Illegitimate Entity Alert
The absence of corporate details on the company’s website raises doubts about its legality. No business name, registration number, or license information is provided, and the company’s headquarters remain undisclosed.
Efforts to verify a license through reputable financial authorities such as FCA, BaFin, CySEC, and ASIC yielded only a warning from the UK’s FCA. Other registers showed no results. Uncover the unique risks associated with this entity.
Manipulative Online Reviews
Despite positive TrustPilot and SiteJabber ratings for lyraten.com, closer examination reveals patterns suggesting manipulation by review seller networks. Similar strategies are employed by dubious entities like Ufina Capital, undermining the perceived trustworthiness.
Dubious Risk Disclaimer
Launched in early 2023, lyraten.com targets victims primarily in the United Kingdom, Canada, Australia, Netherlands, and South Africa. Operated by boiler room agents, the company employs a risk disclaimer stating trades occur “outside a regulated exchange or venue,” absolving them of liability for losses.
Expensive and Inefficient Service
Lyraten’s online brokerage features exorbitant trading costs, starting with $5 commissions per trade. Minimum spreads at 2.4 pips surpass industry standards. Despite pricier account types offering tighter spreads, the costs remain unjustifiable. Forex leverage starts at 1:50, exceeding UK and EU regulatory limits. The company operates in these regions despite the disparity, with a maximum ratio of 1:100 on currency pairs and 1:20 on crypto.
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