That person keeps telling I will help to withdraw and does not help. Just keeps draggging day.still my money is stuck in lexatrade. I was supposed to get money on 5th December as per account manager. If you need proof let me know I can give screenshot. LexaTrade provides access to its custom web trading platform, which is far inferior to advanced trading apps like MT4.
These tools are used to give the impression that profits are being made. There are a multitude of different trading accounts available at LexaTrade. The broker offers Start, silver, gold, platinum, and VIP options to choose from.
Unregulated entities can potentially abscond with your money without being held accountable. Scammers build fake platforms, use fake names, and promise quick profits. Here’s how scams like LexaTrade usually trap people. There are serious concerns that LexaTrade may be involved in online fraud.
This is a major red flag for the safety of clients, and there is no guarantee the broker follows strict ethical procedures. As an unregulated broker, there is no confirmation that the broker keeps trader funds in segregated bank accounts, which is also a major security risk. LexaTrade is an unlicensed offshore Forex and CFDs broker, offering multiple trading accounts and access to a multitude of different asset classes. However, we have detected several red flags with this broker.
NO DEPOSIT
The eligibility criteria, coverage limits, and claims processes are determined solely by a non-statutory entity, leaving clients without enforceable rights under any government-sponsored scheme. Unlicensed platforms can freeze accounts, invent fees, and vanish with deposits. These platforms may also use fake reviews and endorsements, including fabricated testimonials and bogus media mentions, to appear trustworthy. Once the victim feels comfortable, they are convinced to deposit funds into a fake crypto or forex platform, which is nothing more than a lexatrade reviews trap controlled by the scammer.
There is no option for EAs or custom indicators, and the trading app is not mobile-friendly. This is a serious downside and makes it difficult to conduct proper market analysis. Mobile trading is not yet available properly, either, which is also a major drawback for this broker. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation. We do not provide financial advice, offer or make solicitation of any investments.
Risk Warning:
An objective analysis of LexaTrade reveals significant gaps in regulatory compliance, statutory oversight, and investor protection. Furthermore, the jurisdiction of Saint Vincent and the Grenadines does not mandate specific licensing for firms offering forex or derivatives trading. To avoid future scams, always research platforms thoroughly, verify licenses with financial regulators, and remember – if it sounds too good to be true, it probably is. The minimum deposit required is $250 for the Start account, and 3,000 for other accounts. A trading platform is crucial for conducting seamless trading operations.
LexaTrade Platinum Account
- The platforms are designed to be accessible, intuitive, and feature-rich.
- The whole emotional setup is a prelude to the fraud.
- The website of LexaTrade is simplistic but responsive and modern.
- Currently, LexaTrade is not fully regulated by major financial authorities such as the UK’s FCA or the US’s CFTC, which is a significant factor to consider when assessing its reliability.
- A clear warning sign is that LexaTrade is not supervised by any official financial regulator.
Therefore, we do not recommend you to invest money with LexaTrade. While the broker claims to offer reliable support, user feedback often highlights delayed responses and unhelpful interactions, particularly for withdrawal-related issues. MT4 is the platform of choice for professional traders, while the proprietary platform caters more to beginners. However, the proprietary platform’s lack of sophistication may not satisfy advanced users. These regulatory gaps can be a red flag, particularly for traders prioritizing fund security and legal recourse. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines.
No educational resources are available as there are no webinars, trading courses, or video content. There are deposit bonuses offered, but traders need higher-tier accounts to get higher bonus amounts, which is not convenient at all. No promos are available at the moment, which is also a drawback for this broker. LexaTrade offers a diverse range of trading instruments and platforms, making it appealing to beginner and intermediate traders.
- This encryption ensures that your personal and financial information remains private when making deposits, withdrawals, or logging into the trading platform.
- However, its regulatory shortcomings, high trading costs, and numerous user complaints make it a questionable choice for anyone prioritizing safety and transparency.
- LexaTrade offers a competitive range of trading instruments and features, making it a suitable choice for both beginner and experienced traders.
- The minimum deposit required is $250 for the Start account, and 3,000 for other accounts.
The platform’s user-friendly design, multiple account options, and access to popular trading platforms such as WebTrader and MT4 make it an attractive option. However, the lack of major regulatory oversight could be a concern for some traders who prioritize security and transparency. 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. LexaTrade markets itself as a broker suitable for both beginner and experienced traders. It provides access to trading in over 200 financial instruments and claims to support traders with educational materials, advanced trading platforms, and a variety of tools for market analysis. Scammers create websites or apps that look like real investment platforms.
Action Plan if Scammed
Some links may earn us commissions or other compensation. Without regulation, there is no independent oversight of how client money is handled. Many frauds operate this way, and victims often find that recovering funds is very difficult.
As a relatively new broker, LexaTrade aims to build a reputation based on competitive pricing, high-quality customer service, and an intuitive user interface. However, as with all newer brokers, it’s essential to exercise caution and thoroughly assess its features and regulations. Customer support at LexaTrade is provided via live chat and email channels.
They are a pack of wolves who attack your funds.I lost around $28000 in lexatrade by trusting them. AND I CAN GIVE FULL PROOF OF HOW THEY CONDUCT THE LOOT…. Each and every move.Some of the names the team are Pinki Gehlot, Armaan Singhania and Junaid Shah. THE BIGGEST CROOK IN THIS IS A SINGLE RING LEADER PINKI GEHLOT. There was another crook Kunal Grover who said I will manage your account…
LexaTrade Broker Review of Accounts
Spreads start at 1.6 pips, and deposits are very high, making it one of the more expensive offshore brokers. There are no hotline support options offered, which is a serious drawback for this offshore broker. While live chat is the fastest support method, it is not enough, and reputable brokers must offer a phone support channel as well. Both the website and support are not multilingual as they are only available in two different languages.
The minimum deposits are increasingly higher, and even the smallest minimum deposit is high. Once the victim trusts them, they introduce a “great investment” in crypto or forex and convince the person to deposit money. The scammer’s goal the whole time was to lead the victim to a fake trading platform. Always choose regulated investment firms, verify licenses before sending money, and stay cautious of platforms promising fast or guaranteed profits.
While the broker does not charge commissions for trading, the spreads are so expensive that it becomes very difficult to make a profit. LexaTrade does not keep trader funds in segregated bank accounts, which is a major security flaw and makes the broker very unreliable and risky. LexaTrade is an offshore CFDs broker, offering multiple trading accounts, access to a diverse set of assets, and unclear profit withdrawal procedures. Scammers employ persuasive tactics to convince you to make an initial minimum deposit. They entice with promises of doubling the deposit within 24 hours and similar claims. After obtaining the initial deposit, more experienced scammers may be brought in to extract additional funds.