Rather than opting LexaTrade scam, we recommend you to incline towards a more trusted platform like InvestFW. Yes, LexaTrade is a scam broker as it is not regulated by any top tier regulatory watchdog. However, it holds a licence from the International Financial Market Relations Regulation Center. When choosing a platform, caution is warranted if the company lacks regulation by any overseeing agency. This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework.
Red Flags Indicating Potential Scam Activity
- But considering various reviews, we found that their so-called experts have very less knowledge and most trade signals are loss-making.
- 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.
- Thanks to 𝖊𝖙hica𝖑-𝖘𝖊rver’𝖘 proactive and diligent approach, I was able to successfully claim my refund, proving their commitment to helping civilians with straightforward financial concerns.
- Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.
When trading stocks, CFDs, or other derivatives, consider whether you understand the function of differential contracts and be aware of the high risk of losing your funds. A trader, before investing, should research about the broker’s regulation and license. Firstly, guarantee the license is from a reliable controller and not one who gives a license to any individual who pays a charge.
The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. 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. These accounts come with varying features and minimum deposit requirements, allowing traders to choose the one that best matches their needs. Also, scammers, as you read in this ASR review, are famous for not withdrawing your money. They may ask you for more and more money and never return a single penny of your earnings.
Range of Markets, Spreads and Leverage 16/20
LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone. LexaTrade ensures that all client funds are kept in a segregated account from the company’s funds. A critical measure of a broker’s legitimacy is authorization by recognized financial regulators. LexaTrade does not hold licenses from any of the major authorities lexatrade review that typically oversee brokers. It does not appear on the registers of the United Kingdom’s Financial Conduct Authority, the Australian Securities and Investments Commission, the Cyprus Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or equivalent bodies in other jurisdictions.
- Numerous reports indicate that this platform may be a scam, with serious issues related to funds accessibility, aggressive tactics, and regulatory opacity.
- While the broker claims to offer reliable support, user feedback often highlights delayed responses and unhelpful interactions, particularly for withdrawal-related issues.
- The account structure is straightforward, but the high minimum deposits for premium accounts may deter small-scale traders.
- Whilst we try to keep information accurate and up to date, things can change without notice and therefore you should do your own research.
- LexaTrade fails to provide any information about its staff on its website and promise fake returns.
For those looking to enter the trading market, many reputable and transparent platforms offer safer and more secure services. Lexatrade offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are popular among traders due to their advanced features, which are defined below. From abuse of power by tech giants, to fake reviews, scams and rip-offs like being caught in a subscription trap – consumers deserve better. Today’s announcement follows the Government’s responses to the ‘reforming competition and consumer policy’ and ‘a new pro-competition regime for digital markets’ consultations published last year. In terms of security, LexaTrade uses SSL encryption to protect sensitive data, which is standard for most brokers.
Is LexaTrade a Scam? Honest Review 2023
” examines the operational and regulatory standing of LexaTrade, an online trading platform that offers access to foreign exchange, commodities, indices, and cryptocurrencies. In the landscape of digital brokers, the presence of credible regulatory oversight and transparent corporate governance are fundamental benchmarks for legitimacy. LexaTrade offers a competitive range of trading instruments and features, making it a suitable choice for both beginner and experienced traders. The platform’s user-friendly design, multiple account options, and access to popular trading platforms such as WebTrader and MT4 make it an attractive option. However, the lack of major regulatory oversight could be a concern for some traders who prioritize security and transparency.
Regulation
The IFMRRC’s governance structure, funding sources, and oversight practices lack transparency, and it has been flagged by external domain-analysis services for low trust indicators. The company charges a service charge of 5% if users make less than 5 independent transactions. The deposits are processed instantly, while withdrawal may take up to 3-5 business days. The broker’s low user ratings of 2.1, which shows the platform’s low credibility.
While the broker claims to offer reliable support, user feedback often highlights delayed responses and unhelpful interactions, particularly for withdrawal-related issues. This detailed review evaluates the platform’s features, trading conditions, customer service, strengths, weaknesses, and overall reliability. 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. Autochartist signals are available at the bottom of the trading platform and while this is not a game changer, it’s still something worth mentioning, especially because some brokers charge you for Autochartist.
User-Friendliness 17/20
Fraude No 1I got call form them give commitmant for giving good profit.i opened ac & deposite $250 money after that 2 to 3 months i haven’t received any call or follow up. But after 3 months i got call & give some call tips and make good profit of around $850. E continue to force me to deposite more but i denied so he opened very huge position so i lost all capital so he tell me that thats why i told you to deposite more. After few weeks i got call & said we will recover all you money & for that they give me some credits & with help of that credits my ac agind reach to $1800. But after that they start again force me to deposte $1000 but i said let me give frst my initial capital of $250. Thanks to 𝖊𝖙hica𝖑-𝖘𝖊rver’𝖘 proactive and diligent approach, I was able to successfully claim my refund, proving their commitment to helping civilians with straightforward financial concerns.
However, as with all newer brokers, it’s essential to exercise caution and thoroughly assess its features and regulations. Scammers employ persuasive tactics to convince you to make an initial minimum deposit. They entice with promises of doubling the deposit within 24 hours and similar claims. After obtaining the initial deposit, more experienced scammers may be brought in to extract additional funds.
All reviews
Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. LexaTrade offers several trading platforms to cater to different types of traders, from beginners to advanced users. Currently, LexaTrade is not fully regulated by major financial authorities such as the UK’s FCA or the US’s CFTC, which is a significant factor to consider when assessing its reliability. The lack of regulation from a reputable body means that traders may not have the same level of protection that comes with using a fully regulated broker.