The anonymous lot behind lyraten.com asserts that safe online trading is only possible if you choose exactly their services that provide “gratifying and thorough trading experience”. While the self advertising is skillfully done, what the mastermind behind the sham fails to provide is enough solid evidence of their legitimacy.
Moreover, it turns out that FCA just recently decided to list this scheme as a fraudulent and untrustworthy one. The reason for that is explained in the following Lyraten review.
| Regulated by: | Unregulated Forex Broker |
| Is This Company Safe? | No, due to legal issues, this company cannot be labeled as safe. |
| Known Websites: | lyraten.com
platform.lyraten.me |
| Have Warnings from: | FCA |
| Registered in: | N/A |
| Operating since: | 28.02.2023. |
| Trading Platforms: | Web |
| Maximum Leverage: | 1:100 |
| Minimum Deposit: | $250 |
| Deposit Bonus: | Hinted but undisclosed |
| Trading Assets: | Forex, Cryptocurrencies (alleged) |
| Free Demo Account: | Not available |
| How to Withdraw from This Company? | Careful, your payouts can be denied. You should contact our chargeback professionals for help with withdrawals. |
Not A Legit Company
The lack of corporate information on the company’s website does little to convince us of their legal status. Not only is there no business name, registration number or license, but there’s no way to even determine where this business is headquartered.
In an attempt to search for a license, we’ve looked through the registers of several acclaimed financial authorities, like FCA, BaFin, CySEC and ASIC, but all we found is a warning by the UK’s regulatory body – FCA. Other registers did not return any results.
That was enough to realize that the firm we’re reviewing is not a legal entity – segregation of funds is not implemented and clients have no access to the compensation scheme. We’ve detected similar situation over at Merricks Invest, so make sure you avoid them also.
Biased Online Reviews
Looking at the online reviews, you’d think everything is fine and dandy as everybody on TrustPilot and SiteJabber seems to hold lyraten.com in high regard. However, after you start reading the comments, patterns quickly start to emerge.
This came of no surprise to us, as these ratings platforms are unfortunately prone to misuse by so-called review seller networks. Many faux companies, including this one and Nexta Capital FX for instance, use the same strategy to make them appear as trustworthy.
Dubious Risk Disclaimer
The lyraten.com website was launched in early 2023, which you may check in the WhoIs register. Many of the fraud victims reside in these countries:
- United Kingdom
- Canada
- Australia
- Netherlands
- South Africa
Like many others, this illicit firm works through boiler room agents. These people introduce themselves as account managers who have great insight into the market, and phone people to persuade them into investing.
The risk disclaimer on the website states that all trades are “outside a regulated exchange or venue”, and that the given prices do not represent actual market shifts, but rather what “the company is prepared to offer”.
This means that the entire set-up is done in such a way to bleed your funds, while not holding the company liable for any loss. If you’ve lost money on the Lyraten scam, feel free to contact our recovery experts.
Useless Yet Expensive Service
The trading costs on this online brokerage portal are abysmal, to say the least. Commissions on each trade start from $5 and can only decrease if you throw in insane amounts of cash.
Minimum spreads are 2.4 pips, which is several times higher than the industry leverage. Of course, pricier account types offer tighter spreads, but that still doesn’t justify the costs. Starting leverage on Forex is 1:50, which is still higher than what UK and EU regulators demand. That clearly doesn’t stop the company from offering their services to the citizens of the two areas. Maximum ratio you can unlock is 1:100 on currency pairs and 1:20 on crypto.
Contradictory Info On Features
There is a great disparity between what is advertised on the site, and which trading features are actually available to the clients. The minimum deposit requirements differ from page to page, and there is no clear overview of tradable assets. To top it all off, there isn’t even a functional trading platform.
Dysfunctional MT4 Web Trader
Barely responsive client area is supposed to offer access to the famous MT4. However, when you attempt to log into the terminal, the recurring issue that prevents previewing the platform occurs during parameters validation. Whatever that meant, our access to the terminal was effectively denied.
Since that is the only software option provided, we can’t even verify if trading is possible at all on this server.
No Instruments To Trade
The claimed 500+ trading assets are nowhere to be found on the website. Swindlers make a passing mention of Forex and Cryptocurrencies, but there is no in-depth overview of the instruments. There isn’t even a ticker crawl that lists the current prices.
The picture is quite different from what you’ll encounter with a regulated broker. Legit firms always offer complete trading instrument tables, with outlined spreads, swaps, and any other relevant information.
Generic Packages
Feature bundles of these textbook scam sites are so familiarly named as if it’s a default rule they all follow. While you’ll see options like robots, dealing rooms, market analysis and account managers offered, nothing proves they’re indeed provided. With the costs mentioned, we can’t say there’s anything of worth you should invest in.
Also, the legal documents clarify that besides “executing transactions and withdrawing funds”, the accounts are entirely under the dedicated manager’s control and clients have no further interests in their account.
Here’s the price list:
- BASIC – $250 – $2,499
- SILVER – $2,500 – $9,999
- GOLD – $10,000 – $74,999
- PLATINUM – $75,000 – $149,999
- VIP – $150,000+
Ambiguous Payout Conditions
Similarly to how the risk disclaimer is fashioned, the Lyraten withdrawal policy is rigged against the clients’ interests. It is unclear, for instance, whether the 5% administrative fee for withdrawals is charged from the total deposited amount or the amount to be paid out.
Likewise, the company may approve withdrawal of non-deposited funds, but these are never considered to be owned by the user. Instead, the firm may just change their mind about these, and charge them from the account balance. If the balance is too low, this would indebt the client to the company.
It’s all just trickery to squeeze as much money as possible from the victims. If you’ve invested with this firm, contact our legal advisors as soon as possible in order to start your chargeback procedure.
Customer Support Department
We’re not exactly saying that the Lyraten support is not responsive. Nevertheless, if you attempt to send an inquiry or support ticket via the online form or email, you’ll get no answer either way. That speaks enough about how diligently the client service deals tends to their users.
Seek Help With Withdrawals!
When a major financial authority confirms a company has fraudulent intentions towards their customers, it’s a reason enough not to pick them as your Forex dealer. Therefore, we’d advise you to pick a better regulated brokerage powerhouse instead.
In the meantime, if your withdrawal attempts have been denied, please contact our legal experts. With our professional help, you will be able to restore your stolen investment.
FAQ Section
What is Lyraten?
It is a front for fraudulent activities, operating under the guise of an online forex broker.
Is Lyraten Regulated?
No, the company is completely illegal, as it is neither regulated nor licensed to provide their services.
How Can I Recover Money From a Financial Fraudster?
Recovery is a difficult process, but it is possible. Book a free consultation with our legal experts today to learn about your chargeback options.
