While looking for the platform on Trustpilot, we went through many complaints, which indicate LexaTrade is a scam. MT4 is one the world’s most famous and reliable trading platforms for Forex. The user-friendly UI of the platform helps both beginner and professional alike. The platform allows traders to access all popular commodities worldwide.
- Firstly, guarantee the license is from a reliable controller and not one who gives a license to any individual who pays a charge.
- Based on my experiences, I have reached the conclusion that I have been scammed by Lexatrade.
- There might be charges present so, check with the platform before you proceed.
- The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
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. Again, as we said earlier in our Lexatrade review, the broker https://cryptolisting.org/blog/what-is-an-invoice doesn’t do anything that sets off alarms. It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully. One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator.
Can I Get My Money Back From LexaTrade?
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. After analyzing the detailed LexaTrade review, we can say the company is totally a scam. The broker has a low user rating of 2.1, which clearly shows the platform’s low credibility.
- The spreads vary on the account type and the instrument traders trade in.
- Check out the list of scam brokers 2022 to prevent yourself from getting scammed.
- They offer a lot of instruments to the retail side at reasonable costs.
This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. Brokers Complaint is one of the best recovery agencies specializing in Lost Cryptocurrency funds recovery. We also help victims of Forex frauds, Binary frauds, Investment scams, Pension frauds and many other types of scams. LexaTrade provides access to economic calendars and news on its homepage. Simply put, clients do not have to visit any other website and switch tabs to get the latest updates. Integration of news is a great thing and for people that trade during news events, this is going to be a huge deal.
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. It doesn’t do anything to stand out, and the vast majority of traders can easily find an option that’s both more comfortable and more powerful.
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This broker claims to be in Saint Vincent and the
Grenadines. Saint Vincent and the Grenadines is a place that attracts shady
brokers because of their lack of proper licensing laws and a regulatory body. The government of the SVG has stated in the past it does not regulate any form
of forex trading.
LexaTrade Review: Fees, Commission & Spreads
This feature provides 100% insurance on the deposit amount. 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.
Scam – Beware!
The account offering is appreciable but lacks at some points. The minimum deposit at LexaTrade is $250m whereas its competitors offer account opening at $0. Lexa Trade allows global traders to access financial markets, including Forex, Stocks etc. However, the broker has a low user rating, with mixed reviews as some complain about the platform while others appraise it. So, to help you out in deciding whether it’s a worthy broker, let’s take an in-depth look at the platform with our detailed LexaTrade review.
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. 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. If you’ve been following our detailed Lexatrade review 2023, you have likely noticed the platform has not much to offer to its users. We are delighted that you are benefiting from the LetsTrade Club and enjoying the Live Weekly Webinars. Well done from the whole team on your participation and the excellent progress you have made so far.
