Overview of Lucror FX
Lucror FX is a forex brokerage firm headquartered in New Zealand. Established approximately 5-10 years ago, the company operates without valid regulation. The minimum deposit requirement for opening an account with Lucror FX is $1000, while the maximum leverage offered is 1:200. The spreads offered by the broker are not specified. Lucror FX utilizes the Meta Trader4 trading platform and offers a variety of tradable assets, including currency pairs and precious metals such as Spot Gold and Silver. Traders can choose from four different account types: Mini Account, Micro Account, Muslim Account, and Standard Account. The broker provides a demo account for traders to practice and explore the platform. Customer support is available via telephone. Deposit and withdrawal options include bank transfer and credit card. The educational resources provided by Lucror FX are limited, consisting mainly of articles and a glossary. It is worth noting that the news section on their website appears to be outdated.
Is Lucror FX legit or a scam？
It has come to light that Lucror FX claims to be regulated by the Financial Service Providers Register (FSPR). However, upon verification, it has been confirmed that this broker does not possess a valid regulation. The regulatory status of Lucror FX is considered abnormal, as its official regulatory status is marked as “Revoked.” It is crucial to be fully aware of the associated risks when dealing with an unregulated broker. Clients should exercise caution and carefully consider their options before engaging in any financial activities with Lucror FX.
Pros and Cons
Lucror FX is an online forex broker that offers both advantages and disadvantages. On the positive side, they provide a demo account option, and a choice of four different account types, catering to the diverse needs of traders. They also claim to have competitive spreads, which can potentially benefit traders seeking cost-effective trading. Furthermore, the broker provides free educational resources, which can be valuable for novice traders looking to enhance their knowledge and skills.
However, there are several drawbacks to consider. Firstly, Lucror FX has limited trading assets available, which may restrict traders who are interested in a wide range of instruments. Moreover, there is a lack of clarity regarding commission fees, spreads, and withdrawal charges, which can be frustrating for traders who seek transparency in their trading costs. Additionally, Lucror FX operates on the MetaTrader4 platform. Furthermore, the broker has a high minimum deposit requirement of $1000, which may deter traders with limited capital. Customer support is also limited. Lucror FX's website features an outdated news section, which may indicate a lack of attention to providing up-to-date market information.
Trading Assets
From what we could see on their website, this broker does not have a very extensive list of assets available for trading. The only information given is that the Mini, Micro, and Muslim account have 17 FX Pairs available, whilst the Standard account has 29 available pairs, however, the broker does not specify which pairs these are. Apart from this, all available accounts can also trade precious metals, Spot Gold and Silver specifically.
Account Types
Customers of Lucror FX have a choice of four account types to choose from, namely: The Mini Account, The Micro Account, the Muslim Account, and the Standard Account. The accounts vary in their leverage ratios and minimum volume per trade, however, all accounts seem to offer quite similar conditions. The standard account has the largest number of available forex pairs, 29 whereas the other accounts all have a choice of 17 pairs, which when comparing it to what other brokers offer, seems to be quite limited. On their terms and conditions page, we found that this broker requires a minimum of $1000 to maintain an open account.
Here is a breakdown of the four accounts main characteristics:
Demo Account
Lucror FX offers the Demo account for customers to test their trading strategies risk free and in a real-time environment. Once customers apply to open up a demo account, they will be given virtual cash (no details about the amount) and they will also be able to use a fully-functional version of the Lucror ProTrader. Customers can use the demo for 30 days before it expires.
Trading Platforms
Lucror FX uses the MetaTrader4 as its platform. The MT4 is the worlds most popular and most trusted trading platform and for good reason. This platform is compatible with several different operating systems including MAC and Windows-based, as well as iOS and Android. The MT4 is ideal for beginner traders looking to discover more about the industry and also for advanced traders who are looking for a data-rich experience and multiple tools to make the most of their trading.
Leverage
The leverage offered by this broker depends on the account type customers decide to open. The highest leverage customers can use is 1:200 which is available for those who have a Micro account. The other three accounts, Mini, Muslim, and Standard, all have a leverage of 1:100.
Trade Sizes
Trade sizes are also dependent on the account type, the Micro account has a minimum volume of 1 lot, the mini 0.1 lots and both the Muslin and Standard account have the minimum volume of 0.01 Lots.
Trading Costs
Regarding this topic, the information on Lucror FXs website is quite lacking. There is no mention of commission fees applicable to trades on their account, however, in their Terms and Conditions documents, we did find commissions and fees mentioned quite often, however without any specific details about what type of commissions customers will be expected to pay. We did get in touch via Live chat, however, we did not receive any information about this.
Spreads
On their homepage, this broker claims that they offer highly competitive spreads, however, we could not locate any more information about the specific spreads customers should expect when trading with Lucror FX.
Minimum Deposit
Although this information is not found on their Accounts page on their website, we did manage to find a section in their Terms and Conditions that states that a minimum deposit of $1000 is required to commence trading. We are not sure if this is applicable to all available accounts, however taking into consideration the lack of choice when it comes to trading assets, we feel this deposit requirement is quite steep.
Deposit & Withdrawal
Customers wanting to deposit funds to their Lucror FX accounts can do so via two payment methods, Bank Transfer or via Credit card. The broker does not state whether there are any charges that customers are expected to pay.
To withdraw money out of an account, customers must send a signed withdrawal request via fax, email, or post. On the request, customers must include their account details, the amount they wish to withdraw, and the account that the money will be withdrawn to. Unfortunately, we could not find any information regarding commissions or fees associated with withdrawing funds. We suggest that interested customers should speak to the broker beforehand to have a clear idea of what deductions might be made before deciding to open up an account and withdrawing money.
We found no information regarding processing and wait time for withdrawals so we cannot comment any further on this for the time being.
Bonuses
Currently, Lucror FX does not appear to provide welcome bonuses. However, they do offer a compelling option for new clients----a complimentary $15 account. This account allows traders to generate profits that can be withdrawn at any time. However, it is important to note that there is a $15 charge for withdrawal. As a result, only the profits earned can be withdrawn, while the initial $15 account balance remains in the account.
Educational Resources
When clicking onto the Education page on Lucror FXs website, we did not find any information however when we searched the term Forex a number of articles came up. These articles covered topics such as the best type of forex platform, exchange money rate, how to guide to Forex hedging, and a few more articles. Customers can also find a glossary outlining commonly used terms and phrases within the trading industry.
The website also has an Industry News page; however, the last article was posted back in 2011 which makes the information completely out of date.
Customer Support
If you wish to contact this broker, you can reach out to them using the following contact information:
Address: 1008-1009, Level 10, 300 Queen Street, Auckland 1010, New Zealand
Telephone: +6492813160
Please note that while we attempted to contact them through their live chat option and Facebook page, we did not receive a response. It is possible that there may be technical difficulties or changes to their communication channels.
Conclusion
Lucror FX is a New Zealand based broker that offers four similar account types with a limited number of available assets for trading. We did find that the information on their website is either not explained fully or not present at all, which is inconvenient for potential customers. We also noticed that they are quite limited when it comes to funding accounts as they only accept two payment methods. On the plus side, they do offer a demo account that can help customers determine whether the trading conditions offered by the broker are good or not.
Their customer service is quite lacking, and we were left with unanswered questions after 48 hours and although they do have quite a lot of articles on their education page, their news segment is very outdated with the latest news article having been put up more than eight years ago.
FAQs
Q: Is Lucror FX a legitimate broker or a scam？
A: Lucror FX claims to be regulated by the Financial Service Providers Register (FSPR), but its current regulatory status is revoked.
Q: What types of accounts does Lucror FX offer？
A: Lucror FX provides four account types: Mini Account, Micro Account, Muslim Account, and Standard Account.
Q: Does Lucror FX offer a demo account？
A: Yes, Lucror FX offers a demo account for customers to test their trading strategies.
Q: What trading platform does Lucror FX use？
A: Lucror FX uses the Meta Trader 4 (MT4) platform.
Q: What leverage options are available on Lucror FX？
A: The Micro account offers the highest leverage of 1:200, while the Mini, Muslim, and Standard accounts provide a leverage of 1:100.
Q: What is the minimum deposit requirement on Lucror FX？
A: Although not explicitly stated on the Accounts page, the Terms and Conditions mention a minimum deposit of $1000 to start trading.
Q: How can I contact Lucror FX's customer support？
A: Lucror FX can be contacted via their address in Auckland, New Zealand, or by telephone at +6492813160.
