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After obtaining the initial deposit, more experienced scammers may be brought in to extract additional funds. The cycle persists, but it is possible to put an end to it, even if you’ve fallen victim to their deceitful promises. Lexatrade offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.
Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. Additionally, the lack of detailed information about the company’s headquarters and the year of establishment is troubling. Legitimate brokers typically provide such information to build trust with their users. The absence of this crucial data adds to the uncertainty and leaves users uninformed about LexaTrade’s background and stability. If a trade position is kept open and carried over to the following day, a commission will be charged to the trading account for using the credit.
LexaTrade’s unregulated status raises doubts about its commitment to transparency and accountability. When choosing a platform, caution is warranted if the company lacks regulation by any overseeing agency. This should serve as a warning that your funds may not be secure, and there’s no protective regulatory framework. Unregulated entities can potentially abscond with your money without being held accountable. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website.
Customer Complaints and Negative Reviews
That being said, they are very new at the time of this review, so there is time for improvement. On the other hand, the Web platform offered for the minimum account is lexatrade scam quite enough for the average trader, so maybe that’s not a deal breaker. Broker Complaint Alert helps victims of investment fraud, forex scams, crypto scams, and any type of fraud that happened to you. One of the primary concerns with LexaTrade is its lack of regulation by reputed authorities such as CySec, ASIC, FCA, CNMV, and others. This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds.
Is LexaTrade a Scam? Honest Review 2023
The broker doesn’t hide the fact that it’s trying to goad you into depositing more. Even the withdrawal speeds increase as you go up to the higher accounts. LexaTrade customer support is very impressive as it offers full-time support with 24/7 operating hours. The broker can be reached through multiple channels, including phone line and email. The support team is problem-solving and responds quickly, so the overall communication with the team was great.
Is It Safe To Invest With LexaTrade?
Once the money is deposited with it, it stops responding to the queries.. Therefore, we do not recommend you to invest money with LexaTrade. Lexatrade has provided very less information about its organization.
- LexaTrade has a referral program in which you’ll receive up to 50% deposit amount as a commission.
- This unregulated platform operates without the necessary regulation, raising doubts about the safety of your funds.
- After obtaining the initial deposit, more experienced scammers may be brought in to extract additional funds.
- The support team is problem-solving and responds quickly, so the overall communication with the team was great.
- Lexatrade offers personal account managers to its users and they help in trading.
Could you please help me find out if this broker offers Islamic Accounts or they actually charge swap fees?
The commission is based on the size of the transaction and ranges from 0.005% to 0.015% for most instruments, while it is 0.5% for cryptocurrencies. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition. Overall this is a promising broker but a few tweaks here and there would make it a better one.
