Luxstar Group is an unlicensed Forex and CFD broker allegedly located in Luxembourg. On top of a Managed trading account, Luxstar Group offers planning on Personal Finance, Retirement, Education, Insurance, Estate and Succession. Trades are made available on a web based platform.
What is Luxstar Group (Luxstargroup.com)? Either is Luxstar Group scam or legit?
Luxstar Group is considered not safe, as it is new and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. For more details, please continue reading our Luxstar Group review below.
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Luxstar Group Review
- Aforementioned, Luxstar Group is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like Luxstar Group do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- We confirm that Luxstar Group is a scam, it appears in the warning list of the Luxembourg CSSF and the Spanish CNMV as a potential scam.
Since now it is clear that Luxstar Group is a scam, so we have Blacklisted luxstargroup.com.
Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
Is Luxstar Group Scam or Legitimate Forex Broker?
Luxstar Group Broker is not a licensed broker.
Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. We encourage our readers to invest funds only in properly licensed brokers in order to exclude any risk of foul play.
Review Verdict: Luxstar Group is an Offshore Broker. Your Money is not safe
Luxstar Group scam broker is unfortunately nothing new on the market, there are many similar brokers, like 247GlobalTrade, Pais Capital Group, SuperFXTrade, Trading Aureo. They all work the same way. They do not have appropriate licensing.
As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
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