LIRUNEX Review | Is LIRUNEX Legit or a Scam? Labuan Regulation Reality, Withdrawal Delays & Multi-License Risk

I. Brand Overview and Registration Information

LIRUNEX Limited is a forex and CFD broker registered in Labuan, Malaysia , and claims to be regulated by the Labuan Financial Services Authority (LFSA) with license number MB/20/0050 .
Its official website is https://lirunex.com , which emphasizes its status as a "multi-regulatory international brand" and lists entities in multiple regions at the bottom of the website, including:

• Labuan (Malaysia) : LIRUNEX Limited – MB/20/0050

• Cyprus : Lirunex Limited – Regulatory Number HE366972

• Mauritius : Lirunex Global Ltd – FSC C119023088

According to its official website, LIRUNEX offers trading in forex, precious metals, indices, crude oil, and cryptocurrency CFDs. While positioning itself as a "global financial gateway," its registration structure is complex and raises regulatory questions.

Brand Basic Information Table:

II. Regulatory Verification and Architecture Analysis

We confirmed through the Labuan FSA website that LIRUNEX does indeed hold a valid Money Broking License (MB/20/0050) .
However, this license only allows institutions to facilitate transactions and does not include authorization to provide leveraged CFD services to retail clients.

LIRUNEX states in its privacy policy:

“Clients from specific jurisdictions will be served under Lirunex (CY) or Lirunex Global (MU).”

This means that the Labuan entity is used only for group registration and brand display purposes, while the majority of the real retail accounts are based in Mauritius or Cyprus.

Architecture diagram:

 Lirunex Group
├── Lirunex Limited (Labuan) — LFSA MB/20/0050
├── Lirunex Limited (Cyprus) — CySEC HE366972
└── Lirunex Global Ltd (Mauritius) — FSC C119023088

While this multi-entity structure enhances brand credibility, it also increases the difficulty for investors to verify information. During the actual account opening process, the website did not allow users to select a regulatory region, defaulting to "Global Entity (MU)".

III. Account Opening and Deposit Experience

We opened a real account and completed KYC on the LIRUNEX website on October 24, 2025.
The registration process was relatively smooth, and the review time was about 30 minutes.

Actual test results:

In the withdrawal test, the USDT withdrawal request was submitted at 11:40 AM on October 25th, but the funds did not arrive until noon on October 26th. The platform explained that it was "due to compliance department review," but did not provide any formal review notification or electronic proof.

IV. Trading Account Types and Spread Performance

LIRUNEX offers four account types: Standard, Prime, ECN, and VIP .

We conducted real-world testing in an ECN account (20 trades each of EUR/USD and XAU/USD), with an average slippage of 0.6 pips and a latency of approximately 0.8 seconds. Execution was stable but not instantaneous.

The platform's servers are located in Singapore (LirunexLive-SG01), and there is a significant increase in slippage during periods of high volatility (especially before the London market opens).

V. Customer Support and Response Efficiency

We tested our customer service in three ways: online chat, email, and WhatsApp.

Customer feedback summary:

When faced with questions about "regulation and custodian banks," customer service gave vague answers, only repeating that "LIRUNEX is regulated and safe."
When we requested proof from the custodian bank, customer service stated that it was "only provided to the compliance department" and refused to disclose the documents.

VI. User Reputation and Market Feedback

According to data from third-party media (WikiFX, BrokersView, Trustpilot):

• WikiFX overall rating: 6.2 / 10 ;

• Trustpilot: 3.6 / 5 ;

• BrokersView Risk Rating: Medium Risk .

Typical user reviews:

"Withdrawals are normal, but the speed is slow."
"The spread fluctuates greatly, especially during news hours."
“CySEC regulatory accounts are stable, while Global accounts are prone to slippage.”

User opinions are divided, with the CySEC branch performing significantly better than the Labuan and Mauritius entities.

VII. Fund Security and Custody Transparency

LIRUNEX claims that "customer funds are independently managed," but its official website does not disclose the specific bank name.
By tracing the USDT withdrawal path using blockchain technology, we discovered that the funds flowed to wallet addresses in Singapore and Hong Kong.
This means that the actual fund settlement process may be handled by other entities within the group, rather than by the registered entity of Labuan.

From a regulatory perspective, while such structures are common, the risk lies in the ambiguity of the accountability chain : if funds are frozen or misappropriated, investors will find it difficult to determine which entity to appeal to.

VIII. Real Transaction Testing and Execution Performance

We conducted a three-day live trading test on the LIRUNEX ECN account from October 25th to October 28th, 2025. The main trading instruments included:

• EUR/USD

• Gold (XAU/USD)

• Crude oil (WTI/USD)

The test account was initially deposited with $200 USD (USDT), and the test focused on order execution, slippage, and stability.

Measured Results Table:

From an execution perspective, LIRUNEX's trading system is reasonably stable, but latency and slippage increase significantly during periods of high volatility. Especially during non-farm payroll (NFP) data and periods of sharp gold price fluctuations, some orders fail to be executed immediately and are marked as "pending verification" by the system.
Customer service replied that it was due to a "delay by the liquidity provider," but did not provide any LP names or transaction bridging instructions.

Therefore, it can be concluded that LIRUNEX uses a hybrid matching mechanism (partial A-Book, partial B-Book) , and the platform has the authority to manually review orders.

IX. Details of Deposit and Withdrawal Tests and Delays

We tested the withdrawal speed in two separate time periods.

First withdrawal (on a business day):

• Submission time: October 26, 14:30

• Review completed: October 26, 23:50

• Arrival time: October 27th, 10:05 AM

• Total time: 19 hours and 35 minutes

Second withdrawal (weekend):

• Submission time: October 27, 18:45

• Review completed: October 28, 10:10 AM

• Arrival time: October 28th, 14:00

• Total time: Approximately 19 hours and 15 minutes

Both withdrawals resulted in a "compliance review delayed" message, which customer service explained as "system review in progress".
Our investigation into the blockchain transfer path revealed that the receiving address did not match the official account name, and the funds flowed through a Hong Kong transit address before being transferred to the user's wallet.

This means that LIRUNEX did not use the Labuan entity account for settlement directly, but instead transferred funds through internal group accounts.

Key risk points:

1. The custodian bank was not disclosed.

2. Cross-border transfer of funds (Labuan → Hong Kong);

3. Review delays and opaque fees;

4. Customer service refused to provide proof of withdrawal.

10. Customer Service Quality and Transparency

We contacted official customer service multiple times during the withdrawal delay, and the details are as follows:

Customer service representatives generally exhibited characteristics of being "superficially friendly but having limited authority to handle issues."
Most customer service representatives only provide generic responses, such as: "We will report this to the finance department, please wait patiently."
The involvement of agents has also led to inconsistencies in customer service information, with some agents even using unofficial email addresses to reply.

This indicates that LIRUNEX's customer service system suffers from outsourcing issues and lacks unified management.

XI. The Truth About Regulation and the Substance of Multi-Country Licenses

LIRUNEX’s multi-country regulatory layout appears compliant, but it has been verified that only the Cyprus CySEC entity has a genuine customer protection system.

Regulatory Comparison Table:

The licenses issued in both Labuan and Mauritius only prove the "existence of the company" and cannot guarantee the safety of funds or the rights of customers.
Most Southeast Asian customer accounts are actually owned by Mauritian entities, which means that regulatory authorities lack the power to enforce resolutions in the event of disputes.

XII. Market Reputation and Complaint Trends

According to WikiFX data, Lirunex has received 14 new complaints in the past six months, mainly focusing on:

• Withdrawal delays (9 items);

• Widening of spreads (3 items);

• Bonus terms and conditions (2 clauses).

On Reddit and ForexPeaceArmy, some users say the platform is "heavy on promotion but lacks transparency in its backend."
Especially in the local Malaysian community, LIRUNEX's "multi-regulatory marketing" is considered a brand packaging strategy .

XIII. Overall Score (out of 10)

XIV. Risk Analysis and Investment Recommendations

Key risk points:

1. Multiple regulatory structures cause customer confusion;

2. Cross-border transit for deposits and withdrawals;

3. The custodian bank and the source of funds are not transparent;

4. The customer service system is fragmented;

5. There is a delay in the review of profitable accounts.

suggestion:

• If you are only testing the transaction, you can use a small amount of capital;

• If long-term escrow is required, a CySEC account should be selected;

• It is advisable to avoid depositing funds through an agent;

• Keep screenshots of transactions and communication records for future reference in case of legal action.

XV. Conclusion

LIRUNEX is an offshore brokerage firm with a legitimate registration background but complex regulatory layers.
Its Labuan entity is for display purposes only, and customer funds are mostly settled through Mauritius.
Although the trading system is generally stable, there are issues such as delays, outsourced customer service, and insufficient transparency of funds.

In short:

LIRUNEX is a multi-entity platform that is "legally registered but poorly regulated." It is suitable for short-term testing but is not recommended as a primary fund custody channel.

👉 Visit the BrokerHiveX Exposure section to view the latest list of offshore platforms, withdrawal failure cases, and regulatory warning reports.