The promotion is applicable for deposit amounts ranging from $500 to $5,000. The insurance covers upto 100% of total loss on all trades opened on the deposit day. First and foremost, report the incident to your local authority department. If no resolution can be reached, there is still hope to recover your funds from LexaTrade by attempting to open a chargeback case with your bank or credit card provider. Fraud Recovery , Forex fraud recovery and Crypto Scams recovery are possible.
- In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction.
- If the broker doesn’t hold any license, then there must be a risk of scam.
- So there’s the argument that some regulation is better than none, and that does hold up.
- However, the broker has a low user rating, with mixed reviews as some complain about the platform while others appraise it.
LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone. LexaTrade ensures that all client funds are kept in a segregated account from the company’s funds. Your financial security is of paramount importance to us, and we fervently endorse the exercise of due diligence and seeking professional guidance when making investment decisions. The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day. Of course, broker appearance is nearly entirely irrelevant, but our point is that Lexatrade looks like something hastily put together.
How Online Trading Scams Work?
The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines. 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. When a broker is unregulated or regulated by an entity outside of your jurisdiction, you have limited to no legal recourse in the event that your funds are compromised. In an event of theft, complaints can only be made if that broker is licensed by the regulator in your jurisdiction.
Lexatrade is new forex and CFDs brokerage that primarily operates in Europe. It opened just earlier this year and has attracted a good bit of attention as such. In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options.
HOW TO OPEN AN ACCOUNT ON LEXATRADE?
It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well. However, the translation itself is shoddy, so the website ends up looking unprofessional. This includes video courses and E-books, similarly the questionnaire section offers the questions related to customer’s feedback on the platform.
Brokers Complaint is one of the best recovery agencies specializing in Lost Cryptocurrency funds recovery. We also help victims of Forex frauds, Binary frauds, Investment scams, Pension frauds and many other types of scams. The most commonly used trick that scammers follow is offering a high bonus. They offer appealing returns that may look promising and attractive and make you invest in that plan. A series of educational resources is available at LexaTrade, such as economic calendar, expiry date of futures, trading hours, compound interest calculator, etcetera. These educational resources provided by LexaTrade aim to empower traders with valuable information and tools to make informed trading decisions.
With over 170 trading instruments, various tools, and timely risk management features, the platform ensures a high-quality trading experience overall. A trader, before investing, should research about the broker’s regulation and license. If the broker doesn’t hold any license, then there must be a risk of scam. Firstly, guarantee the license is from a reliable controller and not one who gives a license to any individual who pays a charge.
This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. To prevent falling victim to scams in the future, always ensure that you deal with legitimate companies that are fully regulated by major regulators, such as the FCA. Investing time in research before trying to invest on a suspicious broker can save you from potential losses and unnecessary stress. Here you get assistance perceiving a scam broker before you are excessively profound into it. At whatever point you are in question about any dealer, the best practice is to let the asset recuperation experts help you. They are capable experts with the ability and instruments to detect a con artist and get your assets back.
Please be assured that our dedication to delivering unbiased assessments, exhaustive scrutiny, and well-informed perspectives https://cryptolisting.org/blog/what-is-positive-and-negative-variance remains resolute. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary.
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The platform allows traders to access all popular commodities worldwide. However, much information regarding the same is unavailable on its website. LexaTrade is a Forex and CFD broker that offers to trade in currencies, indices, and commodities.
It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully. So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers.
Keep yourself away from The Scam Broker If You Notice the Following
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.
It lowers risk diversification as well by investing in the basket of different stocks of various companies and sectors. 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. There are also other newbie-baiting features, such as the bonus that Lexatrade offers. A deposit match isn’t inherently a bad thing, but it’s commonly used by malicious brokerages. A web-based proprietary platform that lets traders experience advanced trading.