After manager disappeared telling someone In his family expired. I cannot withdraw money until my account manager approves. He disappeared and then after few weeks they assigned me different account manager .
Company details
Introduction mStock is a financial services and brokerage platform that offers trading, investing, and margin… LexaTrade provides multiple account types to suit different traders. These accounts come with varying features and minimum deposit requirements, allowing traders to choose the one that best matches their needs. LexaTrade offers several trading platforms to cater to different types of traders, from beginners to advanced users. The platforms are designed to be accessible, intuitive, and feature-rich.
LexaTrade cites certification by the International Financial Market Relations Regulation Center (IFMRRC) as evidence of regulatory oversight. However, the IFMRRC is a self-styled organization without statutory authority, offering certification for a fee rather than enforcing compliance through legislative mandate. The IFMRRC’s governance structure, funding sources, and oversight practices lack transparency, and it has been flagged by external domain-analysis services for low trust indicators.
- The broker offers quite a few account types but lacks advanced trading platforms.
- Unregulated entities can potentially abscond with your money without being held accountable.
- There is no phone support option available, which is a serious red flag.
- While live chat is the fastest support method, it is not enough, and reputable brokers must offer a phone support channel as well.
- There are no details about fees for deposits and withdrawals or processing times.
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Read our full LexaTrade review to get exact details about their safety, accounts, spreads, platforms, assets, support, and much more. Our unbiased LexaTrade opinion allows our readers to decide whether LexaTrade is a reliable broker. LexaTrade markets itself as a user-friendly platform designed for both beginners and experienced traders. The platform also offers different account types, each catering to various levels of trading experience.
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Without advanced platforms, it will be difficult to use indicators and implement strategies, and the broker lacks advanced trading apps. It only provides its own custom platform, which is nowhere near the advanced software. The basic trading account, which is the Starter account, has 1.6 pips on major pairs, which makes it very expensive. Spreads are not disclosed on other trading account types, which is a serious red flag.
LexaTrade presents itself as a provider of online financial services but lacks any authorization from recognized financial regulators such as the Financial Conduct Authority (FCA). In legitimate platforms, fees are typically clear and transparent from the beginning. LexaTrade’s hidden and restrictive charges are additional indicators of potentially unethical practices. It is more convenient and faster to find brokers and complain LexaTrade fails to provide any information about its staff on its website and promise fake returns.
LexaTrade Reviews of Trading Platforms
LexaTrade is a relatively new broker in the online trading space, offering a range of financial instruments, including Forex, CFDs, stocks, commodities, and indices. Despite its recent emergence, LexaTrade has quickly gained attention due to its user-friendly platform, competitive spreads, and diverse product offerings. However, as with any trading platform, potential traders must carefully evaluate the features, fees, and overall trading experience before committing real funds. ” examines the operational and regulatory standing of LexaTrade, an online trading platform that offers access to foreign exchange, commodities, indices, and cryptocurrencies. In the landscape of digital brokers, the presence of credible regulatory oversight and transparent corporate governance are fundamental benchmarks for legitimacy. Fraudulent brokers build counterfeit trading platforms with fake balances, price charts, and chat support to mimic a real investment site.
These fake systems show charts, fake balances, and even live chat to trick people. The goal is to make victims believe their money is growing fast, so they keep depositing more. In this type of fraud, the scammer slowly builds a fake friendship or romantic bond with the victim through social media, dating apps, or messaging platforms. After gaining trust, they suggest a “promising” trading or crypto investment, often leading victims to fake platforms like LexaTrade. LexaTrade does not hold any license, and there were several warnings issued by Polish authorities over the broker offering services without regulations in the country. LexaTrade targets traders across the globe as it is not regulated by any authority.
- I got introduced to this broker via online video advertising campaign and since I signed up I have not had any issues.
- Whilst we try to keep information accurate and up to date, things can change without notice and therefore you should do your own research.
- However, as with all newer brokers, it’s essential to exercise caution and thoroughly assess its features and regulations.
- In terms of security, LexaTrade uses SSL encryption to protect sensitive data, which is standard for most brokers.
Given the abundance of warning signs, potential investors are advised to avoid LexaTrade. Numerous reports indicate that this platform may be a scam, with serious issues related to funds accessibility, aggressive tactics, and regulatory opacity. For those looking to enter the trading market, many reputable and transparent platforms offer safer and more secure services. LexaTrade claims to be an online brokerage offering access to various financial instruments such as forex, indices, and commodities.
There are market analysis tools, including an economic calendar and important information like trading hours, provided. However, no educational materials are available, and from bonuses, only deposit bonuses are provided. These bonuses start from 30% on the lowest tier account, and depending on the minimum deposit, can be up to 120% for VIP accounts.
The broker is not multilingual either, which is also a minor drawback. Introduction Stocko is a digital-first brokerage platform operating in India, built around the philosophy of… Introduction In a landscape where discount brokers compete fiercely for market share in India, Indiabulls…
There are no major platforms offered like MT4 or MT5. Instead, the broker only offers its own custom trading app, which is a web-based platform and lacks the advanced features required for proper trading analysis and execution speeds. In this review of LexaTrade, we will assess its safety, accounts, leverage, profit withdrawals, trading costs, support, and much more. LexaTrade promotes features such as deposit insurance, negative balance protection, and robust AML/KYC guidelines. In reality, these protections are linked to the IFMRRC’s private compensation fund, which does not carry the backing of any public agency.
Regulatory Compliance
Fraudsters also post fake reviews and celebrity endorsements to appear reliable. Many of these are generated or copied from other websites to create false credibility. LexaTrade is an online financial platform that operates without authorization from any trusted financial authority such as the Financial Conduct Authority (FCA). I am using lexatrade and invested 1000 usd on 1st December and account manager said I can withdraw money on 5th December.
In this detailed review, we will cover various aspects of LexaTrade, including its trading platforms, account types, fees, customer support, and more. By the end of this review, you should have a clear understanding of whether LexaTrade is the right choice for your trading needs. LexaTrade offers five different types of trading accounts, including Start, Silver, Gold, Platinum, and VIP. Generally, when brokers offer too many accounts, it becomes difficult to select the most suitable one. Let’s briefly overview the main features of each of these accounts to see what the broker has to offer.
Trading and investing in financial instruments comes with a high degree of risk and you can lose money. You should only engage in any such activity only if you are fully aware of the relevant risks. lexatrade reviews TradingBrokers.com aim to provide unbiased broker reviews. Rates, terms, products and services on third-party websites are subject to change without notice.
Awareness is your strongest defense against online financial scams. Scammers use clever methods to make fake investment platforms look real. They often build websites that imitate legitimate brokers and use emotional or social tricks to convince people to invest money. Because LexaTrade has no oversight, there is no protection for clients’ funds and no independent organization checking its activities. Many fraud cases come from unlicensed brokers or fake investment platforms, making fund recovery very difficult. There are not many extra features offered by LexaTrade offshore brokers.
I requested for my refunding back three weeks ago (successfully) through the name on my profile photo and the account is still open but hell no I will put my money on it again…. Customer support experience at LexaTrade is provided only via live chat and email, and there is no phone support option offered. This is a serious issue and makes it difficult to contact the broker if the trader experiences internet connection issues.