With the increasing popularity of cryptocurrency trading, there has been a surge in the number of online brokers. While some of these brokers are legitimate and offer good trading services, some of them are scammers looking to take advantage of unsuspecting traders. One such broker is Luxurycrypt, which has raised concerns among traders due to its questionable practices. In this article, we will review Luxurycrypt and discuss whether it is a scam broker.
Overview
To get an idea of what Luxurycrypt offers, let us start with a table outlining some of its key features.
| Feature | Details |
| Broker Name | Luxurycrypt |
| Website | luxurycrypt.io |
| Regulation | None |
| Trading Platform | MT4 |
| Currency Pairs | BTC/USD, ETH/USD, LTC/USD, and more |
| Customer Support | Email, phone, live chat |
Is Luxurycrypt Regulated?
When we tried to enter their website, we found the website is unavailable right now. We tried to retrieve their website from Wayback Machine, but they also did not cache the website. We tried to get the regulation information from different regulatory websites by searching their name.
Unfortunately, we did not find any regulation confirmation for this broker. We tried FCA, FCMA, CySEC, and other regulatory websites. But no result was found.
Warnings from Financial Regulations
The lack of regulation is a significant red flag, and several financial regulatory authorities have warned against Luxurycrypt. The Financial Conduct Authority (FCA) in the UK has included Luxurycrypt on its warning list of unauthorized firms. The Australian Securities and Investments Commission (ASIC) has also issued a warning against Luxurycrypt, stating that the company is not licensed to provide financial services in Australia.
What Currency Pair Do They Offer?
Luxurycrypt offers a range of cryptocurrency pairs, including BTC/USD, ETH/USD, LTC/USD, and more. However, the lack of regulation raises concerns about the legitimacy of the prices and whether traders can trust them.
Customer Support
Luxurycrypt offers customer support through email, phone, and live chat. While this may seem like a good thing, many traders have reported poor customer service from the company. Some have complained that their emails went unanswered, while others have reported long wait times on the phone.
Trading Method (MT4/MT5/Any other method)
Luxurycrypt uses the MetaTrader 4 (MT4) trading platform, which is a popular platform among traders. However, the use of a well-known platform does not guarantee the legitimacy of the broker. Some traders have reported issues with the platform, such as trades being closed unexpectedly and the platform crashing.
What Do Traders Think About Luxurycrypt?
The reviews from traders who have used Luxurycrypt are mostly negative. Many have reported losing their funds, and some have even accused the broker of outright fraud. Several traders have reported being unable to withdraw their funds, with Luxurycrypt citing various reasons for the delays.
What To Do If You Get Scammed?
If you have been scammed by Luxurycrypt or any other broker, there are steps you can take to try and recover your funds. The first step is to file a complaint with the relevant financial regulatory authority. You can also contact your bank or credit card company to try and reverse the transaction. If all else fails, you can contact a lawyer who specializes in financial fraud cases.
You can submit your case through our website form. We will evaluate the case and will provide you with a free consultation and recovery service recommendations to help you in recovering the lost funds.
If you face scammed and lost money to companies like azextrade, 24coinfex, or Norextrade, please report it today by below form
File A Complaint & Get Free Consultation
Final Thoughts
Based on the evidence presented in this article, it is clear that Luxurycrypt is a scam broker. The lack of regulation, warnings from financial regulatory authorities, poor customer service, and negative reviews from traders all point to the fact that this broker cannot be trusted. If you are considering using Luxurycrypt or any other unregulated broker, we urge you to reconsider and choose a legitimate broker instead.
