Lucid-FX.net has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I had a dispute with Lucid-FX.net and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: No hidden fees|Detailed reporting|Competitive fees
Cons: Research section could be deeper
I wanted to transfer my portfolio from another broker to Lucid-FX.net. They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Wide product range|Portfolio tracking tools|Copy trading available
Cons: Nothing significant|No phone support on weekends
Several red flags with Lucid-FX.net: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Flagged by Financial Conduct Authority|Cannot verify credentials
Lucid-FX.net seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Excellent charting|Demo account available
Cons: Currency conversion fee exists
Lucid-FX.net locked my account without warning and demanded documents I had already submitted. for about three months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Easy withdrawals|Regular updates
Cons: Website design could be more modern|Withdrawal takes 1-2 business days
I was contacted by Lucid-FX.net through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Pros: Professional looking website
Cons: Lost entire investment|Reported to authorities|Unresponsive
Lucid-FX.net offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Demo account available|Social trading features|Stable platform
Cons: Website design could be more modern|Minor UI glitches occasionally
For anyone considering Lucid-FX.net, please be aware that this company has been flagged by Financial Conduct Authority. This does not necessarily mean they are a scam, but it does mean they may not be authorized to operate in certain jurisdictions. I strongly recommend checking the official regulator website before making any investment decisions.
Pros: Information is publicly available for verification
Cons: Flagged by international regulators|Due diligence required