Lumina Group Review: Luminagroup.io A Scam Broker!

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Luminagroup Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

Luminagroup does not allow a client to withdraw profits made on bonus funds. The company takes your hard-earned money. It is unprofessional to include bonuses that do not benefit the clients. The bonuses are an additional way for them to make money. 

Luminagroup is a forex broker. It offers a wide range of trading services in the main markets, forex, commodities (energy, metals, agriculture), stocks, and indices. Luminagroup has flexible trading accounts. You can deposit many currencies, EUR, USD, and GDP, into your trading account. 

Lumina Group Review, Lumina Group Company

Luminagroup boasts about having a different trading environment for clients to trade, which is not the case. The platform does not have anything unique from other broker platforms. Further, the website is a bit shady. It is confusing to navigate as it is not so organized. The company also boasts no fees for opening an account, account maintenance, or entry or exit fee. Not paying for such services is not unique. Like Luminagroup, most trading brokers don’t charge these. 

This company has a lot of red flags. You cannot rely on them with your investments. Meanwhile, some legitimate forex brokers exist alongside these fraudulent ones. They offer a safe environment to trade and grow their clients’ investments. 

Luminagroup.io Review 

This company uses a platform known as Lumina Group Webtrader. They purport it as a sophisticated platform. They base it on sharp algorithms which enable the trader to perform any detailed trading analysis or strategy.  Luminagroup does not acknowledge the presence of beginner clients. If you are getting into forex, this is not your company. The degree of complexity they seem to use is a disadvantage even to people with forex experience. 

Luminagroup is operated by a company known as Halcyon Group LLC. The company lists its location as the First St Vincent Bank Ltd building, which is a shady location. It is well known to be a scam haven. Luminagroup being associated with this place is a huge red flag.

Luminagroup boasts of being among the best-performing brokerage companies in the world. This statement is them blowing their own horn. Alexa does not rank Luminagroup.io. Alexa’s ranking is based on a combined measure of unique visitors and pageviews. Luminagroup is a company that is not reliable. It gives misleading information concerning their statistics. 

Further, Luminagroup claims to have 100+ customer service agents serving in 10 different languages. They have specialized agents for international clients. Laminagroup does not specify which kind of specialized support these agents offer. This measure is discriminatory to the local users.

The webpage provides three separate emails for customer support and a support form. These, in most cases, end up not being responded to. Additionally, the support team only works for five out of the seven days. It is an inconveniencesince anything can come up at any time. 

Luminagroup is not a company you should invest in. They are not reliable. You should only invest in trustworthy companies. 

Account Types 

Luminagroup has three major account types. They are categorized depending on the experience that the trader has. The three major account types are Beginner Trader, Intermediate Trader, and Advanced Trader.

These three main categories are further divided into three subcategories each. Luminagroup bases all these on the client’s experience. But, despite Luminagroup having a Beginner Trader account, they do not offer any form of education to its clients. Additionally, the company does not introduce any of its experts. 

Luminagroup has a wide spread of 3 pips. This spread does not give any advantage over other brokers. Some legitimate brokers offer spreads as low as one pip—the minimum amount to start ranges from €250 to €100,000. The advantages increase with the initial deposit amount. 

The Luxury account, which is the highest in rank, promises a 20% welcome bonus and a 20% ‘Friend Bonus.’This bonus is among other ridiculous ones that they offer. Such bonuses are used to entice you into creating an account. In addition, Luminagroup has a clause stating that all these bonuses belong to the company and can be canceled anytime. There is no point in depositing your funds with such fraudulent people.

Deposits and Withdrawals 

Luminagroup allows banks, payment systems, and debit/credit cards as their deposit method. A client should upload or take a photo of their bank card. Doing this is risky. luminagroup.io is not a protected website. Hackers can easily access your personal information. 

Luminagroup.io Review, Luminagroup.io Features

Clients can only withdraw funds through the same bank account, credit/debit card, or payment system account they used to deposit. The company does not mention how long withdrawal approval takes. They also do not indicate whether you can withdraw your funds during the two days they do not operate. There is no assurance that clients that use this broker can withdraw their funds. There is no evidence of customer withdrawal or interaction on the webpage.

Luminagroup does not allow a client to withdraw profits made on bonus funds. The company takes your hard-earned money. It is unprofessional to include bonuses that do not benefit the clients. The bonuses are an additional way for them to make money. 

Regulation and Fund Safety

The regulatory status of this company also raises a huge red flag. Any authority does not regulate Luminagroup. Luminagroup is not a licensed broker. Some of the bodies that regulate forex brokers are CFTC, NFA, and U.S.SEC. These authorities not only ensure scams do not occur but also that only professional people run those broker companies. You stand a massive risk of losing your profits and deposits if you invest in companies that are not licensed. 

The company does not introduce its founders or experts. This characteristic is a typical characteristic of fraudulent operations. It is impossible to trace these people. No one will be accountable in case you lose your funds. 

This company is a big scam. With so many things to look out for, they still try to convince you to trust them. Luminagroup cannot assure you of your funds’ safety. Regulatory bodies ensure companies meet legal requirements. Such requirements include storing investors’ funds in segregated bank accounts and ensuring fund security. 

Luminagroup.io lacks SSL. Their system lacks protection. Be keen to do proper research on the company before you invest. Otherwise, you stand a chance of putting your data and funds at risk. 

Final Verdict

Luminagroup is a scam company. The firm does not have a license and does not protect your funds and personal information. They will quickly disappear with your money should you invest in them. The company operates from a shady location known as a haven for scammers. Further, the founders are unknown. They choose to stay anonymous to avoid facing the law. Luminagroup offers ridiculous bonuses that you will not benefit from. The company does not have a clear withdrawal policy. You might not be able to charge back or withdraw your profits. 

This company is a huge red flag. It does not have anything to offer, let alone have any advantage over other brokers in the market, as they claim. Luminagroup is very shady. It would help if you only trusted companies that have a reputable track record. Only such companies can offer a safe investing environment. Invest only with legitimate forex brokers for your peace of mind. They are worth your every single coin. You will not regret it.

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