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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. Also keep in mind that the company is regulated , 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. Hope the above information is enough to know the basics of LexaTarde, account types, its services, fees and referral program.
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. 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. As such, our Lexatrade review isn’t off to the greatest start.
Start
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. 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 lexatrade review a reliable partner for your trading needs. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. Lexatrade is a scam company and it is going to close sooner.
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. I registered with them by depositing $250USD and play couple of trade and earned $236usd. They tell me rubbish rules which they did not inform at the time of joining. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition. On the other hand, the Web platform offered for the minimum account is quite enough for the average trader, so maybe that’s not a deal breaker.
As per LexaTrade conditions, if the referred client makes a deposit between $500 to $10,000, then 50% of it will be the referral bonus. LexaTrade has a referral program in which you’ll receive up to 50% deposit amount as a commission. Lexatrade claims to prioritize the safety of its client’s funds. But we are skeptical about most activities and claim made by LexaTrade.
At the start they will tell u that they give 100% Insurance over the capital amount bt it’s big lie… They won’t give u even a penny. N even u earn or make money from this platform, they will not let u withdraw money till u lose all ur money… There r lots of if n buts wen u wish to withdraw. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points. As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies. Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions.
LexaTrade began by managing cash transactions in real-time trading using PAMM accounts. Over time, it has grown and developed advanced trading solutions and a variety of financial instruments, becoming a well-known online brokerage brand. I have just started, so far I am good with the trading tools. Haven’t had withdrawal yet but based on observation, brokers are skilled and easy to deal with. 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.
thought on “Is LexaTrade a Scam? Honest Review 2023”
The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Lexatrade has provided very less information about its organization. It is registered in Saint Vincent and the Grenadines , a kingdom of thousands of shell companies. LexaTrade has a referral program in which affiliates receive up to 50% of the deposit amount as a bonus.
- That, along with the multiple phone lines, makes the broker easy to reach.
- Lexatrade offers full-time support with 24/7 operating hours.
- So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers.
- They will do registration before even u cud understand them.
LexaTrade is an online financial services company thats been providing superior and transparent trading services to all traders across the world in the trading markets. 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 . Yes, trading with Lexatrade is a fraud/scam cheating making fool of small investors/traders by misguided by the staff insisting for more money deposit for stock trading. Today my balance was USD821 and free Balance was more than USD550. On request for withdrawal of USD 400, I was advised to open a del in sell segment of Natural Gas with USD196 than my entire balance gone negative.
The cheapest option is $250 while the most expensive is $100,000. Overall this is a promising broker but a few tweaks here and there would make it a better one. That being said, they are very new at the time of this review, so there is time for improvement.
Even the personal manager engaged for help do not bother for small traders. 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. The broker doesn’t hide the fact that it’s trying to goad you into depositing more.
LexaTrade Bonus
They are asking more money to upload to enable my account and not returning the amount that i have already uploaded. There is no fee to open an account and the fees for deposits and withdrawals are not specified https://forex-review.net/ 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.
I have been working with Lexatrade since the summer and have withdrawn money 3 times during this time. I did not notice any problems with this broker, with the exception of sales managers. In a few weeks, we managed to increase the deposit by 15-17%. This is taking into account my caution, I don’t buy everything in a row, I carefully monitor the news. 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. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.
Trading Platforms
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.
And even then, you only get the web version, and you need the $50,000 account for the full unlock. 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.