LuxNordic has been flagged by The Dutch Authority for the Financial Markets for "Fraud and Other Types of Misconduct". The Netherlands Authority for the Financial Markets (AFM) warns consumers not to respond to offers from LuxNordic. This company is a suspected boiler room, a form of online investment fraud. LuxNordic has approached persons without being asked, to offer them investment proposals. A boiler room i... This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: https://lux-nordic.com/.
After doing some research AFTER the fact (I know, I should have done this first), I discovered that LuxNordic 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: Lost entire investment|Reported to authorities|Unresponsive
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. LuxNordic said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Great customer service|Fast support response
Cons: Inactivity fee applies after 12 months|Research section could be deeper
Several red flags with LuxNordic: (1) They promise unrealistically high returns, (2) They're not registered with The Dutch Authority for the Financial Markets, (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 The Dutch Authority for the Financial Markets|Cannot verify credentials
I opened an account with LuxNordic since the beginning of the year 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: Regular platform improvements|Quick verification
Cons: Account statements could be more detailed
After spending for about three months trying to make LuxNordic 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: API access|Market news feed
Cons: Would like more payment methods|Spreads widen during volatile periods
Where do I even begin with LuxNordic? for about eight months of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Low minimum deposit|Full transparency|Dividend tracking|Regular updates
Cons: Minor UI glitches occasionally|No fractional shares
My withdrawal request from LuxNordic has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Dedicated account manager|Excellent charting
Cons: Search feature is basic|Spreads widen during volatile periods
I have been trying to close my account with LuxNordic for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Demo account available|No hidden fees
Cons: Minimum deposit could be lower|Nothing significant
After doing some research AFTER the fact (I know, I should have done this first), I discovered that LuxNordic 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: Cannot withdraw funds|Not regulated|Pressure tactics
KYC with LuxNordic is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Helpful community forum|Demo account available|Good mobile app|Wide product range
Cons: Limited social trading features