Over the years, prop firms have been a massive help for forex traders. They represent one of the fastest and best ways to trade capital in higher amounts. Therefore, those who want to get serious about forex trading are tempted to try one out. Lux Trading Firm is one of the options that has been available for a while.
This company has gained quite some popularity, mainly due to how much funding it can offer. After all, not every prop firm is willing to provide up to $2,500,000. Lux Trading Firm begs to differ, though. Offering up to $150,000 in initial funding lets people get up to $2,500,000 through an aggressive scaling program.
So far, everything sounds perfect. But can you trust Lux Trading Firm? If you’re still unsure what to do, this Lux Trading Firm review should clarify any confusions you might have about the company.
What Is Lux Trading Firm?
Lux Trading Firm is a prop company that provides forex traders with the capital they could use for trades. Before these funds can be released, traders must pass a particular challenge.
Using Trader Evolution, TradingView, or MetaTrader 4, people can get up to $150,000 for trading. What’s great is that there isn’t any time limit for your profit target, and you don’t have to deal with fees on a monthly basis. Besides, there is a profit split of 65%.
Lux Trading Firm also comes with a scaling plan, one that offers up to $2,500,000. That’s very generous, and you don’t get this with just any proprietary trading firm. With this in mind, it is obvious why so many forex trading enthusiasts choose this company.
Lux Trading Firm features offices in London, U.K., Switzerland, and Slovakia.
Lux Trading Firm – What Makes It Unique Compared to Similar Firms?
Lux Trading Firm is one of the many proprietary trading companies out there. Actually, if you perform a simple search on any search engine, you will find various other prop firms with great offers. And since swing traders and many other traders want to find the best option, it is crucial to do some research before settling for one firm.
What exactly makes Lux Trading Firm the chosen one in this case? Well, here are a few things that set this prop firm apart from the others:
Regulated Asset Management Firm
Lux Trading Firm is actually quite special, and that is because it is a regulated asset management firm. It may not seem like a lot, but when you notice that most prop firms in the forex market are not regulated at all, you will be thankful to have chosen this online business to turn you into a successful funded trader.
Being regulated as a prop firm is not mandatory, yet it helps a lot. It makes the company more trustworthy, and it shows it means business, given it went through the whole process of getting regulated.
Lux Trading only works with Global Prime, which is a regulated forex broker. Not only that, but it received high reviews and overall praise from the forex community.
No Time Limit
Another thing that makes Lux Trading stand out is the fact that you have no limit on the amount of time it takes you to hit the profit target when you get funding from the firm.
What’s even better is that the weekend will not stop you from holding trades. Trading can be performed even during the weekend, ensuring you do not lose any opportunity to make a profit. This is very convenient for swing traders and not only.
Risk Management Desk Available
Something that is truly impressive and more companies should use as an example is the fact that Lux Trading Firm has a Risk Management Desk.
You will gain access to Chelton Wealth Management after becoming a funded trader. With this, you will learn how to actually take advantage of the drawdown of 4% imposed by the company.
KPMG, which is one of the greatest auditing firms in the world, will also audit your accounts. Consequently, a verified track record will be made for you, which can help you obtain more capital in the future.
How Do You Get Capital from Lux Trading Firm?
So far, we have established that Lux Trading is an outstanding prop trading firm, and it stands out among its competitors. But how can you get that generous capital that the company keeps advertising?
There are three different amounts you can get with Lux Trading Firm. The sums range from $50,000 to $150,000.
In order to receive the capital you desire so much, you first have to go through a challenge. In the beginning, you will be given a demo account that will let you take the challenge. The maximum drawdown is 4%, with the trading objectives being a gain of 6%. It will take time to complete the challenge, but the positive part is that you do not have to rush – there isn’t any time limit.
Next, you will be able to switch to a small live account. When the challenge is completed, it is possible to move onto a full-size live account.
What comes after this is the opportunity to work towards the $1,000,000 that so many forex traders want to reach. Lux Trading will let you do the operations on MetaTrader 4. Luckily, the scaling plan for reaching the million only has 5 steps.
What Trading Platforms Can You Use?
It is not mandatory to stick to one particular trading platform. In fact, Lux Trading makes it possible for forex traders to choose from several high-quality platforms during the challenges.
Right now, people can start forex trading for the Lux Trading Firm challenges on MetaTrader 4, Trader Evolution, and Tradingview.
MetaTrader 4 is a common choice, but it is not always the best. It is one of the most popular platforms for forex trading in the world, with many satisfied users. Still, it is an older platform and will not work impeccably for everyone. If you think it is right for you or if you have already used it in the past and you are familiar with it, then you can definitely go for it.
Then, there is Trader Evolution, a trading platform that is more suitable for well-established forex traders who already know the game. It is extremely advanced and has tools that can take trading to a whole new level. Although it is pretty complex and mostly used by experienced traders, novices can also use it, especially if they are planning to get serious and want to capitalize on market moves.
Lastly, there is Tradingview, which can be a powerful tool for both new and experienced forex trading enthusiasts. It is user-friendly and provides users with many charting features, as well as different other options. It is a rather popular platform as well.
Educating Traders
As a new trader, it is crucial to get as much education and knowledge as possible. By being informed, you will excel at forex trading and generate high returns, and also make quite some profit. Lux Trading knows this, and they did not hesitate to make resources available to their users.
They have a platform named Trading Central, which is quite new. It even won some awards, and it is great for people who want to learn more about trading.
Since many other prop trading firms do not offer access to any sort of educational materials, it is amazing to see the Lux Trading Firm being a breath of fresh air.
What Broker Does Lux Trading Use?
Global Prime is a trading broker that collaborates with Lux Trading Firm. Seeing that the prop firm uses this broker is good news.
It shows that the company does not shy away from showing live accounts, profits, withdrawals, and other aspects. In reality, it is transparent and wants forex traders to know as much as they can before they enroll.
Pros and Cons of Lux Trading Firm
If you are not sure whether you should work with Lux Trading Firm or not, here are some pros and cons that could help you come to a decision.
Pros
- You do not have a time limit for profit targets
- There is a profit split of 65%
- You can scale up to $2,500,000
- It has great online reviews from forex traders
- You can hold trades on weekends as well
Cons
- The initial fee is pretty high
Conclusion
Lux Trading Firm is a great choice for funded trading. You have a lot of time available to complete challenges, and it is also quite easy to pass a challenge. On top of that, they have high funding options, so forex traders can make their trading journey more advantageous.
Although the initial fee is quite high, working with this firm can be very convenient. Their scalping plan and the amazing offers signify that Lux Trading values forex traders and doesn’t want just to take their money. It’s no wonder it’s such a popular company.