An Honest LexaTrade Review: How Reliable Is This Broker?

Is LexaTrade Legit or Scam?

No, LexaTrade is not a legitimate broker and is considered a scam. This conclusion is based on several key factors:

• Blacklisted by a Financial Authority: The Polish Financial Supervision Authority (KNF) has blacklisted this broker, raising a major red flag as it signifies potential illegal activity.
• Unregulated Offshore Broker: They operates from Saint Vincent and the Grenadines (SVG), a notorious offshore zone known for lax regulations and attracting fraudulent businesses.
• Unfavorable Clauses in Legal Documents: LexaTrade’s terms and conditions contain concerning clauses, such as reserving the right to withhold taxes (a responsibility of the trader, not the broker) and charging excessive fees on inactive accounts.
• Suspicious Minimum Trading Requirements: Bonuses offered by them come with unrealistic minimum trading volume requirements, making it difficult or impossible to withdraw funds.

Company Overview

Services or Products

LexaTrade offers contracts for difference (CFDs) on various assets, including:

• Forex currencies
• Commodities
• Indices
• Stocks

However, due to their unregulated nature, these services are highly risky and should be avoided.

If you have lost money to companies like BiTDTCC, or Bitsoft 360; please report it to us on our report a scam form.

Trading Platform & Leverages

LexaTrade offers MetaTrader4 (MT4) and their own proprietary web-based platform. While MT4 is a reputable platform, using it with an unregulated broker like LexaTrade eliminates its benefits. Additionally, they offers leverage of up to 1:400, which, while attractive, is extremely risky and can lead to significant losses.

Spreads and Cost of Trading

LexaTrade claims spreads of 2.5 pips on EUR/USD for basic accounts, significantly higher than the industry average (1.0 – 1.5 pips). However, considering their overall unreliability, focusing on spreads becomes irrelevant.

License and Regulations

LexaTrade is completely unregulated, which poses a significant risk for several reasons:

• No Investor Protection: Without regulatory oversight, there are no guarantees for the safety of your funds.
• Unfair Practices: Unregulated brokers can engage in unfair practices like manipulating prices or refusing withdrawals without facing consequences.
• Limited Dispute Resolution Options: In case of a dispute, resolving it with an unregulated broker is extremely difficult and often unsuccessful.

Legal Warning Against LexaTrade

The Polish Financial Supervision Authority (KNF) has issued a warning against LexaTrade, highlighting their illegal operations within the European Union.

Deposit and Withdrawal Methods

LexaTrade reportedly accepts deposits and withdrawals through various methods, including:

• Bank wire transfer
• Credit/debit cards
• Skrill
• Neteller
• OrangePay

However, due to their unregulated nature, even these methods might not be secure, and recovering funds becomes challenging in case of a scam.

LexaTrade Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Dealing with an unlicensed broker like LexaTrade exposes you to several significant risks:

• Loss of Funds: Unregulated brokers can easily steal your deposited funds without facing any legal repercussions.
• Unfair Trading Practices: They can manipulate prices, execute unauthorized trades, or refuse withdrawals without any accountability.
• Limited Dispute Resolution Options: In case of a dispute, resolving it with an unregulated broker is extremely difficult and often unsuccessful.

Client Feedback

While some reviews online may portray LexaTrade in a positive light, it’s crucial to be cautious. Unregulated brokers often manipulate online reviews to appear legitimate.

How Can “ReviewsAdvice” Help You If You Get Scammed?

“ReviewsAdvice” cannot guarantee to retrieve lost funds from a scam broker. However, we can help you with the following:

• Raise awareness about LexaTrade and similar scams.
• Educate you on choosing a legitimate and regulated broker.
• Recommend some recovery services to help you in recovering the lost funds.

We will provide you recovery service recommendations, which will help you in recovering the lost funds or you can report to us today by the below form.