Overview of Lucror
LucrorFX, based in New Zealand and operating for 5-10 years, lacks regulatory oversight, posing risks to investors due to the absence of protections typically ensured by regulated entities.
Specializing primarily in forex trading, it offers high leverage up to 1:500 and a minimum deposit of $50, appealing to entry-level traders. However, the platform's limited trading instruments and variable spreads, coupled with an inaccessible official website, may hinder user experience.
Customer support options are available, yet the overall lack of regulation remains a significant risk for potential investors seeking a secure trading environment.
Regulatory Status
LucrorFX is not regulated by any financial authority. This lack of regulation means there is no oversight from a regulatory body to ensure compliance with industry standards or to protect investors in case of disputes or operational issues.
Pros and Cons
Pros:
- High Leverage Options up to 1:500: LucrorFX offers high leverage levels, which can amplify potential profits for traders.
- Uses MetaTrader 4 Platform: The platform is renowned for its reliability, user-friendly interface, and advanced trading features.
- Minimum Deposit of Just $50: Accessibility is enhanced with a low minimum deposit requirement, making it easier for new traders to get started.
Cons:
- Not Regulated: LucrorFX operates without regulation from any financial authority, which means traders may lack certain protections typically provided by regulated brokers.
- Limited Trading Assets Focusing on Forex: While LucrorFX offers a focus on forex trading, the selection of trading assets may be limited compared to brokers offering a broader range of instruments.
- Official Website Inaccessible: The inability to access the official website could hinder traders from obtaining crucial information or conducting transactions smoothly.
Market Instruments
LucrorFX offers trading assets primarily focusing on forex trading.
Forex, or foreign exchange, involves trading currency pairs from major economies worldwide. This includes pairs like EUR/USD, GBP/JPY, and USD/CHF, among others.
Account Types
LucrorFX offers three distinct account types tailored to different trading needs: M-Trade, Pro-Trade, and E-Trade. Each account type requires a minimum initial deposit of just $50, making them accessible to a wide range of investors.
- M-Trade Account: The M-Trade account is suitable for novice traders or those who prefer a simpler trading approach. It typically offers basic features suitable for beginners looking to enter the trading markets with ease.
- Pro-Trade Account: The Pro-Trade account is suitable for more experienced traders who may require advanced tools and features. This account type often provides enhanced trading conditions, potentially including lower spreads, higher leverage options, and additional trading instruments.
- E-Trade Account: The E-Trade account is geared towards active traders who engage frequently in the markets. It typically offers the most comprehensive set of features and tools.
Leverage
LucrorFX offers high leverage levels reaching 1:500. Leverage amplifies potential profits, but it also immensely boosts risks.
Spreads &Commissions
Being a NDD broker, LucrorFX offers floating spreads, varying by account type. The most competitive ones are provided on the E-Trade account, starting from to 0.7 pips on EUR/USD, which is a pretty good offer. By contrast, the other accounts start from 2.0 pips and 1.5 pips respectively.
Trading Platform
LucrorFX uses MetaTrader 4 (MT4) as its primary trading platform, available on desktop and mobile.
MT4 is renowned for its user-friendly interface, advanced charting tools, and support for automated trading through Expert Advisors (EAs). It offers various order types and is known for its security features and reliable trade execution, making it a favored choice among forex traders globally.
Deposit & Withdrawal
LucrorFXs clients are offered the following payment methods: Credit cards (Visa and MasterCard accepted), bank wire transfer, and e-wallets Skrill, WebMoney, and AlertPay.
Customer Support
If LucrorFX is still in operation, users might access it via support@lucrorfx.com, as well as the hotline: 6492813160.
Conclusion
In summary, LucrorFX offers accessible entry into forex trading with low minimum deposits and high leverage options up to 1:500. Utilizing MetaTrader 4 enhances its platform reliability, suitable for both novice and experienced traders.
However, the absence of regulatory oversight poses significant risks, lacking investor protections found with regulated brokers. The platform's limited trading instruments focused solely on forex may restrict trading diversity. Issues such as an inaccessible official website further detract from user experience.
FAQ
Is LucrorFX regulated？
No, LucrorFX operates without regulation from any financial authority.
What are the account types offered by LucrorFX？
LucrorFX offers three account types: M-Trade, Pro-Trade, and E-Trade, each tailored to different trading needs.
What is the minimum deposit required to start trading with LucrorFX？
The minimum deposit to open an account with LucrorFX is $50.
Does LucrorFX offer high leverage options？
Yes, LucrorFX provides high leverage options up to 1:500 for traders.
How can users contact customer support at LucrorFX？
Users can reach LucrorFX's customer support via email at support@lucrorfx.com or by calling their hotline at +6492813160.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-03-13 18:29
