Is LexaTrade a Scam? Read This Brutally Honest Review

We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types. The setup itself is tried and true and is one of the most common ways for brokers to structure their accounts.

  • The capital amount required to get started with them is roughly around $250.
  • Many fraud forex brokers or other scam brokers are working under fake organization names or other deceitful activities.
  • The minimum deposit is generally asked in very small amounts by legitimate brokers as taking huge amounts as the minimum deposit is not advised by the regulations.
  • LexaTrade offers tight spreads which ensures competitive trading costs.

Although we do daily broker reviews, we’ve never heard of it before. 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. As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows.

Constant vigilance should be applied at all times when trying to invest in trading platforms. Deposits are processed immediately, ensuring that you have access to your funds whenever you need them for trading. However, withdrawals may take a bit longer, usually about 3-5 business days to process. This is to provide the necessary time for necessary transaction procedures.

A lot of times, catalysts like news events make the assets move swiftly and it will be a trap for the people on the retail side. While there is nothing wrong with volatility, you need to keep an eye on the news in order to make the best out of the situation. Trading costs vary a lot and it depends upon the account type as well. There are 5 account types and the capital amount required to get started with them ranges from $250 on the lower end to $100,000 on the upper side. Victims of forex scams, cryptocurrency scams, binary scams, pet scams, dating/romance scams, or any number of scams should raise their voices and get their funds recovered.

LexaTrade vs InvestFW

Licensing is another important part because we can trust a
regulated broker to some extent not to do anything fraudulent. We do this part
of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it
regulates said brokerage.

  • We’re living in the digital age so there’s no need to promote physical products as digital ones pay better commissions.
  • The representatives are adept at problem-solving, so the overall communication flow is great.
  • There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
  • It’s important to carefully consider options before making any investments, and LexaTrade is a trusted broker that can help you navigate this process.
  • I joined an online trading platform called Lexatrade on February 17, 2023.

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. Another thing to keep in mind is that there might also be
withdrawal conditions concerning accounts that take advantage of the bonus
promotion. Some fraudulent brokers stipulate that a trader must achieve a
certain trading volume to be eligible for withdrawal. Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions.

More info about trading scams:

Traders have the opportunity to trade in different markets, including currency pairs, indices, commodities, metals, energy products, and stocks. Many fraud forex brokers or other scam brokers are working under fake organization names https://cryptolisting.org/blog/what-is-the-inventory-turnover-ratio or other deceitful activities. A fundamental examination can go far in securing you and your accounts. LexaTrade offers several trading instruments to choose from, with high leverage and low spreads for high liquidity and profits.

ACCOUNTS OFFERED BY LEXATRADE

There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances. Trading platforms offered by LexaTrade are MetaTrader4, XCritical Mobile app, and LexaTrade WebPlatform. We wouldn’t recommend using this forex brokerage, they do
not impress us with the vague information they have provided.

Fund and Account Security

Please be assured that our dedication to delivering unbiased assessments, exhaustive scrutiny, and well-informed perspectives remains resolute. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.

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. The minimum deposit at LexaTrade is $250m whereas its competitors offer account opening at $0. A classic choice, particularly in Forex trading, the MT4 platform has garnered trust from seasoned traders ever since its launch in 2005.

The server operator Almina Corp as is not a registered broker, investment advisor or broker. The financial products offered by the companies listed on this site pose a high risk and can lead to the loss of all your funds. When trading stocks, CFDs, or other derivatives, consider whether you understand the function of differential contracts and be aware of the high risk of losing your funds.

Fill out the application form with your personal information, including your name, mobile number, email address, and a secure password. Lexatrade ensures high-grade security measures for all the services it provides, to secure client’s funds. This includes video courses and E-books, similarly the questionnaire section offers the questions related to customer’s feedback on the platform. 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. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement.

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