All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader.
Being an unregulated entity, it is not safe for trading. That means funds deposited with the company don’t have legal protection if the company becomes bankrupt. Please be noted that all information provided by ThatSucks.com are based on our experience and do not mean to offend or accuse any broker with illegal matters. The words Suck, Scam, etc are based on the fact that these articles are written in a satirical and exaggerated form and therefore sometimes disconnected from reality. All information should be revised closely by readers and to be judged privately by each person. Users caught spamming or abusing will be deleted from the site and prohibited from future registration at thatsucks.com and affiliates.
Can anyone suggest another regulatory body where can I put my complain. I am going to file the cyber crime complain against them if they did not refund my money. https://cryptolisting.org/ They encourage you to extract maximum amount from you and then open deals conveniently to bring you down to “ALL RED” and refuse to return a single penny.
LexaTrade is one of the poorly rated brokers available around. While the company’s existing clients provide negative feedback for its malpractices, its formal customers do not have different opinions either. Ranging from withdrawal issues to trade execution and customer support, the company always make people suffer. We witnessed clients have reported multiple incidents of the broker refusing to process withdrawals on different platforms, including BrokersView. Let us share some screenshots as a piece of evidence. LexaTrade is a brand name of Swissone Group Ltd based in St. Vincent and Grenadines.
Should I Open An Account With LexaTrade?
Sir / madam in this regard I searched the company address of India. And stay alert, scammers like lexa trade are present here too, misguiding the public. Avoid abusive language and personal attacks, directed either at the broker or the author. Click the following links to hear the behavior of the executive’s in lexa trade.
Yes, trading with Lexatrade is a fraud/scam cheating making fool of small investors/traders by misguided by the staff insisting for more money deposit for stock trading. Today my balance was USD821 and free Balance was more than USD550. On request for withdrawal of USD 400, I was advised to open a del in sell segment of Natural Gas with USD196 than my entire balance gone negative.
There is even nothing to be surprised at in such comments. But at the same time, for people with a head on their shoulders, Lexatrade is quite a working tool. Autochartist signals are available at the bottom of the trading platform and while this is not a game changer, it’s still something worth mentioning, especially because some brokers charge you for Autochartist. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition. 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.
Search by account type, minimum deposit, and maximum leverage in 2,000+ forex brokers. This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250. Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice. LexaTrade and other brokers alike disguise clients through different methods. For instance, a broker might pretend to have been licensed when it is not, or it might lure you into trading by making false promises.
And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds. I registered with them by depositing $250USD and play couple of trade and earned $236usd. When I contacted them they do not have clear answer. They tell me rubbish rules which they did not inform at the time of joining.
Scam Alert: Polish KNF Issues Warning Against LexaTrade
Lexatrade has been serving my trade for 3 months now. I used to trade in crypto, then I moved to the foreign exchange market. ThatSucks.com will not take any responsibility for any loss or damage derived by accusations or negative comments made by random individuals. All Ip’s are checked and marked for further inspection.
- It further states that clients should avoid trading with LexaTrade since it operates without the required permission.
- I have uploaded some moeny and post that they have locked my amount and i am nither withdraw nor able to trade.
- Please be noted that all information provided by ThatSucks.com are based on our experience and do not mean to offend or accuse any broker with illegal matters.
- Lexatrade has been serving my trade for 3 months now.
They make false promises and convince you to invest money with a minimum amount of $250 once u visit the site. They will do registration before even u cud understand them. N then…u r trapped… B sure ..ur money is gone within days… I lost my 250 dollars within night. At the start they will tell u that they give 100% Insurance over the capital amount bt it’s big lie… They won’t give u even a penny. N even u earn or make money from this platform, they will not let u withdraw money till u lose all ur money… There r lots of if n buts wen u wish to withdraw.
Profitable forex trading involves profound market knowledge and expertise you can’t learn overnight. Therefore, do not pay any heed to brokers promising unrealistic returns. Further, always confirm a broker’s regulation from the respective regulatory authority before signing up. Preferably, you broker should hold regulations from a prestigious regulatory organization. For that, you can search on BrokersView’s Regulators.
However, the SVGFSA neither regulates nor issues licenses to brokers dealing in forex and binary options trading. Instead, it only registers non-forex companies operating within St. Vincent and Grenadines. Also keep in mind that the company is regulated , which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all. That being said, caution should be used anytime money is involved, with all brokers, old or new. Since the forex market is overly populated with good and lousy forex brokers, it becomes essential for investors to remain extra vigilant when making a choice. No matter how well you know the market, shabby brokers like LexaTradecan have various tactics to make you believe them to be a legitimate company.
Its fraud company, dont upload money with this portal. I have uploaded some moeny and post that they have locked my amount and i am nither withdraw nor able to trade. They are asking more money to upload to enable my account and not returning the amount that i have already uploaded. 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.
We recommend staying within the range of good taste and respectful language to avoid any unpleasantness. In a few weeks, we managed to increase the deposit by 15-17%. This is taking into account my caution, I don’t buy everything in a row, I carefully monitor the news.
The company claims to have been regulated by International Financial Market Relations Regulation Centre under license number RU 0395 AA V0189. The broker provides trading services across multiple asset classes, including forex, shares, indices, and commodities. Besides offering lucrative bonus offers, the company entices clients with insurance protection on deposits of up to 5000 U.S Dollars. 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.
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. 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 lexatrade news 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. First, the company is headquartered on an offshore island, with no legal supervisory authority except for the SVGFSA to oversee financial intermediaries.
Even the personal manager engaged for help do not bother for small traders. This platform is the worst I have ever gone through. A bunch of cheaters who have looten thousand of ppl till now n this may be ascertained from the reviews.
I have been working with Lexatrade since the summer and have withdrawn money 3 times during this time. I did not notice any problems with this broker, with the exception of sales managers. Lexatrade customer service is bad, the account managers are irresponsible please becareful to use them, they are so frustrating. Since they persuade to open account, after I do know of them attend to my email again.
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. Watch the most common forex scam videos and how to avoid them starting right now. Is the broker legit or regulated by my state regulator?
Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose. The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. Further, the company has been denounced in various jurisdictions by concerned supervisory authorities like Polish Financial Supervision Authority . According to KNF, the broker is not registered in Poland. It further states that clients should avoid trading with LexaTrade since it operates without the required permission.