Is LexaTrade a Scam? Read This Brutally Honest Review

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. The broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review.

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. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities. 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. Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions.

Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together. For what it’s worth, the internet community is rife with lies and falsified news. The term “Fake News” has been splattered on the online Metropolis for a reason. This people will lure you to come and invest with them after promising you a huge return of interest but will still held your withdrawal at the end.

Forex Awards

We offer favorable terms that allow you to take control of your money. A variety of trading tools, automatic signals about profitable transactions. Low spreads, 0% commission, bonus programs, multi-language call centre.

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.

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 is ambiguous about how deposits and withdrawals work, and we can only get come basic information in the refund policy page.

• We’ll see if the broker’s functional prowess ends up improving what we think.
• 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.
• It looks like the broker took stock images, put them in boxes, and called it a day.
• 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.

Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam. That isn’t an exact rule, but it’s something we’ve found to be true more often than not. All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for https://forexhero.info/ the accuracy and reliability of the information. ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up. We are committed to the fair handling of reviews and posts regardless of such relations.

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.

LexaTrade is an offshore broker registered in Saint Vincent and Grenadines, currently has no any regulations. Any action you take upon the information you find on this website is strictly at your own risk and we will not be liable for any losses and/or damages in the use of our website. There are way too many categories on lexatrade.com, and navigating around the website is challenging. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary. The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day.

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. We have created and implemented an online platform for easy and efficient trading. Profit with minimal risk by using all the features of the terminal.

Broker Details

Modern high-speed trading platform, with simple trading features. Variety of trading tools, automatic signals about profitable deals. Bonus programs, low spreads, 0% commission, multi-language call center. This means that when you open an account with $5,000 dollars, we will add to your account another $1,500 dollars. Trade and invest freely from anywhere on the planet with LexaTrade online platform using the high-tech functionality, speed, and profitability of the terminal. Caring for our clients, our company makes every effort to optimize the trading processes and services provided.

Please read LexaTrade Reviews below and share your live trading experiences with this broker. No, it is currently not effectively regulated and you are advised to be aware of its potential risks. A series of educational resources is available at LexaTrade, such as economic calendar, expiry date of futures, trading hours, compound interest calculator, etcetera.

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. The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features. As such, we can’t hold the deposit requirement for MT4 against the broker too much. 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.

Customer Service at Lexatrade

The asset access is limited, your withdrawal requests are low priority, and the spreads are extremely high. We’re nearly certain the broker made the accounts just to seem more open. As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows. Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest.

It doesn’t do anything to stand out, and the vast majority of traders can easily find an option that’s both more comfortable and more powerful. If you’ve been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back. The case with its funding is much of the same, as there are some things that look good.

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. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition.

One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. And if you’re unfamiliar with what IFMRRC is, we don’t blame you. Although we do daily broker reviews, we’ve never heard of it before. 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.

This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. All early signs show that lexatrade is not a scam but keep in mind this is a very new CFD broker.

But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers. IFMRRC stands for International Financial Market Relations Regulation Center. It’s a non-commercial organization that regulates about 60 brokerages. However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators.

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. And without the broker specifying the times, who knows how long it might take for you to get your money.

For your convenient and effective trading, we have developed and implemented a new online platform. Use all the capabilities of the terminal and make profit with minimal risks. On the other hand, the Web platform offered for the minimum account is quite enough for the average trader, so maybe that’s not a deal breaker. 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. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader.

The minimum withdrawal amount is 50 USD, and if a client withdraws the money without realizing 5 independent transactions, LexaTrade will charge a 5% fee. Currency pairs, indices, commodities, metals, energy, stocks…..LexaTrade allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on LexaTrade. 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. Live chat support was available at the time of our visit but a bit slow to answer.

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 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.