Is LexaTrade a Scam? Read This Brutally Honest Review

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.

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.

Our team of scientists have experience and deep knowledge of Computer Security and Artificial Intelligence (AI). 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. For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there.

Risk Warning:

This company does not do its job well, and pretends to be a broker that does not give returns at all. When I invest 350s, I immediately get the indices and the operations resolved to make me lose my money. On our website, you can see that some users have reported scams.

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.

Company Information

This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps. So there’s the argument that some regulation is better than none, and that does hold up.

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.

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 https://forexhero.info/ 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.

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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.

• The broker’s offer does actually seem decent enough, but the presentation isn’t up to par.
• Overall this is a promising broker but a few tweaks here and there would make it a better one.
• But as we said, we don’t like paywalls for core features as a practice, although you may not mind them at all.

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.

NewsWIKIFX REPORT: LexaTrade: Getting Into the Meat of an Honest Broker

For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types. The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts.

Lower deposits, more information about deposits and withdrawals, a basic FAQ, and a demo account are just a few adjustments that would go a long way and would make LexaTrade a higher-tier broker. That being said, they are very new at the time of this review, so there is time for improvement. 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. That being said, caution should be used anytime money is involved, with all brokers, old or new.

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 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. Overall this is a promising broker but a few tweaks here and there would make it a better one.

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.

And even then, you only get the web version, and you need the $50,000 account for the full unlock. There are also other newbie-baiting features, such as the bonus that Lexatrade offers. A deposit match isn’t inherently a bad thing, but it’s commonly used by malicious brokerages.

The broker’s offer does actually seem decent enough, but the presentation isn’t up to par. We’ll see if the broker’s functional prowess ends up improving what we think. Perhaps we’re being too harsh since if you know what you’re looking for, you’ll find it. We wouldn’t be surprised if entry-level traders couldn’t find their way around and simply decided to use another brokerage.

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.

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.

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.

There are also Islamic swap-free accounts and a sample trading account available. This is a fantastic service that covers all of the key markets and asset classes. lexatrade provides a detailed spread table where the clients may easily compare and inquire the spreads of different instruments in different platforms. We can see that the VIP account has the most competitive spreads. The data contained in this website may not be real-time and accurate. 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.

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 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. Lexatrade has five different account types covering budget and high-end options. The broker uses a tiered account progression where each type requires you to reach a specific threshold. The cheapest option is $250 while the most expensive is $100,000. Unfortunately, it is almost impossible to get the money back from this type of broker.