The LexaTrade Fraud: Must We Listen to Online Chatter?
- What to Expect from LexaTrade Review
- About LexaTrade
- LexaTrade – Overview of the Advantages of a Forex Broker
- LexaTrade: Real Reviews of a Forex Broker; What the Online World Actually Thinks
- Trading with LexaTrade: The Takeaway
It is a given that not everything you see on the worldwide web is credible. For what it’s worth, the online community is replete with lies and fabricated news. There is a reason why the term, “Fake News” had been plastered across the online Metropolis.
With brokerage reviews, the case is not so different. Regardless if one is a novice or a seasoned trader, he or she is not impervious to falling for bad reviews on a brokerage he or she might not be thinking of signing up for. But of course, this is completely understandable; it is an inclination and a necessary evil to easily doubt any business or financial entity that requires one to invest his or her hard-earned money. The bottom line? Trading is a gamble and investing in markets through a brokerage firm is no joke. And the presence of negative reviews does espouse a great deal of misgivings, and worse, paranoia.
LexaTrade is one of those brokerages that get the brunt of bad reviews. One look at its own Facebook page is enough to have you running to the other direction. The personal posts on the LexaTrade’s timeline that range from the banal and straightforward to the detailed and educated would leave a bad taste in your mouth.
SCAM!! SCAM!! Alert be careful guys.
- Gideon K. Birgen March 2020
It’s a scam. Please don’t put your hard earned money into this. With fake marketing they tell you, you get insurance, less risk,etc etc. You can’t withdraw once invested. Everything fake!
- Sudha Navin, September 2020-10-29
Try to be open before inviting someone.
I lost all of my saving in this…. As of could have told early that this is the way in forex trading would have never gone….
- Amit Photon, October 2020
Probably one of the most poignant testimonies within LexaTrade’s Facebook page was lodged by a man by the name of Ugochi Obianodo. He was involved with banter with a certain Amar AC, one who appears to be another LexaTrade client who seems to be defending the brokerage. Ugochi Obianodo had this to say:
Amar AC I deposited $500 traded and made profit of $500, making it a total of $1000, tried withdrawing $500, but they refused my withdrawal said I have to trade up to $100,000 before my withdrawal request will be accepted. How insane!!! Of course they know it’s quite very hard to trade up to $100,000 with just 500 without losing all your money! THEY ARE BIG SCAM PLS DO NOT TRADE WITH THEM!
Such accusations are hard to ignore especially with the details that had been laid out. However, the question still stands: how are we sure that these are legitimate allegations. It’s easy to fabricate stories. It’s even easier to make them public for everyone to see. The unfiltered nature of posts on Social Media platforms about LexaTrade does not serve the cause of finding a pointed and objective analysis of what the firm actually offers.
On the other side of the coin, online LexaTrade reviews do not always lean toward the negative. A number of broker review sites also have positive views on the firm. These good points are lodged in light of LexaTrade’s offered incentives, bonuses, and promotions that aim at inviting more traders to enlist with them. These reviews were found to be detailed and enlightening toward the possible misconceptions regarding the brokerage’s services.
One of the noteworthy positive reviews filed online for LexaTrade goes against the narrative that LexaTrade is a fraudulent entity. The writer of the reviews says:
Saying that LexaTrade fraud is inappropriate because, for premium customers, the developers have provided several profitable offers, ranging from the commission for deposits and ending with the methods of withdrawing funds from the account. 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.
In this review, the writer had highlighted the LexaTrade’s provision of commissions for deposits that are made. In addition, he or she had also brought the capability given to LexaTrade users to trade without any restrictions. Through the statement quoted above, readers are made to understand that LexaTrade that users are in fact not only given these perks, but are also allowed access to funds and deferment of payments made through its platform.
While reviews such as this may be considered to topple the negative bandwagon against LexaTrade, it does not change the fact that the reviews found online are polarizing and are altogether divisive
Basing decisions through mere online research may prove fruitless should it not be backed up by actual diagnosis of the broker’s offers and services. If one is to base off of impressions, the negative issues thrown at it can easily be chalked up to the LexaTrade user’s complete ignorance of how the trading industry works.
Having said this, the LexaTrade user and the reader of this review are recommended to practice greater regard on research and due diligence. Such can be observed through actual conversations through the forums or actual face-to-face communication. Of course, these individuals should have actual live LexaTrade accounts that they have used for a considerable period of time.
What to Expect from LexaTrade Review
With everything said earlier, the team for this review had taken it upon itself to conduct an exhaustive examination of LexaTrade’s offers and services.
A result of months spent with LexaTrade, the team had conducted the tests by actually signing up for a LexaTrade account. Through the access of a live account, the team was able to look into the following aspects that make up the brokerage’s services:
- Offered trading accounts
- Available trading platforms
- Fee Structures
- LexaTrade Customer Reviews
The review team had ensured a pointed evaluation through its employ of all the functions of the broker’s website. This had been done so that the traders who are still in the initial process of looking into LexaTrade’s website will be assisted into the fields and segments within it so that they can easily navigate through and explore the site further for trading-related material.
The site has an intuitive interface with all the access to the inner pages accessible through the fields that can be seen on the top most part of the landing page. It is complete with all the descriptions of LexaTrade’s offers, its website tools, and the legal documents that ensure safe trading with the firm.
What the reading of the review ultimately provdes its readers is a fair assessment and perspective of LexaTrade. Had it not been clear enough, the review team believes that subscribing to the numerous reviews that tag LexaTrade as a “scam” and a “fraud” is ill-conceived and entirely unfair.
It is to the knowledge of the review team that LexaTrade might just be another victim of either ignorance or outright fabrication. It is the aim of this review to set the record straight.
To serve the cause of fairness, the reviews last segment will quote certain reviews, both Positive and Negative ones, that the review team had gathered from various trusted brokerage review sites.
LexaTrade’s year of founding and the regulatory body that sanctions its activities had not been disclosed through the firm’s site. For one to find out the brokerage’s profile, one should consult other sites that review LexaTrade. While not necessarily a red flag, this is completely inconvenient and taxing.
Getting the pulse of a brokerage’s legitimacy is served well by the immediate disclosure of its primary details.
The review site, “The Forex Review”, is the site that had been able to give the details. While the founding year had not been revealed, the site did say that the firm is a business entity under the Swissone Group Ltd. which operates within St. Vincent and the Grenadines.
As with the other brokerage firms within St. Vincent and the Grenadines, there is no trail of evidence of LexaTrade’s regulatory body. This is so as the local government of the region does not have any provisions for regulating Forex trading activities.
This alone raises considerable doubt as LexaTrade’s users are simply not assured of legal means to recover or compensate for potential untimely loss of funds. LexaTrade’s lack of regulation is something that we should not gloss over regardless of the advantageous features that the firm offers. Remaining alert and wary of such shortcomings should take precedence.
LexaTrade – Overview of the Advantages of a Forex Broker
Trading Accounts and Fee Structures that LexaTrade Offers
Five (5) trading accounts are offered by LexaTrade. These include, the Start Account (opened for $250), the Silver Account (for $3,000), the Gold Account (for $10,000), the Platinum Account (for $50,000), and the VIP Account (for $100,000).
Now, given the figures disclosed through the parentheses, it is easy to be turned off by the brokerage. The 250-Dollar minimum deposit for a Start account may be considered already costly given the limited features made available to its users. The table below details all the features and offers that each account provides its users.
The offers above may be seen as completely advantageous for traders who choose to open any live account with LexaTrade. But while enticing, the costs when directly placed with the feature, leaves a lot to be desired. As this is the case, the following observations have been noted:
- The lack of the Trading Academy and the MT4 Terminal platform within the Silver Account
- Only the Web Terminal version of the MT4 platform being provided for the Gold Account
- Stock Trading being limited for the Gold Account
- Reduced Spreads for the Gold Account
LexaTrade is then advised to review their minimum deposits against the offers found in each of their trading accounts.
The Trading Platforms LexaTrade Provides
LexaTrade provides its clients three (3) trading platforms:
- The LexaTrade Web Platform
This is LexaTrade’s proprietary platform. This software has four (4) observable advantages:
- The offering of a wide array of trading tools
The LexaTrade platform offers over 170 trading instruments that include popular stocks and indices, precious metals, and energy products.
- Risk Management
The LexaTrade platform gives its clients the capability of fixing profits and the limiting potential losses in a timely manner.
- Full control of transactions
Through the platform, a trader can work with open and closed deals and easily limit orders. A trader is also allowed to view all executed trades through a single instrument.
- Offers the best trading solutions
LexaTrade platform provides it users with the technical adviser, Autochartist. Through this tool, traders are offered efficient methods of Technical Analysis that permits a good trading conditions and even more profitable trading endeavours.
- xCritical Mobile Application
The xCritical platform is one of the most noteworthy trading platforms in the trading industry. Some even suppose that it comes to par with industry favourite, MetaTrader 4. Through its mobile platform, an expansive set of tools available through its PC version are mirrored effectively. These tools include a number trading signals and a highly-intuitive and neat interface. xCritical is preferred by 8 out of 10 seasoned traders.
- MetaTrader 4
Probably MetaQuotes’ most in-demand trading platform, MetaTrader 4 (MT4) is simply one of the best trading software available in the market. MT4’s interface is intuitive and has a benevolent number of tools. LexaTrade provides traders the MT4 Web Terminal that permits them to trade safely with its technology without the need of downloading and installing it on the trader’s PC or mobile device.
The provision of these platforms by the brokerage are seen by the review team as lucrative measures for each trader who chooses to open a live account with LexaTrade. These platforms allow for good trading conditions. And fact of the matter is, even with the absence of LexaTrade’s proprietary platform, MT4 and the xCritical Platform are already enough to turn any trading endeavour into a profitable activity.
LexaTrade: Real Reviews of a Forex Broker; What the Online World Actually Thinks
As the header strongly suggests, this segment deals with reviews gathered across the worldwide web.
To establish fairness, this part of the review is divided in two: the Negative Reviews and the Positive Reviews.
The review team had thought it best to quote them directly here for the readers to see. The review team also opted not to place its own analysis as it wants to not tarnish the reader’s opinion. This segment only aims to lay out what the online trading community thinks of the broker.
LexaTrade Negative Reviews
Lexatrade is a dangerous broker.
Lexatrade isn’t what you think. We are going to detail what makes this broker a scam. All of our reviews are based on research carried out by professionals.
Brokers must have regulations for each country where they want to offer trading. Lexatrade offers trading worldwide but doesn’t have all the licenses to do so. This is the first dangerous signal coming from this broker.
Lexatrade uses the license of another regulated company..
This is often the case with fraudulent brokers. It uses a license from a regulated company (they almost have the same name) or gives a license number that isn’t valid. Also pay attention to licenses that come from offshore countries such as the Marshall Islands or Saint Vincent and The Grenadines but isn’t just these fraudulent countries, there are several.
Taken from: https://scamonline.net/lexatrade-review/
LexaTrade uwaga to kurwy i zlodzieje nie dajcie sie nabrać tym skurwysynom
LexaTrade attention are whores and thieves don’t be fooled by these mfs
– Edward Urbanek, September 2020
Review taken from: https://www.facebook.com/pg/LexaTradeEN/reviews/
LexaTrade Positive Reviews:
Everyone should understand how to distinguish a good broker from those that are often considered scammers and why forex is a scam. We present your user reviews, according to the rating of a broker.
If, in general terms, the company works honestly, and I would not say that there are some illegal actions. If there is a drain, then the fault of the current customer who could not calculate the risks and got into a situation when the deposit is squeezed to the margin stake and can ultimately fly out by stop out, now the volatility is very high. It is not necessary to wait for some news, and the market is moving unpredictably.
I have been trading on the market for 5 years, of which almost 2 years on LexaTrade. There have never been problems with the company. I am comfortable working with them. I go to the LC only to withdraw funds. The terminal works well, the connection is stable. There were no performance problems or disputes.
- Oleferev Evgeny Igorevich, St. Petersburg
I consider LexaTrade a reliable and conscientious company. I’m not exaggerating anything. Only with him can I earn and withdraw money. 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. We continue to cooperate further.
Trading conditions, if not the best, then some of the best, there have never been any hitches with the execution, so that the connection disappears, too, is not seen. There is a slight glide, but I didn’t notice a serious one, on EUR / USD there can be a glide of a maximum of 1-2 pips and then on serious news. And even on m1 you can scalp. The output without any problems of any amounts.
- Stepanova Irina Viktorovna, Kislovodsk
Reviews taken from: https://traderoom.info/lexatrade-review-pros-cons-and-verdict/
I have been working with this LexaTrade broker for six months now. I learned about the company much earlier, but I came across a network about the negative about it. I read in the comments on one forum the information that «LexaTrade fraud», fraud, etc. Therefore, I was afraid to open an account there. Then he learned from a friend working with this company that all this is complete nonsense. As a result, I opened an account there, on which I have been trading for six months. In principle, everything suits me. The platform works stably, occurs smoothly and quickly. What else is needed for profitable trading? I recommend this company to everyone.
- Anatoly, 32 years old, Moscow
Review taken from: https://forexdelta.net/real-lexatrade-customer-reviews-of-lexatrade/
Talking about the fraud and scam allegations, the review team for the site, “Forex History” has something interesting to say:
Most likely, these reviews were written by the company’s competitors. The LexaTrade review on the site ends with a section with links to the company’s documentation. As expected, the company’s website is trustworthy and doesn’t contain any lies, but unfortunately, many inexperienced users believe that Lexa Trade is scammers because they meet negative LexaTrade customer reviews
There is also a certain affiliate program on the site, which helps customers to bring new users, promising them a bonus in return. Here, we also can’t speak about LexaTrade fraud.
The collaboration of the Lexa trade company with social networks proves that the company is reliable and tries to save the trader’s money. Some negative reviews exist, but they are likely to be ordered by the competitors because there aren’t any photos. On the website, everybody can have a personal profile. Also, some other people can act through your LexaTrade login.
Review taken from: https://forexhistory.info/brokers/what-is-lexatrade-and-how-to-use-it/
The brokerage company LexaTrade login is an organization with many years of experience that provides traders with services within their electronic system. Today, the broker positions itself in the foreign exchange market as one of the most successful.
The company began its work by managing cash transactions in real-time trading using PAMM accounts. As of November 2019, more than 2,000,000 merchants from all over the world are using the services of a broker.Forex broker LexaTrade site offers traders to open an initial deposit of $ 100, which is a fairly advantageous offer compared to other brokers. To make it easy for merchants to conduct financial transactions, the developers created a convenient interface and an affordable system.
Review taken from: https://forexdelta.net/real-lexatrade-customer-reviews-of-lexatrade/
The links that were included in the quoted testimonies will direct the readers to actual existing, live, and legitimate sites. The readers may visit these sites for themselves so as to see more reviews.
Trading with LexaTrade: The Takeaway
With all the points discussed within this review, it is difficult to see why LexaTrade is branded as a fraudulent or scamming entity.
Organic search for reviews reveal that the negative reviews are actually outweighed by the positive ones. This strongly suggests that most of the negative reviews are concentrated on Social Media.
To stress, the review team believes, through its own analysis of the offers and the services it provides its clients, calling LexaTrade a fraud and a scam is completely uncalled for. This review had thoroughly outlined these notable points:
- That LexaTrade provides its clients an impressive range of products and services that permit sound and lucrative trading conditions that aid its clients in building strong investment portfolios
- That while the broker is not being regulated, LexaTrade is able to provide security to its clients’ investments through its offer of reliable trading platforms.
- That LexaTrade offers its clients a great deal of good services through its trading accounts
Given these three major points, LexaTrade may be seen in a more positive light. Hence, the allegations of scam and the libel hurled against it through various online resources are effectively dispelled.