Lyraten Review: A Safe Trading Experience or SCAM?

Lyraten - logo
Rating:
2.3

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

Website https://lyraten.com/, https://lyraten.net/
Phone Number +46451288179
Email support@lyraten.com
Address
License
Minimum Deposit Up to $250
Assets CFDs
Leverage Up to 1:100
Trading Platform WebTrader

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 - website

The firm 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, it 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.

Register

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 - Client Portal

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.

Trading Platform

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 the company 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.

Verification

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.

Additional Options

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 its 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.

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.

Legal data check

Lyraten.net Domain Info

Furthermore, owners provide 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.

Domain info

This article has been updated. As in many similar situations, this project has changed its domain name. Beware of lyraten.net, but note that its expiration date is April 20, 2024. In other words, it has less than a month left to exist. What will happen next? Let’s see!

Contacts Review

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.
2.5 TOTAL SCORE

Lyraten Summary

Lyraten - favi

Lyraten presents a multitude of red flags and inconsistencies that strongly suggest it is not a trustworthy or legitimate broker. The lack of clear regulatory information raises significant concerns about the broker's credibility.


Website information content 3
Client Portal 3
Trading conditions 3
Trading platform 3
Deposit and withdrawal 2
Verification 3
Extra options 3
Licenses and guarantees 1
Work duration 1
Feedback 3

Frequently Asked Questions (FAQ)

What Does Lyraten Offer?

It claims to offer a range of trading services, including market analysis, technical analysis, and trading robots.

How Much Money Should I Invest With Lyraten?

According to their terms and conditions, it states that the minimum deposit is $250.

Is Lyraten Safe?

No, it 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.

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. Danny Woo

    Dubious company

    I contemplated whether it’s worth investing money in Lyraten, and the more I delved into this company, the more doubts I had.
    Doubts began with the fact that the broker provided no documentation regarding its regulation and registration. Even after requesting it, they failed to provide clear information on how they are regulated.
    Furthermore, I uncovered numerous contradictions in their narratives about themselves. For instance, they have no physical office.
    Upon careful consideration, I decided that it’s too risky, and I would be better off seeking another, more reliable broker for my investments. Lyraten raises too many concerns to recommend entrusting them with your funds.

    Reply
  2. Toll

    Deceived of $5000 with numerous fake reviews

    My experience with Lyraten has been ***. Initially, everything seemed promising, and the broker’s promises were enticing. I decided to give it a try and deposited an initial amount of $5000. Soon after, doubts started creeping in as the conditions began to change, and my trades started going into losses.
    What’s even more astonishing is that when I started looking for reviews about Lyraten, I found that all the positive reviews were fake. This broker clearly uses manipulative tactics to lure in clients and betray their trust. Now, my $5000 is gone, and I am deeply disappointed.

    Reply
  3. L. Tetebo

    BIG TIME SCAMMERS

    I tried to buy some shares, as I was starting my pension and contacted Lyraten, based on the reviews on trustpilot. When I made the initial application and paid $250.00 in May Nobody contacted me for 2 months. Then I contacted them in July for a refund, that is when someone called Alef Teixera contacted me. He convinced me to put in more money as 10% of a larger amount will give me a bigger sum to add to my pension. After a long deliberation, I added $3000.00 not the larger amount he had asked for. After a month and no returns, I question Alef but no positive answers. Then I was getting numerous calls from lots of people all claiming to work for Lyraten but want me to invest more to save my account. I said no. Now they claim I’m in debt. Not a single dividend has ever being paid. In my view THEY ARE SCAMMERS.

    Reply
  4. David San

    amazing opportunity

    I started with them some months ago, it was an amazing journey until now, no problems with withdrawals, not problems with the platform itself, i will stay and recommend them for the long term

    Reply