, despite the extensive list of offerings, there remains a critical lack of verifiable information regarding the proficiency and track record of these managers and analysts.
Absent any tangible evidence or credentials on the official website to substantiate their expertise, one is left to question the validity and effectiveness of these services. Moreover, considering the absence of transparency surrounding the qualifications of these individuals, there arises a concern regarding the potential overvaluation of these supplementary services.
Is Luzuna a Scam?
Luzuna doesn’t strike us as a particularly attractive broker. However, let’s continue our exploration. There are still a couple of very important points we need to clarify.
Legal Information and License
So, Luzuna claims to be registered in Saint Lucia. The choice of this offshore as a jurisdiction for registration may not be favorable for traders due to several reasons:
- Saint Lucia may not have stringent regulatory oversight compared to more established financial centers. This could potentially expose traders to higher risks, including fraud and malpractice, as there may be fewer protections in place.
- In case of disputes or issues with the broker, traders may find it challenging to seek legal recourse or protection under Saint Lucian laws, especially if the broker operates internationally and the trader is located elsewhere.
In general, Saint Lucia does not license forex brokers. Therefore, Luzuna operates without regulatory supervision.
Luzuna.com Domain Info
We are very interested in the broker’s operating period. Luzuna itself does not disclose this information, but we suspect that it’s not favorable. After analyzing trader reviews, we noticed that they all appeared in late 2023. The domain registration date indicates that it was registered back in 2020. However, there is no data available in the web archive for previous years. Therefore, we conclude that the actual operating period of this project is very short.
Luzuna provides almost complete contact information, including a phone number and email address. However, there is no physical address listed, suggesting that the company doesn’t have an office, at least not one located on land.
Pros and Cons
- Wide range of accounts.
- Lack of transparency regarding regulatory oversight.
- Unclear trading conditions and fees.
- Limited information about Luzuna history and team.
- Questionable website design and user experience.
- Suspected short operational history.
Frequently Asked Questions (FAQ)
Luzuna offers trading services in various financial instruments, including Forex, commodities, and cryptocurrencies. Additionally, it provides access to trading platforms, educational resources, and customer support.
According to trading conditions, Luzuna requires a minimum deposit of $500.
No, Luzuna is not safe. As an offshore broker operating without regulation, it lacks oversight and transparency. Additionally, its limited operating history raises concerns about trustworthiness.