BEWARE of the Lucre ICO and the LCR token – review

Lucre ICOIn this review we analyze the initial coin offering of Lucre and we reveal problems we discovered.

Lucre is selling its token LCR for about $0,83 at press time. Why should you buy it? The Lucre team says it will make you money.

Lucre allegedly built a profitable trading algorithm that can trade crypto markets with success.  They expect the value of the token to go up, plus you will receive their trading signals if you contribute more than 1 ETH.

Illegal and shady system

There are many red flags with Lucre, let’s have a look at some of them.

Illegal investment advice

Trading signalsFirst of all, Lucre is an automated trading system and signal service for cryptocurrencies. They are selling crypto signals, which means they are selling investment advice.

But they have no licence whatsoever, they are not registered with any national financial regulator. It means that Lucre cannot operate legally in the US, EU, Australia, and most of other countries.

Shady system

Features of the systemLucre show some trading results of their algorithm, but if you read carefully the whole text, you will find out that they only show backtest results. The value of such data is minimal and proves nothing.

They say their algorithm will run on account that the public can verify, but no trace of that.

They say their signals are winning in 75% or more cases. But this doesn’t mean anything until you specify your exit targets (stop loss, take profit). It seems they know very little about real trading.

They say their algorithm will be running on the Metatrader platform, but currently no crypto exchange support Metatrader. So, they are left with brokers and CFDs, therefore no crypto direct trading, only derivatives. So, why even issue a crypto token?!

Value of the LCR token?

As we already hinted, we see no reason for issuing a crypto token if you trade CFDs. But even if they were trading cryptocurrencies directly, they still would not need their own ERC20 token.

The obvious and only reason for the creation of the LCR token is to get money from the public. But what will the public get in return? We don’t see anything.

The value of the token is supposed to somehow be linked to trading results, but this feature is not explained, the whitepaper does not even exist. The LCR token currently is not traded on any public exchange.

Conclusion

The Lucre ICO and the LCR token don’t make any sense. This looks like a way to get money for some illegal investment advice with no proven results or history. We recommend staying away.

When somebody has a profitable trading algorithm, they use it and make money, they don’t ask the public for money. You can try trading on your own on a free demo with a regulated broker.

You will see that how it works and why the Lucre ICO doesn’t make any sense.

Summary
Review Date
Reviewed Item
Lucre
Author Rating
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