Another scary forex investment platform is Lutex. The platform claims to make 25 percent ROI within a period of 25 days. This means users get the guarantee of 1 percent profit each day. No expert or robot can achieve such a feat. These are empty claims and promises used to drive up sign-ups. All Lutex.ltd is after is unsuspecting investors to deposit funds and wait in vain for profits. Learn the truth in this detailed LUTEX Review.
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The about us page boasts Lutex as a leading provider in online trading. According to the page, they began way back in 2008. If this is true, the platform must have a ton of experience regarding online trading.
They continue to add having a rich history of innovation. The platform even claims to be award-winning trading forex and Stocks Company. For all our years in the industry, we haven’t heard of them.
Their goal is to focus on their customers and offer first-class services. Once you go over the about us page, you might easily believe what they claim. The design also helps to entice unsuspecting investors to sign up.
We have proof that this website is nothing else but a fraud. All their efforts in creating engaging content are meant to entice deposits. After depositing funds, there’s no contact from lutex.ltd.
Account registration process
When registering the account, we had an issue with the verification process. We couldn’t understand why the platform would be asking for valuable documents. The platform asks for bank statements, a copy of your ID, credit card details, and utility bills.
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Only payment merchants or government institutions ask for such documents. We are sure this platform is asking for not so genuine reasons.
After sending them empty bank account details, we started noticing charges. Apparently, someone has been trying to charge the credit card with online purchases. The people behind this platform will even try and change your bank account credentials.
It’s best to stay away or else risk losing it all. Sadly, one member has seen his bank account swept clean by these online fraudsters.
Affiliate and referral programs
The platform has a referral program where users earn 5 to 26 percent of all deposits. There are three programs available on the platform. These include bonus programs, multi-level, and office programs.
Before running around the office asking staff members to join, there’s a red flag. Other affiliate marketers have already blacklisted this platform. They don’t pay commissions.
As an affiliate marketer, you will also face the wrath of victims. Most of the people you direct to the website will solely blame you for losing money. In the event of a serious investigation, you will be seen as an accomplice to online fraud.
The best way to avoid this is by joining referral programs from proven platforms. You can earn money as an affiliate by joining a reputable forex investment firm.
Ingo is one of the many victims who have fallen prey to this scam. All her efforts to recover her money have gone down the drain. Even the recovery agents won’t help her as the funds are in a private account.
Most of these scam artists will move the money immediately after the victim deposits. Their experience with the platform is heartbreaking, and we can only feel sorry for them. Avoid the platform or risk becoming their next victim.
Custodian of the business
We see a few faces plastered on the homepage as experts working for the platform. Some of the names include David Spencer, Jillian Richmond, Mary Ann, and Ryan Johnson. They have used stock images to throw off any suspicion.
To the untrained eye, these look like legit experts in investing. You should know that none of the above names are on any social media platform. Today’s investors will use social media to attract investors.
These are stock images that try to deceive unsuspecting investors. At least one of them should be found on professional sites such as LinkedIn or Jobcase.
Domain history (lutex.ltd review)
According to web records, the website is 352 days old as we publish this post. The exact date the website went live was on March 5, 2020. For a period of one year, no one has made withdrawals with the platform. The IP address does indicate that the website is hosted in the UK. We couldn’t get the name of the registrant as it has been redacted for privacy reasons. You would expect a genuine platform to be transparent as to who registered it.
Lutex License and Registration status
Lutex is not a licensed platform despite their efforts to post-registration certificates. One certificate is from the State of Arkansas, which claims to register Lutex LLC. Reviews on Google regarding the company are paid comments from non-users.
You will notice that the dates are all the same. We did check the records and found no such entity exists. These scam artists are using falsified documents.
Any forex investor residing in the States they have to have a license from CFTC or SEC. The platform can’t have a registration certificate in the US and use it in the UK. These two states have to verify the company independently.
Please stay away from the website as it’s already facing an investigation by the CFTC. We hope that action will be taken soon and help investors stay away from it.
Pros and cons of Lutex
Accounts and investment plans
Lutex provides members with four investment plans. These plans come with a separate guaranteed ROI which is obviously overrated. The first plan comes with a 25 percent ROI withdrawal after 25 days. 60 percent ROI and withdrawal after 40 days is the second plan.
The third plan comes with an ROI of 104 percent and withdrawal after 55 days. You can withdraw after 70 working days with the last plan with a 175 percent ROI.
Deposit and withdrawal
You can deposit with bank transfer and all e-currencies. A member must have a crypto wallet or sign up with Perfect Money. The platform also earns money by being an affiliate to Perfect Money. You will get an affiliate link to sign up with Perfect Money, where Lutex LTD earns commissions.
Safety of funds with Lutex.ltd
We have proof safety of funds is out of the picture with Lutex.ltd. No member has made any withdrawals since the platform’s inception. Once you deposit, the owners transfer your funds to a personal offshore bank.
There’s no way you or any recovery agent can recuperate these funds. Your funds are as good as gone.
Scam or Legit Lutex
Lutex.ltd is a scam, and there’s no way any platform can achieve such high ROIs. The platform even claims to offer stable profit margins forever. These are online scam artists taking advantage of naïve investors.
We have to add this platform to our blacklist for using false credentials.
Make sure you stay safe and use credible forex trading tools tested by experts. It’s the only safe way to invest and earn reasonable profit margins.
We wish you all the best.