The owning/operating company is Swissone Group Ltd, located in St. Vincent and the Grenadines and registered with the IFMRRC – Certificate TSRF RU 0395 AA V0165. The information on Forex-mag.com does not serve as an investment or trading recommendation. The server operator Almina Corp as is not a registered broker, investment advisor or broker.
thoughts on “Is LexaTrade a Scam? Honest Review 2023”
These patterns align with other known scams in the financial sector, where similar methods are used to extract and retain funds from investors without delivering on the advertised services. LexaTrade advertises several account types, from basic to VIP, each with distinct perks. Live chat support was available at the time of our visit but a bit slow to answer. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. Information about withdrawals is missing and this should be addressed by LexaTrade.
The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. LexaTrade is a financial trading platform that offers a range of financial instruments for traders to choose from, including contracts for difference (CFDs), foreign exchange (FX), and cryptocurrencies. In conclusion, while the promise of easy trading may be tempting, LexaTrade is fraught with risks that make it unsuitable for investors who prioritize security and legitimacy. LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities. While the platform appears well-structured on the surface, a closer examination reveals troubling details. Scammers employ persuasive tactics to convince you to make an initial minimum deposit.
Lexatrade is a scam
Either balance gets zero or unable to withdraw funds due to invalid reasons. It is registered in Saint Vincent and the Grenadines which makes no sense. It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts. LexaTrade has a referral program in which you’ll receive up to 50% deposit amount as a commission.
The methods for deposit are Visa, CryptoWallet and e-Payouts and we assume the same methods will be used for withdrawals, although LexaTrade doesn’t mention this specifically. Overall this is a promising broker but a few tweaks here and there would make it a better one. Lower deposits, more information about deposits and withdrawals, a basic FAQ, and a demo account are just a few adjustments that would go a long way and would make LexaTrade a higher-tier broker.
It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader.
Real User Experiences and Reports
We use dedicated people and clever technology to safeguard our platform. Claim your profile to access Trustpilot’s free business tools and connect with customers. But considering various reviews, we found that their so-called experts have very less knowledge and most trade signals are loss-making. LexaTrade charges a service charge of 5% when customers has made less than 5 independent transactions.
Each account type comes with its own set of perks, with the higher account types offering the best perks and benefits. One of the primary concerns with LexaTrade is its lack of regulation by reputed authorities such as CySec, ASIC, FCA, CNMV, and others. This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds. While regulation alone does not determine a scam, it is an essential factor to consider.
- However, the broker has a low user rating, with mixed reviews as some complain about the platform while others appraise it.
- If a trade position is kept open and carried over to the following day, a commission will be charged to the trading account for using the credit.
- Hope the above information is enough to know the basics of LexaTarde, account types, its services, fees and referral program.
- This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs.
- For those looking to enter the trading market, many reputable and transparent platforms offer safer and more secure services.
LexaTrade Review
We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types. The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts.
The platform is designed to offer a convenient and user-friendly trading experience, with excellent terminals that make trading profitable while minimizing risks. With over 170 trading instruments, various tools, and timely risk management features, the platform ensures a high-quality trading experience overall. With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns. Reviews and reports from users suggest issues that point to LexaTrade being a potential scam, primarily due to limited regulatory transparency, suspicious practices, and challenges in withdrawing funds. In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. LexaTrade customer support is very impressive as lexatrade review it offers full-time support with 24/7 operating hours.