LexaTrade is lexatrade 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. 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.
Red Flags Indicating Potential Scam Activity
Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument. The spread varies depending on the account type and the financial instrument being traded. If you represent Lexatrade, take charge of your business profile by claiming it and stay informed about any new reviews or complaints submitted.
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. The FBI disagreed with three recommendations related to the development of a national estimate, a definition of scams, and evaluating the outcomes of its consumer education efforts. GAO maintains the recommendations are valid, as discussed in the report. FTC neither agreed nor disagreed with the five recommendations made to it. There is no government-wide estimate of the money lost to scams, no common definition of scams, and no national strategy for combating them.
Business With Us
Improved data collection and estimates would better support federal efforts to understand the extent of this type of crime and develop ways to counter it. 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. LexaTrade advertises several account types, from basic to VIP, each with distinct perks. However, the promise of premium service is often hollow. With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns.
There is no solid information about the founder of LexaTrade and its parent company. Within a few years of its establishment, LexaTrade expanded its services to different countries around the world. Our website is designed to be user-friendly, accessible, and absolutely free for everyone to use. Our rating system is open and honest, ensuring unbiased evaluations for all businesses on the platform. My wallet was stolen by a con artist using a phishing scheme and 7.8 BTC were taken.
- LexaTrade began by managing cash transactions in real-time trading using PAMM accounts.
- Exercise caution when using lexatrade.com as it may have lower quality content or a poor user experience, leading to fewer visitors and lower traffic.
- But Lexatrade is severing the whole world through its website.
- LexaTrade advertises several account types, from basic to VIP, each with distinct perks.
I kindly ask anyone who reads this review not to invest on this platform. But when I tried to withdraw my first withdrawal, they blocked my account without any real explanation. No better sarvice provide to our customers,,..i from 2,3 year old customer but not satisfied because no any withdrawal… Companies on Trustpilot can’t offer incentives or pay to hide any reviews. Scams, a method of committing fraud, involve the use of deception or manipulation intended to achieve financial gain.
It is registered in Saint Vincent and the Grenadines which makes no sense. 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.
Lexatrade Reviews 6
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. 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. 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. However, with my strict habits of growing my account 100% before taking profits, I never attempted any withdrawals, not until two months when I tried to withdraw but all effort was in vain. I called the account manager and explained the situation, he told me I would be able to withdraw after 4 working days which sounded shady to be very honest.
That being said, caution should be used anytime money is involved, with all brokers, old or new. The aggregated data is based on reviews and questionnaires provided by PissedConsumer.com users. 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. Scams occur in a variety of forms, have evolved with technology, and are a growing risk to consumers.
In legitimate platforms, fees are typically clear and transparent from the beginning. LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. 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. Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction. We offer easy tools for businesses and reviewers to solve issues together.
Each account type comes with its own set of perks, with the higher account types offering the best perks and benefits. 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 website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. A mobile platform is available but Demo accounts are not; US traders are not accepted.
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Commonly, scams involve a scammer contacting the victim, engaging the victim with a particular type of scam, and requesting a payment for a false purpose. Lexatrade is a scam company and it is going to close sooner. So don’t use this platform and research well before choosing a such platform. Its founders are looting people with many fake claims.
These platforms are popular among traders due to their advanced features, which are defined below. 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. We make sure all complaints and reviews are from real people sharing genuine experiences. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader.
I was able to find my misplaced money by getting in touch with frecuperation. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.
Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. CFPB, FBI, and FTC provide a variety of education resources for consumers. However, they do not measure the effectiveness of their education efforts on the consumers that receive them. Brokers required various licenses and regulators’ approval to serve investors and traders. But LexaTrade is not even registered as a legal company.
Unfortunately LexaTrade doesn’t offer a lot of information about withdrawals but according to the website, a representative will contact you to complete the processing, which takes up to 24 working hours. 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. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client.
- There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
- That being said, they are very new at the time of this review, so there is time for improvement.
- With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns.
- LexaTrade charges a service charge of 5% when customers has made less than 5 independent transactions.
Companies Similar to LexaTrade
The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. 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 overall structure of the accounts at LexaTrade is too expensive in my opinion and putting a $10,000 barrier between the trader and MT4 means that the majority of clients will not use this platform. 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. 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.