Exclusive advantages offered on this suspiciously shiny website are claimed to be high leverage, premium support, advanced tools and secure transactions. Considering a CBR warning and all other evident signs of frauds, it is hard to believe this site delivers any of the promised services.
We invite you to read this Luxtious review before putting your funds at risk, regardless of how attractive the invitation may sound.
| Regulated by: | MISA |
| Is This Company Safe? | This company is a blacklisted fraud, so better stay away. |
| Known Websites: | luxtious.com |
| Have Warnings from: | CBR |
| Registered in: | Comoros Union |
| Operating since: | 2023 |
| Trading Platforms: | Web Trader |
| Maximum Leverage: | 1:200 |
| Minimum Deposit: | $2,500 |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Crypto, Stocks, Commodities, Indices |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Contact our experts for help with getting your money reimbursed. |
Fraudulent Despite License
Brokerage agencies with foul intentions purposely open their firms in offshore zones where regulatory laws aren’t strict. This is the exact case with Luxtious broker, which claims to be a subsidiary of INTERMARKETS Corp. Ltd.
The parent company is regulated by the Mwali authority – MISA (Comoros Union), which is a known offshore haven for scam brokers. The license itself has no value other than being an excuse for charlatans to brag about legitimacy.
Additionally, the company claims to operate out of an HQ in Melbourne, Australia. The ASIC registry of licensed entities contains numerous companies with similar names, but no entries match the full name and website details.
This means that the firm is trying to clone a licensed Australian entity in order to further deceive their victims. CBR was quick to recognize the numerous legal issues, and placed this fraudulent operation on the black list.
Victims Left and Right
Despite what the website disclaimer says about not providing services to certain nations, it is apparent that the Luxtious trading fraud still hunts victims from the following areas:
- United States
- United Kingdom
- Japan
Being established near the end of 2023, the site is relatively new on the scene. Nonetheless, their strategies are textbook examples of common scam, present with many con artists like LeapFX. The most effective tactics, commonly used by con artists online, is false advertising and boiler room cold-calling.
These are extremely annoying at times, and if you just give the scam operators a chance, they will pester you mercilessly to invest in their attractive schemes. All of their deals promote the idea of getting rich quick – something that happens only in movies.
Inflated Review Scores
For such a young company, the number of Luxtious reviews on TrustPilot, SiteJabber, Reviews.io and TrustedReviews is truly astonishing. At first glance, they give the impression of a great service.
If you read some of the comments, however, you will quickly notice the majority of them talk about “account managers” which have allegedly done a great deal to improve the client’s profits. After a while, agents encourage the users to post ratings on various platforms in return for one reward or another.
In reality, however, any profits shown in the platform are completely fictitious, and serve as a basis for a follow-up “advance fee” scam strategy. If you need help recovering money from this fraud, contact our experts.
No Cost Transparency
One of the key problems with Luxtious Forex scheme is the lack of transparency when it comes to general costs. While the company mentions numerous cases in which various fees apply, they never disclose the actual amounts.
For instance, there is a $10 surcharge for withdrawing amounts under $100, but no numbers when it comes to the actual withdrawal fee. The firm is empowered to retroactively charge any waived swaps, which is especially problematic for Luxtious Islamic account users.
With the leverage as high as 1:200, the company is in no compliance with Australian regulatory restrictions. The firm doesn’t include negative balance protection either, and charges 4% annual interest plus additional daily charges for money owed.
Questionable Trading Functionality
It’s difficult to comment on the state of the provided trading amenities. Account creation is currently non-functional, which prevents us from gauging the conditions first hand. That which is advertised on the site, however, is subpar in every way.
Versatile Platform Just a Promise
Every registration request fails without a Promo code. Therefore, all of the trading tools and instruments are hidden behind the signup conditions.
This also stands for the alleged advanced trading terminal, available for a variety of devices like desktop computers, mobile phones and tablets. Without a registered account, we couldn’t access even the download links for the Luxtious app.
No Data on Assets
The company advertises the most popular trading asset groups. As with many other things, there is no full disclosure, only a brief mention of certain instruments for advertisement purposes.
The selection, allegedly, includes these particular products:
- Forex – EUR/USD, AUD/CAD, GBP/CHF
- Cryptocurrencies – BTC, ETH, XRP
- Commodities – Gold, Brent, Soybean
- Stocks – Airbus, Tesla, IBM
- Indices – S&P 500, FTSE 100, Nikkei 225
Do Accounts Match Preferences?
What is advertised as a rich choice of Luxtious login and trading accounts includes packages with astronomical costs. All of these feature bundles contain options like one-click trading, analytical tools and advanced support.
The packages are extremely expensive, especially considering that the mentioned tools are available with legit brokers for mere pennies:
- Beginner – $2,500
- Standard – $5,000
- Intermediate – $25,000
- Advanced – $50,000
- Integral – $100,000
- VIP – $250,000
Problems With Payouts
The minimum amount to withdraw varies between payment channels, but is generally no lower than $50. This minimum Luxtious withdrawal amount is billed with the surcharge we already discussed.
The payment channels, as per Terms of Use, are bank cards, SEPA transfers, bank wires and cryptocurrency transfers. This list is not definitive, however, as the document states that the actual payment information is available on the website – something we’ve determined not to be true.
Help Desk
Support is never found when you need it, especially when you expect it from illicit brokerages. These swindlers make you feel safe and understood, but that is only while they need you to deposit.
After they’ve extorted the money they wanted, you can’t reach them via any of the channels they allegedly offer, starting from phone, email to live chat.
Got Defrauded? Get Your Money Back!
This self-proclaimed brokerage engages in deception in order to swindle their clients. The firm is allegedly regulated, but their license comes from a notorious offshore jurisdiction and isn’t worth a penny.
Swindlers like this one or Algo Advise are likely to deny your withdrawal requests. For help getting your money back, book a free consultation with our experts via the live chat below.
FAQ Section
What is Luxtious?
It is an offshore brokerage licensed by an unreliable authority. The firm actively uses fraudulent strategies.
Is Luxtious Broker Legit?
No, this broker is only licensed by MISA, an authority from a notoriously lawless jurisdiction.
How to Get My Money Back From an Unregulated Broker?
Gather all the information you can, and book a free consultation with our experts in order to start a recovery procedure.
Source:
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