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. It doesn’t do anything to stand out, and the vast majority of traders can easily find an option that’s both more comfortable and more powerful. However, better options are present online, and it’s easy for most traders to switch. Lexatrade is new forex and CFDs brokerage that primarily operates in Europe.
Webinars with experts, video lessons, and training materials have been selected and grouped according to the student’s level of competence. According to police, the recent victim of the fraud filed a complaint, saying he came in touch with the group through an advertisement pop-up on Facebook that promised huge returns on stock market investment. In order to make a withdrawal, the Client must leave a signed application. The Company reserves the right to withdraw funds in any reasonable form to our discretion in accordance with our anti-money laundering policies and rules. All provided materials, graphics and scripts are on the site solely for informational purposes and are not advisory in nature.
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. Whole team are fraud, kaniz Mirza, Naira Singh, Rahul Sonkar etc… There is no fee to open an account and the fees lexatrade news for deposits and withdrawals are not specified anywhere on the website.
- 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.
- The broker can be reached through multiple channels, including phone line and email.
- After pursuing this review and reading other negative LexaTrade reviews, it is clear that this broker is a scam.
- 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.
- But browsing the broker’s official site, LexaTrade asserted the legality of its business operation and its regulatory compliance with the International Financial Market Relations Regulation Center (IFMRRC).
- LexaTrade also provides a demo account that allows you to try out the financial markets without the risk of losing money.
Incentives and bonuses from the Forex review broker help traders use the loyalty of traders in the company’s services, as well as attract more investors interested in developing a digital platform. LexaTrade customer reviews scanning mixes digital and common currencies. Thus, traders can trade their currency pairs, creating, for example, a mixture of the dollar with bitcoins or the euro.
Hence, it is of primary importance for a forex broker to assert its legitimacy through its regulatory certifications. Failure to deposit on the given time to replenish the account, the Client’s account will be blocked. The amount of the bonus is determined by the Company as a percentage of the amount of money deposited by the Client. The terms of bonuses and promotions are given in this section and are available on the Company’s website. The client acknowledges that he pays any commission and brokerage fees.
- All Scam Reports Team advises the user to avoid investing here, as we have found that the LexaTrade broker is suspicious, and operating without any legal license.
- The broker provides clients with about 50 currency pairs, gold, silver, and other precious metals, as well as pointers and cryptocurrencies.
- Due to this, trading speculations are available to customers based on the difference in the primary price and on its basis lexatrade.com login.
- Thus, traders can trade their currency pairs, creating, for example, a mixture of the dollar with bitcoins or the euro.
- Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose.
- Yet, questions remain whether this regulatory affiliation is strong enough to set aside fears of losing trading funds of clients in the event of insolvency.
LexaTrade is a Forex and CFD broker that offers to trade in currencies, indices, and commodities. The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines. Aside from throwing shades to the broker, some online client reviews also burst out that LexaTrade scammed them by not allowing them to withdraw their funds from their accounts. Albeit contrary to one client review above, this issue can be easily identified as a misinformed judgment on the client’s part.
Company activity
In one way or another, clients who were unable to withdraw their funds from their accounts might have violated some conditions and guidelines without them knowing it. User reviews across various forums and consumer protection sites frequently highlight experiences of being unable to withdraw funds, encountering hidden charges, and even outright losing access to their accounts. These patterns align with other known scams in the financial sector, where similar methods are used to extract and retain funds from investors without delivering on the advertised services. Up to 50% of the total amount of the referred client’s initial deposit will be awarded to the referring trader. Gaining more traders, LexaTrade expanded its services to different jurisdictions across continents. On its way to mainstream brokerage service, LexaTrade is starting to be a force to reckon with in terms of trading solutions.
Every single one of our instructors has gone from a beginner to a practicing trader. They know what sort of difficulties you may encounter and are only too happy to share their experience with you. They will help you avoid errors in class so you can make your start in the profession even easier. Following a tip-off, a police team busted an illegally running fake call centre and arrested 13 accused along with two foreign nationals late at night on Tuesday. Police said the accused were produced in a city court on Wednesday from where foreign nationals were taken on two days of police remand while the other 11 were sent into judicial custody.
Trustindex for Business
They offer appealing returns that may look promising and attractive and make you invest in that plan. Although we do daily broker reviews, we’ve never heard of it before. Our mission is to assist millions of traders in finding the best broker. Nowadays, it is second nature to an investor to choose an officially regulated broker with a decent regulatory history.
LexaTrade broker promotions, bonuses
Other negative reviews listed on TrustPilot also detailed circumstances that unfortunately happen in markets but do not fall under broker’s control. Wondering whether Lexatrade scammers or not, let’s analyze its services and development level. I joined an online trading platform called Lexatrade on February 17, 2023. However, for the past two months, I have been attempting to withdraw $500 without success. Based on my experiences, I have reached the conclusion that I have been scammed by Lexatrade. After pursuing this review and reading other negative LexaTrade reviews, it is clear that this broker is a scam.
Reviews
This time, we will feature some of the feedback and reviews of current LexaTrade clients to give us some first-hand experiences with the broker and how they feel toward their service provider. Just like any broker, LexaTrade flaunts a set of advantages to fish investors in the sea of online financial investment. And without the broker specifying the times, who knows how long it might take for you to get your money. We aren’t the biggest fan of the huge jumps between the sums you need for different account types.
This ensures that the trader can take into account the most insignificant prices and get a high level of volatility. Also, this broker is connected with the semi-automated trading platform Cryptodroid which is one of the most beloved software in the trading realm. To know both sides of the equation and understand the nature of this trading solution, continue reading this unbiased post.
Payment can be made in three days – using the lender’s debit card, electronic services, or bank transfers. The method of depositing funds for the first deposit determines the options for the subsequent withdrawal of money. As on other sites, bank transfers arrive on accounts lexatrade.com site faster than when withdrawing to a card.