FX4Lux Review: Fx4lux.com Latest Forex Scam Shown

FX4Lux (Fx4lux.com) is a CFDs, Cryptocurrency, and Forex scam to hit the online trading world. FX 4Lux is claiming to be a luxurious trading platform that is convenient and flexible. These could be amazing if only what they offered was legit and transparent. A lot of victims have come out in their hundreds angered by how funds are handled by the platform. Read this genuine FX4LUX Review for more details.

FX4Lux Review

It is imperative that you get all relevant information before committing your funds and time to a platform. And this is where our experienced investigation comes in handy. We point out some of the dangerous platforms to avoid which the normal trader would fail to notice. A smart investor wants to trade with safe and trustworthy brokers who have a proven background. FX4Lux is another bane platform whose intention is to steal from unsuspecting investors. And we must put an end to their miserable tactics.

When dealing with a ground-breaking market such as Cryptocurrency, you have to be careful. A lot of scam artists are popping up with dubious trading platforms. It is recommended you use tested and trusted Cryptocurrency trading robots as an alternative. FX4Lux is promising users heaven only to deliver hell in its place. Most of the claims are over the moon and not realistic. Thanks to our years of investing and trading, we do know how to spot mistakes in their platforms.

About FX4Lux

Not much is known about the trading history of this anonymous trading platform. We tag it as anonymous because no names have been mentioned on their platform. You would expect the founding members to want some recognition for their platform. Another interesting detail missing is social media handles of staff members. No broker in the entire world seems to be associated with FX 4Lux. And this points to a damaging platform with an anonymous trading activity.

Clicking on their contact page, we notice that Global Pegasus Ltd claims to be the owner. The company is not listed on any online trading platform anywhere on earth. And this means the company is made up and non-existent. The disclaimer at the contact page reveals the platform is registered in St. Vincent and the Grenadines. By their own admission, they let us know that this is an offshore based platform. Offshore brokers are never trusted with funds, this is a known fact.

Domain Details

We did a search using the domain register whois.net and found out that the website was recently created. The creation date listed was 4^th December 2019. It means FX4Lux is barely six months in operation. Any claim of being experienced is thrown out of the window. The platform is another scam platform which wants to sell their inexperience to traders. And this is why we must expose the platform to protect investors from offshore scam artists. The moment you sign up, you throw away your funds for good.

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License and Registration with FX4Lux

The license details remain hidden as the entire platform has no license or registration number. With their claim of being offshore brokers, we never expected any valid trading license. And this means FX4Lux is NOT LICENSED OR REGULATED to offer any trading services. The platform is not to offer their services in certain jurisdictions. FX4Lux has been banned from offering trading services in Japan, United States, and some other regions. It means regulatory bodies have issued a warning against it.

CONSOB is the regulatory body in Italy and has issued a warning against this platform. And this is proof we all should stay away from this platform. Without any trading license to show, the platform is illegitimate. In case the platform goes under, which it will, no member will be compensated.

Disadvantages of FX4LUX

Account Details

FX4Lux is furnishing users with three account types. Accounts listed include Standard, Gold, and Platinum. Some of the features that come with these accounts include a dedicated account manage and support. Minimum order size is 0.01 while the leverage is 1:100, 1:200.  and1:400 respectively. You also get fixed spreads with EUR/USD, USD/JPY, USD/GBP, Crude oil, Gold, and Silver. With these features, you would expect the platform to offer transparent trading services.

Account Managers

The platform claims to offer dedicated account managers with each account type. We have learnt that these account managers are hired call agents with no prior trading experience. These account managers will take your funds and place losing trades. And this has made most members lose money as they don’t get to place trades themselves. These account managers are responsible for trading and as such, should compensate members.

Customer Support

When you look at the contact page, something alarming occurs. FX4Lux is not giving users any contact information apart from a P.O Box address. With today’s advancement in technology, you would expect email, live chat, and even a phone number. How do they expect traders to communicate with them if there is no email address? And this is where we mark the platform as a complete hoax. Scam artists are running the show and don’t want any contact from members of the platform.

Payment Methods

No payment method has been listed on the entire trading platform. We reached out to some of the victims and asked them how they funded their accounts. According to one victim, the account managers called them and gave them an account number. And this is why we are exposing the platform for the blatant disregard of the law.

Trading Platform

FX4Lux is claiming to offer MT4 trading platform, this is according to information on the homepage. A closer look at one of the member’s account reveals that they are using a web based platform. Another serious issue with their online platform is lack of proper security protection. We noticed they fail to upgrade their security level against DDoS attacks.

Safety of funds with FX4Lux

When it comes to security of funds, FX4Lux is far from safeguarding funds deposited. Account segregation is not taking place which means they are pooling funds in one account. Members should not expect any compensation as the platform does not participate in a compensatory scheme. When a platform pools funds in one account, it means members are depositing funds straight to scammer’s bank account. And this is why you are wasting your money and time with this platform.

Scam or legit

After going through the evidence, it is clear FX4Lux is a scam. A warning has been issued by CONSOB, the platform is offshore based, and they fail to have a valid trading license. And this is one of the many reasons that make this platform a scam. You should stay away from it and warn your family and friends from joining their affiliate programs.

Verdict

We will have to add this platform to our scam blacklist to protect our readers. Stay away from it and use only recommended products.

Wishing you a safe investing and trading period.