When looking at some of the brokers popping up on the internet recently, you will come across LunoFX. This is a broker who is desperately making promises to attract new clients. The company is a self-proclaimed multi-asset platforms provider for electronic derivatives. LunoFX wants people to know that they’re a group of “certified traders” committed to advising and strategizing on how clients can achieve financial success. This is allegedly achieved by providing the “best stock research and trading information” through their latest cutting-edge technology.

This broker seems to be very obsessed with self promotion statements and we want to discuss our findings in this review so that you can make up your mind whether to use or not to use LunoFX services.

General information about LunoFX broker

Website	https://www.lunofx.com/
Company	LunoFX (Unverified corporate entity)
Location	110 Bishopsgate, London EC2N 4AY, UK PO Box 4385, 11185213 Cardiff, CF14 8LH
Phone number	—
Email	support@lunofx.com
License	⚠️None
Assets	Forex, Stocks, CFDs and Cryptocurrencies
Platform	WebTrader

First impression of the LunoFX website

We were captivated in the first 3 seconds of opening and interacting with the website. However, when the eyes get used to it, you begin to see the little details that this broker has omitted. The website fails to disclose precise company information and their account types page is also widely lacking in terms of information pertaining to live spreads, leverage, swap and commission.

The people behind LunoFX website think that the use of stock photos in combination with black, golden and white colors will inspire people to think that the broker is legitimate and there is no need to investigate further.

While there was an effort to enhance the look and feel of LunoFX website, the designers had a problem putting together information in a manner that conveys the message. Consequently, the broker found himself with a website that contains bits of information here and there which are overly of promotional nature.

Signing up to test LunoFX broker platform

At first, the broker will request full name, password and account currency (which is USD by default). In the second step, they request your email, phone number and address and present you with a “start trading” button.

We’re not quite sure why LunoFX arrived to the decision of making the sign up process a two-step page affair. They could have just presented a single form that would gather all of the user’s details at once rather than waste resources by making it a 2 stage sign up process where the website loads the server twice.

Also, LunoFX does not have a contact validation policy. So when you sign up, you will be given full access without verifying your email or phone number.

Client dashboard of LunoFX broker

It turns out that the client dashboard is relatively simple but still helpful in putting all the functions that users need within reach. As usual, people can use this client dashboard to edit personal information, upload verification documents, view trading history and monetary transactions as well as fund their account.

The WebTrader, Mobile trader and Deposit buttons stand out the most on this user dashboard. The broker knows that people instinctively look for these links after they have successfully signed up.

Trading platform

LunoFX offers the popular WebTrader software, which is a surprise because we had anticipated a different kind of trading platform, thanks to the company’s hype which implies that the broker is offering cutting-edge technology from a multi-asset platform. The WebTrader is not our favorite because it’s normally associated with market makers who trade against clients thus directly contributing to their losses. It is also not compatible to third-party trading software such as expert advisors or trading indicators.

Account types

Despite highlighting 5 different account types on the website, it is not clear how users should apply to use any of these trading accounts. Once you’re inside and you click the WebTrader link, you will be redirected to a standard account with no information or guidance on what to do in order to choose an account type that is favorable to you.

It looks like the account types page is there to please people and to create the impression that LunoFX is keen on attending the needs of traders with various capabilities.

The minimum deposit is $2500 on the beginner account type. You will get platform introduction, a dedicated account manager, risk management explanation, an education center and the company’s trading algo.

Still we’re not satisfied with this broker because when we signed up, they didn’t tell us which account type we are using. We also didn’t find an education center or any of those features listed in their various account types.

The account managers did give us a call but this seemed not to be in good faith. They appear to be hell-bent in coercing us for a deposit. This is a red flag.

Is LunoFX a scam broker?

We considered a lot of factors when evaluating this broker. Their legal status is a concern because this broker doesn’t hold a license from the UK financial regulator called FCA. The financial regulator has also provided clear warnings on their website stating that trading with unlicensed brokers is risky since no help will be offered if the broker disappears with a client’s funds.

The FCA register doesn’t have a firm called LunoFX. Here is an image depicting our search results for this broker on the FCA database.

We also noticed that LunoFX website lacks information about the specific company which is running the affairs of this broker. It seems that this is just an ordinary website operating without a registered entity to their name.

In addition to this, you need to put lack of the broker’s track record into consideration. LunoFX is only 1 month old. It is not possible for a 1 month old broker to demonstrate their claims unless they have been around for a considerable length of time.

Pros and Cons

Conclusion of the review

We never encountered the implementation of any of the broker’s self-proclamations. We were under the impression that LunoFX doesn’t want to disclose their fees, spreads and generally their trading conditions were obscure. We also found out that this is an ordinary website with no legal company behind it. When we factor these findings and consider their lack of a license, the image that comes to our mind is that of a scam broker. We would therefore avoid this broker and not recommend them.