Overview of LunarPips
LunarPips is a forex and CFD broker that is registered in Saint Vincent and the Grenadines, a popular offshore destination for forex brokers. It is owned and operated by Lunar Technology LTD, which aims to provide traders with a user-friendly trading experience and advanced tools for successful trading. The broker offers a range of instruments, including forex, commodities, indices, and cryptocurrencies, with tight spreads and high leverage.
With LunarPips, traders can access the MetaTrader 4 (MT4) platform, which is widely recognized as the industry standard for online trading. The broker offers two account types, namely the Moon Account and the Rocket Account, both coming with a very low minimum deposit, from $15 and $50, respectively. LunarPips also offers a demo account for traders who want to test their strategies without risking real money. Besides, LunarPips provides 24/7 customer support through live chat, email, and phone.
Is LunarPips legit or a scam？
LunarPips is an offshore broker registered in Saint Vincent and the Grenadines. However, it is important to note that the Financial Services Authority (FSA) of Saint Vincent and the Grenadines is not a well-known regulatory body compared to other reputable regulatory bodies in the financial industry. Therefore, it is essential to be cautious when dealing with offshore brokers, as the level of regulation and protection may not be as high as with brokers regulated by well-established regulatory bodies.
Pros and Cons of LunarPips
It is important for potential clients to evaluate the pros and cons of trading with LunarPips before opening an account. This table highlights the key advantages and disadvantages of LunarPips, taking into consideration factors such as regulation, trading conditions, fees, customer support, and educational resources.
Market Instruments
LunarPips offers a range of trading instruments to its clients, including Forex currency pairs, commodities, indices, and cryptocurrencies. Traders can access over 100 currency pairs, including major, minor, and exotic pairs, allowing them to diversify their portfolio and potentially increase their profitability. The broker also offers popular commodities such as gold, silver, oil, and natural gas, as well as popular indices such as the S&P 500 and the NASDAQ. Additionally, LunarPips offers a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, for traders interested in the volatile world of digital assets. This diverse range of trading instruments provides ample opportunities for traders to explore different markets and capitalize on different trading strategies.
Account Types
LunarPips offers an array of live account options to cater to the diverse needs of traders. Among these accounts are the Moon Account, requiring a minimum deposit of $15, and the Rocket Account, which has a minimum deposit requirement of $50. This flexible account structure provides traders with the ability to choose the account that best suits their trading style and preferences, allowing them to start trading with LunarPips on their own terms.
How to open an account with LunarPips？
First off, you'll need to head over to their website and click on the “Open Live Account” button.
From there, you'll be asked to fill out some basic personal information and choose which account type you want (the Moon Account or the Rocket Account).
Once you've submitted your application, you'll need to verify your account by providing some additional documentation. This typically includes a copy of your passport or ID, as well as a recent utility bill or bank statement to verify your address.
After your account has been verified, you can make your first deposit and start trading right away! If you have any questions or run into any issues along the way, don't hesitate to reach out to their customer support team for assistance.
Leverage
LunarPips' trading leverage is determined by the higher value between Equity and Balance. This means that traders can enjoy more flexibility in managing their accounts and can take advantage of the leverage option that suits their trading strategies. With a maximum trading leverage of up to 1:1000, traders can potentially amplify their gains or losses, but it's important to note that higher leverage also comes with higher risk. Therefore, traders should exercise caution and use leverage wisely in their trading activities.
Spreads and Commissions (Trading Fees)
LunarPips offers competitive spreads on its trading instruments with zero commission fees. The spreads start from as low as 0.0 pips for major currency pairs such as EUR/USD, USD/JPY, GBP/USD, and USD/CHF, making it an attractive option for traders who value tight spreads. However, it is important to note that the spreads may vary depending on market conditions, volatility, and the type of trading account.
In terms of commissions, LunarPips does not charge any fees on trades executed on its platform. Instead, the broker generates its revenue from the spreads, making it a transparent and straightforward trading experience for its clients. This is a good advantage for traders who do not want to worry about additional fees eating into their profits.
Here is a table to compare the spreads on EUR/USD offered by LunarPips with three other well-established brokers: Legacy FX, FP Markets, and IC Markets:
Non Trading Fees
LunarPips doesn't charge any deposit or withdrawal fees, but there may be fees charged by the payment service provider, bank or card issuer. LunarPips reserves the right to charge a dormancy fee of up to $15 per month for inactive accounts that have been dormant for over 6 months. It's important to note that LunarPips may change its fee structure at any time and without prior notice, so it's always a good idea to keep up-to-date with their latest fees and charges.
30% Deposit Bonus
LunarPips offers a 30% deposit bonus to its clients. The bonus is applicable to both Moon and Rocket accounts and is available for deposits between $100 and $10,000. To claim the bonus, clients need to contact the LunarPips customer support team and request the bonus. It is important to note that the bonus comes with certain terms and conditions, such as a minimum trading volume requirement, and clients are advised to read and understand them before accepting the bonus.
Trading Platform
LunarPips offers its clients the popular MetaTrader 4 (MT4) trading platform, which is widely used and highly regarded in the industry for its robustness, reliability, and advanced functionality. MT4 is available as a desktop application for Windows and Mac, as well as a mobile app for Android and iOS devices, enabling traders to access their accounts and trade on-the-go. In addition, LunarPips offers the WebTrader platform, which is a browser-based version of MT4 that requires no downloads or installations and can be accessed from any device with an internet connection. The WebTrader platform is user-friendly and comes equipped with a range of trading tools and features to enhance the trading experience.
Deposits and Withdarwals
LunarPips has not publicly disclosed their deposit and withdrawal options, but they are available for viewing once you log into your account. LunarPips may have different deposit and withdrawal methods available depending on your country of residence. It's always a good idea to review the options available to you and choose the method that works best for your individual needs. If you have any questions or concerns about depositing or withdrawing funds, you can contact LunarPips' customer support team for assistance.
When it comes to the common payment methods offered by other brokers, it's essential to consider the convenience and security of these options. Brokers often offer a variety of payment methods, including bank transfers, credit/debit cards, e-wallets, and more. These payment methods differ in their processing time, fees, and availability based on the country of residence of the client. For instance, some brokers may offer local payment methods such as bank transfers or e-wallets, which can be more convenient for clients based in certain regions.
Please note that the reason why this broker does not disclose their deposit and withdrawal methods upfront could be that they want to avoid potential legal or regulatory issues. In some jurisdictions, there may be specific requirements or restrictions on the types of payment methods that can be used for financial transactions, or on the disclosure of certain financial information. By not disclosing this information, the broker can avoid any potential legal or regulatory issues that may arise.
Customer Support
That's great to hear! Having access to 24/7 customer support can be a valuable asset for traders, especially those who are new to the world of online trading or who may need assistance outside of typical business hours. It means that LunarPips is committed to providing timely and responsive assistance to their clients whenever they need it. Additionally, having access to 24/7 customer support can help traders to resolve any issues or concerns they may have quickly and efficiently, which can ultimately lead to a better trading experience.
Educational Resources
Since LunarPips does not provide any educational resources, it may be worth considering other sources for learning about trading, such as online courses, webinars, or books. Some brokers also offer educational resources through their trading platforms, so it may be worth exploring different options to find the resources that best suit your needs.
Conclusion
LunarPips may be an attractive option for traders looking for a broker with competitive spreads, high leverage, and a user-friendly trading platform. The availability of two account types, a 30% deposit bonus, and 24/7 customer support also add to the appeal. However, traders should be aware that LunarPips is an unregulated offshore broker and there is limited information available about the company's background and operations. Additionally, the lack of educational resources and the undisclosed deposit and withdrawal methods may be a drawback for some traders.
FAQs
A: LunarPips is registered in Saint Vincent and the Grenadines and operates as an offshore broker. However, it is not regulated by any major financial regulatory authority.
A: LunarPips offers two live accounts - Moon account with a minimum deposit of $15 and Rocket account with a minimum deposit of $50.
A: LunarPips offers leverage up to 1:1000 based on equity or balance, whichever is higher.
A: LunarPips offers a wide range of trading instruments including forex currency pairs, commodities, indices, and cryptocurrencies.
A: LunarPips does not charge any non-trading fees like deposit, withdrawal, or account inactivity fees.
A: LunarPips offers the popular MetaTrader 4 (MT4) trading platform, which is available for download on desktop and mobile devices.
A: Yes, LunarPips offers a 30% deposit bonus to its clients.
A: Yes, LunarPips provides customer support service 24/7 through email, live chat, and phone.
2023-02-27 13:40
2022-12-02 12:24
