Is LexaTrade a Scam? Read This Brutally Honest Review

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Friday, March 25th, 2022 In Cryptocurrency exchange By Cem A. Arel

If you’ve 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. For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. As you https://cryptolisting.org/ 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. Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms.

  1. A program entails any existing client receiving 50% of the deposited amount of any new trader they’ve successfully encouraged to sign up with LexaTrade.
  2. Many clients have expressed how LexaTrade has helped them build their trading careers and increase their profits.
  3. Gaining more traders, LexaTrade expanded its services to different jurisdictions across continents.
  4. The broker uses a tiered account progression where each type requires you to reach a specific threshold.
  5. They vary in features but are all promoting convenient and secure trading.

Broker LexaTrade ensures that its 24-hour client service team provides the best support to traders. Trading in commodities markets subjects you to high volatility, an excellent investment opportunity. You can choose which assets to trade, including the biggest and most popular ones. For example, you can invest in U.S. crude oil, Brent oil, spot gold, or silver.

Lexatrade has potential, but it also has a lot of things bogging it down and making numerous questionable decisions. The asset access is limited, your withdrawal requests are low priority, and the spreads are extremely high. We’re nearly certain the broker made the accounts just to seem more open.

IS LEXATRADE A SCAM or SAFE?

For starters, LexaTrade has a “Refer a Friend” program, which allows an existing client to benefit from sharing the services of LexaTrade to friends and fellow traders. A program entails any existing client lexatrade reviews receiving 50% of the deposited amount of any new trader they’ve successfully encouraged to sign up with LexaTrade. The amount that user will receive is entirely up to how much the new client has deposited.

xCrictical Mobile App

It allows them the greatest reach, as the primary concern with the accounts is budget rather than trading style. That means the accounts suit most strategies, and as such, can attract diverse groups of traders. LexaTrade official site provides a brief overview of every financial market, prioritizing currencies, commodities, and indices/shares. These are some of the most widely-traded markets by investors worldwide. LexaTrade ensures that their clients have sufficient knowledge about them before they begin trading.

Lexatrade Reviews

It is praised for various reasons–from trading platforms to payment methods and its profitability. It is acquiring more and more clients as it continues to improve on the best services it could offer. XCritical is a convenient alternative to desktop and web platforms. Its portability allows clients to trade anytime and anywhere without hassle.

LexaTrade Review: Pros And Cons

If this doesn’t work, traders can raise a complaint to IFMRRC, the regulatory watchdog of LexaTrade. The broker has a low user rating of 2.1, which clearly shows the platform’s low credibility. While looking for the platform on Trustpilot, we went through many complaints, which indicate LexaTrade is a scam. LexaTrade learning is an interactive educational feature that aims to help novice traders to understand and learn about the market. We are here to conduct a comprehensive evaluation of LexaTrade’s offers and services for the most in-depth and unbiased verdict. Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account.

Other negative reviews listed on TrustPilot also detailed circumstances that unfortunately happen in markets but do not fall under broker’s control. LexaTrade’s MT4 web terminal is a safe, secure trading platform that uses advanced technology and high-quality terminal work. It is compatible with any browser and can combine various commercial operations. It also provides listing charts that can be customized according to shifting time ranges. MT4 platform is a classic choice, especially for Forex trading, and has been trusted by expert traders since it was released in 2005.

LexaTrade Forex brokers reviews are all over the Internet as proof of broker’s reliability and professionalism. On top of these account types, a Demo Account is a good way for novice traders to test the trading environment and platforms of LexaTrade. In terms of financial instruments, account type gives users access to forex, cryptocurrency, commodities, and limited stock assets.

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. IFMRRC stands for International Financial Market Relations Regulation Center. It’s a non-commercial organization that regulates about 60 brokerages.

The platform offers a long list of trading instruments, is regulated and most importantly, is not a scam. A web-based proprietary platform is offered by LexaTrade, such as MetaTrader4 and LexaTrade app – xCritical Mobile App. While the platform offers a considerable service, we still advise to choose among legit brokers like InvestFw. 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.

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. Overall this is a promising broker but a few tweaks here and there would make it a better one. That being said, they are very new at the time of this review, so there is time for improvement.