LuxisTrade Review (2020)

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LuxisTrader

LuxisTrade is a new unregulated Forex & Crypto broker, that opened in February 2020.

Listed on their website is a physical address of: 5L, Z.A.I. Bourmicht, 8070 Bertrange, Luxembourg. They are actually owned by an offshore company called, Mitz Holdings Ltd, 25667 and located at Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. Customer support email address is: [email protected] Their main website is at: https://luxistrade.io/, and the login website is at: https://luxistrade.cc/sign-in/.

For withdrawal problems or complaints, read this. To find a licensed broker, look here.

LuxisTrade Review

Investor and Day Traders using the broker Luxis Trade, are offer an online CFD trading platform called Status. The trading platform is user friendly, but not very good. When switching time frames on the charts it freezes, and takes a long time. You will also find the trading platform called MT4 (MetaTrader) which you can download. For mobile trading, you would have to use the standard MT4 Android or iPhone app.

Most people have found this broker because they signed up for Bitcoin Revolution. Before you start dreaming about getting rich from a crypto trading bot, read this.

A wide range of underlying assets are available for CFD trading including; Major & Minor Forex Pairs, CFD’s on Crypto Currency, Commodities, Metals, Market Indexes, and Shares. Margin rates on BTCUSD was 1:1 during our review, and the bid/ask spread was $80 (see image below).

Minimum deposit to start investing at Luxis Trade is $250, and they use Naspay, WellCoinPay or CryptoPayTech as their credit card payment processors.

LuxisTrade Brokers Trading App
LuxisTrade Brokers Trading App

Hidden Fees & Commissions

Part of our in-depth review of a broker includes reading the Terms and Conditions page. Here are a few things we uncovered during our review.

  1. They list an address of Luxembourg, but the T&C’s claim to be governed by Bulgarian Law.
  2. There is a monthly inactivity fee of 10% of your account balance.
  3. Under the Withdrawal section, it says: LuxisTrade get the commission in advanced, the commission is 20%.

Is LuxisTrade a Legit Broker?

No, LuxisTrade is not a licensed broker, and they are not a European regulated Crypto exchange. Their payment processor is a company called: Mitz Partnership OÜ, reg number 14850860, Harju maakond, Tallinn, Kesklinna linnaosa, Roosikrantsi tn 2-701K, 10119, Estonia.

When the Scam Broker Investigator reviews a new Forex or Crypto CFD broker to see if they are a scam broker or a legitimate broker, we check for a license from any of the government financial regulators.

All online Crypto brokers, must be licensed and regulated. By investing with a local broker, that is actually licensed in your country, ensures that you will not have problems withdrawing your profits.

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Investors and day trader looking for a good Forex broker, have plenty of brokerage firms to choose from. Most professional traders have trading accounts at multiple brokers, which they use depending on the trading conditions.

PepperStone is a popular FCA licensed broker, which offers you five choices for social trading apps. They let you use Mirror Trader, MyFXBook, ZuluTrade and more, see here.

Start with a Demo Account, signup here.

 

Existing clients of LuxisTrade are asked to share their experience using this broker with other investors, in the comments section below.

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