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 minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified.
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. We use dedicated people and clever technology to safeguard our platform. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. Claim your profile to access Trustpilot’s free business tools and connect with customers.
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 lexatrade examine why users should exercise extreme caution if considering LexaTrade. 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. Considering the consistent patterns of suspicious activity and user complaints, it is best to explore alternative brokers that offer verifiable regulatory compliance, clear fee structures, and reliable customer support.
LexaTrade
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. 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.
LexaTrade Scam Indicators: Pros and Cons Recap
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. This broker offers a balanced mix of functionality and user-friendliness. It doesn’t throw complicated terms at you, and you don’t have to be a trading wizard to use their platform, but on the other hand, if you are a technical trader, their platform offers enough features to keep you satisfied. 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. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website.
Is LexaTrade A Scam?
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. 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.
Businesses
The general online opinion is favourable and this is always a good thing because as soon as something goes terribly wrong with a broker, people flock to online forums, chat rooms, and social media to bash the said broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. Several red flags have emerged from user experiences that cast doubt on LexaTrade’s legitimacy, making it essential to understand these warning signs before investing any money. 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. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.
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. 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. The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge.
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. Overall this is a promising broker but a few tweaks here and there would make it a better one.
- 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.
- 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.
- 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.
- In legitimate platforms, fees are typically clear and transparent from the beginning.
- 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.
LexaTrade advertises several account types, from basic to VIP, each with distinct perks. 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.