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Is LexaTrade a Scam? Honest Review 2023

The minimum withdrawal amount is 50 USD, and if a client withdraws the money without realizing 5 independent transactions, LexaTrade will charge a 5% fee. The broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review. And even then, you only get the web version, and you need the $50,000 account for the full unlock. The company charges a service charge of 5% if users make less than 5 independent transactions. If a trade position is kept open and carried over to the following day, a commission will be charged to the trading account for using the credit.

The charges are comparatively higher than the platform we have reviewed so far. The spreads vary on the account type and  instrument you trade in. The platform is relatively new in comparison to some prominent names already dominating the forex industry. However, it quickly garnered popularity among traders, thanks to one-of-a-kind features and the services. Brokers required various licenses and regulators’ approval to serve investors and traders. Lexatrade offers personal account managers to its users and they help in trading.

We can see that the VIP account has the most competitive spreads. However, better options are present online, and it’s easy for most traders to switch. 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. One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. And if you’re unfamiliar with what IFMRRC is, we don’t blame you.

LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. There is no solid information about the founder of LexaTrade and its parent company. A series of educational resources is available at LexaTrade, such as economic calendar, expiry date of futures, trading hours, compound interest calculator, etcetera. LexaTrade is an offshore broker registered in Saint Vincent and Grenadines, currently has no any regulations. So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement.

Our mission is to assist millions of traders in finding the best broker. We unbiasedly review every broker and rank them based on their market standing, regulation, and other factors. Reviews are updated regularly to ensure that every trader has the most up-to-date information before making a choice. LexaTrade customer support is very impressive as it offers full-time support with 24/7 operating hours.

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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. LexaTrade is ambiguous about how deposits and withdrawals work, and we can only get come basic information in the refund policy page.

The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. On our website, you can see that some users have reported scams. We aren’t the biggest fan of the huge jumps between the sums you need for different account types. 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.

Despite this, it is an off-shore broker restricted to operate in the US and Europe. 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 affiliates receive up to 50% of the deposit amount as a bonus.

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.

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LexaTrade is a Forex and CFD broker that offers to trade in currencies, indices, and commodities. The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines. Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features. As such, we can’t hold the deposit requirement for MT4 against the broker too much.

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. 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 broker can be reached through multiple channels, including phone line and email. The support team is problem-solving and responds quickly, so the overall communication with the team was great. Hope the above information is enough to know the basics of LexaTarde, account types, its services, fees and referral program. 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.

LexaTrade Review: Customer Support

It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. That means the accounts suit most strategies, and as such, can attract diverse groups of traders. Lexatrade has five different account types covering budget and high-end options. The broker uses a tiered account progression where each type requires you to reach a specific threshold. The cheapest option is $250 while the most expensive is $100,000.

IFMRRC stands for International Financial Market Relations Regulation Center. It’s a non-commercial organization that regulates about 60 brokerages. However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators. Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam. That isn’t an exact rule, but it’s something we’ve found to be true more often than not. Perhaps we’re being too harsh since if you know what you’re looking for, you’ll find it.

Each account type comes with its own set of perks, with the higher account types offering the best perks and benefits. 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 provides a detailed spread table where the clients may easily compare and inquire the spreads of different instruments in different platforms.

• The user-friendly UI of the platform caters to the needs of both beginner and professional alike.
• However, the broker has a low user rating, with many complaining about the platform while others appraising it.
• Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader.
• The platform offers a long list of trading instruments, is regulated and most importantly, is not a scam.
• There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website.

LexaTrade has over millions of active users, and has global presence with headquarters at Beachmont Business Centre, Suite 39, Kingstown, Saint Vincent and Grenadines. Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. 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 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. 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.

Over time, it has grown and developed advanced trading solutions and a variety of financial instruments, becoming a well-known online brokerage brand. As the platform is not worth considering, I was looking for the best alternative, and after researching for days, the most recommended broker I found was InvestFw. The platform offers a long list of trading instruments, is regulated and most importantly, is not a scam. The broker offers a dedicated section for research support, namely Traders Centre. Under the section, you’ll find a long list of advanced trading tools, which can help you trade more efficiently.

• The education centre includes video courses and E-books, while the questionnaire section offers all the questions related to customer’s feedback on the platform.
• It’s a non-commercial organization that regulates about 60 brokerages.
• 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.
• As such, we don’t think you can get a competitive trading service up until the $10,000 account at least.

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. 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 a reliable partner for your trading needs. This company does not do its job well, and pretends to be a broker that does not give returns at all. When I invest 350s, I immediately get the indices and the operations resolved to make me lose my money.

We are committed to the fair handling of reviews and posts regardless of such relations. Please read LexaTrade Reviews below and share your live trading experiences with this broker. For what it’s worth, the internet community is rife with lies and falsified news.

Modern high-speed trading platform, with simple trading features. Variety of trading tools, automatic signals about profitable deals. Bonus programs, low spreads, 0% commission, multi-language call center. This means that when you open an account with $5,000 dollars, we will add to your account another $1,500 dollars. Trade and invest freely from anywhere on the planet with LexaTrade online platform using the high-tech functionality, speed, and profitability of the terminal.

The education centre includes video courses and E-books, while the questionnaire section offers all the questions related to customer’s feedback on the platform. LexaTrade learning is an interactive educational feature that aims lexatrade review to help novice traders to understand and learn about the market. The promotion is applicable for deposit amounts ranging from $500 to $5,000. The insurance covers upto 100% of total loss on all trades opened on the deposit day.

Additionally, the broker is unregulated and has high spread charges. The platform’s features that are worth considering include bonuses, advanced trading platforms and learning programs. The broker offers 5 primary account types, catering https://forexhero.info/ to the needs of every sort of trader. The account offering is appreciable but it still lacks at some points. The minimum deposit at LexaTrade is $250, a slightly higher in this competitive world, with many offering accounts opening at $0.

For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there. 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. The best way to recover your money from LexaTrade is to contact their customer support. If that doesn’t help raise a complaint against the platform with its regulatory watchdog i.e IFMRRC.