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. However, with my strict habits of growing my account 100% before taking profits, I never attempted any withdrawals, not until two months when I tried to withdraw but all effort was in vain. I called the account manager and explained the situation, he told me I would be able to withdraw after 4 working days which lexatrade reviews sounded shady to be very honest.
A variety of trading tools, automatic signals about profitable transactions. Low spreads, 0% commission, bonus programs, multi-language call centre. We will give you an additional $1,500 when you open a new account with $5,000. With LexaTrade online platform, you can trade and invest from anywhere on the globe using the high-tech functionality and speed of the terminal. Our company is committed to providing the best trading services and processes for our clients.
- It did not show any certification from a financial institution as a legitimate broker.
- That means the accounts suit most strategies, and as such, can attract diverse groups of traders.
- This broker attracted me precisely with this – in all reviews about LexaTrade, it is distinguished by the reliability and honesty of the company.
- Lexatrade.com has a rating of 2.7 stars from 30 reviews, indicating that most customers are generally dissatisfied with their purchases.
- They have cheated 100s of their clients by washing out their accounts.
LexaTrade Review: Regulation
But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. IFMRRC stands for International Financial Market Relations Regulation Center. It’s a non-commercial organization that regulates about 60 brokerages.
That’s especially true if the bonus goes as high as it does at lexatrade.com. 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. 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.
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. In this light, it can be said that LexaTrade is a legitimate business entity and is a regulated broker. 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. Fortunately, IFMRRC features a Compensation Fund scheme to be observed by all its 49 regulated brokers including LexaTrade.
Variety of trading tools, automatic signals about profitable deals. Bonus programs, low spreads, 0% commission, multi-language call center. This means that when you open an account with $5,000 dollars, we will add to your account another $1,500 dollars. Trade and invest freely from anywhere on the planet with LexaTrade online platform using the high-tech functionality, speed, and profitability of the terminal. Caring for our clients, our company makes every effort to optimize the trading processes and services provided. For your convenient and effective trading, we have developed and implemented a new online platform.
Use all the capabilities of the terminal and make profit with minimal risks. Traders who have reached this state have more points, trade without restrictions on the number of transactions, have access to funds, and have the opportunity to defer payment. Please be aware of EMD Forex, which is now called as BIGMO FX.
The Trustpilot Experience
That being said, they are very new at the time of this review, so there is time for improvement. The overall structure of the accounts at LexaTrade is too expensive in my opinion and putting a $10,000 barrier between the trader and MT4 means that the majority of clients will not use this platform. The Gold account comes with the web version of MT4, while Platinum and VIP accounts give you access to the full MT4 client. 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.
- Our mission is to assist millions of traders in finding the best broker.
- Amassing more clients in the following years, LexaTrade extended its services to different jurisdictions across continents.
- Users caught spamming or abusing will be deleted from the site and prohibited from future registration at thatsucks.com and affiliates.
- 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.
- I was able to get my money back without any hassle, which makes me quite happy.
They never give you money back by making you fool showing some policies.All contact numbers in their web sites are incorrect so that whenever you want to contact them they will not be available. Even i have raised my concerns in their portals but no actions were taken. The data contained in this website may not be real-time and accurate. The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices.
With the surge of online trading platforms, the potential for scams has also grown, and LexaTrade has emerged as a broker raising serious concerns. Reviews and reports from users suggest issues that point to LexaTrade being a potential scam, primarily due to limited regulatory transparency, suspicious practices, and challenges in withdrawing funds. In this review, we’ll examine why users should exercise extreme caution if considering LexaTrade. The broker also expressed its attempt to provide top-notch service by laying down its unique features for users to experience and capitalize on as they choose Dowmarkets as their forex broker. If you plan on investing low, you will have to choose a broker with a low investment per trade.
Customer Service at Lexatrade
There are way too many categories on lexatrade.com, and navigating around the website is challenging. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary. I have uploaded some moeny and post that they have locked my amount and i am nither withdraw nor able to trade. They are asking more money to upload to enable my account and not returning the amount that i have already uploaded. The methods for deposit are Visa, CryptoWallet and e-Payouts and we assume the same methods will be used for withdrawals, although LexaTrade doesn’t mention this specifically. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the stuffy interface of Meta Trader.
Along with the broker’s regulatory background, this broker review will also rundown key advantages and features of LexaTrade. Additionally, it will provide LexaTrade reviews from LexaTrade clients to help you picture out the broker’s overall service. LexaTrade ReviewProper regulations usually ensure that forex brokers are sufficiently capitalized in the event of insolvency or trading losses. It also guarantees the broker’s commitment to maintaining satisfactory dealing practices and keeping your money in secure and segregated accounts. This broker attracted me precisely with this – in all reviews about LexaTrade, it is distinguished by the reliability and honesty of the company. Of course there are questions, but after correspondence with tech support everything is successfully resolved.
This is taking into account my caution, I don’t buy everything in a row, I carefully monitor the news. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. Holding its business operations in Saint Vincent and the Grenadines, many traders doubt the legitimacy of the broker, let alone Lexatrade’s regulatory credential. This is because there are many traders online claiming to have been scammed by LexaTrade.