We do not provide investment advice or solicitation of any kind to buy or sell any investment products. Trading carries a high level of risk and may not be suitable for all investors. The account structure is straightforward, but the high minimum deposits for premium accounts may deter small-scale traders. Additionally, spreads on lower-tier accounts are uncompetitive compared to industry standards.
- Given the abundance of warning signs, potential investors are advised to avoid LexaTrade.
- It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies.
- EvenInsight.com, a venture of Even Insight Technology, specializes in cybersecurity and website analysis.
- LexaTrade offers several trading platforms to cater to different types of traders, from beginners to advanced users.
- Lexatrade offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.
Unregulated entities can potentially abscond with your money without being held accountable. User reviews across various forums and consumer protection sites frequently highlight experiences of being unable to withdraw funds, encountering hidden charges, and even outright losing access to their accounts. These 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. LexaTrade offers a diverse range of trading instruments and platforms, making it appealing to beginner and intermediate traders. However, its regulatory shortcomings, high trading costs, and numerous user complaints make it a questionable choice for anyone prioritizing safety and transparency.
LexaTrade fails to provide any information about its staff on its website and promise fake returns. These deceptive practices raise significant doubts about the credibility and trustworthiness of this platform. Fill the form below or Use our Chatbot and get a Free Consultation from CNC Intelligence Experts, they can assist you by investigating your case and tracing your 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.
LexaTrade Review: Key Insights, Platform Performance & Is It Right for You?
Legitimate specialists might have the option to accomplish something, yet controllers can remove the license from trick intermediaries. 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. Each account type comes with its own set of perks, with the higher account types offering the best perks and benefits. MT4 is the platform of choice for professional traders, while the proprietary platform caters more to beginners.
By the end of this review, you should have a clear understanding of whether LexaTrade is the right choice for your trading needs. With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns. Reviews and reports from users suggest issues that point to LexaTrade being a potential scam, primarily due to limited regulatory transparency, suspicious practices, and challenges in withdrawing funds. In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. An objective analysis of LexaTrade reveals significant gaps in regulatory compliance, statutory oversight, and investor protection.
LexaTrade offers diverse trading instruments such as Forex, Commodities, Indices and Shares. LexaTrade is licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC). In this detailed review, we will cover various aspects of LexaTrade, including its trading platforms, account types, fees, customer support, and more.
LexaTrade Account Types
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. 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.
Swap Fees:
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. Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument. The spread varies depending on the account type and the financial instrument being traded. While some users praise the educational tools and platform usability, these positive experiences are overshadowed by the negative feedback. 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.
Oversight by the IFMRRC
Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. 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. LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities. While the platform appears well-structured on the surface, a closer examination reveals troubling details.
- 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.
- This Bill will help to deliver fairness for both hospitality venues and their customers in this area, and we look forward to working with Government to achieve this.
- Firstly, guarantee the license is from a reliable controller and not one who gives a license to any individual who pays a charge.
- In the landscape of digital brokers, the presence of credible regulatory oversight and transparent corporate governance are fundamental benchmarks for legitimacy.
Range of Markets, Spreads and Leverage 16/20
Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction. 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.
Trading Platforms
However, the proprietary platform’s lack of sophistication may not satisfy advanced users. 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. 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. 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.
Is this your company?
LexaTrade is a financial trading platform that offers a range of financial instruments for traders to choose from, including contracts for difference (CFDs), foreign exchange (FX), and cryptocurrencies. We provide broker reviews and ratings to help users find a suitable broker according to their own needs. However, you must do your own due diligence and make your own decisions when choosing a broker. This compensation should not be seen as an endorsement or recommendation, nor shall it bias our broker reviews.
LexaTrade is a global online trading platform offering a range of financial instruments, including forex, commodities, indices, cryptocurrencies, and lexatrade review stocks. It aims to attract traders with promises of high leverage, multiple account types, and extensive educational resources. However, LexaTrade has been the subject of mixed reviews due to concerns about its regulatory status and business practices.
