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. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal. It doesn’t throw complicated terms at you, and you don’t have to be a trading wizard to use their platform, but on the other hand, if you are a technical trader, their platform offers enough features to keep you satisfied. 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.
Will the energy shock be reprieved? The investors think so
- With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns.
- The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified.
- Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose.
- That being said, they are very new at the time of this review, so there is time for improvement.
- LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices.
In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. LexaTrade is an online financial services company thats been providing superior and transparent trading services to all traders across the world in the trading markets. LexaTrade offers diverse trading instruments such as Forex, Commodities, Indices and Shares. LexaTrade is licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC). 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.
Company
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. Considering the consistent patterns of suspicious activity and user complaints, it is best to explore alternative brokers that offer verifiable regulatory compliance, clear fee structures, and reliable customer support. 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. 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.
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. 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. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. The information on Forex-mag.com does not serve as an investment or trading recommendation.
Is LexaTrade Safe?
LexaTrade ensures that all client funds are kept in a segregated account from the company’s funds.
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. Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. 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 website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. 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. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.
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. 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.
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. LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone. Several red flags have emerged from user experiences that cast doubt on LexaTrade’s legitimacy, making it essential to understand these warning signs before investing any money.
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. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. The general online opinion is favourable and this is always a good thing because as soon as something goes terribly wrong with a broker, people flock to online forums, chat rooms, and social media to bash the said broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. 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.
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. That being said, caution should be used anytime money is involved, with all brokers, old or new. 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. Unfortunately LexaTrade doesn’t offer a lot of information about withdrawals but according to the website, a representative will contact you to lexatrade complete the processing, which takes up to 24 working hours.