WikiFX Scam Alert: plz stay away from LUCRUM.PRO!!!

Lucrum Pro says to be the gate to your world of trading opportunities. However, the truth is that this forex broker doesnt stand out in the piles of hundreds, if not thousands of shady offshore brokers on the forex market.

They also promise exceptional trading tools & conditions, STP execution and wide range of financial assets for trade, but anyone with the slightest experience in forex trading will tell you that these are simply marketing tricks to lure inexperienced traders into depositing. Read the full Lucrum Pro review for all the details about this dodgy broker.

Is LUCRUM.PRO a legitimate broker？

First lets search LUCRUM.PRO on WikiFX APP to take a look at the details page. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, LUCRUM.PRO currently has no valid regulatory license and the score is rather negative.

WikiFX visited the brokers official website and did some research as well. Lucrum Pro lacks any sort of oversight from a government agency, being registered in St. Vincent and the Grenadines – an infamous destination for scammers.

Lucrum Pro says to be owned and operated by Econdary LLC, a company allegedly registered in the SVG, about which we arent given any further information.

You should know that SVG is one of the most popular places for scam brokers, because registering a forex business there is easy, low cost, and there are no specific rules applicable to them, nor any oversight on the part of the government. So, brokers operating out of this offshore zone are completely unaccountable for the way they handle clients money, deposits and withdrawals, etc.

This means that clients of brokers like Lucrum Pro are open to substantial risk of being scammed, and if this happens, itll be difficult even to file a legal claim against them, because their offshore companies are more or less anonymous.

WikiFX also paid a visit to the official website of the Financial Conduct Authority (FCA) and found that the regulator had issued a warning against this broker:

What‘s more, the broker’s Facebook and Twitter pages are not available any longer, indicating that it might have run away with investors money!

You can not expect to make money with an unregulated, offshore broker like Lucrum Pro, because you will hardly be allowed to withdraw a single dollar.

WikiFX should mention that before any withdrawals are made, the accounts credited with a bonus are required to execute a minimum trading volume. And such a requirement isnt fair, because it subjects the trader to tremendous risk. Tha is why trading incentives are banned in the EU and the United Kingdom.

Trading Platform Available

Lucrum Pro is a forex broker trading in forex, indices, commodities, shares and cryptocurrencies. The trading software is a web trader (screenshot below). From the bid/ask price of the EUR/USD currency pair, WikiFX finds out that the spread is 3 pips. This spread is wide and is above the industry average. WikiFX is not surprised because in the Terms and Conditions document we saw stated that the company derives revenues from the spread so they are trying to fleece its traders. The implications for a high spread are that the cost of transactions will be high and traders won‘t be able to make a long-term sustainable profit. From the information available on the trading platform, we also calculated that the leverage is 1:200. You may think that high leverage is good for trade as it increases the potential for making a profit but you can’t be more wrong! If look at the statistics saying that 70% of traders experience financial loss in transactions, you will realise that the bigger chance is that you will lose big way should you choose to trade with such high leverage.

Besides, you should know that licensed brokers are not allowed to offer leverage higher than 1:30 in the EU and 1:50 in the US. This is so because someone is trying to protect your funds by not allowing you engaging in reckless trading that can lead to a substantial financial loss.

Web traders are not the best trading software and they are rather basic platforms that do not offer a lot to their traders. On the other hand, MetaTrader 4 and MetaTrader 5 can truly enhance your trading experience by providing you with an excellent package of trading tools and instruments, including auto trading option, an app market, a financial calendar, VPS, trading signals, code base with customs scripts, etc. WikiFX strongly recommends that you find a licensed broker offering either platform for the benefit of your trading success.

Complaints from investors

WikiFX also found on Trustpilot that many investors had made complaints about trading experience with the broker:

See all: https://www.trustpilot.com/review/lucrum.pro

Conclusion

Given what has been discussed above, it can be concluded that LUCRUM.PRO is not trustworthy at all. All traders should be vigilant when investing in a broker. WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!