Is LexaTrade a Scam? Read This Brutally Honest Review

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. 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. 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. 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. In legitimate platforms, fees are typically clear and transparent from the beginning.

LexaTrade Review: Key Insights, Platform Performance & Is It Right for You?

For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. LexaTrade customer support is very impressive as it offers full-time support with 24/7 operating hours. The broker can be reached through multiple channels, including phone line and email. The support team is problem-solving and responds quickly, so the overall communication with the team was great.

Moreover these personal manager act as LexaTrade affiliates who enforce clients to deposit more on their platform. But considering various reviews, we found that their so-called experts have very less knowledge and most trade signals are loss-making. We are back with our unbiased review of LexaTrade, an online trading broker company. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. 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. We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.

LexaTrade Review: Fees, Commission & Spreads

That being said, they are very new at the time of this review, so there is time for improvement. 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. 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.

Is LexaTrade a Scam? Honest Review 2023

Information about withdrawals is missing and this should be addressed by LexaTrade. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. 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. LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities.

1. The charges are higher compared to the platform we have reviewed so far.
2. 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.
3. The broker can be reached through multiple channels, including phone line and email.
4. Numerous reports indicate that this platform may be a scam, with serious issues related to funds accessibility, aggressive tactics, and regulatory opacity.

LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. LexaTrade charges a service charge of 5% when customers has made less than 5 independent transactions. All early signs show that LexaTrade is not a scam but keep in mind this is a very is lexatrade legit new CFD broker.

While the platform appears well-structured on the surface, a closer examination reveals troubling details. 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. 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. This broker offers a balanced mix of functionality and user-friendliness. 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. William Pewitt is an experienced forex broker reviewer, dedicated to helping traders navigate the complex world of currency exchange.

LexaTrade has a referral program in which you’ll receive up to 50% deposit amount as a commission. LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. 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.

With a sharp eye for detail and years of experience, I try to provide concise and insightful assessments of various forex brokers. My reviews offer valuable guidance, helping traders make informed decisions about their investments. 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.