Lutianwl has been flagged by Dubai Financial Services Authority for "Unregistered/Unlicensed entity offering financial products or services". The Dubai Financial Services Authority (DFSA) alerts the financial services community and the public to a scam in which a firm named Lutianwl falsely claims to be regulated by the DFSA.
On its website (https://lutianwl.com/), the firm:
falsely claims to be authorised by two regulators, includin... This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The only good thing about Lutianwl is that they remind you why regulation matters. I found them after reading several online reviews. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Stable platform|Portfolio tracking tools|Demo account available
Cons: Currency conversion fee exists|Limited demo account features
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Lutianwl is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: No regulatory oversight|Money disappeared|Fake testimonials