|Type of account||Minimum deposit||Min trade size||Max order volume||Maximum leverage||Spreads|
|M-Trade||$50||0.01 (micro lot)||10||1:500||EUR/USD: From 2.0 pips|
|Pro-Trade||$50||0.1 (mini lot)||50||1:500||EUR/USD: From 1.5 pips|
|E-Trade||$50||0.1 (mini lot)||Unlimitable||1:500||EUR/USD: Starting at 0.7 pip|
LucrorFX offers three basic accounts. All three offer commission-free trading, leverage up to 1:1500 and a $50 minimum deposit.
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. Islamic account holders pay a fixed commission based on the currency pair and the number of open positions. Swap charges are not applicable. The standard lot is $5-20.
The Company. Fund Security
LucrorFX, a privately-owned brokerage firm, is located in Auckland, New Zealand. It offers trading in approximately 30 currency pairs and precious materials on the most popular trading platform, MetaTrader4.
LucrorFX is Lucror Capital Markets LP’s trading name. Lucror Capital Markets LP is a New Zealand-based company that was registered in Financial Service Provider Register. The company was deregistered by the FSPR in April 2019, and is currently not regulated under FMA.
Forex brokers in New Zealand are required to adhere to certain standards. Brokers are required by the FMA to segregate client funds from operational accounts. This separation ensures that clients’ money is not available to creditors in the event of broker bankruptcy.
A minimum capital requirement for forex brokers will be implemented later in 2016. They will have to maintain net tangible assets of 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.
LucrorFX is also registered at the Financial Services Complaints Limited. This qualified, independent dispute resolution company, associated with NZ FMA can award consumers up to $200,000 in compensation.
Minimum Initial Investment LucrorFX requires a $50 minimum deposit. Although this is a relatively low amount to trade with, other brokers such as CMC Markets do not require a minimum deposit.
Commission & Spreads
Being a NDD broker, LucrorFX offers floating spreads, varying by account type. E-Trade accounts offer the most competitive spreads starting at 0.7 pips EUR/USD. This is an excellent deal considering that this broker does not charge commissions. We don’t recommend the E-Trade account because they offer too wide spreads.
CMC Markets, on the other hand, offers spreads that average 0.9 pip per EUR/USD and charges 0.10 % in average commission for each volume traded. You may check out and compare real-time spreads of 15 leading brokers here.
LucrorFX has a high leverage level of 1:500. However, most brokers offer similar leverage ratios. CMC Markets offers leverage as high as 1:500. A list of more forex brokers offering leverage levels equal to or exceeding 1:500 may be viewed here.
High leverage can lead to significant losses that exceed the initial investment. We recommend traders be cautious.
LucrorFX, like most FX brokers supports MetaTrader 4, a standard industry standard. It is available in both desktop and mobile versions.
MT4 is a popular trading platform worldwide due to its advanced charting package and automated trade options with Expert Advisor strategies (EA), as well as its innovative and on-the-go trading capabilities. Its user-friendly and fast technology allows you to trade quickly. Here is a list of more forex brokers offering MT4 platform.
Account holders who deposit at least $100 are eligible for a 25% bonus on their deposits up to $10 000. After certain volumes have been traded, it can be withdrawn.
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 are USD and EUR.
LucrorFX, a STP FX broker, is licensed and regulated by New Zealand. These are the Pros and Cons of LucrorFX:
|Minimum deposit: initial deposit||Resigned from the NZ FSPR|
|MT4 available||CFDs are not available for commodities and indices.|
|Model STP||There is no choice in trading platforms or web trading options.|
|Commission-free trading||There is no regulation|