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The WikiFX Score of this broker is reduced because of too many complaints!

LunoTrade

Nigeria|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

http://www.mylunotrade.com/

Website

Rating Index

Contact

http://www.mylunotrade.com/
https://www.facebook.com/lunoinsured
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

No valid regulatory information, please be aware of the risk!

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

MylunoTrade LTD

Company Abbreviation

LunoTrade

Platform registered country and region

Nigeria

Company website
Facebook

Pyramid scheme complaint

Expose

Check whenever you want

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This platform is a Ponzi Scheme. Please stay away! 5
Previous Detection : 2024-04-25
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

WikiFX Verification

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Expose

    LunoTrade · Company Summary

    Aspect Information
    Company Name LunoTrade
    Registered Country/Area Nigeria
    Founded Year 2020
    Regulation Not regulated
    Market Instruments N/A
    Account Types N/A
    Trading Platforms N/A
    Customer Support Facebook(https://www.facebook.com/lunoinsured)

    Overview of LunoTrade

    LunoTrade, a newly established trading platform founded in 2020, operates from Nigeria. However, this regulation is suspected to be a clone. Their official website is inaccessible raise risks about the reliability of their trading platform. Client can contact them via email.

    Overview of LunoTrade

    Is LunoTrade legit or a scam?

    LunoTrade operates without regulatory oversight, potentially raising issues about transparency and supervision. Unregulated exchanges lack the vigilance and legal safeguards provided by regulatory bodies, thereby increasing the risk of fraud, market manipulation, and security breaches. The absence of regulation can complicate users' efforts to seek remedies and resolve disputes. Furthermore, the lack of regulatory oversight fosters a less transparent trading environment, impeding users' ability to evaluate the exchange's legitimacy and dependability.

    Pros and Cons

    Pros Cons
    N/A Lack of regulatory oversight
    Limited educational resources
    Limited customer support options
    official website inaccessible

    Pros:

    • N/A

    Cons:

    1. Lack of regulatory oversight: LunoTrade operates without direct supervision or regulation from financial authorities. This absence of oversight can lead to potential risks for users, such as lack of protection against fraudulent activities or disputes.

    2. Limited educational resources: LunoTrade offers minimal educational materials or resources to help users understand the complexities of cryptocurrency trading. Without comprehensive guidance, users may struggle to make informed decisions and manage their investments effectively.

    3. Limited customer support options: LunoTrade provides limited avenues for users to seek assistance or resolve issues.

    4. Official website inaccessible: Users may encounter difficulties accessing LunoTrade's official website, which can impede their ability to conduct transactions, access account information, or obtain updates on market conditions.

    Customer Support

    LunoTrade's customer support via Facebook(https://www.facebook.com/lunoinsured) falls short of expectations. Responses are sluggish, often leaving users hanging with unresolved issues. The replies received are frequently generic and unhelpful, demonstrating a lack of empathy for users' problems. It appears that customer satisfaction is not a priority for LunoTrade on their Facebook platform, as evidenced by the apparent neglect and indifference towards user inquiries and complaints. This dismal level of support erodes trust and tarnishes the company's reputation, leaving customers feeling neglected and frustrated.

    Customer Support

    Conclusion

    In conclusion, there are significant issues about LunoTrade legitimacy and reliability. The inaccessibility of their official website is a red flag and raises doubts about the trustworthiness of their trading platform. This lack of accessibility, along with the suspicious NFA regulation, indicates a higher level of risk associated with investing with LunoTrade.

    Risk Warning

    Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

    In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

    FAQ

    Q: Is LunoTrade regulated?

    A: No, LunoTrade operates without regulatory oversight, raising risks about transparency and supervision.

    Q: What risks are associated with trading on LunoTrade?

    A: Unregulated exchanges lack vigilance and legal safeguards, increasing the risk of fraud, market manipulation, and security breaches.

    Q: How can I contact LunoTrade for support?

    A: You can contact LunoTrade via email for assistance with any inquiries or issues.

    Q: What are the cons of using LunoTrade?

    A: LunoTrade lacks regulatory oversight, offers limited educational resources, has few customer support options, and its official website is inaccessible.

    News

    Scam Alert: Beware of LUNOTrade (www.mylunotrade.com). Your Capital Might Be At Risk!

    ExposureScam Alert: Beware of LUNOTrade (www.mylunotrade.com). Your Capital Might Be At Risk!

    2023-01-06 10:47

    A WikiFX Broker's review to fraud broker LUNOTrade (www.mylunotrade.com) to warn not to invest and make use the WikiFX more often to easily identify the suspected scam brokers.

    WikiFX
    2023-01-06 10:47
    Exposure
    Scam Alert: Beware of LUNOTrade (www.mylunotrade.com). Your Capital Might Be At Risk!
    WikiFX Broker Exposed: LUNOTrade Swindled Another Broker

    ExposureWikiFX Broker Exposed: LUNOTrade Swindled Another Broker

    2022-09-05 15:26

    A report that has been received by WikiFX about LUNOTrade

    WikiFX
    2022-09-05 15:26
    Exposure
    WikiFX Broker Exposed: LUNOTrade Swindled Another Broker
    WikiFX Exposure: LUNOTRADE will extort traders for them to withdraw their funds. Beware!

    ExposureWikiFX Exposure: LUNOTRADE will extort traders for them to withdraw their funds. Beware!

    2022-08-15 16:30

    LUNOTRADE a scam brokers that victimized 3 traders in a week.

    WikiFX
    2022-08-15 16:30
    Exposure
    WikiFX Exposure: LUNOTRADE will extort traders for them to withdraw their funds. Beware!
    WikiFX report: Luno Offers Bitcoin Cash for Trading Following Approval From the SC

    NewsWikiFX report: Luno Offers Bitcoin Cash for Trading Following Approval From the SC

    2022-05-17 16:33

    Luno has announced that it is the first Malaysian digital asset exchange to be allowed by the Securities Commission Malaysia to trade Bitcoin Cash (BCH).

    WikiFX
    2022-05-17 16:33
    News
    WikiFX report: Luno Offers Bitcoin Cash for Trading Following Approval From the SC

    User Reviews

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    User comment

    8

    Comments

    Write a review

    漫步前行
    more than one year
    Please do not invest your money in this broker. The withdrawal facility is off since last year. You can see many traders have encountered the problem of being unable to withdraw. This entity is illegal!! Stay away!!
    2023-02-27 14:43
    Reply
    0
    0
    SOULJABOY
    more than one year
    I ONCE SCAMMED BY SOMEONE WHO SAID HE WILL HELP ME TO TRADE
    2022-12-21 18:23
    Reply
    0
    0
    กุ้ง บจร
    more than one year
    We will check by ourselves in each account whether it is true or not.
    2022-12-09 16:21
    Reply
    0
    0
    03368903023
    more than one year
    Rise/Fall 8 ticks 10.00 USD Stake Win payout if exit spot is also equal to entry spot. Rise Payout 19.54 USD Fall Payout 19.53
    2022-12-02 20:24
    Reply
    0
    0
    vicky5230
    more than one year
    Have long been take to get my money profits
    2022-10-30 12:47
    Reply
    0
    0
    vicky5230
    more than one year
    A was investigating money in luno account and VARL pty ltd a was scams 910,98
    2022-10-27 19:47
    Reply
    1
    0
    vicky5230
    more than one year
    A was scam with 910,98 with luno company and VALR pty ltd company with 910,98 Tracey say to me a much deposit money them in Standard bank account but never received any response from them or my money back to for them its more 6 months now
    2022-10-26 03:37
    Reply
    0
    1
    Codesa
    more than one year
    I was scammed by a person who called Antonio from Luno. He told me to deposit the money in the company account or maybe someone account. I paid up to 11000.00 in this company account. He promised me that I will received my profit after money has been paid.Its almost Now two months and I did not received any money or profit from the company. So it seems to me that this was a scam. I hope if you can help me to get my money back from this luno company.
    2022-10-21 11:59
    Reply
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