Is LexaTrade a Scam? Honest Review 2023

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. We offer a Free Consultation when you file the complaint with us. Also, scammers, as you read in this ASR review, are famous for not withdrawing your money. They may ask you for more and more money and never return a single penny of your earnings. Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. Lexatrade offers personal account managers to its users and they help in trading.

Information about withdrawals is missing and this should be addressed by LexaTrade. 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. 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. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.

But on a hunch, we wouldn’t call the security excellent. 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. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified.

Altogether, it’s just a middle-of-the-pack broker, and there are a ton of similar companies out there. 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. While the first account is cheap, lexatrade.com also robbed it of most features.

As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). There is no solid information about the founder of LexaTrade and its parent company. But first we will focus on the level of service provided by the broker. This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution.

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. That means the accounts suit most strategies, and as such, can attract diverse groups of traders. As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows.

Firstly, guarantee the license is from a reliable controller and not one who gives a license to any individual who pays a charge. Legitimate specialists might have the option to accomplish something, https://cryptolisting.org/ yet controllers can remove the license from trick intermediaries. Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points.

LexaTrade Review: Regulation and License

Now daily some 10 people call me to start trading and if I say I am not interested they wont le t me go. It should be made clear that Lexa Trade does not hold an individual broker license. On the other hand, the company under which they rely on seems to be overseeing several other entities which provide financial services under one license owned by SwissOne Group Ltd. For those that are victim of online investment scam, i will recommend the help of janesilva0727 g mail com a recovery expert who helped me in getting back all my lost funds. Lexatrade offers full-time support with 24/7 operating hours. That, along with the multiple phone lines, makes the broker easy to reach.

Through LexaTrade review our aim is to warn traders not to trade with this broker because this broker is suspected to be a scam according to the research done by our team. Also lexatrade review trustpilot , lexatrade wikipedia are also showing bad numbers. LexaTrade is an unregulated broker platform similar to LegitHartford24, which we reviewed earlier. Problem with unregulated brokers is that they are not reliable and abuse the regulations.

Only SwissOne Group Ltd owns a license from the IFMRRC. This license was issued exactly one year after the launch of LexaTrade broker’s website. So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement.

As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies. The broker lexatrade scam offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review. However, you can only unlock MT4 after depositing $10,000.

So the broker’s clunky website has us seriously concerned. For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there. 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.

Brokers required various licenses and regulators’ approval to serve investors and traders. But LexaTrade is not even registered as a legal company. I have just started, so far I am good with the trading tools. Haven’t had withdrawal yet but based on observation, brokers are skilled and easy to deal with.

Nearly all brokers will give you a raw deal if you fail to read their ToS regarding their deposit bonuses. Furthermore, while there are some solid conditions, they all come with high price points. And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better. 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.

Lexatrade Review

But Lexatrade is severing the whole world through its website. It is registered in Saint Vincent and the Grenadines which makes no sense. 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 claims to prioritize the safety of its client’s funds. But we are skeptical about most activities and claim made by LexaTrade. LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.

They are capable experts with the ability and instruments to detect a con artist and get your assets back. You ought to receive an instant reply to your query, if not fast. Nevertheless, fraudsters cut off communications upon receiving your money. It is improbable to deliver a friendly interface without proper customer relations. Active customer support assists in determining more trust in the company. But considering various reviews, we found that their so-called experts have very less knowledge and most trade signals are loss-making.

LexaTrade Review Warning Signs – Why LexaTrade is a scam broker?

Bonuses and incomes will only be withdrawn when a trader reaches a certain volume of trades. These benefits seem to be general in nature as the broker doesn’t talk of something we’ve never heard from brokers. We’re not sure what LexaTrade broker means by saying “a free trial account with profit”. Clicking on the link to discover more takes us to a sign up page where the broker requires us to create a trading account. The website has not published a live spreads widget on their website.

• 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.
• And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better.
• Companies providing online brokerage services without a license cannot provide their clients with any sort of protection.
• However, for a newer trader, the website may look too daunting.

Make sure to stay away from them as they are anonymous and that they can disappear any time without notice. Companies providing online brokerage services without a license cannot provide their clients with any sort of protection. Lexatrade.com seems to be unregulated as it doesn’t hold a license from any regulatory body. A trader, before investing, should research about the broker’s regulation and license. If the broker doesn’t hold any license, then there must be a risk of scam. License is the most significant thought while choosing a merchant.

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I have uploaded some moeny and post that they have locked my amount and i am nither withdraw nor able to trade. They are asking more money to upload to enable my account and not returning the amount that i have already uploaded. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition. 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. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.

Hope the above information is enough to know the basics of LexaTarde, account types, its services, fees and referral program. Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions. For starters, the first two accounts are borderline unusable. 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.

Also keep in mind that the company is regulated , which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all. That being said, caution should be used anytime money is involved, with all brokers, old or new. If you are already in it, you can get help from LFr es cue • org let’them guide you!

However, better options are present online, and it’s easy for most traders to switch. 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. For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. Also, the spreads on the VIP account are relatively tight.