Lyraten, like many other brokers, claims to offer a safe trading experience. However, we are inclined to be skeptical of such statements. Therefore, we will attempt to investigate for ourselves whether it is truly as safe as they claim or if traders are being offered yet another scam disguised with an attractive facade. We will share our findings in this review.
- Lyraten General Information
- Registration and Client Portal Review
- Lyraten Trading Conditions
- Account Types Review
- Trading Platform
- Lyraten — Deposit and Withdrawal of Funds
- Additional Options
- Is Lyraten a Scam?
- Legal Information and License
- Lyraten.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Lyraten General Information
|Minimum Deposit||Up to $250|
|Leverage||Up to 1:100|
Registration and Client Portal Review
Lyraten provides its clients with a website that follows a rather conventional and simplistic design approach. Upon visiting the site, you’ll immediately notice the unremarkable dark blue background, generic background inserts, and a noticeable lack of substantial content. The website’s overall appearance gives off a sense of being formulaic and uninspiring, lacking the creativity or unique elements that can often make a broker’s website more engaging. It fails to capture attention or make a lasting impression due to its repetitive and somewhat monotonous layout and design choices.
Lyraten provides a user-friendly registration process that involves filling out a relatively short questionnaire and entering your essential contact information. While this part of the process may seem straightforward, it’s worth noting that, unlike more reputable platforms, Lyraten skips an extra layer of security.
In many legitimate brokerages, after entering your details, you typically receive a confirmation code either via email or SMS, which you must enter to verify your identity and activate your account securely. This additional step helps ensure that the registration is not only easy but also safe.
The personal account offered by Lyraten is rather standard in terms of functionality. Clients can access essential features within this account, such as checking their account balance, viewing transaction history, and managing personal information. However, it’s important to highlight that this platform lacks innovative or engaging features, making it a rather dull and unremarkable choice when compared to more dynamic and user-friendly platforms offered by reputable brokers in the industry.
Lyraten Trading Conditions
Now, let’s dive into the evaluation of the broker’s offerings and whether it is advantageous to trade with them.
Account Types Review
Lyraten offers a variety of account types, which vary based on the minimum and maximum deposit sizes, as well as the offered set of services. You can select the most suitable option from the following:
- For the Basic Account, the minimum deposit is up to $2,499, with a 5% commission, a variable minimum spread of 2.4, and Forex leverage of 1:50.
- The Silver Account, with a range of $2,500 to $9,999, includes a 4% commission, a variable minimum spread of 2.1, and Forex leverage of 1:100.
- For the Gold Account, with deposits ranging from $10,000 to $74,999, there’s a 3% commission, a variable minimum spread of 1.8, and Forex leverage of 1:100.
- The Platinum Account, which requires $75,000 to $149,999, features a 2.5% commission, a variable minimum spread of 0.6, and Forex leverage of 1:100.
- The VIP Account, available from $150,000, has a 1.5% fee, a minimum spread of 0.4, and leverage of 1:100.
- For the Private Equity Account, starting from $400,000, there’s a 1% fee, a spread of 2.2, and Forex leverage of 1:100.
As you can see, all of these account types don’t seem to offer any significantly distinct features from one another. Higher leverage and slightly reduced spreads might not justify depositing such large sums of money upfront. It’s essential to thoroughly evaluate whether the benefits of each account type align with your trading strategy and financial goals before making a decision.
The broker claims to offer MT4 for trading, but when you check the list of providers, it’s conspicuously absent. Logging into the terminal through the Personal Cabinet is also impossible without the necessary authentication details. Additionally, if it were genuinely MT4, there would typically be downloadable applications or desktop versions available, which Lyraten does not provide either.
Lyraten — Deposit and Withdrawal of Funds
In the Client Portal, it’s surprising to find that there is no provision for making deposits whatsoever; the only available option is a withdrawal button, which is, to put it mildly, quite absurd for a trading platform. As for the website, the information regarding how clients are supposed to fund their accounts is shrouded in obscurity. However, there is a glimmer of clarity in the user agreement, where they briefly mention the utilization of credit cards and transfers for this purpose. However, this lack of transparency and guidance on the main website is a significant drawback for potential investors, as it leaves them puzzled about the commissions and fees.
Lyraten also requires its users to undergo a verification process. This involves providing the necessary documentation to confirm your identity and ensure compliance with their regulatory obligations. To complete the verification, you’ll need to submit the following documents:
- A color copy of a government-issued photo ID (both front and back sides).
- Proof of address, dated within the past three months (a utility or phone bill is acceptable).
- A color copy of the applicable credit card used for deposit (both sides).
In addition to these documents, you’ll need to download and fill out an additional form provided by the broker. Once you’ve completed all the required steps, you’ll gain access to the full range of platform features.
Lyraten claims to offer various services depending on the type of account you choose, including market analysis, technical analysis, and even trading robots. However, it’s important to note that the availability of these services is questionable because, upon closer inspection, the client portal lacks the necessary features to access or utilize them effectively. This raises doubts about the legitimacy and actual provision of such services by the broker. As always, it’s crucial for traders to exercise caution and conduct thorough research when evaluating the offerings of any brokerage platform.
Is Lyraten a Scam?
To fully understand Lyraten’s offerings, we will need to delve deeper into the intricacies of this broker. However, this is not a daunting task for us, as we have experience in unraveling the details of similar platforms.
Legal Information and License
We will start by addressing the legality of Lyraten’s operations. Curiously, this intermediary provides no information regarding its legal registration. However, based on the phone number provided, we can infer that it is registered in Switzerland. Upon checking the registry, we encountered an anomaly – no matches were found for this broker. Consequently, it is highly unlikely that it even exists as a legitimate entity. In such a scenario, it lacks the necessary licensing.
Lyraten.com Domain Info
Furthermore, Lyraten provides scant information about its history, and the available details don’t paint a reassuring picture. Upon investigation, we discovered that the domain of this website was registered relatively recently, in February 2023. This raises concerns because a broker with a limited track record can be riskier to engage with, especially when it comes to handling clients’ financial matters.
The broker provides contact information in the form of an email and a phone number. However, notably absent is any mention of a physical office address. Given the dubious nature of this broker, the absence of an office address raises further concerns about its legitimacy. After all, it’s challenging to provide an office address when the broker itself may not exist in a legitimate capacity.
Pros and Cons
- Variety of account types.
- Questionable legitimacy.
- Dubious trading platform.
- Limited funding options.
- Lack of transparency.
- No legal data.
Frequently Asked Questions (FAQ)
Lyraten claims to offer a range of trading services, including market analysis, technical analysis, and trading robots.
According to their terms and conditions, Lyraten states that the minimum deposit is $250.
No, Lyraten does not appear to be a safe and reliable broker. The absence of essential regulatory information, inconsistencies in their claims, and the lack of transparent features in the client portal raise significant concerns about the broker’s safety.