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LexaTrade Review 2024: Is It A Scam Or Legit Broker? Unbiased Review

Lexatrade Review

Lexa Trade allows global traders to access financial markets, including Forex, Stocks etc. However, the broker has a low user rating, with mixed reviews as some complain about the platform while others appraise it. So, to help you out in deciding whether it’s a worthy broker, let’s take an in-depth look at the platform with our detailed LexaTrade review.

We are here to conduct a comprehensive evaluation of LexaTrade’s offers and services for the most in-depth and unbiased verdict.

After using the platform for more than a month, we understood more than what was actually posted about the platform on the internet. We conducted a deep analysing of the platform based on the following aspects:

  • Regulation
  • Available Trading Accounts
  • Trading Platforms
  • Fee Structure
  • LexaTrade Customer Support

What Is LexaTrade?

LexaTrade is a Forex and CFD dealer that offers to alternate in currencies, indices, and commodities. The figure company of LexaTrade is Swissone Group Ltd, positioned in St. Vincent and the Grenadines.

The platform is somehow new in comparison to some reliable names dominating the forex industry. However, it garnered popularity among traders with its one-of-a-kind features and the services.

Moving forward with this LexaTrade review, we will further discuss the platform’s fees, platforms and account types.

LexaTrade Review – Quick Overview

Official Website www.lexatrade.com
Country Saint Vincent and Grenadines
Regulation IFMRRC
Available Asset Classes Forex, Commodities, Indices, Stocks
Minimum Deposit $250
Leverage 1:400
Minimum Deposit $250
Demo Account Available

Is LexaTrade A Scam?

Yes, LexaTrade is a scam dealer because it isn’t always regulated by way of any top tier regulatory watchdog.  However, it holds a licence from the International Financial Market Relations Regulation Center. Despite this, it’s miles an off-shore broker limited to function within the US and Europe.

The broker’s low user ratings of 2.1, which shows the platform’s low credibility. Rather than opting LexaTrade scam, we recommend you to incline towards a more trusted platform like InvestFW.

Here’s a LexaTrade’s IFMRRC Certificate Of Compliance:

LexaTrade Review: Fees, Commission & Spreads

If you’ve been following our detailed Lexatrade review 2024, you have likely noticed the platform has not much to offer to its users. Zero fees on the trade is the USP of the platform.

But high spread charges overshadow these benefits. The charges are higher compared to the platform we have reviewed so far. The spreads vary on the account type and the  instrument traders trade in.

Here’s a quick overview of LexaTrade Spreads & Commission:

Asset Classes(Starting Spreads) Account Types
Mini Standard Silver Gold Platinum
Forex 3.8 3.3 3 3 2.3
Indices 3.9 2.9 2.6 2.6 2.3
Commodities 9.9 8.9 7.9 7.9 6.9
Stocks (Commission) 3.7 per lot 3.7 per lot 3.7 per lot 3.7 per lot 3.7 per lot
Cryptocurrencies 0.03 0.03 0.03 0.03 0.03

LexaTrade Review: Available Leverage Ratio

The leverage offered by LexaTrade seems to be lower in comparison to its counterparts. Through this LexaTrade review, check out the LexaTrade leverage offering:

Assets Available Leverage
Indices 1:50
Commodities 1:200
Stocks & ETF 1:20
Cryptocurrencies 1:50

What Trading Accounts Are Available At LexaTrade?

The broker offers 5 primary account types, catering to the needs of every sort of trader. The account offering is appreciable but lacks at some points. The minimum deposit at LexaTrade is $250m whereas its competitors offer account opening at $0.

Additionally, the broker has several complaints regarding the deposits, which indicates LexaTrade is a scam. Nevertheless, here are some of the primary features of the each LexaTrade account:

LexaTrade Account Types
Features Mini Standard Silver Gold Platinum
Minimum Deposit $250 $3,000 $10,000 $50,000 $100,000
Welcome Bonus Up to 30% Up to 50% Up to 70% Up to 90% Up to 120%
Withdrawal Time Standard Standard Medium Instant Instant
MT4 Platform N/A N/A Available Available Available
Webinars For beginners For beginners Webinars on major economic events Free access to paid webinars Private VIP webinars
VIP Trading Instruments N/A N/A N/A N/A Available
Account analysis with financial analyst N/A Once a week for up to 30 minutes Once a week for up to 60 minutes Once a week for up to 180 minutes Customizable
Trading Tools N/A 1 Trading tool 2 Trading tools Advanced Trading tools VIP trading tools
Trading academy N/A N/A Introductory lecture Half of the training course Full course with diploma

How To Open An LexaTrade Account?

Registering for a trading account on the platform is easy and quick. There are no irritating ads forcing you to sign up for the account. Here’s a complete LexaTrade account opening process:

  • Visit the official LexaTrade website and click on the “Register’ icon, next to the LexaTrade login button.
  • Then create a strong password by entering your name, email address and mobile number in the application form. Then, you will be taken to your account dashboard. Invest and start a business.

Note: As it is an offshore broker, we advise you to be extra cautious while trading with the platform or switch to more reliable options like InvestFW.

What Payment Methods Are Available At Lexatrade?

The platform supports  bank wire, credit /debit cards, Skrill, Neteller and OrangePay for both deposits and withdrawals.

The deposits are processed instantly, while withdrawal may take up to 3-5 business days. The platform should include more payment methods.

Read Also – What is Getcash23?

What Can I Trade On LexaTrade?

The platform offers a limited list of tradable instruments for the traders to trade on.
The broker is currently focusing on offering three primary trading Instruments, namely:

Indices/Shares

Access to a range of global stocks and indexes. The available Indexes and stocks include Dow Jones, S & P 500, Nasdaq 100, FTSE 50 China, and AEX 25.

Commodities

The platform allows traders to access all popular commodities worldwide. However, much information regarding the same is unavailable on its website.

Forex

The broker’s primary focus is on Forex as it claims to offer lowest spreads, swap-free accounts and zero commission for the same. All currency pairs are available on the platform. The LexaTrade trading hours are Sun 22:00 – Fri 22:00.

What Trading Platforms Are Available On LexaTrade?

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.

Web Platform

A web-based proprietary platform that lets traders experience advanced trading. It offers advanced trading tools, increased speed and safety. However, I didn’t find anything special about it.

MetaTrader4

MT4 is one the world’s most famous and reliable trading platforms for Forex. The user-friendly UI of the platform helps both beginner and professional alike.

Here are some of the features of LexaTrade MT4 platform:

  • Quick order execution
  • Available on all devices
  • Clear interface and access to platform data in local language

xCrictical Mobile App

xCritical platform quickly gained popularity thanks to its functionality and ease of use. The LexaTrade App Download is available on the platform’s homepage. The broker seems to be winning here as the following features are enough to attract traders:

  • Increased speed and data security
  • Simple and intuitive interface
  • More than 180 trading tools, online quotes and charts, convenient control of transactions
  • One-Click Trading function
  • Built-in Autochartist technology with 24/7 market monitoring

LexaTrade Review: Promotions, Bonuses & Offers

In order to attract more traders on the platform, LexaTrade often starts promotions. The bonuses and the promotion programs look generous. There is not a single complaint regarding the same, so, we can rate it good in this case.

In this LexaTrade review, let’s check out the ongoing promotions of the platform:

Bonuses

The platform offers a deposit bonus of up to 30% whenever a user deposits $5,000 into their account. However, the bonus amount increases with each progressive account type:

  • Standard – up to 50%
  • Silver – up to 70%
  • Gold – up to 90%
  • Platinum – up to 120%

LexaTrade Referral Program

The LexaTrade referral program works when you invite your friend to sign up. For each successful deposit your referral makes, you’ll receive up to 50% of the entire amount.

LexaTrade 100% Insurance

This feature provides 100% insurance on the deposit amount. 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.

Do LexaTrade Offer Research Support?

The broker offers a dedicated section for Traders Centre, that is their research support.
You’ll get all the necessary information regarding the financial market through:

  • Economic Calendar
  • Reporting Season
  • Expiry Dates Of Future Contracts
  • Spread Table
  • Trading Hours
  • Compound Interest Calculator

What Is LexaTrade Learning Feature?

LexaTrade learning is an interactive educational feature that aims to help novice traders to understand and learn about the market. There is an Education Center and Questionnaire section.

This includes video courses and E-books, similarly the questionnaire section offers the questions related to customer’s feedback on the platform.

LexaTrade Review: Pros And Cons

In this part of LexaTrade review, let’s explore all the advantages and limitations of trading with the platform:

Pros Cons
Advanced Trading Platform Complaints about LexaTrade scams
Lucrative Bonuses Offshore broker
24×7 Customer Support Limited product offering
Advanced Trading platform
100% insurance on deposits

LexaTrade Review: Customer Support

LexaTrade customer support is very impressive as it offers full-time support with 24/7 operating hours. The broker can be reached through multiple channels, including phone line and email. The support team is problem-solving and responds quickly, so the overall communication with the team was great.

Here’s LexaTrade helpline number:

LexaTrade Complaints

Major complaints claims that LexaTrade is a scam who force clients to make more deposits.
The platform has a 2.7/5 rating on the internet. Here are some top LexaTrade reviews on the internet:

What Are The Best LexaTrade Alternatives?

While scrolling the web for the best LexaTrade alternatives, the best forex brokers that I came through were Vanguard, InvestFW and Capixal. So, I put a quick comparison of these trading platform with LexaTrade:

LexaTrade vs  Vanguard

Features LexaTrade Vanguard
Tradable Instruments Forex, Commodities, Stocks & Indices Forex, Commodities, CFD, Bonds, Cryptocurrencies Stocks & Indices
Regulation IFMRRC FCA
Customer Support 24×7 24×7
Minimum Deposit $250 $0
Promotions $30 $0

LexaTrade vs InvestFW

Features LexaTrade InvestFW
Tradable Instruments Forex, Commodities, Stocks & Indices Forex, Commodities, CFD, Cryptocurrencies Stocks & Indices
Regulation IFMRRC FCA, CySEC
Customer Support 24×7 24×7
Minimum Deposit $250 $250
Promotions $30 $0

LexaTrade vs Capixal

Features LexaTrade InvestFW
Tradable Instruments Forex, Commodities, Stocks & Indices Forex, CFD, Cryptocurrencies, Stocks & Indices
Regulation IFMRRC CySEC
Customer Support 24×7 24×7
Minimum Deposit $250 $0
Promotions $30 $0

Conclusion

As we are wrapping this in-depth LexaTrade review, the only thing I would say is to avoid this platform. The broker is unregulated and has a lot of disadvantages which overshadows its genuine features, such as high spread charges. The genuine  features of the platform that are worth considering include bonuses, advanced trading platforms and learning programs.

As the platform is not worth considering, I was looking for the best alternative, and after researching for days, the most recommended broker I found was InvestFw. The platform offers a long list of trading instruments, is regulated and most importantly, is not a scam.

FAQs

How To Deposit Money In LexaTrade?

The process of crediting your LexaTrade account is as follows.

Go to the LexaTrade dashboard and click on the ‘Deposit’ icon.

Select your preferred payment method.

Fill out the suggested form. Your funds will show up to your account within minutes.

How can I withdraw funds from LexaTrade?

LexaTrade only accepts subscription withdrawal requests. The company will initiate withdrawals only after all customer supply requirements have been satisfied. Follow these steps to withdraw the coin.

Log in to your account with your LexaTrade login credentials and click on the ‘Withdraw’ icon.

Select your preferred payment method.

Fill out the suggested form. Your deposit will show up in your bank account within 3-5 business days.

What is the LexaTrade minimum withdrawal limit?

The minimum withdrawal amount on LexaTrade is $ 50. The company charges a service charge of 5% if users make less than 5 independent transactions.

Is LexaTrade Legal In India?

As a forex trading platform, LexaTrade is legal in India. However, it is an offshore broker restricted to operating in the US and Europe. Read our LexaTrade review 2024 for more details.

Who Is Lexatrade Owner?

The owner of the LexaTrade is unknown, and no information is available on its official website.

How Genuine Is 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.

How To Delete LexaTrade Account?

The users can delete their trading account anytime by mailing their concerns to the email address: [email protected] or by contacting the manager.

Is LexaTrade India Available?

Yes, the broker offers trading services globally focusing on countries like India, South Africa, and most of Asia.

What is Lexatrade Company?

LexaTrade is a forex and CFD broker that trades currencies, indices and commodities. Lexatrade’s parent company is Swisson Group Ltd., based in St. Louis. Louis. Vincent and the Grenadines.

Can I get my money back from LexaTrade?

You may get your money back from LexaTrade by submitting a withdrawal request. LexaTrade only accepts subscription withdrawal requests. The company will start withdrawals only after all the requirements for customers have been satisfied

How do I cancel my LexaTrade account?

Users can cancel their trading account at any time by sending their concerns to an email address or by contacting an administrator.

How Do You Trade With LexaTrade?

To start trading in LexaTrade, follow these simple steps:

  • Visit LexaTrade. com and create an account on the website.
  • Now deposit funds and select the crypto asset you want to trade in
  • Place an order and monitor your position regularly.

How Old Is LexaTrade?

LexaTrade is a new broker, launched in 2020. The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines.

How To Trade On LexaTrade?

To start trading in LexaTrade, follow these simple steps:

  • Visit LexaTrade. com and create an account on the website.
  • Now deposit funds and select the crypto asset you want to trade in
  • Place an order and monitor your position regularly.

Is LexaTrade com Safe?

After analyzing the detailed LexaTrade review, we can say the company is totally a scam. They scam their customers and hold their deposits.

How To Recover My Money From Forex Lexa Trade?

The trader can contact LexaTrade customer care to recover their money. If this doesn’t work, traders can raise a complaint to IFMRRC, the regulatory watchdog of LexaTrade.

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Karla brings over 16+ years of experience in the online brokerage industry. She is a finance graduate from Birmingham University, UK, and a forex market enthusiast. Being a true writing fanatic, she pens research-backed reviews for traders to analyse trading strategies and indicators. She has also authored a wide range of educational articles covering the forex industry. Karla is quite interested in checking brokerage companies and studying their performance and growth. Her aim is to describe complex investment mechanisms in an accessible way for traders of any level. Apart from finance, her interests mainly include reading books, fitness, and writing in her journal. Karla believes in the power of writing and wants to write for every layman who knows nothing about finance.
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