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Lumo Space Pro is a new online broker that claims to offer a variety of trading services, such as forex, stocks, commodities, indices, and cryptocurrencies. The broker also promises to provide low spreads, fast execution, high leverage, and a user-friendly platform. But is Lumo Space Pro a legit broker or a scam? In this review, we will examine the broker’s features, regulations, fees, and customer support to help you make an informed decision.
Features of Lumo Space Pro
Lumo Space Pro offers four types of accounts: Basic, Standard, Premium, and VIP. The minimum deposit for the Basic account is $250, while the VIP account requires $50,000. The accounts differ in terms of spreads, leverage, commissions, and access to educational materials and trading signals. The broker claims to offer leverage up to 1:500 for forex and 1:100 for cryptocurrencies. However, such high leverage is very risky and can lead to significant losses.
The broker provides access to over 200 trading instruments, including major and minor currency pairs, stocks of popular companies like Apple and Tesla, commodities like gold and oil, indices like the S&P 500 and the Dow Jones, and cryptocurrencies like Bitcoin and Ethereum. The broker also claims to offer a proprietary web-based platform that is compatible with any device and browser. The platform features advanced charting tools, indicators, order types, and risk management tools.
Regulations of Lumo Space Pro
One of the most important factors to consider when choosing a broker is its regulatory status. A regulated broker must comply with strict rules and standards that ensure the safety and security of its clients’ funds and personal information. A regulated broker must also segregate its clients’ funds from its own and participate in a compensation scheme that can cover losses in case of insolvency.
Unfortunately, Lumo Space Pro does not seem to be regulated by any reputable authority. The broker does not provide any information about its license number, registration address, or contact details on its website. The only way to reach the broker is through an online form or an email address. This raises serious doubts about the legitimacy and credibility of the broker.
Fees of Lumo Space Pro
Another factor to consider when choosing a broker is its fee structure. A broker may charge various fees for its services, such as spreads, commissions, swaps, deposits, withdrawals, inactivity, etc. These fees can affect your trading performance and profitability.
Lumo Space Pro does not disclose its fees clearly on its website. The broker only mentions that it charges variable spreads that depend on the market conditions and the account type. However, we found out that the spreads are quite high compared to other brokers. For example, the spread for the EUR/USD pair is 3 pips for the Basic account and 2 pips for the VIP account. The average spread for this pair in the industry is around 1 pip or less.
The broker also charges commissions for some trading instruments, such as stocks and cryptocurrencies. The commission rate is 0.1% for stocks and 0.5% for cryptocurrencies. These commissions are also higher than the industry average.
The broker does not provide any information about its swap rates or other fees on its website. We advise you to read the terms and conditions carefully before opening an account with Lumo Space Pro.
Customer Support of Lumo Space Pro
Customer support is another factor to consider when choosing a broker. A good broker should provide reliable and responsive customer support that can assist you with any issues or queries you may have regarding your trading experience.
Lumo Space Pro claims to offer 24/7 customer support via phone, email, live chat, and social media. However, we found out that the phone number provided on the website is not working and the live chat option is not available. The only way to contact the broker is through an online form or an email address. We tried to send an email to the broker but we did not receive any reply.
Conclusion: Is Lumo Space Pro a Legit Broker or a Scam?
Based on our research and analysis, we conclude that Lumo Space Pro is not a legit broker but a scam. The broker does not have any regulation or license from any reputable authority. The broker does not provide any information about its location or contact details on its website. The broker charges high fees for its services and does not disclose them clearly on its website. The broker does not offer any reliable or responsive customer support.
We advise you to avoid Lumo Space Pro at all costs and look for a regulated and reputable broker that can offer you a safe and secure trading environment.
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