Luminary FX has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Luminary FX has the worst mobile app I have ever used for investing. It crashes constantly, features that work on desktop are missing entirely, and the security implementation is questionable at best. How they released this app is beyond me.
Pros: No hidden fees|Segregated accounts|Personal attention|Smooth onboarding
Cons: No dark mode on mobile
Luminary FX locked my account without warning and demanded documents I had already submitted. for a couple of months now later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Great customer service|Good analytical tools
Cons: Desktop app not available on Linux
Luminary FX has no proper customer support. The live chat is a bot. The phone number goes to a call center that cannot access your account. Email takes two weeks. When I had a real problem they were nowhere to be found.
Pros: Clear documentation|Regular updates
Cons: No integrated tax optimization|Help articles are sometimes vague
Do not be fooled by the professional-looking website. Behind the scenes, Luminary FX is disorganized and incompetent. I found them when my bank disappointed me and I searched for alternatives and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Real-time alerts|Multi-currency support
Cons: Search feature is basic|Wish they had more educational resources
I was contacted by Luminary FX 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.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
Customer support at Luminary FX seems to be run by people who have never used the platform. Every time I call with an issue, I end up explaining how their own system works before they can help me. It would be funny if my money was not involved.
Pros: Stable platform|Excellent charting|Economic calendar|Two-factor authentication
Cons: Account statements could be more detailed|Minimum deposit could be lower
I had a dispute with Luminary FX 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: Portfolio tracking tools|Two-factor authentication|Fast deposits
Cons: No phone support on weekends
After spending for about eight months trying to make Luminary FX work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Competitive fees|Responsive team|Clear documentation|Regular updates
Cons: Charting tools need more indicators|No phone support on weekends
Several red flags with Luminary FX: (1) They promise unrealistically high returns, (2) They're not registered with Financial Markets 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 Markets Authority|Cannot verify credentials
My withdrawal from Luminary FX was rejected three times for vague reasons. Each time they asked for more documents. When I finally provided everything, they said my account was under review. for a few weeks now of being strung along.
Pros: Copy trading available|Dividend tracking|Excellent charting|Social trading features
Cons: Email notifications too frequent|Wish they had more educational resources