The world of Forex trading is filled with ample opportunities, but the unfortunate reality is that it's also riddled with unscrupulous entities waiting to prey on unsuspecting individuals. An infamous name in the list of such deceitful entities is Lyraten. This article aims to expose the fraudulent activities of this broker and alert potential investors to steer clear.
Lyraten: A Brief Overview
Lyraten emerged on the Forex trading scene barely a month back and has already managed to earn a notorious reputation. Its website is characterized by a shoddy design, lack of secure connection, and significant amounts of missing contact and legal information. Lyraten's user agreement is riddled with ambiguities, and it levies questionable fines and sanctions. Furthermore, it uses a fly-by-night service for transactions, contrary to its claim of using verified systems.
Lyraten's Unethical Practices
The broker has amassed a multitude of negative reviews and a low rating, indicating its subpar operations. Its customer service is practically non-existent, with unresponsive operators and terms and conditions that can only be accessed post-registration. Lyraten's website lacks transparency and integration with essential services needed for comprehensive Forex trading. Its mobile trading platform is underdeveloped, and the so-called regulators listed are unknown entities.
Lack of Data Security
Lyraten doesn't employ encryption or any form of data protection for its clients. It resorts to falsifying news, technical manipulations, and publishing deceptive analytical reports. The broker lures in clients with unrealistic profitability claims and fails to disclose associated risks. It frequently launches intrusive ads on social media and other platforms, making it a classic case of a Forex scammer.
Red Flags on the Lyraten Website
The internet has scant information about Lyraten, except for negative reviews. The broker is hard to find on search engines, and its domain name was registered relatively recently. Its website lacks a secure connection, and the interface is underdeveloped with incomplete sections and errors in text blocks. There are no risk disclosures, but the homepage flaunts promotional banners with tempting offers and promises of fast earnings.
Here are additional issues with the website:
- Presence of external links
- Trading conditions only available post-registration
- Many pages remain unfilled
- Lack of special encryption
- Incorrect display of graphical elements
- Recent registration of domain name
- Presence of ads
The broker also aggressively pushes for the download and installation of unknown software and discourages the use of antivirus. It doesn't publish relevant news, and even the quotes look dubious. Access to the personal cabinet can get blocked without any warning.
More Evidence of Lyraten's Scam
Lyraten uses aggressive, false advertising to lure in clients. It promises instant profits while downplaying possible risks. It levies additional charges and commission on withdrawals, although, in reality, it doesn't provide any payouts. Numerous negative reviews indicate that it's nearly impossible to retrieve money from Lyraten. Additionally, the broker employs bots to post positive comments, creating a false impression of reliability. It initiates contact, calls from hidden numbers, and actively sends offers on social media, sometimes behaving quite aggressively.
Why You Should Avoid Lyraten
- Lack of regulatory oversight
- Inconsistencies in the user agreement
- Vague fines and sanctions
- Use of a fly-by-night service for transactions
- Absence of a secure connection
- Automatic position closing
- Inability to receive a payout
- Undisclosed commissions
- No risk disclosures
- Underdeveloped website, recently registered domain name
- Promise of exorbitant profits
- Offer to invest in non-existent assets
- Publication of false statistics
- Absence of common market tools
- Hidden data
- Low rating
Lyraten has a tarnished reputation, outstanding payments, and numerous negative reviews. It is a typical scammer, operating without registration or licenses. Lyraten lures in individuals with empty promises, violating existing market standards. It also peddles ineffective courses, frequently launches ads, and doesn't work with verified payment systems. Trusting this broker is ill-advised as any collaboration will inevitably result in financial loss.
Remember, in the world of Forex trading, it’s vital to tread carefully and only trust brokers with a proven track record of transparency and reliability. Lyraten, unfortunately, is far from that.