In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. These lexatrade reviews 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. 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.
Is Lexatrade a legal broker?
- This broker offers a balanced mix of functionality and user-friendliness.
- And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds.
- LexaTrade has a referral program in which you’ll receive up to 50% deposit amount as a commission.
Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. 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. The commission is based on the size of the transaction and ranges from 0.005% to 0.015% for most instruments, while it is 0.5% for cryptocurrencies. We are back with our unbiased review of LexaTrade, an online trading broker company.
Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. In legitimate platforms, fees are typically clear and transparent from the beginning.
LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. Several red flags have emerged from user experiences that cast doubt on LexaTrade’s legitimacy, making it essential to understand these warning signs before investing any money. LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone. 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.
Lexatrade Review Is it good, or is it a scam?
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 ensures that all client funds are kept in a segregated account from the company’s funds.
You should also contact your bank as soon as possible and let them know about your issue. 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. There is no solid information about the founder of LexaTrade and its parent company.
Octrado Review: Features, Levels, and Support
These platforms are popular among traders due to their advanced features, which are defined below. This broker offers a balanced mix of functionality and user-friendliness. And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds. 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. Brokers required various licenses and regulators’ approval to serve investors and traders. Lexatrade offers personal account managers to its users and they help in trading.
Moreover these personal manager act as LexaTrade affiliates who enforce clients to deposit more on their platform. As per LexaTrade conditions, if the referred client makes a deposit between $500 to $10,000, then 50% of it will be the referral bonus. LexaTrade has a referral program in which affiliates receive up to 50% of the deposit amount as a bonus. We use dedicated people and clever technology to safeguard our platform.
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. It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. The financial products offered by the companies listed on this site pose a high risk and can lead to the loss of all your funds.
The broker doesn’t hide the fact that it’s trying to goad you into depositing more. Even the withdrawal speeds increase as you go up to the higher accounts. 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.