Lyraten has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Otrade. We’ve received over 5 complaints against Lyraten.
Lyraten, which advertises itself as a unique trading platform with a user-centric approach and requires a minimum deposit of $250 to trade CFDs with up to 1:100 leverage on the WebTrader platform, raises worries about its lack of extra security measures and unsophisticated website design. Despite offering a variety of account kinds, from Basic to VIP, with varying commissions and leverage, the platform’s validity is called into question due to a lack of MT4 access and sufficient regulation. The lack of governmental monitoring means Lyraten may be a hoax, leaving investors with no recourse.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Lyraten Regulated? Do They Have a License?
The dark blue background and standard visuals of Lyraten’s website may contribute to a less engaging user experience on account of its uncomplicated design. Although the registration procedure is uncomplicated, it does not incorporate an additional security measure that is frequently observed on alternative trading platforms, which may give rise to security apprehensions.
While the client portal provides fundamental functionalities such as account overview and transaction history, it lacks more sophisticated features that are available on competing platforms.
Lyraten positions itself as an avant-garde trading platform, accentuating a user-centric methodology with the objective of augmenting the overall trading encounter. A minimum deposit of $250 is mandatory, and customer support is available during regular business hours to assist merchants of different experience levels across the globe.
With the assurance of periodic updates and a vast selection of trading assets, including over 500 cryptocurrencies and other assets, the platform emphasizes its dedication to security. Lyraten is accessible from any device without requiring the installation of software, as it is web-based.
Options for accounts range from Basic to VIP, with commissions, swap rates, and leverage being modified in accordance with the account classification. Although Lyraten has a rudimentary web design and client portal, the platform prioritizes security, user-friendliness, and an extensive array of trading options to accommodate both novice and seasoned traders.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Lyraten is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Lyraten, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Lyraten
Lyraten offers a trading platform where the minimum deposit required from clients can be up to $250, enabling them to trade in Contracts for Difference (CFDs). The platform allows for leverage of up to 1:100, providing traders with the potential to magnify their trading results.
The trades can be executed on the WebTrader platform, which is designed for ease of use and accessibility directly from a web browser without the need for downloading any additional software.
A variety of account categories are offered by Lyraten, each featuring distinct minimum deposits, commissions, spreads, and leverage alternatives. Each of these accounts, ranging from the Basic to the VIP and Private Equity, is tailored to the specific requirements of an investor; however, the distinctions between them might not be sufficient to warrant the increased minimum deposits.
Lyraten purports to offer the MT4 trading platform; however, it does not furnish direct access or the customary downloadable applications that are commonly associated with MT4. This omission gives rise to skepticism regarding the legitimacy of the platform.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Lyraten Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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Lyraten Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Lyraten tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Lyraten reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Lyraten, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Lyraten enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Lyraten reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Lyraten.
You should always look out for consumer complaints. In the case of Lyraten, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Lyraten? You can share your complaint in the comment section or submit an anonymous tip.
Is Lyraten Legit Or Scam?
Lyraten is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Lyraten can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Lyraten?
All the evidence suggests that Lyraten is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
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Can I withdraw money from Lyraten?
Where is Lyraten Located?
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How The Lyraten Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
