Claim your profile to access Trustpilot’s free business tools and connect with customers. 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. It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies.
With over 170 trading instruments, various tools, and timely risk management features, the platform ensures a high-quality trading experience overall. The charges are higher compared to the platform we have reviewed so far. The spreads vary on the account type and the instrument traders trade in. Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types. If you’ve been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back. The case with its funding is much of the same, as there are some things that look good.
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It is registered in Saint Vincent and the Grenadines which makes no sense. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts. Within a few years of its establishment, LexaTrade expanded its services to different countries around the world. Offering incentives for reviews or asking for them selectively can bias the TrustScore, is lexatrade legit which goes against our guidelines.
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. 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. LexaTrade advertises several account types, from basic to VIP, each with distinct perks. 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 website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. A mobile platform is available but Demo accounts are not; US traders are not accepted. 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 charges a spread on trades, which is the difference between the buy and sell price of a financial instrument.
LexaTrade claims spreads of 2.5 pips on EUR/USD for basic accounts, significantly higher than the industry average (1.0 – 1.5 pips). However, considering their overall unreliability, focusing on spreads becomes irrelevant. If you have lost money to companies like BiTDTCC, or Bitsoft 360; please report it to us on our report a scam form. EvenInsight.com is a venture of Even Insight Technology and a website for cyber security and analysis. With the collaboration of multiple security partners, EvenInsight provides the detailed evolution of each website which empowers users to identify potential scams.
Lexatrade’s Trading Platform
- LexaTrade is a reliable broker that provides exceptional speed, functionality, and profitability.
- So don’t use this platform and research well before choosing a such platform.
- It is registered in Saint Vincent and the Grenadines which makes no sense.
- However, due to their unregulated nature, these services are highly risky and should be avoided.
Lexatrade offers personal account managers to its users and they help in trading. LexaTrade began by managing cash transactions in real-time trading using PAMM accounts. Over time, it has grown and developed advanced trading solutions and a variety of financial instruments, becoming a well-known online brokerage brand. 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.
Lexatrade is a scam
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. Live chat support was available at the time of our visit but a bit slow to answer. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified.
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That being said, caution should be used anytime money is involved, with all brokers, old or new. While some reviews online may portray LexaTrade in a positive light, it’s crucial to be cautious. Unregulated brokers often manipulate online reviews to appear legitimate. Brokers required various licenses and regulators’ approval to serve investors and traders.
