Given the abundance of warning signs, potential investors are advised to avoid LexaTrade. 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. The broker also provides different trading assets for higher liquidity with high leverage and low spreads. Live chat support was available at the time of our visit but a bit slow to answer.
The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities. 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.
- Use this to test the broker’s platform, services and customer support before committing any funds.
- LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone.
- And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better.
- That being said, they are very new at the time of this review, so there is time for improvement.
Capital Traders
LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. It is possible to earn money with day trading and make a living from it and generate high income – but the chances are extremely low. A maximum of three percent of all traders achieve long-term profits; the vast majority lose large sums of money. While Expert Option is legal in most countries, it does not serve the United States, the Member States of the European Union, Sudan, the UK, Singapore, Switzerland, Israel, Canada, and Yemen.
Fraude No 1I got call form them give commitmant for giving good profit.i opened ac & deposite $250 money after that 2 to 3 months i haven’t received any call or follow up. But after 3 months i got call & give some call tips and make good profit of around $850. E continue to force me to deposite more but i denied so he opened very huge position so i lost all capital so he tell me that thats why i told you to deposite more. After few weeks i got call & said we will recover all you money & for that they give me some credits & with help of that credits my ac agind reach to $1800.
I created an account with Expert Option a couple of months ago, and it was pretty easy to do. You only have to fill out the fields for email and password and prove your identity. Before you decide whether Pocket Option is good for you or not, here is a bit of digging I did. As of 2024, Pocket Option is operated by Gembell Limited, an entity registered in the Marshall Islands. And even though the Marshall Islands aren’t known for their regulatory standards, the firm still how genuine is lexatrade adheres to the international trading guidelines, making it credible enough.
A trader, before investing, should research about the broker’s regulation and license. Firstly, guarantee the license is from a reliable controller and not one who gives a license to any individual who pays a charge. Legitimate specialists might have the option to accomplish something, yet controllers can remove the license from trick intermediaries. The cycle persists, but it is possible to put an end to it, even if you’ve fallen victim to their deceitful promises. They lure you in with flashy websites, fake testimonials and sophisticated marketing tactics.
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. 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.
Does trading give real money?
So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers. IFMRRC stands for International Financial Market Relations Regulation Center. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. 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. That being said, caution should be used anytime money is involved, with all brokers, old or new.
Lexatrade is a scam
Keep reading to learn everything you need to know about using Expert Option. If you’ve spent some time on trading forums like I have, you’ve seen Expert Option pop up in discussions. It’s one of the most popular trading apps, and I’ve been using it for a while to buy and sell binary options. Plus, you can access the dashboard immediately after signing up using the email ID and setting a password.
- They entice with promises of doubling the deposit within 24 hours and similar claims.
- Brokers required various licenses and regulators’ approval to how genuine is lexatrade serve investors and traders.
- 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.
- LexaTrade BackgroundLexaTrade started its operation by just managing cash transactions in real-time trading using PAMM accounts.
- 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 licensed and regulated by the International Financial Market Relations Regulation Center (IFMRRC).
LexaTrade Review
Once they’ve earned your trust, they strike, leaving you with nothing but empty promises and a drained bank account. I was able to get my money back without any hassle, which makes me quite happy. Russell Tech Support, who earned a reputation as a licensed binary options recovery specialist, is a technician I would really like to thank. Your broker manager is recommending that you make further deposits before making a withdrawal if you have money in your account that you intend to take out. At whatever point you are in question about any dealer, the best practice is to let the asset recuperation experts help you.
Either balance gets zero or unable to withdraw funds due to invalid reasons. At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts. The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. 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.
Furthermore, while there are some solid conditions, they all come with high price points. And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better. So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement.
Also, scammers, as you read in this ASR review, are famous for not withdrawing your money. They may ask you for more and more money and never return a single penny of your earnings. Thus, LexaTrade guides investors before they start investing through their educational resources. Fill out the application form with your personal information, including your name, mobile number, email address, and a secure password. 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.
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.