However, better options are present online, and it’s easy for most traders to switch. As such, we don’t think you can get a competitive trading service up until the $10,000 account at least. If you’ve https://cryptolisting.org/blog been following our Lexatrade review, you’ve likely noticed that the broker takes a step forward and a step back. The case with its funding is much of the same, as there are some things that look good.
We aim to equip you with an array of objective appraisals, insightful commentary, and meticulous analysis. We uphold our commitment to precision through rigorous data validation and consultations with industry experts. It’s essential to recognize that, albeit rarely, minor fluctuations may arise. Please be assured that our dedication to delivering unbiased assessments, exhaustive scrutiny, and well-informed perspectives remains resolute.
Who is LexaTrade?
The platform offers a long list of trading instruments, is regulated and most importantly, is not a scam. The broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review. And even then, you only get the web version, and you need the $50,000 account for the full unlock.
- Trading platforms offered by LexaTrade are MetaTrader4, XCritical Mobile app, and LexaTrade WebPlatform.
- Live chat support was available at the time of our visit but a bit slow to answer.
- The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines.
- That being said, caution should be used anytime money is involved, with all brokers, old or new.
- They will reach out to people through various means like phone calls, or social media; to persuade them to make the initial minimum deposit.
However, the translation itself is shoddy, so the website ends up looking unprofessional. Yes, the broker offers trading services across the globe with a focus on countries like India, South Africa and most of Asian countries. This includes video courses and E-books, similarly the questionnaire section offers the questions related to customer’s feedback on the platform. 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 Financial Market Relations Regulation Center.
Lexa Trade Deposit and Withdrawal Methods
The broker offers different types of accounts to its clients for better trading experience. 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.
Is LexaTrade a scam?
But as we said, we don’t like paywalls for core features as a practice, although you may not mind them at all. As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows. Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest. The trader can contact LexaTrade customer care to recover their money.
The broker also provides different trading assets for higher liquidity with high leverage and low spreads. XCritical mobile app offers an easy-to-use interface, traders can access their trading account on the go, without any hassle. They can open positions, execute trades quickly, and monitor their account balance from anywhere, at any time. Whether a beginner or an experienced trader, the XCritical mobile app is a great way to enhance your trading experience.
LexaTrade Scam Review: Get Money Back
We check the account with its corresponding deposit
and leverage. Most of the scammers are experienced manipulators and before you know it they’d ask for your bank card numbers to assist you with the deposit. There is also a chance to become a victim of Identity theft, experiencing many more problems consequently. To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this investment firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY.
Who Is Lexatrade Owner?
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. 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.