lexatrade scam

Once the money is deposited with it, it stops responding to the queries.. Therefore, we do not recommend you to invest money with LexaTrade. Lexatrade has provided very less information about its organization.

Deposits and Withdrawals

It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies. But we are skeptical about most activities and claim made by LexaTrade. Later they said that the amount was too low for a trade so I left the money there only to find later that the money has disappeared.

That being said, they are very new at the time of this review, so there is time for improvement. 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. Broker Complaint Alert helps victims of investment fraud, forex scams, crypto scams, and any type of fraud that happened to you. One of the primary concerns with LexaTrade is its lack of regulation by reputed authorities such as CySec, ASIC, FCA, CNMV, and others. This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds.

Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. Additionally, the lack of detailed information about the company’s headquarters and the year of establishment is troubling. Legitimate brokers typically provide such information to build trust with their users. The absence of this crucial data adds to the uncertainty and leaves users uninformed about LexaTrade’s background and stability. 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.

lexatrade scam

The spread varies depending on the account type and the financial instrument being traded. LexaTrade has a referral program in which affiliates receive up to 50% of the deposit amount as a bonus. A critical aspect of any online trading platform is the transparency and efficiency of its deposit and withdrawal processes. LexaTrade appears to offer a straightforward deposit procedure, allowing users to fund their accounts through various methods. Numerous user complaints suggest delays, unexpected fees, and difficulties in accessing funds.

Against Scam Broker’s

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 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.

Could you please help me find out if this broker offers Islamic Accounts or they actually charge swap fees?

  1. The broker doesn’t hide the fact that it’s trying to goad you into depositing more.
  2. Reputable brokers typically operate under the oversight of financial authorities to ensure compliance with industry standards and the protection of traders’ interests.
  3. Broker Complaint Alert helps victims of investment fraud, forex scams, crypto scams, and any type of fraud that happened to you.
  4. 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.

Information about withdrawals is missing and this should be addressed by LexaTrade. The Gold account comes with the web version of lexatrade scam MT4, while Platinum and VIP accounts give you access to the full MT4 client. Brokers required various licenses and regulators’ approval to serve investors and traders.

As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%). LexaTrade fails to provide any information about its staff on its website and promise fake returns. These deceptive practices raise significant doubts about the credibility and trustworthiness of this platform. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.

LexaTrade has been under scrutiny within the trading community, with increasing concerns regarding its legitimacy. Traders and investors are questioning whether LexaTrade is a reliable platform or if it conceals a sophisticated scam. Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back. 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. Dealing with an unregulated company like LexaTrade increases the risk factor of your money.