LexaTrade Review 2022: Is It A Scam Or Legit Broker? Unbiased Review

Lexatrade Review

LexaTrade Review 2022: Is It A Scam Or Legit Broker? Unbiased Review

Table of Contents

LexaTrade is a leading brokerage platform that allows global traders to access various financial markets, including Forex, Commodities, Indices and Stocks. However, the broker has a low user rating, with many complaining about the platform while others appraising 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

To deliver the most in-depth and unbiased verdict on the platform, we had taken it upon ourselves to conduct a comprehensive evaluation of LexaTrade’s offers and services.

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 broker that offers to trade in currencies, indices, and commodities. The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines. 

The platform is relatively new in comparison to some prominent names already dominating the forex industry. However, it quickly garnered popularity among traders, thanks to one-of-a-kind features and the services. 

LexaTrade has over millions of active users, and has global presence with headquarters at Beachmont Business Centre, Suite 39, Kingstown, Saint Vincent and Grenadines. 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 broker as it is not regulated by any top tier regulatory watchdog. However, it claims to hold a license from the International Financial Market Relations Regulation Center (IFMRRC). Despite this, it is an off-shore broker restricted to operate in the US and Europe.

The broker has a low user ratings of 2.1, which clearly shows the platform’s low credibility. While looking for the platform on the trustpilot, we went through many complaints, which clearly indicates LexaTrade is a scam. 

Instead of falling for the LexaTrade scam, we recommend you to start with 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 2022, you have likely noticed the platform has not much to offer to its users. However, zero fees on the trades is still the USP of the platform. 

But high spread charges overshadow these benefits. The charges are comparatively higher than the platform we have reviewed so far. The spreads vary on the account type and  instrument you 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 it still lacks at some points. The minimum deposit at LexaTrade is $250, a slightly higher in this competitive world, with many offering accounts 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. 
  • Now, fill in the application form by entering your name, mobile number, e-mail and set up a strong password.
  • You’ll be redirected to your account dashboard. Deposit funds and start trading. 

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 all major payment methods for deposits and withdrawals, including bank wire, credit /debit cards, Skrill, Neteller and OrangePay.

The deposits are instant, while the withdrawal may take up to 3-5 business days to process. In my opinion, the platform should incorporate more payment methods. 

Read Also – What is Getcash23?

What Can I Trade On LexaTrade?

The platform offers a very limited list of tradable instruments. Additionally, the one thing that I disliked about the platform is that its standard account holders don’t have access to Cryptocurrencies. 

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? 

The broker offers a web-based proprietary platform, MetaTrader4 and LexaTrade app – xCritical Mobile App. While the platform offering is considerable, we still advise to choose among legit brokers like InvestFw

Web Platform

The broker offers a web-based proprietary platform that lets users experience advanced trading. It claims to offer advanced trading tools, increased speed and safety. However, I didn’t find anything special about it. 

MetaTrader4

MT4 is probably the world’s most renowned trading platform for Forex. The user-friendly UI of the platform caters to the needs of 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 activates when you invite your friend to sign up for the platform. For each successful deposit your friend made, 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 research support, namely Traders Centre. Under the section, you’ll find a long list of advanced trading tools, which can help you trade more efficiently. 

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. 

The education centre includes video courses and E-books, while the questionnaire section offers all 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

The broker has a lot of complaints and the majority of negative LexaTrade reviews can be found at Trustpilot. Meanwhile, most of the complaints are related to the LexaTrade is a scam and accounager 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 has a lot of disadvantages which overshadow its features. Additionally, the broker is unregulated and has high spread charges. The platform’s features 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 for depositing funds into 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 fund will be reflected in your account in a few minutes.

How To Withdraw Money From LexaTrade?

LexaTrade accepts withdrawal applications in writing only. The company will begin the withdrawal process only after the fulfillment of all requirements for the provision of Clients. For withdrawal of funds, follow these steps:

  • Sign in to your account using the LexaTrade login credentials and click on the ‘Withdraw’ icon.
  • Select your preferred payment method.
  • Fill out the suggested form. Your fund will be reflected in your bank account in 3-5 business days.

What Is 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 2022 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 across the globe with a focus on countries like India, South Africa and most of Asian countries. 

What Is LexaTrade Company?

LexaTrade is a Forex and CFD broker that offers to trade in currencies, indices, and commodities. The parent company of LexaTrade is Swissone Group Ltd, located in St. Vincent and the Grenadines. 

Can I Get My Money Back From LexaTrade?

You can get your money back from LexaTrade by raising a withdrawal request. LexaTrade accepts withdrawal applications in writing only. The company will begin the withdrawal process only after the fulfillment of all requirements for the provision of Clients

How Do I Cancel My LexaTrade Account?

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

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 best way to recover your money from LexaTrade is to contact their customer support. If that doesn’t help raise a complaint against the platform with its regulatory watchdog i.e IFMRRC. 

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