Lyraten Review

About Lyraten

Lyraten operates via lyraten.com (and lyraten.net) and provides trading services in forex, CFDs, indices, stocks, commodities, and cryptocurrencies. The firm holds no registration or licence with the Ontario Securities Commission (OSC) and is officially not registered in Ontario to engage in trading in securities or derivatives. The OSC issued an investor warning on May 9, 2024, noting that Lyraten is not registered in Ontario and cautioning investors. 

The United Kingdom’s Financial Conduct Authority (FCA) issued a warning on November 20, 2023, stating that Lyraten was providing financial services or products in the UK without authorisation. The British Columbia Securities Commission (BCSC) followed with a warning on March 11, 2024, confirming that Lyraten is not registered in BC to trade in or advise on securities or derivatives, despite accepting BC residents. 

No evidence was found of any regulatory licences from recognized bodies such as FCA, ASIC, CySEC, BaFin, or others. Information from independent investigations indicates that Lyraten offers its services via a web platform, with a stated minimum deposit of USD 250, maximum leverage up to 1:100 on Forex and 1:20 on cryptocurrencies, spreads starting from 2.4 pips, and commissions from USD 5 per trade. The website lacks clear corporate identity, registration number, physical address, or demonstrable trading infrastructure such as a functioning MT4 client. 

Pros and cons

Pros

• The platform is accessible via a web interface and accepts a minimum deposit from USD 250. 

Cons

• Unregulated by any recognized financial authority; warnings issued by OSC, FCA, and BCSC. 
• Lack of transparency: no corporate details, hidden domain registration, unverifiable trading instruments or platforms. 
• High costs: spreads from 2.4 pips and commissions starting from USD 5; potential withdrawal issues.