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.
After since last summer with LUX ALGO MARKETS I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Professional team|Fast execution|Instant funding|Smooth onboarding
Cons: Limited demo account features
After doing some research AFTER the fact (I know, I should have done this first), I discovered that LUX ALGO MARKETS 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.
Pros: Initially responsive customer service
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
The reporting at LUX ALGO MARKETS is laughably bad. Tax documents are inaccurate, transaction histories have gaps, and trying to export data for your accountant is a nightmare. For a financial platform, getting the numbers right should be the bare minimum.
Pros: Excellent charting|Comprehensive tools
Cons: Charting tools need more indicators|No integrated tax optimization
I am in a dispute with LUX ALGO MARKETS over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Economic calendar|Instant funding
Cons: Wish they had more educational resources|Website design could be more modern