Luzuna
Luzuna — another CFD broker who tried very hard but failed to convince us of its honesty. All of its stories about having access to over 600 trading instruments, unique trading conditions, and the fastest platform — are a beautiful legend designed to attract traders. In reality, users will only part with their money, without a chance to get even a cent back. In our review, we have tried to convincingly prove that this project is just a scam. Read on to find out more.
General Info
Overview of Luzuna
To understand the honesty of a broker and whether it is worth dealing with it, it’s important to study the available information, which can typically be found on its official website.
Broker History
Usually, we start acquainting ourselves with a broker by studying its history. This allows us to obtain information about the date of its establishment, awards and achievements, and future plans. As a result, we not only get to know the company better but also gather additional arguments in favor of enhancing the platform’s reputation.
However, with Luzuna, things are not that simple. The creators of this project preferred not to disclose information about the company’s history. They even omitted the date of its registration. We were only able to find out about it from the license number provided in the footer of the page, issued in 2021. However, we suspect that the broker is a fraudulent project, and any information it provides requires verification. We will definitely conduct it, but a little later.
Luzuna.com Website
After the initial acquaintance with the broker’s official website, there’s an ambiguous impression. On the one hand, the web designers managed to make it quite attractive. They particularly succeeded with the black background and contrasting control elements, the well-balanced ratio of texts and graphics, and the interesting layout of materials.
On the other hand, the content looks extremely unsuccessful. On them, for example, it’s impossible to find such necessary information as:
- Contract specifications.
- A full list of trading conditions.
- Characteristics of accounts of different types.
- A more detailed description of interesting offers.
Therefore, the vast majority of experienced market participants believe that luzuna.com is a third-rate fake typical of fraudulent projects. Scammers hide many important details to not deter potential clients. Does the subject of our review belong to such projects? Undoubtedly.
Registration Process and Personal Account
The registration process at Luzuna may seem significantly different from that used by most scam brokers. Indeed, the registration form requires much more data to be entered.
The broker asks to input the following data into the fields:
- First and last name.
- Date of birth.
- Email and phone number.
- Country of residence and full postal address.
- Account currency (to be selected from the list).
- Promo code (if available).
In addition, the client is required to agree to the available documents: Terms & Conditions, Privacy Notice, General Risk Disclosure, and others. Also, it’s necessary to check boxes indicating that the user is not a resident (tax resident) of the USA and agrees to receive communications from the company via email and phone.
Note! It’s very strange that the language of the form is French, although the only language of the website is English. Why this happened is unclear, probably even to its creators.
The registration at Luzuna creates the impression that the broker complies with the laws of most countries and the requirements of regulators. However, this impression dissipates immediately after submitting the completed form. Firstly, the company does not verify the user’s contact information. Secondly, the submission request ends in failure. Instead of accessing the personal account, the user receives an error message and a suggestion to contact support.
Such an approach is often used by scam brokers. During contact with the support team, Luzuna representatives try to understand if the trader is willing to cooperate with the company and, most importantly, send money to the deposit. Those who don’t wish to fund accounts with scammers are usually politely refused. Thus, we see another fact that indicates that the company widely employs fraudulent methods.
Naturally, we did not receive a valid account. Therefore, we never saw the organization of the client’s personal workspace or its functionality.
Trading Platform
Unfortunately, the absence of an account at Luzuna did not allow us to get closer acquainted with the company’s trading terminal. However, this does not negate the questions about the trading platform.
Luzuna offers users to download software versions for:
- Desktop computers running Windows, MacOS, Linux.
- Mobile devices on Android and iOS.
However, it’s impossible to download the program to any device because instead of starting the download, clients are redirected to the login page. Whether they can download the software remains unknown to us. However, we know for sure that this program is not available in the official Google Play Market and App Store. Why did Luzuna’s product not make it there? Perhaps in two cases — if the software does not meet the requirements of the stores or the company violates the rules of the platforms.
Contacts
Luzuna’s contact details are published on “Contact Us” page. The list includes:
- Phone number +18007071562.
- Email address support@luzuna.com.
In addition, users can contact the support service in the online chat, which can be launched on any page of the website.
In the footer, it’s also stated that the company Techna Solutions LTD, managing the Luzuna broker, is registered in Saint Lucia and has been assigned registration number 2021-00184. However, for some reason, the detailed postal address has not been published.
Unlike other projects, Luzuna has active links to groups and channels on social networks: Facebook, X (Twitter), Instagram, YouTube. However, having only 3 followers on Twitter or only 5 videos on YouTube for a company that has existed since 2021 seems somewhat strange. It appears that the broker has been in existence for much less time.
Analysis of Services Offered by Luzuna
As we continue to familiarize ourselves with the project, we are increasingly convinced that it was created by scammers. However, Luzuna’s offers to traders should still be considered.
Funding and Withdrawal
Without an active account, we were unable to see how the broker offers to conduct financial transactions. Moreover, on publicly accessible pages, it does not provide any information about this at all.
For a licensed broker, this would be strange, as such companies usually not only mention the available payment methods but also provide details about the transactions: limits, transfer times, commissions, etc. However, it seems that this is the norm for Luzuna. We are confident that traders will not even see the company’s details in their personal account. Scammers try to keep such information secret to avoid attracting the attention of financial and tax authorities. As a result, clients usually send money either to cryptocurrency wallets or to drop cards.
Luzuna Trading Conditions
The broker made a great effort and managed to hide trading conditions from potential clients. It does not disclose the sizes of spreads and swaps, minimum trade volumes, etc. Fortunately, it mentioned the maximum leverage of 1:400 in the FAQ section. However, only the minimum deposits for each of the tariff plans are provided in the description of the account types.
There are six account types in Luzuna:
- Beginner with a deposit from $500 and basic access to market instruments.
- Basic with a deposit from $5,000 and basic access to market instruments.
- Premium with a deposit from $50,000 and basic access to market instruments.
- Premium Pro with a deposit from $100,000 and full access to market instruments.
- Investor with a deposit from $250,000 and full access to market instruments.
- VIP with a deposit from $1,000,000 and full access to market instruments.
For each tariff plan, numerous additional options are listed, which are practically unrelated to trading conditions. For example, these include account management by a personal manager, market event notifications via email and phone messages, etc. Experienced traders are unlikely to be interested in them.
The broker targets beginners or other traders who are not ready to make decisions independently. For such offers, Luzuna may be quite attractive. They constitute the main audience of the company’s clients and bring money to the platform’s accounts.
Is Luzuna Trustworthy and Reliable?
We have almost no doubt that the company is engaged in fraudulent activities. We will try to confirm this by examining the official information about Luzuna.
Assessing Legitimacy
As we have mentioned before, the broker has published data on the registration of the company Techna Solutions LTD in Saint Lucia and even provided a business registry number for this Caribbean state. These details are relatively easy to verify.
We see that the company is indeed listed in the registry of Saint Lucia, registered as an IBC (International Business Corporation). However, Luzuna faces a problem — the financial authorities of the country don’t license or regulate the activities of brokers. Such authority lies with the ECCB (Eastern Caribbean Central Bank), but there are no organizations in Saint Lucia that have obtained such a license.
Thus, even being officially registered, Techna Solutions LTD does not have the right to provide brokerage services. Consequently, Luzuna operates illegally in any jurisdiction.
Established Track Record
All that remains is to check the registration date of the broker and the time it has been operating online. Since Luzuna itself conceals this information, we will use the data from the whois service regarding the domain registration time.
We see that the broker is using a domain registered in 2020. However, there are no snapshots of the website in the web archive before January 8, 2024. It seems that Luzuna actually began active operations since the last changes in August 2023. Overall, this is quite strange: would a platform registered in 2021 wait several years to create a website and attract traders’ funds?
This raises concerns. It seems that the company does not have legal registration and is simply using the name of an existing firm.
Implications for Traders
We believe that trusting the Luzuna is not advisable. The information about its registration is provided by the company itself, and it’s possible that the platform is simply using the name of an existing business. In any case, the broker lacks a license, and its activities are illegal. Therefore, opening accounts in this project and funding them is not recommended.
Strengths and Weaknesses
- Relatively low entry threshold. Starting trading with $500 makes it accessible to almost any trader.
- The official website is quite attractive; however, the content significantly lags behind the design.
- Luzuna claims to be registered in Saint Lucia, and this information is verifiable. However, there are suspicions that the broker is using the name of an existing firm as a cover.
- The financial authorities of the country don’t license or regulate brokerage services. Consequently, the platform operates entirely illegally.
- Mobile versions of the trading terminal are not available in app stores. This raises questions about compliance with platform or software requirements, or the developers.
- The broker mentions a maximum leverage of 1:400. Consequently, traders’ risks are unreasonably high, which can lead to the loss of funds, especially for newcomers.
- Luzuna does not disclose its trading conditions. Clients will have to figure them out on their own.
4 Reviews about Luzuna
I hope they shut down this fraudulent company soon, or they will make millions. Luzuna is a scam project targeting overly trusting investors. Nobody manages to earn here. Read the reviews of other dissatisfied clients, and you'll understand everything. Under no circumstances should you invest money here.
Why did I even get involved with these scammers? You should hear how they manipulated me. They found my number on a website where my resume was posted, called me, and offered me a job, promising a stable income. But apparently, I needed to get closer to trading and trade first. The starting amount was $5k. They started teaching me to trade. After a week, I decided to withdraw at least part of what I earned to cover some of the debt. And then the first surprise came – pay a commission of 10% of the withdrawal amount. But as soon as I paid it, my account was immediately blocked. They said it was a system failure, and they were not responsible. Now these scammers offer me to continue.
Scammers from Luzuna initially gain trust, and they do it quite well. Depending on the victim's financial status, they try to extort as much money as possible, offering seemingly advantageous conditions to attract clients and transfer money. They took $7000 from me. Part of it was immediately withdrawn for insurance, and then nothing could be withdrawn. And they don't process applications.
SCAMMERS!!! DON'T TRUST THEM!!! I fell for their beautiful stories and ended up losing a large sum! They beautifully show earnings and even a trial withdrawal of money, but in the end, you won't be able to withdraw anything! Gambling is a dangerous thing! Be careful, this is a scam!
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