Lugano Trade Review – 5 things you should know about…

Beware! Lugano Trade is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

At first glance, the website of Lugano Tradelooks professionally made. However, the claim that it is a leader in cryptocurrency trading sounds a bit bombastic but we are going to give it the benefit of the doubt and look at some key features on this broker’s website.

Lugano Trade Regulation and safety of funds

Lugano Trade claims to be a forex broker with an address in Switzerland. However, upon checking the Swiss Financial Market Supervisory Authority (FINMA), the body that regulates forex broker, we found out that this broker is not in the register. We have sufficient proof to think that this broker is non-legit and could probably be a scammer. This is raising a red flag that should not be ignored if you ever have the intention to trade with this broker.

What you should be looking for if you a contemplating forex trading with a European broker is whether it is licensed because only then, there will be some guarantee for the safety of your funds. Forex brokers in the EU or the UK must have an initial capital of no less than 730,000 EUR in order to be licensed. This, among other things, serves as a preventive measure against scammers as they will never invest so much money just to look legit. In addition to that, licensed brokers must contribute to compensation funds or schemes from which, in case of bankruptcy, traders will be compensated. If the broker is regulated by CySec and contributes to the local Investor Compensation Fund, then its traders will be compensated up to 20,000 EUR per person. In the UK, licensed brokers regulated by FCA who contribute to the local Financial Services Compensation Scheme will provide compensation of up to 85,000 GBP per person for their traders. As you can see, these are excellent reasons to select a broker from these 2 jurisdictions.

Lugano Trade Trading software

The trading software offered by Lugano Trade is MetaTrader 4. We must say that this is an excellent choice of a trading platform as MT4 is very popular among forex brokers as it’s well equipped with trading tools and instruments that can enhance traders’ experience. The platform offers a demo account, auto trading options, code base with customs scripts, VPS, trading signals and an app markets, to mention a few. Its charting options are out of this world and because of them, this platform is still on top of the chart despite the fact that it was launched 15 years ago. Traders can select different chart types, time frames, colours, create templates, etc. There is also a huge array of technical analysis indicators, such as Bollinger Bands, Fibonacci retracement, moving averages, etc., which help traders predict the future direction of exchange rates and make a profit.

While we were perusing the options for opening an account, we noticed that the demo account was not available and as the precondition for opening a live account was to deposit funds first, we decided not to do it having in mind that this is a non-legit dodgy broker. Licensed brokers would have a link to the live account before you have to deposit any funds.

Lugano Trade Deposit/Withdrawal methods and fees

On Lugano Trade’s website, we saw that the company offers 4 different account types – Silver, Gold, Platinum and Diamond. The minimum initial deposit for the Silver account is $ 2,500 as you can see from the screenshot below. This is outrageously high! If you open the links to licensed brokers that we provided above, you will see that they ask for as little as $1-5 as minimum initial deposit. Apparently, Lugano Trade is in a hurry to get your money. What happens after that is anybody’s guess! The other accounts also have high initial deposits – $10,000, $50,000 and $100,000 respectively.

We must say that there is a big variety of payment methods, including wire transfer, VISA, MasterCard, Skrill, Neteller, Fasapay and Load. The minimum deposit that can be paid via all payment methods, except wire transfer, is 50 EUR/USD. For wire transfer, it is 250 EUR/USD. Deposit processing time is mostly instant or up to 30 minutes. For the wire transfer, however, it can take from 2 to 15 business days. There are no deposit fees. 

We want to point out that in the Terms and Condition document, we found information that contradicts the above where the minimum deposit amount is concerned – it shows to be $250 and not $2,500 as it is shown in the accounts image. We do not know whether this is a typo or negligence in providing financial information. However, in our opinion, no self-respecting forex company will make such a mistake on its website.

There is a withdrawal fee of 0.5% for all withdrawals except in cases where this percentage equals or is below $30. In such a case, the withdrawal fee will be a fixed amount of $30. We think that the withdrawal fee is an overkill. How much will you have to pay in withdrawal fees if you decide to withdraw a large amount? We do not think that this is beneficial to traders at all.

If the trader’s account stays inactive for 3 months (91 days), then an inactivity fee of 30 EUR/USD/GBP will be applied or 1% of client’s total deposit amount whichever is greater. This is another example that this broker is trying to fleece you. So, be on your guard!

As other non-legit and dodgy brokers do, this one also offers bonuses. Please do not think of bonuses as free gifts given to you because the broker cares about you. That is not the case. Au contraire, if you ever decide to accept a bonus, then you’ll have to execute trade volume that equals 80 times the amount of the bonus before you are able to withdraw the bonus amount. If you make profit with leverage or bonus leverage, then the minimum trading volume that you’ll have to execute is 600,000 times the deposit amount. If you think this is easy to achieve, think again! This is why the ancient saying “Timeo Danaos et dona ferentes” (Beware of Greeks bearing gifts) is still valid. And remember that licensed brokers do not offer bonuses or other free gifts and this is the distinction between them and the non-legit brokers.

How does scam work?

If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers’ schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for a chargeback.

What to do if scammed?

If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.

Rich Snippet Data



Review Date


Reviewed Broker

Lugano Trade

Broker Rating

Share Review:
Yes it is. Based on the user review published on, it is strongly advised to avoid Lugano Trade Review – 5 things you should know about in any dealing and transaction.
Not really. In spite of the review published here, there has been no response from Lugano Trade Review – 5 things you should know about Lack of accountability is a major factor in determining trust.
Because unlike, other websites get paid to remove negative reviews and replace them with fake positive ones.
Lugano Trade Review – 5 things you should know about is rated 1 out of 5 based on the reviews submitted by our users and is marked as POOR.
Never trust websites which offer a shady ‘advocacy package’ to businesses. Search for relevant reviews on Ripoff Report and Pissed Consumer to see more unbiased reviews.