Is LexaTrade A Scam? Read This Brutally Honest Review

The broker doesn’t hide the fact that it’s trying to goad you into depositing more. And without the broker specifying the times, who knows how long it might take for you to get your money. 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. That being said, they are very new at the time of this review, so there is time for improvement.

But as we said, we don’t like paywalls for core features as a practice, although you may not mind them at all. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. We will give you an additional $1,500 when you open a new account with $5,000. With LexaTrade online platform, you can trade and invest from anywhere on the globe using the high-tech functionality and speed of the terminal. Our company is committed to providing the best trading services and processes for our clients.

Broker Details

You can try to withdraw small amounts (if the withdrawal limits allow you too), but do not invest more, you will only lose more in that case. You can also report about this issue to your local financial regulator or the regulator where the broker claims to be located. Although FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection to any official regulatory body, and has very few legal powers with regards to regulating FMRRC regulated brokers.

A mobile platform is available but Demo accounts are not; US traders are not accepted. Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points. As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. This means that when you open an account with $5,000 dollars, we will add to your account another $1,500 dollars.

Red Flags Indicating Potential Scam Activity

LexaTrade is ambiguous about how deposits and withdrawals work, and we can only get come basic information in the refund policy page. The asset access is limited, your withdrawal requests are low priority, and the spreads are extremely high. As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows.

It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional. Lexatrade is new forex and CFDs brokerage that lexatrade scam primarily operates in Europe. It opened just earlier this year and has attracted a good bit of attention as such. In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options.

Retired government officer lands in web of trading fraud, loses Rs 2.5 crore – Times of India

1. Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions.
2. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader.
3. And without the broker specifying the times, who knows how long it might take for you to get your money.
4. As such, we can’t hold the deposit requirement for MT4 against the broker too much.
5. LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities.

One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. And that’s without mentioning our hunch that the broker isn’t entirely honest. Altogether, it’s just a middle-of-the-pack broker, and there are a ton of similar companies out there. LexaTrade advertises several account types, from basic to VIP, each with distinct perks. 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.

Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition. Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account. However, we can’t neglect the fact that $100,000 is a hefty sum and isn’t something anyone can reach. Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms. It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully.

Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions. That’s especially true if the bonus goes as high as it does at lexatrade.com. Lexa Trade(owned by Swissone Group Ltd) is a forex broker with trading platforms of xCritical Mobile App, Metatrader 4 (MT4) and proprietary Web Trader. The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. 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.

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.

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This post was written by Rachel Loreland