LUX ALGO MARKETS 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.
Several red flags with LUX ALGO MARKETS: (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.
Pros: Website looks legitimate on the surface
Cons: Flagged by Financial Conduct Authority|Cannot verify credentials
If you are reading this considering LUX ALGO MARKETS - run. I wish I had read more negative reviews while looking for alternatives to my previous provider. I thought the positive ones were real. Maybe some are. My experience over since I opened my account last year has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Responsive team|Smooth onboarding
Cons: None so far
After since I retired last year with LUX ALGO MARKETS, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Two-factor authentication|Comprehensive tools|Instant funding|Full transparency
Cons: Charting tools need more indicators
The onboarding at LUX ALGO MARKETS was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Competitive fees|Comprehensive tools|Real-time alerts
Cons: No fractional shares|Limited ETF selection
LUX ALGO MARKETS 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: Multiple order types|Reliable uptime|Multi-currency support
Cons: No fractional shares
I opened an account with LUX ALGO MARKETS for the past six months ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.
Pros: Real-time alerts|Smooth onboarding|API access|Fast deposits
Cons: Alert system is basic|Limited social trading features
Do not be fooled by the professional-looking website. Behind the scenes, LUX ALGO MARKETS is disorganized and incompetent. I found them after attending a webinar they hosted and I can only assume the positive reviews are either outdated or paid for because my experience was terrible.
Pros: Portfolio tracking tools|Smooth onboarding|Economic calendar
Cons: Cannot customize dashboard fully|No fractional shares
The only good thing about LUX ALGO MARKETS is that they remind you why regulation matters. I found them after seeing their ad online. 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: Quick verification|Instant funding|Good analytical tools|Demo account available
Cons: No crypto staking
My card was charged twice by LUX ALGO MARKETS on the same day. I had to dispute it with my bank. LUX ALGO MARKETS then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: High security standards|Easy withdrawals|Easy to use platform|Fast execution
Cons: Charting tools need more indicators
The platform itself is okay, but the customer service at LUX ALGO MARKETS is truly awful. I waited weeks for a response to a simple inquiry. When they did respond, it felt like a generic template that did not address my specific issue at all.
Pros: Full transparency|Regular platform improvements
Cons: Some tools only available on higher tiers|Slow to add new assets