LucroTrade is an unlicensed Forex, CFD broker owned by IVS Holding LTD. IVS Holding LTD is registered in ST. Vincent and The Grenadines. Their mailing addres is at Suite 305, Griffith Corporate Centre, P.O.Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines.
For support, you can contact them by Phone: +41 6150 83035 or send e-mail to firstname.lastname@example.org. Official website: https://www.lucrotrade.com/
Every person who has the faintest idea about the financial markets will recognize the fact that, their statements are false. However, there are still new participants who are looking for holy grail solutions to make money and their greed makes them the perfect prey for this scam.
LucroTrade is advertised as the world’s leading financial platform, with ”Cutting edge Financial Tools,Competitive Spreads and Fast Order Execution” It’s a catchy little tagline, and it’s accompanied by a professional trading website, so you know it must be serious. Okay, all jokes aside, today we will provide you with a full analysis of the service, and let you know if they are providing enough licensing data, to prove that their platform is legitimate or not.
Our extensive research, found that LucroTrade is not authorized by proper regulatory authorities outside of what is presented on the homepage. This is indeed a major red flag, but most of the best Forex brokers, do have a level of reputable authority backup. The reputation for this Forex broker is still relatively under wraps.
Minimum deposit: $250
MT4 Platform: Not supported
Spread: Benchmark spread on EUR/USD is 0.9pips
Assets: Forex, CFD on indies, commodities, stocks, precious metals and crypto currency.
Withdrawal policy: Not Favorable to traders.
There are currently 4 plans available for traders interested in the LucroTrade trading platform. Each plan comes with a 24/5 customer support. The difference is in the percentage of bonus, education package, number of trading signals sent, account manager, and number of 1 and 1 training session by pro traders. The Bronze package goes for $250-5000 deposit, Silver account goes for $5,000-20,000, Gold account goes for $20,000-100,000, and the platinium account requires $100,000+ minimum deposit. With the platinum account, you receive complete education package, exclusive signals, Vip account manager and unlimited one and one training session with their pro traders.
This firm features details about their address and registration number on their homepage. For the average investor, these kind of gestures will surely make them place trust in the organisation. However, the reality is entirely different.
Honestly, LucroTrade is nowhere near acceptable standards required to issue a trading license. Information given on the about us page is fake and meant to try and show legitimacy. How can this broker use fake credentials to prove authenticity? Registration number 24745 IBC 2018, is used to by this broker to try and prove authenticity. Truth be told, this is simply a random number that scammers have used. Nobody should trust anything these fraudsters say or do.
Where are the copies of their registration documents? A real broker will easily post copies of their registration certificates and documents for all to see. This makes it easier for traders to verify the information with relevant authorities. Lack of these vital documents is proof that we are dealing with a professional scam outfit. Stay clear from this broker and never sign up with an unauthorized Forex broker.
Our best advise for you
Brokers who are located offshore are very hard to trust. With the type of information they are providing, they could easily be taking these registration numbers from anywhere, and just claiming it as their own.
The only way we can truly trust any of these information, is if the vendor upload their personal license certificate from CySEC, FCA or ASIC. This takes rigorous and long procedure, which unserious brokers try to avoid. This is the same request we have for many forex brokers as you can see in our recent reviews of ProperTrade, and Bitcoin FX Option.
Now, it’s clear that this is an offshore broker who is trying to remain anonymous. Anyone who signs up with this broker will lose all their funds immediately they deposit. With all their hype, this broker fails to issue users vital information making them a certified scam. Where do they bank money deposited by users? It’s possible that investors maybe depositing money straight to the owner’s personal bank account.
Also, it comes to segregation of accounts, this is news to LucroTrade. What this means is that LucroTrade is pooling funds in one account. And this is another dangerous practice with this broker. In case of bankruptcy or insolvency, this broker will lose all funds at once. If this happens, an honest broker will compensate users. With Lucrotrade, don’t expect any compensation; this broker does not participate in a compensatory scheme.
Review Verdict – LucroTrade is a Scam
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LucroTrade Review Conclusion
Evidence clearly suggests that we are dealing with a rogue broker. Our next option is to add this broker to our scam blacklist. It’s our hope that relevant authorities will look into this website and shut their whole operation down. This should be what authorities investigate and make sure these crooks are kept behind bars.
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