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. The broker has a low user rating of 2.1, which clearly shows the platform’s low credibility. While looking for the platform on Trustpilot, we went through many complaints, which indicate LexaTrade is a scam. The platform allows traders to access all popular commodities worldwide.
- The spreads of various instruments on various platforms may be readily compared and enquired about by clients using the complete spread table that LexaTrade offers.
- If you are someone who trades on the go, then their mobile app will not let you down.
- It is compatible with all major web browsers and enables traders to execute various types of transactions.
- The same criteria go with leverage, as the leverage offered by legit firms is low and in small amounts.
- The minimum deposit at LexaTrade is $250m whereas its competitors offer account opening at $0.
They may ask you for more and more money and never return a single penny of your earnings. LexaTrade learning is an interactive educational feature that aims to help novice traders to understand and learn about the market. This people will lure you to come and invest with them after promising you a huge return of interest but will still held your withdrawal at the end. Lexatrade ensures high-grade security measures for all the services it provides, to secure client’s funds. LexaTrade has its own set of merits and demerits just like every other platform.
Editor’s Note: Why LexaTrade Doesn’t Suck in 50 Words
The investors have accused them of being scam brokers and state how they have been victims of the LexaTrade scam and lost all their money and efforts to them. As we are wrapping this in-depth LexaTrade review, the only thing I would say is to avoid this platform. The broker is unregulated and has a lot of disadvantages which overshadows its genuine features, such as high spread charges. The genuine features of the platform that are worth considering include bonuses, advanced trading platforms and learning programs. As a webtrader, xCritical can be accessed through a web browser on desktop computers and mobile devices.
Brokers Complaint is committed to the fair handling of reviews and posts regardless of such relations. The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day. Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together. This includes video courses and E-books, similarly the questionnaire section offers the questions related to customer’s feedback on the platform.
Payment methods supported by them are wire transfers, debit or credit cards, and e-wallets. There might be charges present so, check with the platform before you proceed. Lastly, know that information about dormant fees is not mentioned. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
- After analyzing the detailed LexaTrade review, we can say the company is totally a scam.
- However, it holds a licence from the International Financial Market Relations Regulation Center.
- It is simple to safeguard yourself against fake brokers or blacklisted brokers.
- LexaTrade is ambiguous about how deposits and withdrawals work, and we can only get come basic information in the refund policy page.
After analyzing the detailed LexaTrade review, we can say the company is totally a scam. The company charges a service charge of 5% if users make less than 5 independent transactions. In order to attract more traders on the platform, LexaTrade often starts promotions. There is not a single complaint regarding the same, so, we can rate it good in this case.
How To Withdraw Money From LexaTrade?
LexaTrade offers tight spreads which ensures competitive trading costs. It lowers risk diversification as well by investing in the basket of different stocks of various companies and sectors. The platform also offers customizable charting, allowing users to tailor the charts based on different timeframes. A classic choice, particularly in Forex trading, the MT4 platform has garnered trust from seasoned traders ever since its launch in 2005.
They are capable experts with the ability and instruments to detect a con artist and get your assets back. All Scam Reports Team is here to help you out in this situation of fund recovery. All you need to do is to fill out a small complaint form and we will be in touch with you shortly with a Free consultation. That, along with the multiple phone lines, makes the broker easy to reach. The representatives are adept at problem-solving, so the overall communication flow is great. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps.
If you’ve been following our detailed Lexatrade review 2023, you have likely noticed the platform has not much to offer to its users. Yes, LexaTrade is a scam broker as it is not regulated by any top tier regulatory watchdog. However, it holds a licence from the International how genuine is lexatrade Financial Market Relations Regulation Center. Despite this, it is an off-shore broker restricted to operate in the US and Europe. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.
For AUD/CAD, the Mini spread is 3.8 pips, the Standard spread is 3.3 pips, The Silver spread and the Gold spread are 3 pips, and the Platinum spread is 2.3 pips. It is important to mention that there was no specific mention of commission-related details for LexaTrade. All account types offered by LexaTrade support the use of expert advisors (EAs), automated trading systems commonly used in the Forex market. In the time of informatization, it is not difficult to check the legitimacy and reliability of any company or broker. It is simple to safeguard yourself against fake brokers or blacklisted brokers.
With over 170 trading instruments, various tools, and timely risk management features, the platform ensures a high-quality trading experience overall. Brokers Complaint is always trying to find different scam brokers present in the market as well as the new emerging scam brokers to warn traders. Also lexatrade review trustpilot , lexatrade wikipedia are also showing bad numbers. A trader, before investing, should research about the broker’s regulation and license.
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. 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. Overall this is a promising broker but a few tweaks here and there would make it a better one.
What is the maximum deposit required for an account on LexTrade?
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. We wouldn’t be surprised if entry-level traders couldn’t find their way around and simply decided to use another brokerage. It seems like the website wasn’t designed in English, but rather translated from another language.
It is important to note that LexaTrade currently operates without any valid regulatory oversight. This lack of regulation raises concerns about the safety and legitimacy of the broker. Additionally, there have been reports of customers experiencing difficulties when attempting to withdraw funds, along with allegations of fraudulent practices. These factors contribute to a higher level of risk and suggest caution when considering LexaTrade as a brokerage option.