LuxeeForex Review: Scam Broker! - Topedgefx.com

LuxeeForex Review: Scam Broker!

Luxee Forex is a new MT4 Forex broker operating under the TradeED Group Ltd brand.

Currently they can be contacted using info@luxeeforex.com or +44 7961 633162.

LuxeeForex.com is the website where this broker is providing their services from.

TradeED Group Ltd is based in an offshore region called St. Vincent and the Grenadines.

Investors generally feel unsafe dealing with brokers from St. Vincent and the Grenadines because most of them are not regulated by a strong financial oversight authority.

This is also where scammers want to set up their base. So we generally want to avoid Forex brokers from this region.

With regards to LuxeeForex broker’s existence history, we see that the service was setup in June 2020.

They’re currently running the popular MT4 trading platform for desktop, WebTerminal and Android Trader apps respectively.

Luxee Forex is also claiming to be a fully licensed broker, a claim which we need to verify before we can move forward.

In addition to this, they boast of providing “lighning fast execution”, innovative technology, sophisticated trading tools, friendly customer support and reliability.

Of course every broker out there will talk about these strengths. But the truth can sometimes be hidden such that it can’t come out by merely looking at the website.

That is why we already feel that this broker cannot qualify for a position in the list of most recommended Forex brokers to trade with.

LuxeeForex Review: Is this broker legitimate?

We have made some observations about this broker which we need to highlight in this review.

luxeeforex broker

First of all, they claim to provide 3 account types namely Classic, premium & pro account types.

They claim that accounts with higher deposit requirement can enjoy direct market access (DMA) advantages.

They also claim to offer tight spreads but this information is actually nowhere to be found.

Most brokers will publish live spreads on their website so that clients can see the cost of trading their favorite instruments.

In addition to this, they will provide information about their leverage, minimum deposit, fees etc.

Luxee Forex is actually doing the opposite by omitting this critical information. They expect clients to contact them with regards to these things yet other brokers have readily published this information on their websites.

Therefore, we see that this broker is actually not serious about attracting new clients to its platform.

LuxeeForex is not a regulated broker

The company that is allegedly overseeing the activities of this broker is anonymous.

You can search Google for TradeED Group Ltd to confirm that indeed there is no information about this company anywhere.

In addition to this, they do not have a valid broker license yet they proclaim to offer the highest safety standards in terms of how their clients’ money is handled.

You cannot trust an unregulated broker because most of them have done dislikable things to their traders.

It is generally advised not to trade with an unregulated broker and Luxee Forex falls into this category.

Conclusion

No matter how innocent they sound, you should never actually make a deposit to this website.

We need them to provide enough information concerning their service.

Apart from this, we need them to provide their licensing number so we can confirm with the authorities.

This broker is not as transparent as they claim because none of this information was found on their website.

In short, we believe it is safe to avoid such websites or investment solicitation at all cost.

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