Lirunex provides six different account types e.g., LX-Standard Account, LX-Advanced Account, LX-Premium Account, LX-Pro Account, Demo or Practice Account and PAMM / MAM services. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.
Finding a reputable list about Lirunex account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.
Lirunex is a forex broker company operational in Cyprus with offices in other parts of the world.
Forex broker Lirunex is a company that provides traders with access to platforms that allow them to buy and sell foreign currencies. Forex brokers are also known as retail forex brokers or currency trading brokers. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.
Forex broker services are also provided for institutional clients and large companies such as investment banks.
Lirunex is the trading name that is used by a newly licensed Cypriot forex broker company and Investment firm that is based in Larnaca.
Lirunex was established to provide professional brokerage services to clients worldwide and is licenced and supervised by the Cyprus Securities and Exchange Commission (CySEC).
Lirunex strives to maintain loyal clients by ensuring overall client satisfaction and is monitoring the global industry trends daily, as well as keeping up to date with the latest technologies used in the field.
Since European operational standards are followed by the CySEC, Lirunex adheres to all those conditions too, to ensure potential success for its investors.
They offer a fair range of account types, the popular MT4 platform and flexible conditions for trading.
Lirunex offers numerous FX pairs, CFDs on metals, commodities, and other instruments to trade, all delivered with instant STP order execution and is ideal for both professionals and active or beginner traders. For beginner traders, Lirunex provides several learning courses and support them with ample ways of data analysis or strategy guides.
Lirunex proudly mentions that they have been nominated as the best broker in Malaysia for 2020.
Lirunex offers the following account types, but no option of an Islamic Account for Muslim traders:
- An LX-Standard Account that can be opened with a minimum deposit of 500 USD
- An LX-Advanced Account that can be opened with a minimum deposit of 1 000 USD
- An LX-Premium Account that can be opened with a minimum deposit of 5 000 USD
- An LX-Pro Account that can be opened with a minimum deposit of 20 000 USD
- A Demo or Practice Account
- PAMM / MAM services
The minimum deposit required to open a Standard Account is 500 USD, while the other accounts require higher minimum deposits but offer traders better conditions for trading.
Lirunex makes use of four different account types, each with different deposit requirements and spread. The spread depends on the grade of the account type you chose to use since the higher-grade accounts offer better trading conditions.
Still, all the provided account types offer variable spreads with no commission charges. Spreads of the Standard account start from 1.5 pips, that of the Advanced account from 0.7 pips, the Premium account from 0.5 pips and the Pro account from 0.3 pips.
Lirunex’s leveraged trading allows good exposure to the market with ratios like 1:30 which is available to retail traders for major currencies, 1:20 for minor ones and 1:10 for commodities.
Only the professional offerings, as being presented by the higher grade Lirunex account types, allow traders to use higher leverage of up to 1: 500 under specified conditions.
Lirunex unfortunately does not offer Muslim traders who follow Sharia law the option of an Islamic Account.
Lirunex offers traders the option of opening a Demo Account which can be utilised in several ways, including, but not limited to the following:
- A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
- Traders who are evaluating and comparing brokers who would like to explore Lirunex’s trading conditions in a risk-free environment, and
- Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.
The purpose of an Islamic Account is that it caters specifically for Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.
Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.
Pros and Cons
|✔️ PROS||❌ CONS|
|Licensed by the CySEC||Fairly low leverage|
|Member of Investor Compensation Fund||No option of an Islamic Account for Muslim traders|
|Manage multiple accounts from on MT4 Terminal||Language of communications mainly in English|
|Fast execution across multiple sub-accounts|
|Offer popular market instruments|
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Lirunex at a Glance
|Regulating authorities||Labuan Financial Services Authority (LFSA) and Cyprus Securities and Exchange Commission (CySEC)|
|Countries not accepted for trade||United States|
|Islamic account (swap-free)||No|
|Institutional accounts||Not indicated|
|Minimum deposit||500 USD|
|Deposit options||Wire Transfer, Credit Card, Debit Card, Moneybookers, Neteller, UnionPay, Skrill, Local Deposits, AliPay, WeChat Pay|
|Withdrawal options||Wire Transfer, Credit Card, Debit Card, Moneybookers, Neteller, UnionPay, Skrill, Local Deposits, AliPay, WeChat Pay|
|Platform(s) provided||MetaTrader 4, Web Platform, Mobile Platform|
|OS compatibility||Not clearly indicated on the website|
|Tradable assets offered||Forex pairs for trading,
CFDs on metals, commodities and other instruments
|Languages supported on the website||English, Traditional Chinese, Simplified Chinese, Bahasa Indonesia, Vietnamese, Thai|
|Customer support languages||Mainly in English, but when needed in Greek, Mandarin, Chinese, Indonesian, Malay, Thai, Vietnamese|
|Customer service hours||Not clearly indicated on the website|
How many instruments can I trade with Lirunex?
You can trade several different instruments with Lirunex, which include the following:
- Forex pairs for trading,
- CFDs on metals,
- Commodities and other instruments.
Which platforms are supported by Lirunex?
Lirunex provides the popular MetaTrader 4 trading platform.
Does Lirunex offer leverage?
Yes, Lirunex offers leverage like 1:30 available to retail traders for major currencies, 1:20 for minor ones and 1:10 for commodities.
Only the professional offerings, as being presented by the higher grade Lirunex account types, allow for higher leverage up to 1: 500 under specified conditions.
What spreads can I expect with Lirunex?
Lirunex offers variable spreads on its various accounts. Standard account spreads starting from 1.5 pips, Advanced from 0.7 pips, Premium from 0.5 pips and Pro from 0.3 pips, respectively.
If details on the website are not comprehensive, more information can be obtained from the customer support service.
Does Lirunex charge commission?
No, all account types offer variable spreads with no commission charges. More information on commissions can be obtained from the customer support service.
Are there additional charges on the Islamic account?
Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.
New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.
Is Lirunex regulated and by whom?
Lirunex is regulated by the Labuan Financial Services Authority (LFSA) and the Cyprus Securities and Exchange Commission (CySEC).
Is Lirunex a recommended forex trading broker for experts and beginners?
Lirunex offers a good trading environment for all traders.
What is the overall rating out of 10 for Lirunex?
What is the difference between a demo and a live trading account?
A demo account as is offered by broker companies like Lirunex is usually funded with virtual money and allows a prospective customer to experiment with the company’s trading platforms and its features before setting up a real account funded with the customers actual money.
Does Lirunex offer a demo account?
Yes, you can open a demo account.
Can I convert my demo account to a live trading account with Lirunex?
This is not clear from the information on the company homepage.
Which live trading accounts does Lirunex offer?
- An LX-Standard with a minimum deposit of 500 USD
- An LX-advanced with a minimum deposit of 1 000 USD
- An LX-Premium with a minimum deposit of 5 000 USD
- An LX-Pro with a minimum deposit of 20 000 USD
- A Demo Account
- PAMM / MAM
Does Lirunex offer an Islamic Account?
No, the broker does not offer an Islamic Account.
What are the available deposit currencies for a live trading account?
Deposits and Withdrawals
What is the minimum deposit required to open an account with Lirunex?
$ 500 for a standard account.
How do you make a deposit and withdraw money with Lirunex?
Lirunex offers the following deposit and withdrawal methods:
- Bank Wire
- Credit Card,
- Debit Card,
- Local Deposits,
- WeChat Pay
Does Lirunex charge withdrawal fees?
No, but fees from financial institutions may be applicable.
How long does it take to make a withdrawal?
Withdrawals using certain methods may be processed within a day but depending on bank services it may take several days for the money to be available.