Is Lyraten Legit or Scam?
Lyraten is a scam broker. This claim is supported by multiple factors, including:
- Lack of regulation: Lyraten is not registered with any reputable financial authority, making it illegal to operate in many jurisdictions.
- FCA warning: The UK’s Financial Conduct Authority (FCA) has specifically issued a warning against Lyraten, listing it as a fraudulent and untrustworthy entity.
- Dubious online reviews: While positive reviews exist, they are likely fabricated and untrustworthy.
- Unclear terms and conditions: Lyraten’s website contains unclear and contradictory information regarding fees, services, and withdrawal policies.
- Non-functional trading platform: The provided platform is dysfunctional, raising serious doubts about the possibility of actual trading.
Therefore, it is strongly advised to avoid Lyraten and choose a legitimate, regulated broker for your financial activities.
Company Overview
Regulated by: | Unregulated Forex Broker |
Is This Company Safe? | No, due to legal issues, this company cannot be labeled as safe. |
Known Websites: | platform.lyraten.me |
Have Warnings from: | FCA |
Registered in: | N/A |
Operating since: | 28.02.2023. |
Trading Platforms: | Web |
Maximum Leverage: | 1:100 |
Minimum Deposit: | $250 |
Deposit Bonus: | Hinted but undisclosed |
Trading Assets: | Forex, Cryptocurrencies (alleged) |
Free Demo Account: | Not available |
How to Withdraw from This Company? | Be careful, your payouts can be denied. You should contact our chargeback professionals for help with withdrawals. |
Services or Products
- Forex trading (claimed, no verifiable list of instruments)
- Cryptocurrencies (claimed, no verifiable list of instruments)
If you have lost money to companies like BoldPrime or TokpieDEX; please report it to us on our report a scam From
Trading Platform & Leverages
- Web-based platform with limited functionality and recurring access issues.
- Maximum leverage: 1:100 on Forex, 1:20 on Crypto (higher than recommended by regulators)
Spreads and Cost of Trading
- Unclear spreads information.
- Minimum spreads 2.4 pips (significantly higher than the industry average)
- Commissions start from $5 per trade and decrease with higher deposits.
License and Regulations
- No regulatory license was found.
- FCA warning was issued against them for operating without authorization.
Legal Warning Against Lyraten
The Financial Conduct Authority (FCA) warning highlights Lyraten’s lack of authorization and emphasizes the risks associated with dealing with them. This includes:
- Potential loss of funds: Unregulated brokers are not obligated to protect client funds, meaning your money could be lost without recourse.
- Manipulation of trading activity: Unregulated platforms can manipulate prices and trading conditions to their advantage, leading to unfair losses for investors.
- Difficulty in resolving disputes: Unregulated brokers often lack proper grievance procedures, making it difficult to recover losses in case of fraud or misconduct.
Deposit and Withdrawal Methods
- Unclear information about deposit and withdrawal methods.
- Ambiguous withdrawal policy with hidden fees and potential deductions.
Lyraten Pros and Cons
Pros | Cons |
None Identified | Unregulated, FCA warning, dysfunctional platform, high costs, unclear offerings, manipulative practices |
Why Dealing With An Unlicensed Broker Is Risky
Dealing with an unlicensed broker like Lyraten exposes you to significant risks, including:
- Loss of your investment: Unregulated platforms are not subject to the same oversight as licensed brokers, meaning your funds are not protected in case of bankruptcy or fraud.
- Manipulation of trading activity: Unregulated brokers can manipulate prices and trading conditions to their advantage, leading to unfair losses for investors.
- Difficulty in resolving disputes: Unregulated brokers often lack proper grievance procedures, making it difficult to recover losses in case of fraud or misconduct.
Client Feedback
While Lyraten displays positive reviews online, these are likely fabricated and irrelevant due to the company’s well-documented red flags.
How Can “Reviewsadvice” Help You If You Get Scammed?
While “Reviewsadvice” cannot directly recover lost funds, they offer resources and advice to help individuals who have been scammed:
- Reporting the scam to authorities: They may guide on reporting the scam to relevant financial regulators and law enforcement agencies.
- Seeking legal advice: They may offer recommendations for legal professionals who specialize in recovering funds lost to scams.
- Raising awareness: They may share information about the scam to help others avoid falling victim or You can report to us today by the below form
File A Complaint Against Scammers
Final Thought
Lyraten is a demonstrably fraudulent brokerage platform. The presence of an FCA warning, lack of regulation, and numerous red flags should serve as a clear deterrent from investing with them. Choose a reputable, licensed broker to ensure your investments are protected and minimize the risk of fraud.
