Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest. 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. 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. 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.
Red Flags Indicating Potential Scam Activity
One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. 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. LexaTrade advertises several account types, from basic to VIP, each with distinct perks. 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.
Fraud Alert: Scammers Using Landlines, IVR To Dupe People; TRAI … – Moneylife
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. The broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review.
A mobile lexatrade scam platform is available but Demo accounts are not; US traders are not accepted. 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. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. This means that when you open an account with $5,000 dollars, we will add to your account another $1,500 dollars.
Could you please help me find out if this broker offers Islamic Accounts or they actually charge swap fees?
- 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.
- Overall this is a promising broker but a few tweaks here and there would make it a better one.
- The same goes for visuals, as the various elements are glaringly mismatched.
- So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers.
The broker doesn’t hide the fact that it’s trying to goad you into depositing more. And without the broker specifying the times, who knows how long it might take for you to get your money. Overall this is a promising broker but a few tweaks here and there would make it a better one. 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.
Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions. That’s especially true if the bonus goes as high as it does at lexatrade.com. Lexa Trade(owned by Swissone Group Ltd) is a forex broker with trading platforms of xCritical Mobile App, Metatrader 4 (MT4) and proprietary Web Trader. The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. 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.
It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional. Lexatrade is new forex and CFDs brokerage that primarily operates in Europe. It opened just earlier this year and has attracted a good bit of attention as such. In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options.
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 examine why users should exercise extreme caution if considering LexaTrade.