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Lumina Group Review – Learn More About LuminaGroup.Io
Table of Content
Here we have the curious case of an offshore broker pretending to be legitimate. Don’t let the cool website and attention-grabbing widgets fool you. Underneath it, there’s a malicious scam slithering like a snake. The Lumina Group Review will be your best friend when it comes to this shady entity so let’s not waste time.
|Leverage||Up to 1:50|
|Headquarters||First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, Saint Vincent and the Grenadines (SVG).|
|Broker Type||Forex, Metals, Energies, Stocks, Indices, Commodities|
Is Lumina Group a Reliable Broker? Security and Regulation
This is where it could get tricky for some. Lumina Group says it operates within Halcyon Group LLC, based in SVG. Upon checking the entity, we found that the company truly exists there. However, you’d be wise to remain on your guard despite this.
The explanation is simple – SVG’s financial regulator, i. e. the Financial Services Authority (FSA) does not regulate Forex trading. Therefore, it is the favorite place of most scammers where they gather under a palm, indulge in trickery and brag about their evil schemes. Couple that with the lack of transparency and you’ve got yourself a fraudulent broker in Lumina Group.
Trading Software Overview
“A thrilling trading experience with a multi-asset trading platform and a reliable, stable, globally well-known company,” Lumina boasts. We’ve already covered the not-so-well-known company part and now it is time to scrutinize the platform.
We got to say, this is one of the most convincing and pompous, yet out-of-proportion, descriptions of WebTrader ever. Hence, your disappointment will know no limits once you actually open the software. In reality, a web-based platform is nothing special. It does have certain basic features and charts but that’s about it.
If you really want a full trading experience, then you should opt for a provider that will offer you the industry’s best software – Meta Trader 4 & 5. These two are equipped with advanced tools that will undoubtedly facilitate your financial market endeavors.
Lumina Group Account Types
Lumina included three account types on its official website, take a look:
- Student – min. deposit of $250, 5.2% Welcoming Bonus & 5.2% Refer a Friend Bonus, spread from 0.1 pips, leverage 1:10;
- Pro – $1,000, 8.4% Welcoming Bonus & 8.4% Refer a Friend Bonus, spread from 1.2 pips, leverage 1:20;
- Pro+ – $2,499, 20% Welcoming Bonus & 20% Refer a Friend Bonus, spread from 1.3 pips, leverage 1:50.
Oh come on, Lumina. Why did you have to do us like that? Someone, please tell our fraudster that spreads should be as tight as possible for trading to be profitable. The “better” account type offers wider spreads than the basic type and that messed up our logic.
Furthermore, we are promised bonuses. Tempting, right? Precisely, that’s the perfect bait to lure clients into a trap. These bonuses never come on their own, they are always accompanied by clauses that will prevent you from withdrawing your funds. The scammer will tell you things like “withdrawals are only possible for profits that were not made with the bonuses.”
Keep in mind that bonuses are banned by top-tier regulators and for good reason. At least Lumina Group got the leverage right and by that, we mean within the legal limits of 1:30 (UK, EU) and 1:50 (US). However, that matters little given all the other lies.
Trading Instrument You Can Trade
Here’s an overview of the trading instruments Lumina claims to offer:
- Forex pairs – AUD/CAD, EUR/USD, etc;
- Metals – gold, silver, platinum, zinc, etc;
- Energies – crude oil;
- Agricultural commodities – wheat, cocoa, coffee, cotton, etc;
- Stocks – Apple, Google, Microsoft, etc;
- Indices – UK100, Germany30, US30, etc.
Not bad, Lumina. But with all the shadiness surrounding this broker, who guarantees that you’ll get access to trade all that? Exactly, nobody. Offshore providers can list these assets all they want but it will never compensate for their missing license.
Options for Deposit and Withdrawal
This is so typical of scam brokers. Credit cards, crypto and, get a load of this, Avalanchepay. Stay away from that last one, it’s dangerous. Crypto payments make scammers feel thrilled because it allows them to remain anonymous. A reliable provider will surely offer you multiple payment methods in addition to cards and crypto such as e-wallets and wire transfers.
As mentioned, the minimum deposit is $250, which is essentially what the fraudster is after. Once you pay, you lose that money and all you hear in your head is Lumina’s evil laugh. As for withdrawals, we highly doubt that the broker will allow any, plus there’s that dumb bonus condition. It’s best you find a licensed company for the same amount of money.
How Do I Get My Money Back If Lumina Group Scams Me?
There’s no shame in being scammed. It could’ve happened to anyone. Since the shady broker accepts credit cards, crypto and Avalanchepay payments, we’re going to tell you how you can refund the former two but we do not know anything about the last one.
For credit card transactions, you ought to go to your issuing bank and request a chargeback. You must do so within 540 days. Crypto transactions can be traced to a wallet within an exchange, from which you can request a refund.
Lumina Group Summary
- Lumina Group is an offshore provider basin in SVG;
- The broker is actually an investment scam and is unlicensed;
- The minimum deposit that Lumina wants you to pay is $250;
- The website is full of superfluous content and lacks key information about the company;
- The broker offers bonuses, which are banned by most regulators.
FAQs About Lumina Group Broker
What is Lumina Group Minimum Deposit?
The minimum deposit that Lumina Group requires clients to make is $250.
Does Lumina Group Offer a Demo Account?
Lumina Group does not mention a demo account anywhere on its official website.
What Types of Accounts Do Lumina Group Offer?
Lumina Group offers three types of accounts - the Student account, the Pro account and the Pro+ account.