In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. Once the victim trusts them, they introduce a “great investment” in crypto or forex and convince the person to deposit money. The scammer’s goal the whole time was to lead the victim to a fake trading platform. There are not many extra features offered by LexaTrade offshore brokers. There are market analysis tools, including an economic calendar and important information like trading hours, provided.
- Many frauds operate this way, and victims often find that recovering funds is very difficult.
- Numerous clients claim that they were promised high returns, received fake account performance reports, and were misled by account managers who later disappeared when issues arose.
- Victims may even be allowed to withdraw small amounts in the beginning to boost confidence.
- One of the most crucial elements of a broker’s legitimacy is its regulatory status.
Withdrawal Issues
Since the minimum deposit is high, it becomes extremely difficult to start at a low budget, making the broker unattractive for traders even though it offers various asset types. LexaTrade does not hold any license, and there were several warnings issued by Polish authorities over the broker offering services without regulations in the country. LexaTrade targets traders across the globe as it is not regulated by any authority. The two offshore jurisdictions where the broker is registered are Saint Vincent and the Grenadines and the Marshall Islands. Since it is relatively easy to get licensed offshore and the broker did not care enough to get properly licensed, it could be a scam. Read our full LexaTrade review to get exact details about their safety, accounts, spreads, platforms, assets, support, and much more.
This is a serious downside and makes it difficult to conduct proper market analysis. Mobile trading is not yet available properly, either, which is also a major drawback for this broker. LexaTrade is an online financial platform that operates without authorization from any trusted financial authority such as the Financial Conduct Authority (FCA).
Regulatory Compliance
Because LexaTrade has no oversight, there is no protection for clients’ funds and no independent organization checking its activities. Many fraud cases come from unlicensed brokers or fake investment platforms, making fund recovery very difficult. LexaTrade is one such name that has drawn attention in various online trading communities. It is presented as a platform offering forex and CFD trading services with a range of instruments, including commodities, indices, and cryptocurrencies. Despite its presence and marketing efforts, significant questions remain about whether LexaTrade is a legitimate broker or not. There are a multitude of different trading accounts https://traderoom.info/lexatrade-review-pros-cons-and-verdict/ available at LexaTrade.
thoughts on “Is LexaTrade a Scam? Honest Review 2023”
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By the end of this review, you should have a clear understanding of whether LexaTrade is the right choice for your trading needs. 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. The trading platform category is another one where the broker falls short in providing reliable service. Instead, the broker only offers its own custom trading app, which is a web-based platform and lacks the advanced features required for proper trading analysis and execution speeds. These fake platforms also use fake reviews and celebrity endorsements to look legit. Don’t trust what’s shown on their homepage — always verify with real sources.
Trading WTI CFDs
The broker is not multilingual either, which is also a minor drawback. While the broker claims to offer reliable support, user feedback often highlights delayed responses and unhelpful interactions, particularly for withdrawal-related issues. MT4 is the platform of choice for professional traders, while the proprietary platform caters more to beginners.
LexaTrade is a Forex broker that is registered offshore and offers trading services globally. The broker offers quite a few account types but lacks advanced trading platforms. Despite being out there since 2020, it failed to get licenses, and its website, while responsive, lacks many crucial details about withdrawal processing times and spreads on some of its accounts. The website is mobile-friendly, and it is available in two different languages.
- I stongly recoonamd everyone to dont waste money with this fraud company.
- LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities.
- In this review of LexaTrade, we will assess its safety, accounts, leverage, profit withdrawals, trading costs, support, and much more.
- These fake platforms also use fake reviews and celebrity endorsements to look legit.
Market Offerings
While the broker does not charge commissions for trading, the spreads are so expensive that it becomes very difficult to make a profit. LexaTrade does not keep trader funds in segregated bank accounts, which is a major security flaw and makes the broker very unreliable and risky. In this brief yet comprehensive review of LexaTrade, we will analyze and assess its safety, accounts, spreads, profit withdrawals, support, educational resources, and more. LexaTrade is an offshore CFDs broker, offering multiple trading accounts, access to a diverse set of assets, and unclear profit withdrawal procedures. They even have affiliates who individually promote platforms to others and force them to invest maximum money. To avoid future scams, always research platforms thoroughly, verify licenses with financial regulators, and remember – if it sounds too good to be true, it probably is.
The eligibility criteria, coverage limits, and claims processes are determined solely by a non-statutory entity, leaving clients without enforceable rights under any government-sponsored scheme. Lexatrade offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are popular among traders due to their advanced features, which are defined below.
Did You Lose Money to LexaTrade?
Our unbiased LexaTrade opinion allows our readers to decide whether LexaTrade is a reliable broker. LexaTrade markets itself as a broker suitable for both beginner and experienced traders. It provides access to trading in over 200 financial instruments and claims to support traders with educational materials, advanced trading platforms, and a variety of tools for market analysis.
LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. Customer support at LexaTrade is provided via live chat and email channels. There is no phone support option available, which is a serious red flag. While live chat is the fastest way to contact the broker, phone support has its place when it comes to internet issues and other difficulties.