We're not sure who Lunboux Limited is attempting to dupe — this is a fraud, and everything in the broker's whole presentation confirms it. We couldn't even see large portions of the website, and we couldn't create an account, which meant we couldn't learn anything about Lunboux Limited. What we can say is that the broker is unregulated, which makes them potentially harmful.
What exactly is WikiFX？
-
WikiFX is a reputable worldwide inquiry tool that offers basic information and regulatory licensing inquiries.
-
WikiFX can assess the safety and dependability of over 34,000 worldwide forex brokers.
-
WikiFX provides you a significant edge while looking for the top forex brokers. Please visit our website (https://www.WikiFX.com/en) for further information, such as broker reviews and exposure.
Lunboux Limited REGULATION AND FUNDS SAFETY
We were unable to get much information from Lunboux Limited's website since it was constantly failing and would not load half of the pages we attempted to view. That is why we were unable to reach the broker. The “Contact Us” page did not load, leaving us with just one option to contact Lunboux Limited: write to the broker in their live chat. We were given an address — one in Hong Kong. This is unusual given that the broker claimed to be headquartered in New Zealand in another area of the website.
We investigated whether Lunboux Limited is registered with the Hong Kong Securities and Futures Commission (SFC), as it should be if it wants to lawfully provide services in the nation. It was, predictably, not.
Because Hong Kong is a significant global financial center, its regulator, the SFC, has stringent regulations for forex brokers. They must all maintain a minimum capital of 5 million Hong Kong Dollars (about $640 000) and join an Investor Compensation Fund. This fund protects investors who trade in futures and securities up to $150 000 in the event of broker bankruptcy; however, if you want to trade forex, you will not be able to profit from this compensation plan. Brokers may also be required to reimburse traders in specific situations if they offered or suggested financial items that were inappropriate for the customer. However, since Lunboux Limited is not licensed in Hong Kong, we may disregard these safeguards. Check out some trustworthy Hong Kong-based brokers instead.
Choosing organizations with licenses is the best way to ensure that your broker is trustworthy and will do business honestly and openly. A license indicates that the broker has been judged trustworthy by a financial body, ideally a stringent one. Such licenses are extremely difficult to get due to the many standards that every licensed broker must meet. We recommend that you initially look into brokers licensed in the United Kingdom, the European Union, or Australia; such firms are typically a good option since they operate under stringent rules and are required to maintain a high level of service. To maintain complete openness, all of these brokers must report to authorities regularly. However, the regulatory system imposed by agencies such as the FCA (the United Kingdom), CySEC (Cyprus), and ASIC (Australia) comprises much more than merely frequent reporting. To demonstrate their financial stability, all brokers must keep a specific minimum capital – €730 000 in the UK and EU, and A$1 million in Australia. Client funds must be held in separate bank accounts. This demonstrates that the broker will not be able to use your money for financial objectives, speeds up withdrawals, and protects your investment if your broker goes bankrupt. Negative balance protection is another crucial feature of such brokers' offerings – you can never lose more money than you have in your account at any one time.
TRADING SOFTWARE BY LUNBOUX LIMITED
We were unable to establish an account with Lunboux Limited, no matter how hard we tried — the broker's website kept flashing a warning indicating that an error had occurred. We were supposed to gain access to some kind of online platform, but we can't confirm that without access to a Client Area.
In any case, such web-based systems are sometimes not worth the effort – they may seem user-friendly and well-suited for novices at first, but they frequently turn out to be much too simplistic and missing in analytical tools and extra features.
On the other hand, MetaTrader 5, the industry's most popular platform, may give you a plethora of indicators, timeframes, and chart kinds, as well as the ability to export charts in Excel. However, you would also be able to use preprogrammed Expert Advisors to track markets and trade automatically, purchase VPSs to keep those EAs running even when your computer is turned off, create your trading bots and indicators, set signals, access a community chat, and a built-in economic calendar, use a multi-threaded Strategy Tester, and so on. Instead, look at some of the best brokers that provide MT5.
TRADING CONDITIONS FOR LUNBOUX LIMITED
Lunchbox Limited made no mention of trade circumstances on their website — yet, as previously stated, half of that website was unavailable owing to technical issues. We were also not given any legal papers, which is another red flag. Terms & Conditions should always be carefully examined to ensure that the broker has not included any suspicious provisions and is not charging you exorbitant fees and commission. However, with Lunboux Limited, we did not have the luxury of being presented with any legal papers, much alone detailed legal documentation.
DEPOSIT/WITHDRAWAL METHODS AND FEES AT Lunboux Limited
We were unable to deposit since we did not have access to a Client Area – and the broker made no mention of the potential deposit options. However, it is very evident that this is a scam plan and that depositing would be a severe error that would only result in financial losses. However, if you were unfortunate enough to deposit with this broker, you should immediately investigate chargeback possibilities.
HOW DOES THE SCAM OPERATE？
Pay close attention to the next paragraphs – it is vital to understand how such scams work to prevent them. Fortunately, fraudsters often follow the same strategy.
The fraud begins simply enough: an Internet broker offers great conditions, outrageous (nearly ridiculous) profits, and cutting-edge platforms — in other words, everything you could need. You've heard tales of individuals working as professional traders or making a good side income as retail traders, so you establish an account to see what all the hype is about. Most likely, you did not choose the correct personnel for the task. To register, you must supply your phone number and email address.
Following that, the broker will not leave you alone until you transfer the needed money to start an account. And, make no mistake, you will at some time. These folks make a livelihood via smooth-talking. Most fraudsters will not vanish soon away; instead, they will do whatever it takes to get you to pay more and more money. They will phone you, convince you into depositing, and then modify the results to make it seem as though you are making a great profit.
When you want to take your winnings, your broker will find various excuses to refuse them, such as extra taxes or provisions in the Terms and Conditions (most often related to bonuses, or general withdrawal conditions). Sooner or later, you will discover something is amiss – but the fraudsters will be long gone by that time.
WHAT SHOULD YOU DO IF YOU ARE SCAMMED？
So, is it feasible to take action after being duped？
Unfortunately, prevention is the best medicine – always deal with registered businesses, carefully read the Terms and Conditions, and verify the necessary registers of the financial authorities responsible for regulating forex brokers in the particular location.
If you've already deposited, your chances of getting your money back are slim. However, there is still hope — particularly if you deposited using a credit or debit card. Chargebacks are permitted by Visa and MasterCard within 540 days of the transaction. Furthermore, there are several steps you must do to minimize additional financial losses.
Change any passwords or financial information you have given the fraudsters, and uninstall any remote access software you have installed. Some fraudsters would claim to assist you with trading or resolving other issues if you only install such software – their true goal is to get access to your computer and all of your passwords and information.
Some “recovery agents” may appear and promise to reclaim your money in exchange for a charge – this is simply another form of scam targeting desperate scam victims.
Notify authorities and attempt to spread your experience online and with your social circle — the more people who are aware of such scams and their mechanics, the lower their success rate.
WikiFX can provide quick assistance to traders to get their money back from illegal brokers. See the images below for the cases have been resolved. For more cases check the link: https://exposure.wikifx.com/en/revelation.html
Review from Twitter
Review from reputable review sites
For more news and updates, download WikiFX for free from the App Store or Google Play Store.
Leave a Reply