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. 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.
That being said, caution should be used anytime money is involved, with all brokers, old or new. 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.
Fraud Alert: Scammers Using Landlines, IVR To Dupe People; TRAI … – Moneylife
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.
Retired government officer lands in web of trading fraud, loses Rs 2.5 crore – Times of India
A series of educational resources is available at LexaTrade, such as economic calendar, expiry date of futures, trading hours, compound interest calculator, etcetera. 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. Also keep in mind that the company is regulated (IFMRRC), which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all.
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. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs.
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We have created and implemented an online platform for easy and efficient trading. 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.
- A mobile platform is available but Demo accounts are not; US traders are not accepted.
- The case with its funding is much of the same, as there are some things that look good.
- The broker doesn’t hide the fact that it’s trying to goad you into depositing more.
- IFMRRC stands for International Financial Market Relations Regulation Center.
- That being said, caution should be used anytime money is involved, with all brokers, old or new.
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.
In legitimate platforms, fees are typically lexatrade scam 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.
Given the abundance of warning signs, potential investors are advised to avoid LexaTrade. Numerous reports indicate that this platform may be a scam, with serious issues related to funds accessibility, aggressive tactics, and regulatory opacity. For those looking to enter the trading market, many reputable and transparent platforms offer safer and more secure services.
Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices. In conclusion, while the promise of easy trading may be tempting, LexaTrade is fraught with risks that make it unsuitable for investors who prioritize security and legitimacy. It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable. The overall structure of the accounts at LexaTrade is too expensive in my opinion and putting a $10,000 barrier between the trader and MT4 means that the majority of clients will not use this platform.