Luminor
About Luminor Bank
Luminor Bank is a well-established financial institution that operates across Latvia, Lithuania, and Estonia. Leveraging the EU membership of these countries and its own robust legislation, the bank offers a comprehensive array of services tailored to meet the needs of traders.
Main Services
- Contracts for Difference (CFD)
- Stock Trading
- Exchange-Traded Funds (ETFs)
- Forex Trading
- Futures Trading
Money Operations
Replenishing your Luminor Trade account is a seamless process through bank transfers. Depositing funds into your trading account is fee-free, although it can only be done from a Luminor account.
For withdrawals, a request form must be completed, signed, and either faxed or submitted through internet banking. Transactions are typically processed within 1-2 business days, with a nominal commission of 2 euros or 2.7 dollars.
Trading Platforms
Luminor TraderGO is the bank’s user-friendly platform that grants access to various financial markets. No software download is necessary; simply log in via any browser using your credentials. Your settings are securely stored and synchronized for convenient multi-device access.
Luminor Trade, designed for seasoned traders, offers a suite of sophisticated tools for monitoring, technical analysis, and seeking expert insights. Trade an extensive range of products, including Forex, ETFs, stocks, options, CFDs, and futures.
Advantages and Disadvantages
Among the benefits are the bank’s adherence to regulatory standards and funds protection of up to 20,000 dollars.
Challenges primarily encountered by non-residents of Latvia include:
- All transactions necessitate a linked bank account.
- In-person branch visitation is obligatory for account opening.
- Lack of a comprehensive guide on the TraderGO platform.
- Face-to-face consultation with an expert is mandatory for utilizing Luminor Trade.
- The Russian version of the website requires enhancements.
- Limited technical support in Russian.
Conclusions
Luminor’s brokerage services continue to evolve positively, yet certain operational aspects warrant focused attention for further enhancement.
This review has been prepared by the specialists at ExpertsReview.
My experience with Luminor has been incredibly disappointing. The customer service is awfully unresponsive and unhelpful. I faced a lot of difficulty while trying to manage my account, with even the simplest tasks turning into tedious ordeals. The broker also lacks transparency when it comes to their fees, something I noticed only after being hit with several hidden costs. I’m also not satisfied with their trading platform; its interface is not user-friendly and it’s often glitchy. Overall, I wouldn’t recommend Luminor to anyone because of these numerous issues.