There are three basic accounts available with LucrorFX, all three offering commission-free trading and leverage up to 1:500 with a minimum initial deposit of just $50.
Micro lots are available for trade on the M-Trade account type and besides, inexperienced traders are offered free demo accounts.
What is more, LucrorFX offers swap-free (Islamic) accounts to investors of Islamic belief. Instead of swap charges, Islamic account holders are charged with a fixed commission, dependent on the currency pair and number of open positions. It ranges from $5 to $20 per standard lot.
The Company. Security of Funds
LucrorFX is a privately owned brokerage firm headquartered in Auckland, New Zealand, which offers trading in around 30 currency pairs and precious metals on the most popular trading platform, MetaTrader 4.
LucrorFX is the trading name of Lucror Capital Markets LP, a New Zealand based company, registered in the Financial Service Provider Register (FSPR) and as such regulated by the Financial Markets Authority (FMA).
Forex brokers in New Zealand are required to adhere to certain standards. Under the FMA client money rules, brokers are required to segregate all retail client funds from their operational ones. This separation of accounts ensures that, in the event of broker insolvency, clients’ money cannot be claimed by its creditors.
Furthermore, a minimum capital requirement for forex brokers is about to be introduced later in 2016 and they will be obliged to hold net tangible assets amounting to at least $1,000,000. Currently, however, such requirement does not apply in New Zealand, while it does in many jurisdictions: forex brokers in Australia, for instance, are obliged to hold a minimum of $1,000,000, those based in the US – $20 million.
Additionally, LucrorFX is also registered with the Financial Services Complaints Limited, a qualified independent dispute resolution company associated with NZ FMA, able to awarding up to $200,000 in compensation to consumers.
Minimum Initial Deposit
The minimum initial deposit required by LucrorFX is just $50. This is a comparatively low amount to start trading with, yet other brokers, like CMC Markets, does not require any minimum deposit.
Commission & Spreads
Being a NDD broker, LucrorFX offers floating spreads, varying by account type. The most competitive ones are provided on the E-Trade account, starting from to 0.7 pips on EUR/USD, which is a pretty good offer, taking into account that this broker doesn`t charge any commissions. We would not reccomend the other two account types, which provide way too high spreads.
In comparison, CMC Markets offers spreads averaged 0.9 pips on EUR/USD, and charges an average commission amounting to 0.10 % of the volume traded. You may check out and compare real-time spreads of 15 leading brokers here.
LucrorFX offers high leverage levels, reaching 1:500, yet most brokers usually offer similar leverage ratios. CMC Markets, for instance, also provides leverage up to 1:500. A list of more forex brokers offering leverage levels equal to or exceeding 1:500 may be viewed here.
We advise traders to exercise caution when using high leverage, as it may lead to heavy losses exceeding their initial investments.
Like most FX brokers, LucrorFX supports the industry standard, MetaTrader 4, coming in desktop and mobile versions.
MT4 is popular worldwide for its innovative, on the go trading capabilities, variety of built-in indicators, technical analysis tools, advanced charting package, automated trade options with Expert Advisor strategies (EA) and extensive back-testing environment. Not to mention its fast and user-friendly technology, designed to let you trade with ease. Here is a list of more forex brokers offering MT4 platform.
25% Welcome on Deposit Bonus up to a maximum of $10 000 is available to account holders who have deposited at least $100. It can be withdrawn after certain volumes are traded.
Methods of Payment
LucrorFX’ clients are offered the following payment methods: Credit cards (Visa and MasterCard accepted), bank wire transfer, and e-wallets Skrill, WebMoney, and AlertPay.
Accepted currencies: EUR and USD.
LucrorFX Review Conclusion
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