It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies. But we are skeptical about most activities and claim made by LexaTrade. Later they said that the amount was too low for a trade so I left the money there only to find later that the money has disappeared.
LexaTrade began by managing cash transactions in real-time trading using PAMM accounts. Over time, it has grown and developed advanced trading solutions and a variety of financial instruments, becoming a well-known online brokerage brand. LexaTrade provides a range of account types, each with distinct features and minimum deposit requirements. Scammers employ persuasive tactics to convince you to make an initial minimum deposit. They entice with promises of doubling the deposit within 24 hours and similar claims.
The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. A mobile platform is available but Demo accounts are not; US traders are not accepted. This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader.
LexaTrade has been under scrutiny within the trading community, with increasing concerns regarding its legitimacy. Traders and investors are questioning whether LexaTrade is a reliable platform or if it conceals a sophisticated scam. Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. 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. Dealing with an unregulated company like LexaTrade increases the risk factor of your money.
People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Lexa Trade allows global traders to access financial markets, including Forex, Stocks etc. However, the broker has a low user rating, with mixed reviews as some complain about the platform while others appraise it. So, to help you out in deciding whether it’s a worthy broker, let’s take an in-depth look at the platform with our detailed LexaTrade review. LexaTrade is a reliable broker that provides exceptional speed, functionality, and profitability. The platform is designed to offer a convenient and user-friendly trading experience, with excellent terminals that make trading profitable while minimizing risks.
The spread varies depending on the account type and the financial instrument being traded. LexaTrade has a referral program in which affiliates receive up to 50% of the deposit amount as a bonus. A critical aspect of any online trading platform is the transparency and efficiency of its deposit and withdrawal processes. LexaTrade appears to offer a straightforward deposit procedure, allowing users to fund their accounts through various methods. Numerous user complaints suggest delays, unexpected fees, and difficulties in accessing funds.
Against Scam Broker’s
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. Brokers required various licenses and regulators’ approval to serve investors and traders.
- We use dedicated people and clever technology to safeguard our platform.
- Overall this is a promising broker but a few tweaks here and there would make it a better one.
- This broker offers a balanced mix of functionality and user-friendliness.
- Therefore, we do not recommend you to invest money with LexaTrade.
Is LexaTrade a Scam? Honest Review 2023
There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. 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. All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal.
If you discover yourself in such a predicament, take the subsequent measures to recover your funds:
The spreads vary on the account type and the instrument traders trade in. Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. If you’ve been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back.
I lost so much and was really…
While regulation alone does not determine a scam, it is an essential factor to consider. Many people have complained that LexaTrade has locked or stolen their funds. 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. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts.
As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar lexatrade scam web data it has around 13k monthly traffic from Kenya (60%) and India (26%). LexaTrade fails to provide any information about its staff on its website and promise fake returns. These deceptive practices raise significant doubts about the credibility and trustworthiness of this platform. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.
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