The charges are higher compared to the platform we have reviewed so far. The spreads vary on the account type and the instrument traders trade in. 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. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader.
There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances. LexaTrade is an online trading broker owned by Swissone Group Ltd. The company is located at Beachmont Business Centre, Suite 39, Kingstown, Saint Vincent and the Grenadines. If you have already deposited money with LexaTrade, and you have been unable to make withdrawals; which is very likely, don’t worry, there may be a way or two to get your money back. LexaTrade will delay the process for months if you want to withdraw your funds, regardless of whether you have profits or not.
- Online scams are on the rise, so lots of consumers are wondering how to stay safe on the web.
- Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns.
- It implies that you should pick a reliable broker for trading instead of a shady and offshore one.
There is not a single complaint regarding the same, so, we can rate it good in this case. The deposits are processed instantly, while withdrawal may take up to 3-5 business days. If you’ve been following our detailed Lexatrade review 2023, you have likely noticed the platform has not much to offer to its users. The broker’s low user ratings of 2.1, which shows the platform’s low credibility. Rather than opting LexaTrade scam, we recommend you to incline towards a more trusted platform like InvestFW. 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.
Min Deposit
The promotion is applicable for deposit amounts ranging from $500 to $5,000. The insurance covers upto 100% of total loss on all trades opened on the deposit day. We are here to conduct a comprehensive evaluation of LexaTrade’s offers and services for the most
in-depth and unbiased verdict. Follow our straightforward guide to efficiently reclaim your lost funds from LexaTrade with minimal hassle.
This includes video courses and E-books, similarly the questionnaire section offers the questions related to customer’s feedback on the platform. LexaTrade learning is an interactive educational feature that aims to help novice traders to understand and learn about the market. File a charge back immediately to get your money back, mostly because it is also the most damaging to them.
- They can open positions, execute trades quickly, and monitor their account balance from anywhere, at any time.
- The company is located at Beachmont Business Centre, Suite 39, Kingstown, Saint Vincent and the Grenadines.
- Therefore it is significant to figure out about LexaTrade before investing your money.
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. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers. IFMRRC stands for International Financial Market Relations Regulation Center.
How To Report Forex Trading Fraud Online
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. After analyzing the detailed LexaTrade review, we can say the company is totally a scam.
This legitimate data privacy tool officially requires brokers to remove your data on your behalf. Our in-depth and unbiased reviews help investors in choosing the best broker according to their investing needs. Investing in indices such as NAS100, EUR50, JPN225, and USA30 provides several advantages to traders who are interested in index trading.
How To Recover My Money From Forex Lexa Trade?
If they delay it for a few months, you might no longer be able to get your money back or even file a charge back. LexaTrade is simply another unregulated financial institution that is highly likely to get away with your hard earned money because there is no regulating agency to hold them accountable. The most commonly used trick that scammers follow is offering a high bonus. They offer appealing returns that may look promising and attractive and make you invest in that plan. But later, you will realize that you got scammed by the broker. However, we can’t officially vouch for any particular one with the exception of fraud prevention tools.
LexaTrade offers tight spreads which ensures competitive trading costs. It lowers risk diversification as well by investing in the basket of different stocks of various companies and sectors. Deposits are processed immediately, ensuring that you have access to your funds whenever you need them for trading.
Trade245
In all probability, there have been other traders who have already used the same service, and have expressed their opinions and feedback online on various forums. This lexatrade review is another RED FLAG, because these types of websites are notorious for fraudulent schemes. The Scam Detector algorithm gave the rank relying on 50+ relevant factors.
It offers a diverse range of payment options ranging from bank wire transfers to credit/debit cards, from Skrill to Neteller. Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions. 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. However, better options are present online, and it’s easy for most traders to switch. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps.
LexaTrade Review: Fees, Commission & Spreads
LexaTrade’s MT4 web terminal is a highly secure and reliable trading platform, incorporating advanced technology and offering a seamless trading experience. It is compatible with all major web browsers and enables traders to execute various types of transactions. As we are wrapping this in-depth LexaTrade review, the only thing I would say is to avoid this platform. The broker is unregulated and has a lot of disadvantages which overshadows its genuine features, such as high spread charges. The genuine features of the platform that are worth considering include bonuses, advanced trading platforms and learning programs.
LexaTrade offers a variety of trading platforms according to the trader’s needs. The enhanced account offering helps traders to trade efficiently and thus improves their trading game. The broker is regulated, but not efficiently by a tier 1 regulation, so clients should be careful while investing with the broker. Even Though the regulation of brokers is not refined, the reviews of the broker online are satisfactory.