Lirunex Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
The supplier of online financial services known as Lirunex is Lirunex Limited, which runs the Lirunex website. Traders from all around the world may take advantage of Lirunex's exceptional trading services on the various financial markets. Trading products offered by Lirunex include Foreign Exchange (FX), Contracts for Difference (CFDs), Equities, Indices, Precious Metals, and Energies. Visit Lirunex Website.
Benefits of Lirunex:
All of the funds belonging to Lirunex's customers are kept in separate
accounts at reputable financial institutions.
Lirunes offers the popular MetaTrader 4 (MT4) trading platform for use on personal computers, iOS, and Android smartphones.
Characteristics that are both cutting edge and easy to utilize
Access to all of the most important financial instruments
Support for several currencies and languages
Trading Done Automatically
Hosting on a Virtual Private Server (VPS)
Chills Trading (Business)
The lowest deposit required by Lirunex is only $25, and the greatest leverage available is 1:1000. Floating spreads start at zero. Bank transfers, Visa and Mastercard credit and debit cards, tether, skrill, bitpay, neteller, and PayPal are only some of the accepted deposit methods.
Lirunex provides customer assistance 24/7 in mulitple languages via live chat, email and telephone.
The Labuan Financial Services Authority has granted Litunex authorization and oversees its operations (LFSA).
The Cyprus Securities and Exchange Commission has granted Lirunex Limited authorization and oversees its operations (CySEC).
Lirunex is a regulated online broker that has been in business for a long time and offers a broad variety of trading services that are designed to meet the needs of different types of traders. Lirunex gives traders a number of different account types to choose from so they may trade on the famous MetaTrader 4 platform, which can be accessed on personal computers, iOS smartphones, and android devices. Spreads on Lirunex start at 0.0, leverage may go as high as 1:1000, and the minimum deposit is only $25. Lirunex gives traders the ability to trade with complete peace of mind, since they are certain that their funds are being stored safely in reputable financial institutions in line with applicable financial rules.
Retail and institutional investors alike can trade contracts for difference (CFDs) on Forex and commodities with Lirunex. The Labuan Financial Services Authority has LIRUNEX LIMITED registered as a Labuan International Business and Financial Centre, so the company may operate legally within its jurisdiction.
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LIRUNEX is an experienced and well-respected online trading broker that was created in 2016. LIRUNEX provides you with access to trade in a variety of financial markets, including FX, stocks, indices, cryptocurrencies, metals, and energy. They make the user-friendly MetaTrader 4 platforms available to you, which you may operate on desktop computers, directly in your web browser, or on any mobile device you have.
My research revealed that the broker offered extremely competitive trading conditions, which included narrow spreads, minimal expenses, and swift transaction execution rates. The fact that there are a variety of auto-trading programs that allow you to mimic signals from other traders is something that really appeals to me.
You will also discover that they provide access to a variety of educational resources, many of which, in my opinion, are suitable for novices. The minimum deposit necessary to start trading is only $25, but if you want to get some practice in before making a real financial commitment, you can sign up for a free trial account instead.
LIRUNEX is a multi-asset broker that gives you access to competitive trading conditions. These conditions include platforms that are simple to use, spreads that start at just 0.0 pips, leverage that goes up to 1:1,000, multiple account options, a variety of deposit and withdrawal methods, and a great deal more. Overall, I was quite satisfied with what they have to offer, and I believe they are capable of satisfying the requirements of the majority of traders.
Your transactions are executed using the widely used MT4 trading platform, which is one that I personally found to be quite intuitive and simple to use. Your ability to analyze the market may be improved by reading through some informative educational materials and practicing with various extra trading tools. It is very vital to me that there is a responsive customer support team that is there to assist you at any time. This is one of the things that is most important to me.
LIRUNEX LIMITED is a transnational corporation that is licensed and regulated in several jurisdictions across the world, including those that are listed below:
LIRUNEX LIMITED (LL16130) is licensed by the Labuan Financial Services Authority with the license number MB/20/0050 and is recognized as a Labuan International Business and Financial Centre.
LIRUNEX LIMITED (102684) is an International Business Corporation that was incorporated and registered in the Republic of Marshall Islands. Subsequently, it was re-registered in the Republic of Maldives in accordance with the Companies Act of the Republic of Maldives (Law No.: 10/96) in order to operate the Forex platform (Certificate No. FC00022020).
LIRUNEX LIMITED (HE353862), a company whose headquarters are located in the Republic of Cyprus, holds a license issued by the Cyprus Securities and Exchange Commission (CySEC) with the number 338/17. This allows the firm to be authorized and controlled by the CySEC.
You may feel more at ease knowing that the broker you are working with has the customers' best interests in mind if they are subject to regulation by more than one regulatory body. It also has the potential to guarantee that there is some protection in place in the event that something were to go wrong. Trading with a registered broker provides me with the peace of mind that my money are secure and that they can be relied upon, thus I would always choose to do so if given the choice.
The LIRUNEX headquarters are located in Labuan, but the company has team members working in places all over the world, including the European Union (EU), Singapore, Taiwan, China, Vietnam, and Thailand.
Traders from all around the world are permitted to create trading accounts with the broker, provided that they do not conduct anything that would be considered illegal or in violation of the legislation in their own country. If the option to trade in your nation is not accessible, you may go through our broker evaluations for other available choices.
You have the ability to trade using the MT4 trading platform, which is a multi-award winning platform that is popular among traders of CFDs and FX. The trading interface is loaded with a wide selection of advanced interactive charts, analytical capabilities, expert advisers, and technical indicators. You are able to trade in whatever manner best suits you thanks to its highly adaptable user interface. You are able to maintain tabs on all of your preferred instruments by loading numerous charts and periods into this app. I have spent many years trading with MT4, and despite the fact that it fulfills all of my requirements and more, I have never felt the urge to switch platforms.
The MT4 trading platform may be downloaded as a desktop program for Windows and Mac computers, as well as WebTrader, and as a convenient trading app that is developed for Android and iOS smartphones and can be obtained through the relevant app stores for those operating systems. Without having to load my computer, I am able to monitor the markets and maintain tabs on my transactions thanks to the MT4 app, which I think to be of very high quality.
The following is a list of some of the most important features of the MT4 platform that are available to you:
Real time pricing quotations
characteristics that are both cutting edge and easy to utilize
Access to all of the most important financial instruments
Support for several currencies, time frames, and languages
Various drawing tools and indicators for technical analysis
Notifications about price changes
Trading Execution with the Use of Expert Advisors (EAs)
Available through PC, web & mobile devices
You may obtain free access to a variety of helpful trading tools, in addition to the extensive collection of trading tools that are already integrated into the MT4 platform. My research has shown that making use of these can be an excellent strategy to improve your overall trading experience. Chills Trading and Zulutrade are two examples of the auto-trading software that are included in these solutions. These are social trading systems that might be helpful if you lack the time or skills to trade manually and want to do so nevertheless. Having said that, there are other brokers available, such as BlackBull Markets, that provide an even more extensive range of options from which you may chose.
You will be able to find other traders who are ranked by ZuluRank, a proprietary system that evaluates performance, and track their transactions in real time if you use the ZuluTrade platform. Although there is a big variety of traders that you may mimic, in my experience, the results have been inconsistent. If you are interested in participating in social trading, eToro is now the market leader in this particular category.
Chills Trading is another another social trading platform that enables users to mimic the transactions of other traders as well as track their trades. Although I personally like to be solely responsible for my own trading, I do believe that this is a viable option to consider in the event that you are interested in finding a copy trading platform.
The website of the broker has a variety of educational tools that may help you enhance your trading skills while also keeping you up to speed on the latest happenings in the financial markets. Learning Articles, Trading Guides, Market Analysis, Forex Webinars/Courses, Tutorials, Frequently Asked Questions section, Market News, and other resources are included in these instructional tools.
Maintaining one's awareness of events occurring in other parts of the world is something that I believe to be of utmost significance. The latest economic news is frequently a significant role in the movement of markets. Because of this, it is quite important that a broker puts such resources at your disposal. If you are looking for more assistance with market analysis, you might think about using ActivTrades because they offer professional research as well as one on one instruction.
You will find that LIRUNEX provides you with access to a wide variety of trading instruments to pick from. They cover markets such as FX, equities, and cryptocurrencies, which is to be expected from a leading broker.
You can choose to trade in any of the following financial instruments if you so want:
Trading foreign exchange (Forex) is consistently ranked as one of the most popular asset classes available through CFDs. A substantial choice of 40 distinct currency pairings is made available to traders around the clock and around the clock by Lirunex. These currency pairs include major pairs, minor pairs, and even some unusual pairs. If you are interested in foreign exchange trading and are seeking for a broker, then they could be a suitable option for you.
You may acquire access to worldwide exchanges by investing in 14 of the world's most prominent equity indexes, such as the Nasdaq 100 and the S&P 500 in the United States, the DAX 30 and the CAC 40 in Europe, the FTSE 100 in the United Kingdom, and the China A50 in China.
Gold and silver are both accessible as commodities for trading on Lirunex; the terms and conditions of the trade are subject to change based on the kind of Lirunex account used, such as LX-Standard, LX-PRIME, or LX-PRO.
On the Lirunex Platform, traders have access to both the United Kingdom's Brent crude oil and the United States' WTI crude oil as potential investments. You may profit from the rapidly changing market of crude oil, which is a well-liked option among traders who are searching for daily movement in their investments.
Using the Lirunex Platform, you may gain access to the stock market and invest in a variety of U.S. and European equities at a reasonable cost. There are 40 stocks to choose from. Even while you can locate the majority of large businesses, they can't quite match to brokers like IG, who provide over 17,000 different trading products for its clients to choose from. They also provide a great assortment of more than 15,000 stocks for you to trade, which places them among the top stock brokers we work with.
The crypto CFD trading market includes some of the most well-known cryptocurrencies, such as Bitcoin and Ethereum, and is supported by the broker. If you are interested in trading cryptocurrencies, I believe that they might be an excellent option for you. You may also have a look at our top cryptocurrency brokers to see what other choices you have.
You have your option between four different account kinds while trading with LIRUNEX. It's great that they've designed multiple account types to accommodate the various trading tactics out there. It's possible to trade with some brokers using only one basic account, which has both positive and negative connotations. It does imply that there are fewer alternatives available, but it also guarantees that everyone will have access to the same features.
The sort of account that you choose with will generally be determined by the factors that are most important to you. You have to ask yourself if having low spreads is more important to you than not having to pay a commission charge at all.
The following is a list of the accounts from which you are able to choose:
Min deposit: $25
Max leverage: 1:1000
Commission: 0 Dollars
Spreads can be as little as 2.0 pips and are floating.
Min deposit: $100
Max leverage: 1:1000
Commission: 0 Dollars
Spreads can be as little as 1.5 pips and are floating.
Min deposit: $200
Max leverage: 1:1000
Commission: $8 per lot
Spreads are able to float and can be as low as 0 pips.
Min deposit: $10,000
Max leverage: 1:1000
Commission: $4 per lot
Spreads are able to float and can be as low as 0 pips.
There is a practice account accessible, known as a demo account. You may get some valuable experience with online trading by utilizing the platforms provided by the brokers, and you can also test out their services to determine whether they are right for you. When I want to make sure that everything, including the spreads, fees, and execution, meets my standards, I always put my trading techniques through their paces on a demo account first.
The LIRUNEX Islamic account may be opened with one of the two different account kinds. It is a swap-free account that has been developed just for those of you who are merchants who practice Islam. First, you will need to create an account of either of the two types available, and then you will need to get in touch with the support service to get your Islamic account confirmed.
A competent client support staff is available to answer any and all of your trading-related questions. They may be reached via telephone, email, online form, Live Chat, social media, or by visiting their physical office. You can also send any of your trading-related questions to this team. The support line is open from 9:30 am to 6:30 pm (GMT+8) Monday through Friday. They were extremely fast to react to all of my inquiries, which I found to be very useful, and I found them to be really helpful overall. They have even communicated with me without being pushed to do so, which is really impressive. This is fantastic, as it demonstrates that they look out for the best interests of their customers. On the other hand, if you prefer to conduct business in quiet, you can find this distracting and bothersome.
From my point of view, one of the most notable aspects of LIRUNEX is the extensive variety of payment methods that are supported for both making deposits and making withdrawals. The fact that we may use digital wallets to finance our accounts is one of my favorite features. This is due to the fact that I want to have prompt access to the funds in my trading account should I need to make any adjustments to an existing position or enter a new trade in response to unexpected market news. If I had been required to wait around for many days in order for bank transactions to clear, I could have missed the boat entirely.
The fact that LIRUNEX does not charge any fees for either deposits or withdrawals is another feature that I appreciate. You should be aware, however, that the supplier of your digital wallet as well as the blockchain can charge you an additional cost.
The following methods of payment are open for selection:
Deposits made with a credit or debit card are processed the same day; however, it might take anywhere from seven to ten business days to get a withdrawal.
With an electronic wallet, you can rapidly handle both deposits and withdrawals.
It takes between three and five business days for deposits and withdrawals to be processed using the wire transfer method.
The process of opening a live trading account with LIRUNEX was quite simple for me to complete. On the homepage of the broker's website, you will see a button labeled "Create Account." All you have to do is click on that button. From that point on, you will need to provide your personal information, such as your source of income, investing goals, employment status, and so on, and then submit any necessary verification papers. In most cases, finishing the whole process won't take more than ten minutes of your time.
In general, Lirunex is a reliable broker that offers clients user-friendly
trading and asset management solutions. The financial broker that was created in
2017 and is regulated in Cyprus has emerged as an online broker, specialized in
foreign exchange (Forex) and contract for difference (CFD) trading for
individuals as well as institutional investors and fund managers.
Trading under the name Lirunex is done by a recently licensed investment and forex broker company in Cyprus that has its headquarters in Larnaca. The company is known as Lirunex. Lirunex was founded with the intention of offering professional brokerage services to customers all over the world. The Cyprus Securities and Exchange Commission (CySEC) and the Labuan Financial Services Authority are both responsible for licensing and supervising the company (LFSA).
The broker operates more offices in various parts of the world. Because the European operating standards that are followed by the CySEC are followed by Lirunex as well, in order to guarantee possible success for its investors, Lirunex complies to all of those criteria.
Lirunex is committed to fostering long-term relationships with its clientele by focusing on providing exceptional service across the board. The company also makes it a priority to be current on the most recent advancements in relevant technological areas. The trading conditions offered by the broker are quite flexible, and they provide a wide variety of account kinds in addition to the widely used MT4 platform. Lirunex boasts that it has been selected as a finalist for the title of best broker in Malaysia for the year 2020.
At the moment, Lirunex does in fact provide a bonus for new customers. Traders who open a genuine account with Lirunex are eligible for a sign-up bonus. From 1 January to 30 June 2022, traders may get a deposit bonus of 88 percent of their initial deposit, with a minimum deposit requirement of $200 or the currency equivalent.
In order to entice new clients and stimulate active trading, brokerage firms frequently give sign-up bonuses to new traders. The simplest method to reassure traders that they have a chance of getting part of their money back, depending on how much they first deposit, is to provide them with a deposit bonus or a welcome bonus.
In order to create a basic account with Lirunex, a deposit of at least $25 USD or another currency of comparable value is required. At the time of this writing, the average rate of currency conversion between the United States Dollar and the South African Rand was such that this minimum deposit amount was comparable to ZAR 400.
There are a total of four distinct account kinds available with Lirunex: the LX Standard, LX Advanced, LX Prime, and LX Pro. Each of these account types has a unique minimum deposit requirement and spread, respectively. The spread is determined by the grade of the account type that you want to utilize since higher-grade accounts provide more favorable trading circumstances.
The following are the stages involved in creating an account with Lirunex:
Step 1 – Go to the Lirunex website and register for an account.
Traders must initially visit the Lirunex website and click the "Create account" button in order to move on with the account registration process.
Step 2: Register for Lirunex by filling out the online form.
Traders are required to provide their name, email address, phone number, leverage, deposit amount, and currency in the second phase of the registration procedure.
Access the Lirunex Dashboard, which is the third step.
Traders will instantly be granted access to the Lirunex dashboard, where they will be able to continue the KYC procedure and validate a live account.
The demo account provided by Lirunex is very identical to the genuine trading account. Traders may access the same tools, functionalities, and options that they would have on a live trading account while using a demo trading account. The only notable difference is that there is no exposure to risk while using the demo account, since traders only deal with virtual funds to execute trades. Because of this, traders are unable to cash out any winnings that they have made while using the demo account.
An Islamic account may be opened with Lirunex by making a deposit of at least $25 or its currency equivalent. There are two types of Islamic accounts available: the Islamic standard account and the Islamic Prime account.
Only Muslim traders who abide by Sharia law are eligible for the Islamic Account that Lirunex provides. Traders are obligated to take note of the fact that the Islamic account may have specific characteristics that are drastically different from those of the other individual account kinds. These characteristics may include minimum deposits, spreads, and other factors. Traders who are interested in enrolling for an Islamic account can do so on the Lirunex website, where they can also register for a genuine account.
The spreads for the Standard Account at Lirunex begin at 1.5 pips on the EUR/USD currency pair. When traders engage in financial transactions with Lirunex, they should anticipate the fees, spreads, and commissions that are detailed in the company's spread list.
When compared to the requirements of other brokers, the minimum deposit that is necessary to register for a live account with Lirunex is rather high. When it comes to financing accounts, Lirunex provides traders with a number of different deposit options to choose from. It is always required that the funds be returned using the same manner that was used to deposit them.
Both Euros and US Dollars are acceptable forms of deposit currency here. Traders have a responsibility to check with their financial institutions to see whether or not they levy their own costs, since there may be other fees that are relevant.
There are no additional costs charged by Lirunex; however, there may be fees assessed by third parties such as banks. Processing times are short, and withdrawals made via specific ways may also be completed within a day. However, depending on the services provided by a customer's bank, it may take several days for the funds to become accessible in the customer's account.
A forex trading platform is, in essence, the piece of software that is made available to Lirunex's customers so that they may carry out their transactions using the platform. A multi-asset trading platform is one that enables customers to trade not just foreign exchange but also other asset classes. These other asset classes can include contracts for difference (CFDs) on equities, stock indexes, precious metals, and cryptocurrencies.
Whatever a customer wants to trade will always be the deciding factor in the platform they go with. The tried and true MetaTrader4 platform is the one that Lirunex likes to stick with. Aside from the fact that it is functional, MT4 is the most popular platform in the world. It is also offered in a variety of variants that are appropriate for use on personal computers, Apple computers, or mobile devices of any kind.
The MT4 platform offered by Lirunex is jam-packed with tools and features that may improve your trading technique and bring you more exposure. This is true both for beginners and for experienced traders. It does not set any limitations on the kinds of EAs that may be designed or bought from the market.
The following is an overview, based on data provided by Google Trends, of the frequency with which the search phrase "Lirunex" is entered into Google's search engine over the course of a certain amount of time.
It is possible to summarize Lirunex as a beneficial organization for prospective traders, as it provides an opportunity for high-quality trading regardless of whether the trader is an amateur or an experienced expert.
Trading with Lirunex, which provides customers with a variety of account kinds, fee conditions that are reasonable, and commitments to the European CySEC, provides customers with the assurance that they are doing business with a reputable company.
The Foreign Exchange (Forex) market is saturated with foreign exchange
brokers at every turn. Simply conducting a search on Google will provide
hundreds of thousands of results from different brokers offering to sell you
their trading platform.
It is essential vital to be able to differentiate between trustworthy brokers and con artists due to the large number of service providers available. And although while it might not be the simplest thing in the world, with a little bit of work and some investigation, you can still find some little facts that point to the fraudulent plan.
In this section of our Lirunex review, we are going to examine the trading platform offered by the broker and determine whether or not it is a good trading counterparty.
The website will serve as the focus of the initial part of our evaluation. When we visited Lirunex.com for the first time, it did not provide us with a very favorable initial impression. You may already be aware that the design and the simplicity of navigation play a significant role in forming the initial impression. This website, on the other hand, featured a very unimpressive interface, with color schemes that were boring and terrible section layouts.
Nevertheless, we cannot deny that Lurinex is effective in the way that it communicates information. We had no trouble locating information on the spreads, leverage, or licenses, and even the pace of execution was not a mystery to us. However, it is important to note that not all of those particulars appear to be accurate, which is something that will be discussed in further detail below.
The trading platform may be found in the following section of the website. In the event that you choose to open an account with Lurinex, which might not be the smartest move from a financial perspective, the Lurinex MT4 will serve as the primary trading platform that you employ. And to be fair, MetaTrader 4 offers some very great features, such as MQL4-based technical indicators, drawing objects, rapid execution times, and a lot of other things as well. However, it is not the most user-friendly platform when it comes to trading a huge number of different instruments at the same time. In addition, if the broker is dishonest, there is no way, regardless of how strict the platform is, that it can prevent it from defrauding customers.
Last but not least, let's go through the several Lirunex accounts that are available to you. During the course of our investigation, we discovered three retail accounts that are available to every Lirunex customer:
LX-Standard – 200 USD min. deposit
LX-Advanced requires a minimum investment of 500 USD.
LX-Pro – 1,000 USD min. deposit
You have the ability to trade any instrument that is accessible, apply the maximum leverage of up to 1:500 across all three accounts, and use MT4 on your PC as well as your mobile device as a terminal. What we've found is that the similarities between these accounts are more defined than the differences, which is why we don't see a clear reason why any trader would want to spend the extra money and go for a higher-end account instead of the LX-Standard account. The reason for this is because the similarities between these accounts are more defined than the differences.
Is it reliable to follow the Lirunex regulation? If we don't check the broker's license, then all of our debate over whether or not the Lirunex scheme is authentic is pointless. If the organization in question adheres to rigorous financial standards and has the appropriate regulatory safeguards in place, then you can be certain that your money is in good hands.
According to what we observed on the company's website, Lirunex holds two
licenses, one each from Malaysia and Cyprus:
Laboratory for the Supervision of Financial Activities (LFSA)
The Securities and Exchange Commission of Cyprus (CySEC)
If the broker in question can demonstrate that they are in possession of a CySEC license, then we will have no problem recommending them as a reliable service provider. Cyprus's Financial Services Regulatory Authority is widely regarded as one of the most strict in the industry, and the authority ensures that all of its subjects comply with EU regulations.
On the other hand, this section contains a lot of ambiguous language. For instance, if there actually existed a CySEC license, Lirunex would not be allowed to provide such a high leverage; at most, it would be able to aim for a leverage of 1:30. Because of this and other factors, we have a strong suspicion that the license issued by Malaysia is the only one that regulates the activities of the broker.
The LFSA license, on the other hand, does not exude quite the same level of trust as the CySEC license. If the Lirunex scam were to occur, the Malaysian financial regulator would not be able to hold the broker responsible due to the country's ineffectiveness as a financial regulator.
What the terms and conditions of trading look like will be covered in the next part. In this section, we will investigate all of the significant offerings and conditions that comprise the entirety of the trading experience offered by Lirunex. Let's get the most important question out of the way first: which financial products are available for trading on this platform? You are able to trade not only major and minor currency pairs, but also a wide range of CFDs (Gold & Silver, Indices, Commodities, Cryptos & Stocks).
When using these instruments, you have the ability to get trading terms and circumstances that are rather spectacular; nevertheless, impressive does not always equal safe. For instance, the highest possible leverage that can be obtained for both major and minor FX pair trading is 1:500. Now that you have a leverage of 1:500, your earnings will continue to grow at the same rate, which is something that every trader hopes to achieve.
Having losses rise by the same amount, on the other hand, is something that no trader ever wants to see happen. However, this is precisely what occurs when one uses a leverage factor of 1:500, which is something that the Lirunex FX brokerage fails to point up. If it were a legitimate broker, Lirunex would not only caution you to make extremely careful use of leverage but it would also provide a considerably lower ratio in conformity with the regulations that are set forth by the EU.
Concerning Lirunex's spreads, we have a good deal of skepticism as well. It is possible for the minimum bid/ask spread to be as low as 0 pip. This indicates that the broker is turning down the one and only reliable source of income, especially when one considers the fact that it also avoids commissions or charges fees that are very low. We would like to conduct business with a broker who advertises that it charges a reasonable amount of spreads rather than one who would burden you with secret commissions, some of which may be questionable.
You have the option of using bank transfers and Local Online Banking to make deposits and withdrawals - this must be done separately for South East Asia and China. Even while Lirunex asserts that it will shortly include more payment methods, such as credit cards and Skrill, the fact that it has been in business for close to four years and has not yet implemented these payment methods into its platform is, at the very least, highly suspect. In most cases, the processing of both deposits and withdrawals is finished within a single business day, and users are subject to either no commissions or variable commissions (based on the bank).
What is the conclusion that we have reached regarding Lurinex? In this comprehensive evaluation of the Forex broker Lurinex, we looked at every relevant facet of the company. First, we checked out their website and came to the conclusion that it has a rather clumsy and not very sophisticated appearance. Nevertheless, we said that the trading program, which is called MetaTrader 4, is a respectable service to the customer.
After that, we looked at the licenses that Lirunex possesses (or seemingly so). In spite of the fact that it asserts that it possesses licenses from both CySEC and LFSA, we have found that the sole real license originates from Malaysia, which is not the most influential authority in this sector of the industry.
At long last, we turned our attention to the terms and circumstances of the trade. On a more fundamental level, the conditions involving the spread and the leverage raise red flags. The same thing can be stated about the other means of payment; the broker will only allow bank transfers from you.
After considering everything, we have come to the conclusion that Lirunex is not a reliable broker and is not deserving of your time or money.
Lirunex is a foreign exchange broker that was established in 2016. It has
branches in the offshore jurisdiction of Labuan, Malaysia, in Cyprus, and in
another offshore branch that the firm claims is registered in both the Maldives
and the Marshall Islands.
In addition to being supervised by the Labuan Financial Services Authority (LFSA) in Malaysia, the broker is subject to all of the regulations required by EU legislation through the corporation it maintains in Cyprus. As is typical in many offshore countries, the branch of Lirunex that is based in the Maldives and Marshall Islands is not governed by the local government. This is the case since the Maldives and Marshall Islands are considered to be offshore jurisdictions. Consequently, traders who have joined up with the Lirunex organization that is located in the Maldives may take advantage of some of the largest trading leverage in the world, which can go up to a ratio of 1:1000.
Lirunex is one of the brokers that is known to accept traders who are headquartered in the EU, Australia, and other regions with severe limitations on trading leverage as clients under its offshore businesses. This is an interesting development for traders who are based in these locations. Going to the website of the broker, finding the section labeled "MED" (which stands for "Maldives Ministry of Economic Development") in the upper left corner of the page, and signing up as a new client is all that is required to do this.
As a business, Lirunex places a significant amount of emphasis on the South East Asian market, particularly the forex traders located in Malaysia, Brunei, Indonesia, Singapore, the Philippines, and Vietnam. It is also important to point out that Trader's Awards named Lirunex the "Best Broker in Malaysia" for 2020. This is an accomplishment that may boost the credibility of this broker in the eyes of traders located in the region.
Moving on to the tradable assets that may be purchased through this broker, it is abundantly evident to us that covering each and every kind of asset that is now available has not been the primary emphasis here. Instead, Lirunex has decided to provide customers with access to just the most liquid assets. These include little more than 40 forex pairs, a select group of the most well-known cryptocurrencies, and a limited selection of single stock CFDs and commodities CFDs.
In addition, the MetaTrader 4 (MT4) platform, which is based on Windows, is used to trade all of the instruments that are made available by Lirunex. As a result of the fact that this is perhaps the most popular trading platform in the world among retail forex traders, the majority of users should find that it is easy to use. Amongst other things, MT4 rose to prominence due to the vast number of user-created indicators and trading methods that are available for purchase in the marketplace that is integrated into the platform.
At this time, Lirunex does not provide any other trading platforms to its customers.
Once they have completed the registration process, all new clients of Lirunex will be placed into one of the following four account types, which the broker provides, based on the amount of money they first deposit:
– LX-STANDARD, with a minimum deposit of USD 25 and no costs, spreads starting from 2.0 pips, and more
– LX-ADVANCED, which has a minimum deposit of USD 100 but has spreads starting at 1.5 pips and does not charge fees
– LX-PRIME, with a minimum deposit of USD 200, spreads beginning at 0 pips, and fees beginning at USD 8 per lot
– LX-PRO, with a minimum deposit of USD 10,000, spreads starting at 0 pips, and fees starting at USD 4 per lot
Moving on to customer support, this is something that Lirunex provides, and it may be done through live chat online, WhatsApp, or email. Regrettably, the broker's website does not have a direct phone number that may be used to reach the broker.
In conclusion, we think that Lirunex might be a broker that traders from jurisdictions such as the European Union (EU), Australia (Australia), Canada (Canada), or other countries whose rules restrict what can be traded and how much leverage can be utilized should keep a watch on. These traders may quickly sign up with the offshore branch of Lirunex, and once they do so, they will be able to take advantage of the significantly larger trading leverage that is offered offshore. What we do not have access to, however, is a more extensive range of trading instruments, which would include coverage of things like bonds, other commodities, and a greater variety of stock options. In addition to that, a phone number that can be used to get in touch with the customer service department has to be made accessible.
The choice to enter a financial market and begin trading in it is in and of itself a challenging endeavor that calls for a great deal of careful deliberation. However, it might be challenging to locate a business associate that can support your trading operations with the full complement of applications and platforms required.
There are dishonest brokers operating in the trading market, and their sole objective is to deceive you into participating in one of their financial scams so that they may steal your money. Because of this, you need to exercise utmost caution so that you do not give in to their alluring terms and conditions.
In this section of our Lirunex review, we will do a comprehensive analysis of the broker's platform, paying particular attention to the leverage, spreads, and licenses offered by the company. Therefore, let's not spend any more time and go right into the discussion of the evidence.
Is Lirunex legit? The broker's regulatory status is going to be the primary focus of the first significant entry in this analysis. Lirunex, which has its headquarters in Malaysia, is authorized to conduct business by the Labuan Financial Services Authority (LFSA) and possesses the license number MB/20/0050.
In addition to this, the broker asserts that they have branches located all over the world, some of which also hold their own individual licenses. These branches include the Cypriot branch, which holds a license issued by CySEC, and the Marshall Islands branch, which does not hold any particular license.
Now, in spite of these assertions, the platform in question has a great deal of ambiguity, which makes us dubious. For example, the greatest leverage that you may receive for any account in any country is 1:500, which is far more than the minimum required by CySEC regulations, which is simply a 1:30 multiplication rate. This applies to all accounts and all jurisdictions.
Because of this and a great number of other grounds, we assume that the LFSA has only issued one license to Lirunex. To be honest, it is not the most well-known regulatory material in the world: Malaysia is a poor third-world country that has the economic or political might to truly oversee the acts of a brokerage, especially one that works on a worldwide scale.
As a result, we are of the opinion that the Lirunex hoax might in fact be genuine.
Up next, let's discuss the layout of the website as well as its overall functionality, shall we? Its user interface is not nearly as polished as those of other, more well-known websites. The layout is fairly uninteresting, and there isn't much of a connection between the different portions.
When it comes to the information, Lirunex does a remarkably fantastic job of presenting details on pretty much every facet of their platform in a clear and understandable manner. We were able to locate the information on the variances in leverage that are associated with the various accounts, as well as the minimum and maximum trade sizes, as well as a great deal of other specifics. For this reason, the broker deserves praise, despite the fact that some of the information that was supplied could not truly be accurate (judging from the licensing claims).
You can choose from the following three live account packages offered by Lirunex:
LX-Standard – 200 USD min. deposit
LX-Advanced requires a minimum investment of 500 USD.
LX-Pro – 1,000 USD min. deposit
The bulk of trading requirements, including maximum leverage of 1:500 for Forex pairings, an unlimited amount that may be deposited, and even the speed at which trades are executed, are the same for each of these types of accounts. People would be better suited opting for the LX-Standard account because of the disparities in spreads and fees, which do not actually justify the changes in minimum deposit requirements.
If you do choose to trade with this broker, the Lurinex MT4 will serve as your primary trading platform. This is the case regardless of the trading program you choose. Even if there are a variety of indications, drawing tools, and sophisticated charting processes that can be utilized with this program, it is important to keep in mind that the safety of the software is entirely dependent on the broker. In addition, as was discussed in the prior chapter, the licensing that Lirunex may point to as a point of pride is not particularly strong.
Are Lirunex promos legit? The trading terms and conditions of Lirunex are going to be the last topic we cover in this analysis. This is the section that typically piques the curiosity of the greatest number of customers. You are able to trade using this platform if you have:
Pairs of currencies (Majors, Minors)
Gold & Silver CFDs
CFDs on indexes
CFDs on Commodities
CFDs on crypto assets and stocks
The extensive variety of instruments that may be traded is undeniably worthy of admiration. Not only does it make it possible for traders from multiple markets to congregate in one location, but it also assists individual traders in diversifying their portfolios by adding trading instruments from a wider variety of marketplaces.
Promotions for Lirunex: Nevertheless, when it comes to the complementing features, we aren't all that convinced by them. As an illustration, the greatest leverage that can be obtained for Forex pairings is 1:500, as was mentioned before. What this indicates is that you are borrowing 500 times as much money from the broker as you have put with them initially. In this manner, the projected future earnings will grow by the same amount. However, the same holds true for the losses, making it extremely risky to use this tool at your own discretion.
Despite this, the Lirunex Forex broker moves forward with the change without first notifying its customers. In addition, if the broker in question had possessed a CySEC license, the highest leverage that could have been offered to Lirunex would have been 1:30, with no more steps possible.
Our assumptions regarding spreading are the same as before. However, Lirunex makes these outlandish claims that the minimum spread for FX pairs will be 0 pip, whereas the average will go as low as 1.5 pips, which is still considered to be a very low spread. Our readers may already be aware of this fact, but just in case: Forex brokers typically rely on bid/ask spreads to fund their platforms. We are perplexed as to where the financing comes from for Lirunex considering that even the commission levels are either close to nothing or exactly nil.
At Lirunex, you won't find a lot of options to choose from when it comes to the platform's capabilities for making deposits and withdrawals. Although the broker promises that they will "soon" be delivering many additional platforms (credit cards, Neteller, etc.), at this time there are just three versions of the same payment method available to use:
Online banking available locally (South East Asia)
Online banking available locally (China)
The transaction times for both withdrawals and deposits made through Lirunex will typically be close to twenty-four hours, with varied commissions for the various local online banking options. As you can see, there are not many different ways that you may deposit money into your trading account.
Should you trust Lirunex? Now, let's circle back to the most important question: would the trading you do with Lirunex put your money in danger? Now, let's perform a speedy recap of everything that we've just discussed in our review, including the following:
Forex broker Lirunex makes the claim that they own a European license, but in reality, they just hold the Malaysian license, which is not particularly robust and does not provide the most secure possible financial experience.
In addition, the broker is unable to provide a satisfactory user experience on its website. The site is clumsy to look at, and the design choice is not very good. In terms of the program itself, there is not much to criticize about it; nevertheless, the game is controlled by a dishonest broker rather than the software that it is utilizing itself.
When it comes to the trading terms and conditions, there are just too many red flags to consider the broker trustworthy. For example, the leverage is far too high, and the spreads are much too low.
Because of these and other factors, we are under the impression that our suspicions regarding Lirunex are legitimate. As a result, we would never advise any of our readers to go in that direction.
The sale of Lirunex is controlled in a number of different jurisdictions.
Lirunex is a foreign exchange platform that has been re-registered in the
Republic of Maldives after first being formed and registered in the Republic of
Marshall Islands (Company number: 102684) (Certificate No. FC00022020). They
operate under the name LIRUNEX LIMITED in Labua, where they are subject to the
regulations of the Labuan Financial Services Authority (their license number is
MB/20/0050). Additionally, they are subject to the laws of Cyprus under the name
LIRUNEX LIMITED and hold the license number 338/17. Additionally, the FCA has
granted them EEA authorization under the name Lirunex Ltd., allowing them to
sell specific goods and services within the UK (Reference number 792308).
The jurisdiction from where your regulation originates will determine the amount of protection afforded to your cash. It is not feasible to determine what your regulation is at this time due to the fact that there are many different permutations that go into defining your regulation. You will need to verify with the manager of your account to see which regulatory body you fall under.
If you are subject to regulation in Labua, there is no compensation plan for your cash.
There is no financial institution compensation program available to those who are regulated in the Republic of Maldives.
It is not possible to participate in a financial compensation program if you are subject to the laws of the Republic of the Marshall Islands.
If you are subject to the regulations of CySec, there is a possibility that you will have access to money protection. In the event that a firm goes out of business, all brokers that are authorized by CySec are required to become members of "The Investor Compensation Fund," which provides a guarantee of money equal to 90 percent of the customer's remaining deposit, up to a maximum of €20,000. On the other hand, according to CySec, this sum may be as little as €3,417 depending on the organizational structure of your broker. Because the answer is dependent on both your nation and its regulations, you will need to check with the manager of your account to see which solution is appropriate for you.
Keep in mind, too, that if you trade cryptocurrencies using CFDs (contracts for difference; trading the prices of cryptocurrencies without actually holding the cryptos), you will not be protected by the Cyprus Investor Compensation Fund. Because cryptocurrencies are not considered to be 'financial instruments,' the MIFID II law does not recognize them. If, on the other hand, you had created your account with a broker that was regulated by the FCA, both you and your assets would have been safeguarded by the FSCS.
It is strongly suggested that you select a broker who is regulated by the Financial Conduct Authority (FCA) in the United Kingdom or the Financial Market Supervisory Authority (FINMA) in Switzerland and who offers government-backed client funds protection (one hundred percent of the remaining deposit) up to GBP 85,000 (FSCS) or CHF 100,000 (Esisuisse), whichever is greater. These restrictions are more stringent, the regulations are more clear, and in the case of a disagreement, they are more targeted towards customers.
Lirunex is a brokerage firm based in Cyprus. Larnaca, Cyprus-based Lirunex is the trade name used by the recently licensed forex broker and investment business Lirunex, which goes by the name Lirunex.
Finding a reliable Lirunex review, either locally or globally, may be a challenging procedure, particularly when it comes to locating a comprehensive list from a reliable and trustworthy source.
The following is a comprehensive analysis of Lirunex that will assist you in making an educated choice on whether or not to establish an account with them or engage in trading on their platform.
Recent research indicates that the business Lirunex, which is based in Cyprus, operates as a forex broker.
A firm that gives traders access to platforms that enable them to purchase and sell different types of currencies is known as a foreign exchange (Forex) broker.
Retail forex brokers and currency trading brokers are both names that refer to the same type of business. In turn, retail currency traders employ these brokers in order to acquire access to the 24-hour currency market for the sake of speculating.
Institutional clients and huge corporations such as investment banks can also take use of the forex broker services that are available.
Lirunex was formed with the purpose of providing clients with professional brokerage services. The Cyprus Securities and Exchange Commission both licenses and monitors Lirunex in its operations (CySEC).
Lirunex is committed to preserving its client base by ensuring that its customers' needs are met, continuously evaluating the state of the industry on a worldwide scale, and being current with developments in relevant technology.
In light of the fact that CySEC conforms to European operational standards, Lirunex does the same in order to ensure that its investors have the best possible chance of realizing their financial goals.
They provide a sizable selection of account kinds, a widely used trading platform, and adaptable market circumstances for trading.
It is perfect for experts, active traders, and newbie traders alike to use Lirunex since it provides multiple foreign exchange pairs, CFDs on metals, commodities, and other instruments, all of which are supplied with immediate STP order execution.
For the latter, Lirunex offers learning courses and support, including several ways to analyze data and various guidelines for strategic planning.
Awards and Recognition In the field of forex broker firms, getting awarded with awards from prestigious organizations or publications counts considerably for the company's reputation. This is especially true in the case of award-winning enterprises.
It is a source of great pride for Lirunex that they have been suggested for the position of top broker in Malaysia for the year 2020.
Accounts with Lirunex: A forex account is a trading account maintained by a trader with a firm like Lirunex that is primarily issued with the intention of trading currencies. Lirunex accounts are issued with the goal of trading currencies.
Typically, the number of accounts and types of accounts that a trader is permitted to open with a broker firm will vary depending on the country in which the brokerage is based, the trader's country of residence, and the regulatory authorities under whose jurisdiction the firm is authorized to conduct business.
Various Types of Accounts and the Features They Offer: When it comes to Lirunex, the broker makes available the following categories of accounts to its clients:
An LX-Standard account that requires a deposit of at least 200 USD.
An LX-advanced account that requires a minimum deposit of one thousand US dollars
An LX-Premium account that requires a deposit of at least 5,000 USD.
A minimum payment of 20,000 USD is required for an LX-Pro.
A PAMM or MAM Demonstration Account
Customers may trade and manage several accounts from a single MT4 Terminal, and they can take advantage of quick execution across all of their sub-accounts.
The PAMM and MAM offerings from Lirunex make it possible to manage the funds of customers through the use of individualized allocation strategies, performance reporting in real time, and real-time updates on commissions.
Card payments and bank transfers are only two of the many options for transferring money into or out of your trading account that Lirunex makes available to its customers. Recently, Lirunex made a commitment to expanding its payment choices by integrating Neteller, Skrill, and China UnionPay, all of which ought to be live by this point.
The Standard Account has a minimum deposit requirement of 200 USD, but the other accounts have greater minimum deposit requirements but provide traders with more favorable trading circumstances.
There is no fee associated with deposits made via some methods, such as wire transfers to a bank account; nevertheless, there is a 1.5 percent fee associated with card payments. As a result of international regulations, payment institutions or providers may impose additional costs on traders, which must be paid by the traders themselves.
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After a withdrawal request has been made, withdrawals are executed within the first 24 hours, Monday through Friday (excluding public holidays), except weekends and holidays. Your account must receive the refunded funds using the same method that was used to deposit the funds in the first place.
The cost of trading is determined by a number of factors including commissions, spreads, and margins. Other fees associated with trading include costs such as spreads and commissions.
The difference between the bid rate and the asking rate for a currency pair is known as the spread for that pair. A point of interest (pip) is the smallest possible change that can occur in a currency exchange rate. For currency pairs in which the Japanese yen serves as the term currency, one pip is equal to 0.01, but for all other pairs, one pip is equal to 0.0001.
Margin refers to the minimum quantity of funds that must be present in an account before a position may be opened. The current price of the base currency in relation to USD, the size (volume) of the position, and the leverage that has been applied to your trading account are all factors that go into the calculation of margin.
Commissions are the fees that a trader must pay to an investment broker in exchange for the broker's assistance in conducting transactions on the trader's behalf. The amount of commissions charged will fluctuate from one broker to the next, as well as depending on the asset that is being traded and the kind of service that is being provided by the broker.
Traders often pay lesser commissions when they work with execution-only brokers, which are defined as brokers that do not offer any kind of personalized financial advice and who grant traders full authority over the manner in which they trade the markets.
Although trading in contracts for differences (CFDs) is a sort of derivative trading that enables investors to bet on the increasing or falling prices of rapidly changing global financial markets, the trading of shares will result in the payment of fee.
Trades in contracts for difference (CFDs) made on other markets don't incur commission fees, but they do add a spread on top of the price of the underlying asset.
There are four distinct account types available on Lirunex, each with a different minimum deposit requirement and spread. The spread will change depending on the grade of the account type that you choose to utilize because higher grade accounts provide superior trading opportunities.
However, there is no commission required for any of the account types that provide flexible spreads. Spreads for the Standard account begin at 1.5 pips, those for the Advanced account begin at 0.7 pips, those for the Premium account begin at 0.5 pips, and those for the Pro account begin at 0.3 pips.
The feature that enables a trader to have a considerably higher exposure to the market than the amount that he or she placed in order to initiate a transaction is referred to as leverage. Leverage may be used to open a trade. Leveraged products like this amplify a trader's potential profit, but they also raise the trader's potential loss, which is to be expected.
The level of leverage is typically stated as a ratio, such as 50:1, 100:1, or 500:1. If a trader has a trading account balance of $1,000 and is trading ticket sizes of 500,000 USD/JPY, then that trader's leverage is equivalent to 500:1.
You are allowed to employ no more than this amount of leverage if you are a retail trader in Europe since the authorities there place stringent restrictions on the degree of leverage.
The leveraged trading offered by Lirunex enables retail traders to have good exposure to the market by making ratios such as 1:30 accessible for trading major currencies, 1:20 for trading smaller currencies, and 1:10 for trading commodities.
Only the professional options, such as those given by the higher grade account types available at Lirunex, permit larger leverage of up to 1: 500 under certain circumstances.
Incentives: Forex brokers frequently entice new traders with promises of enticing deposit bonuses to compete for their business. This could be helpful, but it is very necessary to determine what a legitimate bonus is.
A bonus of this kind is just a method of compensating traders for selecting a certain broker, given that once the account is established, the trader will be subject to the same costs as any other participant in the market.
Once the trader has demonstrated that he is an active trader, he will be eligible to get the bonus, which is just a reward for the trader's decision that will reimburse part of the trader's costs.
Customers should be aware that no deposit bonuses are an excellent way to get started trading, but they frequently come with ridiculous terms that require you to trade a certain volume of currency before you can make any kind of withdrawal, even if you do make a profit from trading with the bonus money. This is true even if you do make a profit.
In addition, the European Securities and Markets Authority (ESMA) has imposed investor protection requirements on the promotion, distribution, or sale of CFDs to retail clients as of August 1, 2018. These regulations have been in effect since that day.
These ban brokers from providing the retail customer with any payment, monetary or excluding non-monetary advantage regarding the promotion, distribution, or sale of a CFD, other than the realized profits on any CFD that is offered. This can happen either directly or indirectly.
From time to time, Lirunex will reward depositors with bonuses. For the time period beginning on April 1 and ending on December 31, 2020, traders who make a deposit of money during the promotional period are eligible to get a credit bonus of up to 20 percent or 4,000 USD on their very first deposit into an account.
Trading Platforms, Software, and its Features: The forex trading software that is made available to the clients of a broker firm is referred to as the platform, and it is utilized by those clients in order to carry out their trades.
When referring to a platform, the term "multi-asset" refers to the fact that it enables customers to trade not only foreign exchange but also other asset classes, such as contracts for difference (CFDs) on stocks, stock indices, precious metals, and cryptocurrencies. A platform may also be multi-lingual.
What a customer wants to trade will play a significant role in determining which trading platform they should go with; thus, this factor will also be one of the factors they use to select a broker.
Lirunex provides the tried-and-true and widely used MetaTrader4 platform. MT4, which is suitable for usage on personal computers (PC), Apple computers (MAC), and any kind of mobile devices, is the platform that has the most users globally. It is also known for the capabilities it provides.
The MT4 platform offered by Lirunex is jam-packed with a variety of tools and features that may improve traders' strategies and expose them to more opportunities. This applies to both novice traders and experienced market participants. It does not set any limitations on the kinds of EAs that may be designed or bought from the market.
Other advantages include the following:
characteristics that are both cutting edge and easy to utilize
Access to all of the most important financial instruments
Trading made easy with automated software called Expert Advisors
Markets, Products, and Instruments: The majority of brokers make available for trading all of the following types of financial market instruments, or at least some of them:
Trading foreign exchange, also known as currency trading or FX trading, takes place on the currency exchange market, which is comprised of private individuals, businesses, and various types of financial organizations that trade currencies with one another at varying exchange rates.
Commodities: Just like the markets for currency exchange, the markets for commodities provide traders with a variety of alternatives for investment. During periods of inflation or economic unpredictability, one tried-and-true method for mitigating risk is to make investments in contract-based, tradable products.
Indices: Equity or stock indices are genuine stock market indexes that measure the value of a certain segment of a stock market. Indices can also be referred to as stock market indexes. Either a particular stock market or a particular group of the greatest firms in a country can be represented by these symbols. Alternatively, they can be used to represent both.
Gold and other precious metals: The buying and selling of gold and other precious metals entails the use of hard commodities, which are traded products based on contracts.
Energy: The high degree of volatility in energy prices that is typical of this product as a result of political and environmental factors, supply and demand, extreme weather conditions, and the expansion of the global economy is one of the reasons why trading in energy is another one of the most popular options.
Since its creation in 2008, the cryptocurrency known as Bitcoin (BTC) has consistently maintained the highest price levels and market capitalization, making it the most prominent example of a cryptocurrency. It controls fifty percent of the entire market capitalization of all cryptocurrencies.
Litecoin (LTC) is a cryptocurrency that is comparable to Bitcoin, but it has a different approach to scaling. LTCUSD is a fork of Bitcoin (BTCUSD), which means that the LTCUSD code was cloned from Bitcoin's source, modified in a few places, and then used to begin a new project. Litecoin is another alternative cryptocurrency that has seen a lot of success.
The Ripple network, which is a next-generation real-time gross settlement system, is one of the reasons why Ripple (RPL) is so popular among large banks. It enables quick transactions of funds across international borders at extremely minimal rates.
Ethereum (ETH), the second-largest cryptocurrency after Bitcoin, is notable for the fact that it empowers developers with the ability to build smart contracts on a platform.
The Bitcoin hard split that occurred in 2017 resulted in the creation of Bitcoin Cash (BCH), a new version of the blockchain that adheres to a distinct set of rules.
Trading is available on a wide variety of currency pairings with Lirunex, as well as CFDs on a variety of metals, commodities, and other instruments, all of which are executed STP instantly.
A client who has less expertise trading or who does not have enough time to invest themselves but would benefit from the portfolio management investment service that is given is perfect candidates.
Although clients have the ability to view the transaction history of their accounts at any time, the investment portfolios that Lirunex has created have been constructed in such a way as to fulfill a client's appetite for risk.
A prospective trader needs to determine, as one of the very first things they
must do, whether or not a broker such as Lirunex is secure to trade with.
Determine whether regulatory agencies are acting as watchdogs over a brokerage's
activities. This is one of the most reliable standards by which to evaluate the
safety of a brokerage.
Lirunex Limited is a multinational corporation that is in possession of a variety of licenses and is subject to the oversight of a variety of agencies, including the following:
Lirunex Limited (HE353862), a business whose headquarters are located in the Republic of Cyprus, with a license issued by the Cyprus Securities and Exchange Commission (CySEC) with the number 338/17 as its regulatory and authorization number.
Labuan International Business and Financial Centre Lirunex Limited (LL16130) is licensed by the Labuan Financial Services Authority with the license number MB/20/0050. This company is governed by the Labuan Financial Services Authority.
Lirunex Limited (102684) is an International Business Corporation that was incorporated and registered in the Republic of Marshall Islands. It was then re-registered in the Republic of Maldives under the Companies Act of the Republic of Maldives (Law No.: 10/96) in order to operate the Forex platform (Certificate No. FC00022020).
In the event that they commit any infractions, they risk having their service terminated or receiving a hefty fee. Therefore, trading with Lirunex provides you with safe trading circumstances, as your money will be held safely and securely in accounts that are kept separate from those used by the firm.
Forex brokers that are permitted to operate in Cyprus are expected to have a minimum of 730 000 euros in their accounts at all times, as well as frequently report to the commission.
It is mandatory for Cypriot brokers to become members of the Investor Compensation Fund, which has a limit of 20,000 Euros per individual claim in the event that a broker goes out of business.
In addition, Lirunex conducts business through the use of a cross-boarding license, which enables lawful trading with customers located outside of the EEA zone.
Customer Service: Prospective traders need to be able to have confidence that the broker firm they choose will be able to provide the required support and assistance to them whenever they may want it.
Traders who use Lirunex have the option of communicating with the company's customer support team verbally via telephone conversations, as well as in written form (including by fax), via email or other electronic means, or via other electronic methods.
English is the language that is used for communications, and traders will get papers and other information in English unless it is not acceptable to do so. In certain cases, Lirunex commits to make an effort to communicate with traders in other languages.
Before getting started in speculative trading, prospective traders should always perform as much research as they can on the topic beforehand.
Because trading with self-assurance and achieving financial success is highly dependent on having knowledge and an understanding of the markets, the research options provided by brokers are an essential component of the features that should be considered when selecting the right company to trade with.
An economic calendar that is published by Investing.com and offered by Lirunex is available to users. This calendar highlights significant economic events and indicators.
In addition, Lirunex provides forex calculators such as a currency converter, margin calculator, and pip calculator. The forex charts that are provided by Lirunex illustrate the fluctuations that occur within the markets.
Traders are given a road map for forex trading through the use of suggested strategies, which helps to decrease the amount of rash decision-making that might occur. Traders have the ability to learn how to maintain a high level of discipline, which is essential for successful forex trading.
The strategy guidelines will advise you on how to proceed with your trades and provide you with the greatest possible opportunities for a profitable conclusion. Additionally, Lirunex provides clients with technical analysis in order to help them, provide trade ideas, and expand their expertise.
Education and Training: Before beginning to trade, prospective customers of Lirunex are encouraged to educate themselves on the many aspects of the foreign exchange (FX) and commodities markets as well as the trading abilities that are required to be successful in these arenas.
If the tools necessary to acquire the necessary skills and expertise are not provided by the Lirunex website itself, a trader should investigate alternative information sources and methods in order to do so.
Whether you're an experienced trader or just starting out, the staff at Lirunex strives to make your time spent trading foreign currencies a positive one. Their Guide to Trading may be found on their website, and it is intended to simplify the language and provide answers to the issues that are asked the most commonly by traders.
Potential traders can consider Lirunex, which can be summarized as a firm that is worth trying out, in light of the fact that it provides an option for high-quality trading for both novices and seasoned traders alike.
A challenging and competitive trading environment is provided to traders by Lirunex, which has its headquarters in the Marshall Islands. The administration of retail accounts and algorithmic trading are its primary emphasis. Lirunex assures that all traders have access by requiring a minimum deposit of $25 from each of them. After conducting research on this broker, I was able to evaluate whether or not its MT4 trading interface offers raw spreads and quick order execution. Is Lirunex the broker that best suits your needs?
First impressions of Lirunex:
Lirunex is an option for traders who have a targeted strategy that requires a small number of liquid assets due to the limited asset selection that is available.
Fast order execution and large leverage are both advantageous for high-frequency traders like scalpers and other types of high-frequency traders.
The retail sector has one of the lowest loss rates across all industries.
MAM/PAMM accounts as well as copy trading services provided by other parties.
Low required minimum deposits, with incentives that may be withdrawn after meeting acceptable requirements.
Trading with a broker who is subject to regulation will reduce the risk of being a victim of fraud or malpractice. Traders should always check for regulation and verify it with the regulator by confirming the given license with their database. This may be done by providing the license number. Clients can choose between two registered entities while working with Lirunex.
The vast majority of customers will do their business with the Marshall Islands subsidiary, which runs as a properly registered international business company (IBC), but continues to be an uncontrolled firm.
The following products and services are provided by the Marshall Islands subsidiary:
Protection against a negative balance.
Keeping separate the cash paid in by customers and those paid in by the business.
Market circumstances that are open to negotiation
What is it that is lacking?
Investor compensation fund or Third-party insurance or membership in the Financial Commission Transparency about the company's key management team
However, trading restrictions are more stringent in the Cyprus subsidiary. The investor compensation fund covers up to 90 percent of deposits, or €20,000, depending on which is lower.
The Cyprus subsidiary holds international registrations with the authorities of four different countries: the United Kingdom, Germany, France, and Spain.
When considering a Forex broker, the trading expenses are one of the things that are most important to me because of the direct influence they have on my profitability.
Traders can choose between two different cost structures with Lirunex:
Trading fees for commission-free transactions begin at 1.5 pips, which is equivalent to $15.00 every 1 standard lot, plus 1 pip, which is equal to $10.00.
Fee-based accounts begin with a minimum spread of 0 pips and a commission of $8.00 every round lot, for a total cost of $8.00. This is the initial cost of the account.
Here is a snapshot of the live quotations that are displayed in Lirunex's MT4 during the London-New York overlap session. This session is the most liquid one and provides traders with the lowest spreads on average.
Forex traders need to decide which type of pricing environment to use. I would advise doing the following:
The cost structure that is based on commissions is the greatest option because trading expenses are between 20 and 45 percent less with this structure.
The commission-based account has a respectable minimum deposit of $200, in contrast to the commission-free options, which have minimum deposits of $25 and $100, respectively.
Traders who have an account balance of at least $10,000 are eligible for an additional 50 percent discount on trading costs. These traders also receive raw spreads starting at 0.0 pips for a commission of $4.00 per standard lot.
Where do they fall short at Lirunex? A refund scheme that is determined by the amount of volume for the commission-based trading account.
The charge is significantly greater than that of many of the company's competitors, however it is reduced to $4.00 in the LX Pro account, which is accessible for deposits of more than $10,000.
Swap rates on leveraged overnight positions are among the lowest; as a result, traders holding positions overnight benefit from great trading costs.
Swap rates on leveraged overnight positions are often one of the most overlooked fees associated with trading. It's possible that it will become the most significant charge each transaction, but that will depend on the trading plan. Before determining the entire costs associated with trading, it is imperative that traders carefully review them.
At the time of writing, Lirunex provides a positive swap on EUR/USD short positions and other specified assets. This means that traders can receive paid money to hold such a position overnight. Other assets that qualify for this offer include:
By following these instructions, MT4 traders will be able to get swap rates directly from their trading platform:
1. In the Market Watch window, right-click the symbol you want to examine, and then pick the Specification option.
2. Go down the page until you find the Swap Long and Swap Short options.
In the commission-based Lirunex LX Prime account, the following is a list of trading cost examples for buying and selling the EUR/USD currency pair while holding the trade for one night and seven nights respectively.
Because of the limited asset selection, Lirunex is an excellent choice for traders that employ targeted methods and have a need for a small number of highly liquid assets. Scalpers have a sufficient number of trading options, and deep liquidity leads to narrow spreads.
Traders who want to take a diversified strategy or get exposure to a variety of assets will not be successful with Lirunex, and I am unable to recommend it for these types of strategies.
What is it that is lacking? Only four different commodities are available through Lirunex. The equity selection is heavily weighted toward large-cap companies that are also trendy names. Only five different cryptocurrencies are available to choose from for traders of cryptocurrency CFDs.
At Lirunex's Marshall Islands subsidiary, the maximum leverage for accounts with a balance of less than $2,000 is 1:1000, and the maximum leverage for accounts up to $15,000 is 1:500. Active traders and scalpers should consider opening an account with either LX Prime or LX Pro. It provides a greater overall degree of trading flexibility, which has a direct influence on profitability.
Other considerations to keep in mind about Lirunex leverage are as follows:
When compared to other brokers, Lirunex's dynamic maximum leverage is lower since it is determined by the account balance rather than the trading volume. This makes it easier to exercise appropriate risk management.
There is protection against negative balances, which ensures that traders never lose more than they initially deposited.
In light of the regulatory constraints, the Cyprus units have set the limit at 1:30.
At Lirunex, traders have the option of selecting from four different account types; nevertheless, the majority of the fundamental features of trading stay the same.
The following are the options that traders must choose from:
Comparison of a commission-free account vs one that is dependent on commissions
My thoughts on the many sorts of Lirunex accounts are as follows:
Beginner traders have the option of opening an LX Standard account with as low as $25. The trading charges for the EUR/USD pair are 1.5 pips, which is $15.00 every 1 standard round lot.
The LX Advanced, which can be purchased for as little as $100, results in a 33.3% reduction in trading expenses.
As a result of the availability of lower-cost alternatives that cost just $200 to start, the two commission-free trading accounts serve no practical function.
The LX Prime account offers the best value overall since Lirunex reduces fees to an affordable range and requires only a minimum deposit of $200 to open an account.
The LX Pro account demands a minimum deposit of $10,000, but its trading charges are some of the most inexpensive in the industry.
Accounts may only be opened in US Dollars with Lirunex.
All trading accounts are for MT4, which is the industry standard for algorithmic trading and includes an incorporated copy trading service. MT4 is also the market leader.
Hosting on a virtual private server (VPS) can be obtained from third-party providers for a fee.
Copy trading from third-party providers such as ZuluTrade and Chills Trading is available through Lirunex.
MAM and PAMM accounts are available for the administration of traditional retail accounts.
There are options for both Islamic and business accounts.
Traders should go with the LX Prime account unless they have the financial means to go with the LX Pro option. The LX Pro account has trading expenses that rank among the finest in the whole business, while the Prime account has trading costs that are acceptable.
Traders have the ability to establish an infinite number of demo accounts in
MT4. They are perfect for putting automated trading methods through their paces,
finding bugs in existing ones, and fixing them. I want to warn you that there is
no way a demo account can duplicate the conditions of actual trading since demo
accounts leave out trade psychology. As a result, they are useful for testing
and correcting, but they are not appropriate for use as a teaching tool.
My advise is that traders take use of the numerous deposit options that MT4 provides. They should choose an amount that is equivalent to what they want to put into their live trading account.
The out-of-the-box MT4 trading platform is the only one that Lirunex offers to its customers. It is accessible through a desktop client, an alternative that is web-based, and a mobile application. Despite the fact that it has established itself as the most reliable platform for forex trading, MT4 continues to be in need of improvements.
Traders are able to make MT4 into a cutting-edge trading solution by utilizing the more than 25,000 accessible plugins and EAs; however, traders are required to acquire these plugins and EAs because the free ones virtually ever perform as stated.
What is it that is lacking? Traders are limited to the base version of MT4 because Lirunex does not offer any MT4 plugins for download. A possibility of getting free VPS hosting depending on the amount of monthly trade volume.
My thoughts are as follows:
Traders that utilize MT4 expert advisors are required to use the desktop client. VPS hosting is helpful for algorithmic traders who need access around the clock, but it comes at an additional expense.
VPS hosting is one of the services that Lirunex provides in conjunction with ForexVPS or Beeks; however, it comes at an additional fee of at least $18 a month. Free virtual private server (VPS) hosting is something that I believe should be made available to high-volume traders.
In addition to the copy trading functionality that is already included into MT4, Lirunex now provides services from ZuluTrade and Chills Trading. These services ensure that traders have access to a wide variety of trading techniques that they may imitate.
In addition to that, I find the MAM and PAMM accounts useful for managing traditional retail accounts. Building a successful asset management company on top of the Lirunex infrastructure may be made easier with the assistance of Lirunex's expert traders and portfolio managers. The fully configurable trading conditions and allocation techniques provide managers and investors with a versatile framework for implementing a wide variety of strategies.
Lirunex does not publish its own internal research and does not obtain it from any outside sources. In light of the abundance of high-quality research that can be accessed online, both for free and for a fee, I do not consider the lack to be a drawback in my Lirunex review. This does leave a void in the services offered by rivals that supply traders with high-quality research.
There are no instructional resources available for new traders on the Lirunex platform. It performs no other functions outside those of an execution-only broker. It would be to Lirunex's advantage to reconsider its strategy given that the low required minimum deposit amount would attract many people who have never traded before.
Traders should put their trust in Lirunex as an execution-only broker since the company keeps the trading environment competitive, particularly for deposits of more over $10,000.
Traders who are just starting out may be interested in the MAM/PAMM accounts and the copy trading services that are offered by Lirunex.
EAs are available in the hundreds for MT4, and traders may do research on them to decide whether or not they are compatible with their trading style.
Before beginning trading at Lirunex, traders should first receive high-quality instructional information from another source.
Traders who are looking for market research or trading signals have the option of sourcing information from the numerous free research resources that are available online.
I highly doubt that traders will ever want customer assistance from Lirunex because the company clearly explains all of its goods and services and makes sure that its operations are faultless.
Traders should go through the Frequently Asked Issues area first before getting in touch with a support person to get their questions answered.
Live chat or WhatsApp message are two of the most convenient ways to get in touch with the company.
At the time of this evaluation, Lirunex was providing a twenty percent bonus, up to a maximum of six thousand dollars, as well as a fifty percent incentive, up to ten thousand dollars. Both have a minimum deposit requirement of two hundred dollars and will become invalid at the end of November 2021. Traders have the ability to withdraw bonus cash, and the terms and circumstances are fair; nonetheless, the bonus of fifty percent is still the superior option owing to the more favorable withdrawal criteria.
Additionally, Lirunex organizes a live trading competition that has a total prize pool of $2,600. It would appear that they occur on a consistent basis, and the next one is scheduled to take place between the 18th of October and the 5th of November in 2021.
Both an introducing broker and a white label partnership program are offered, and both of these options facilitate the creation of passive income on advantageous terms.
The terms and conditions should be read thoroughly and comprehended by traders.
The wagering conditions for the bonus worth fifty percent of your first deposit are the most accommodating.
Account Creating: The procedure of opening an account with Lirunex is quick and easy, which is something I really like. Traders are required to choose their account type and username, offer their name and email address, decide on a password, pick their country of residency, and supply a mobile phone number that is active. Account verification is required, and the majority of traders will finish it after submitting a copy of their government-issued identification and one document that proves they are a resident of the country.
At Lirunex, the required minimum deposit might range anywhere from $25 all the way up to $10,000, depending on the account type that is desired.
Lirunex provides bank wires, credit and debit cards, three local solutions in Asia, three cryptocurrency payment providers, and PayPal upon request. Additionally, the company says that the availability of NganLuong will be made available in the near future.
Lirunex is focused on the needs of international merchants and does not welcome traders from the United States. On its website, it identifies the following nations as ineligible for membership: North Korea, Congo, Afghanistan, Cuba, Mali, Syria, Sudan, Yemen, and Venezuela.
In the safe environment of Lirunex's back office, all of the company's financial dealings are conducted. Only cryptocurrencies can be used for transactions; bank transfers and credit/debit cards are not accepted. I long for the adaptability that some of the more well-established online payment processors provided in the past.
Deposits continue to be free of charge, however there is a possibility that third-party expenses will apply.
Withdrawals made through wire transfer from a bank cost $35, and using a credit or debit card results in a fee of 2% in addition to any third-party costs that may apply.
Withdrawals are processed within twenty-four hours on Lirunex, and the process is identical to that of deposits.
Processing periods are dependent on the payment processor, although instant processing is only available for local Asian ones.
It may take up to 10 business days for withdrawals to be processed and delivered.
Unless they wish to deal in cryptocurrency, merchants located outside of South-East Asia and China have little choice but to largely rely on credit and debit cards.
The minimum amount required for deposits of cryptocurrencies is $200.
If investors wish to trade at Lirunex, they need educate themselves about various cryptocurrencies.
When dealing with day-to-day financial transactions, it is best to utilize a method that is not associated with a bank or credit/debit card.
If a debit card is not an option, you should also investigate the fees associated with transferring money from the payment processor to the bank account.
Scalpers and high-frequency traders that employ a trading strategy that requires only a small number of liquid assets will find the trading environment at Lirunex to be quite favorable. As an execution-only broker, Lirunex provides a significant leverage to its customers. Traditional retail account management is catered to by MAM/PAMM accounts; algorithmic traders are supported by VPS hosting; and Lirunex offers two copy trading services in addition to the one that is incorporated into MT4
Lirunex is a registered trademark of Lirunex Limited, which is permitted by
the Cyprus Securities and Exchange Commission under registration number 338/17.
Lirunex was founded on the principle that its success depends on the continued satisfaction of its clientele and the delivery of a high-quality trading service to its customers that is distinguished by an unprecedented level of professionalism. Lirunex conducts its business through its brokerage office in Cyprus, where it also maintains all of the essential compliances with regard to the observance of laws and safety regulations.
However, the broker also made the offshore office available in order to protect worldwide exposure. In the end, if Lirunex's location was restricted to the offshore zone solely, we would not endorse the company. However, because to its European operational standards and the oversight provided by CySEC, Lirunex is regarded as a reliable broker.
Opening a Lirunex account is simple, there are many different means of funding that are supported, and trading conditions are average with solid platforms, education, and spreads that are on par with those of the industry as a whole.
The selection of products is restricted to Forex and CFDs, which is one of the bad factors.
Trading with a registered broker provides you with safe trading circumstances, and your money will also be protected and secured. Lirunex is not a scam; rather, it is a broker that has been subject to regulatory oversight.
A Cypriot investment company that is also respectively approved by the Cyprus Securities and Exchange Commission uses the trading name Lirunex (CySEC). When it comes time to choose a broker to trade with, the first thing that should be looked at is the regulatory duties and legal standing of the broker. To put it another way, it indicates that the broker is honest in its dealings and is under the authority's watchful eye at all times; in the event of any infractions, the broker may face a hefty punishment or possibly be terminated from its line of work.
Lirunex license: Along with complying with the appropriate regulations, CySEC brokers and Lirunex respectively handle client accounts with clear and understandable terms, and they keep client money separate from corporate funds. In addition, customers are protected by the compensation program even in the most dire scenarios, such as when a firm goes bankrupt and when CySEC regulations are violated.
In conclusion, as a European regulator, CySEC helps traders comply with the competence standards established by ESMA and the MiFID legislation. In addition to this, Lirunex additionally conducts its business through the use of a cross-boarding license, which enables lawful trade with customers located outside of the EEA zone.
Trading using leverage providing for better exposure to the market whereas the ratios that are available to regular traders are 1:30 for major currencies, 1:20 for smaller ones, and 1:10 for commodities. This is the highest level of leverage that a retail trader like yourself is permitted to employ, as determined by European authorities, who will eventually severely restrict leverage levels.
However, a professional offering will be made available, and it will be provided by two higher-grade sorts of Lirunex accounts. This offering will have certain criteria for larger leverage, and it will only be accessible to verified professionals.
When it comes to the trading offering that is provided by Lirunex, you will discover that it provides all of the necessary conditions for the potential success of its investors, including a flexible set of terms and conditions, an expressive range of account types, and a well-liked platform for the execution of orders.
Trading opportunities are provided for a wide range of foreign exchange (FX) pairings, as well as contracts for difference (CFDs) on a variety of metals, commodities, and other products.
A trader with a relatively modest size, a regular trader, an active trader with larger exposure to the markets, or a regular trader with relatively limited exposure to the markets can choose from one of four account types that were established by Lirunex. The terms and conditions of these accounts, together with the minimum deposit required, as well as a general comparison, are summarized for your convenience below in a list format.
The fees for using Lirunex are included in the spread. To view the whole charge structure, refer to the table below and take into account the financing and inactivity fees. Also, make sure you always verify the overnight cost or the Lirunex swap as a trading fee, both of which are defined differently by each instrument.
The spread that you pay for Lirunex depends on the type of account that you trade with because a higher grade account provides superior trading opportunities. However, there is no commission required for any of the account types that provide flexible spreads. Alike Spreads on standard accounts start at 1.5 pips, while those on advanced accounts start at 0.7 pips, premium accounts start at 0.5 pips, and pro accounts start at 0.3 pips.
In this final section of our Lirunex Review, we will discuss the many payment options that may be used to either deposit or withdraw money from your trading account. These include Card Payments and Bank Transfers that are accessible at the time of the study; however, Lirunex will soon add China UnionPay, Neteller, and Skrill to its choices.
When opening a first grade account with Lirunex, the minimum deposit required is $500. Other account types have higher minimum deposit requirements but offer more favorable trading circumstances.
If you want to withdraw money from Lirunex, some of the choices, like sending money through your bank, won't charge you any fees. However, paying with a credit card will result in a cost of 1.5 percent; thus, you should check the terms and conditions before sending any money. Additionally, payment institutions or providers may tack on some additional costs to your end as a result of foreign rules; hence, it is always vital to examine all for the sake of convenience.
When it comes to the Litenex platforms and software, which you will use to place orders, the broker made the conscious decision not to overcomplicate matters, and as a result, MetaTrader4 serves as its primary trading platform. MT4 is the most widely utilized platform all over the world, with an incredible number of executions carried out each and every day. This is in addition to the platform's generous rewards and excellent functionality.
The platform is offered in a variety of variants, each of which may be used on a personal computer (PC), a Macintosh computer (MAC), or mobile devices of any kind, including tablets.
In addition, Lirunex MT4 is loaded with several tools and features that are all-inclusive, and they will improve your strategy and provide you better exposure. This is true whether you are just starting out, or are an experienced trader looking for a complete platform.
Additionally, there is no limitation on the use of EAs, which are well-known automated robots that may be programmed if the user possesses the necessary abilities or simply selected from the market.
In conclusion, the educational resources that Lirunex provides are highly suggested for your consideration, as having adequate information is always essential in trading, and you should make sure to keep yourself up to date.
In addition, in addition to providing extensive conditions for pros or active traders, Lirunex welcomes beginning traders with open arms since it offers learning classes and assists new traders with data analysis or strategy guidelines.
The Lirunex review gave us an overall picture of a brokerage business that operates out of Cyprus and provides traders of all experience levels with the chance to engage in high-quality trades, regardless of whether or not they are novices. What we appreciate most about the Lirunex offering is the variety of account kinds, the relatively agreeable pricing conditions, and the high esteem in which it is held by customers. In spite of the fact that Lirunex maintains an offshore organization in the Marshall Islands, the fact that it is obligated to the European CySEC makes it abundantly evident that you are engaging in business with a trustworthy company.
Sites like Lirunex in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.