In this Luxtious review we will show you why you shouldn’t trade with this broker. Luxtious.com is not regulated and therefore cannot be trusted. So, let’s expand on the obvious question.
Is Luxtious Legit?
The short answer in no! Luxtious doesn’t have a broker license and therefore can’t operate as one.
Forex brokers are required by law to have an operating license if they want to provide investment services in the developed countries like Europe, United Kingdom, USA etc. In order to do so, they must be licensed by strict regulators like FCA (UK), Cysec (Cyprus), Bafin (Germany) and so on. Luxtious doesn’t have any of the above licenses so it doesn’t have the right to conduct business in Europe.
So, if Luxtious is an unregulated forex broker, what protection do its customers get?
None! Luxtious can do as they please with your money, your account and your data. Customers are not protected by any regulatory agency and the only place where you can complain is the authorities in your country. This can include the police or the financial supervision authority in your country. However, the latter doesn’t have much power except to issue a warning about Luxtious. But in any case, is better to issue a public warning so other people don’t fall victims.
How does the scam work?
This answer might vary from case to case but there are some common methods that almost any unregulated forex broker uses. The first step is to collect the numbers. This can be done by a variety of methods. One way is to buy them online from leaked sources. There are plenty of websites out there that sell phone numbers, emails and other information.
The second way is to partner with affiliates. By affiliates we mean websites created specifically to collect visitors’ information, in this case full name, email and phone number. These websites can display a variety of information, but one common method is to impersonate celebrities talking about some brilliant invention that can make you money while sleeping. Below is a screenshot that perfectly illustrates this method.
After they collect the numbers, the sales people make the first contact with the potential “client”. These sales people operate from call centers usually located in countries where the work force is cheap. Their only purpose is to get the client to make the first deposit, usually $250. They will use every trick in the book to make this happen. Some common methods include promising unrealistic returns, double up the deposit, or making money with some kind of AI robot while you sleep.
After you made the first deposit you will get transferred to smarter employees called retention agents. Their job is to gain your trust so you deposit more money. They will try the personal angel and try to become your friend but remember, their sole purpose is to extort money from you.
Trading platform
One might ask, if Luxtious is scam, what about all the trading activity that I did, is that real?
Short answer is no! Although unregulated forex brokers use the same trading platforms that regulated brokers use, the trading is not real. Even if it looks like everything is according to the market including assets, opening and closing hours, price movements, margins and balances, there is one big problem. The trading is only virtual and can be controlled by the scam broker. These trading platforms like MT4 or MT5 for example, can be totally manipulated, including opening and closing price, balance and profits. So, any profit you might think you made by trading, is all fake.
How to withdraw the funds from Luxtious?
Normally the first thing you should do is submit a withdrawal request. Most likely they will not honor this, but you need to keep it as proof. You should also save their email reply as proof that they are not honoring your withdrawal request. You will these proofs to show it to the authorities, to the bank and possibly to the financial supervision authority in your country.
After they receive your withdrawal request, they will give you the runaround. They will delay the withdrawing process for months, wasting your time until you get tired. It doesn’t matter what you say or how much you insist, they will not give back your money back willingly. If they delay it long enough, you can kiss your money goodbye, so what you need to do is act quickly and accordingly to the instructions below.
How to get your money back from Luxtious?
If they are refusing to give your money back, which is very likely to happen, don’t be discouraged and follow carefully these instructions.
First of all, gather all the proof that you can. This may include phone calls, texts, emails and the withdrawal request and date. You will need them for every step that comes after this. You first attempt should be contacting the bank and requesting a chargeback. This usually works the best when the payment is done by credit card. But still, you need to convince the bank that the Luxtious is a fraudulent entity and they are refusing to honor your withdrawal request. Remember, the quicker you perform this step from your deposit date, the higher the chance of getting your money back is.
What if I made a wire-transfer or cash payment?
If you’ve sent a wire transfer or cash payment like western union for example, it’s not possible to make a chargeback. In this situation, you’ll need to escalate your actions. Inform them that you’re considering reporting them to the authorities and filing an official complaint. This might prompt them to reconsider issuing a refund. Additionally, you can create a letter or email to your country’s regulatory agency responsible for overseeing forex brokers. You can easily find this agency with a google search. Explain in detail how you were misled by them and how they are not returning your money. Show this letter or email to the broker and let them know you’ll forward it to the regulatory agency if your money isn’t refunded.
0 Comments