Is LexaTrade a Scam? Honest Review 2023

We are back with our unbiased review of LexaTrade, an online trading broker company.

LexaTrade began by managing cash transactions in real-time trading using PAMM accounts. Over time, it has grown and developed advanced trading solutions and a variety of financial instruments, becoming a well-known online brokerage brand.

Within a few years of its establishment, LexaTrade expanded its services to different countries around the world.

What is LexaTrade?

LexaTrade was founded in 2018 and is owned by Swiss One Group Ltd. It is located in Kingstown, Saint Vincent, and the Grenadines.

There is no solid information about the founder of LexaTrade and its parent company. Also, We were unable to verify its address.

As per the whois data, the domain Lexatrade.com was registered in September 2018, and according to similar web data it has around 13k monthly traffic from Kenya (60%) and India (26%).

LexaTrade is a financial trading platform that offers a range of financial instruments for traders to choose from, including contracts for difference (CFDs), foreign exchange (FX), and cryptocurrencies.

LexaTrade provides access to popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.

Lexatrade even promises to provide personal trade assistance to its customer.

Lexatrade claims to prioritize the safety of its client’s funds. But we are skeptical about most activities and claim made by LexaTrade.

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LexaTrade Account Types

There are 5 types of accounts available in LexaTrade. These are

• Start
• Silver
• Gold
• Platinum
• VIP

The minimum deposit required for each account varies. Start account type requires a minimum deposit of $250 and the VIP account requires a minimum deposit of $100,000

Each account type comes with its own set of perks, with the higher account types offering the best perks and benefits.

Lexatrade offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. These platforms are popular among traders due to their advanced features, which are defined below.

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Withdrawal & Fees

The minimum withdrawal amount is $50. LexaTrade charges a service charge of 5% when customers has made less than 5 independent transactions.

Lexatrade charges a spread on trades, which is the difference between the buy and sell price of a financial instrument. The spread varies depending on the account type and the financial instrument being traded.

If a trade position is kept open and carried over to the following day, a commission will be charged to the trading account for using the credit. The commission is based on the size of the transaction and ranges from 0.005% to 0.015% for most instruments, while it is 0.5% for cryptocurrencies.

LexaTrade Referral Program

LexaTrade has a referral program in which you’ll receive up to 50% deposit amount as a commission.

LexaTrade has a referral program in which affiliates receive up to 50% of the deposit amount as a bonus.

As per LexaTrade conditions, if the referred client makes a deposit between $500 to $10,000, then 50% of it will be the referral bonus.

If the referred client makes the first deposit above $10,000, the referral bonus is fixed at $1500.

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LexaTrade Review

Hope the above information is enough to know the basics of LexaTarde, account types, its services, fees and referral program.

At a glance, it seems amazing platform and opportunity to earn trading profit with LexaTrade experts.

But….. There is another side of Lexatrade to know.

A Shell Company

Lexatrade has provided very less information about its organization. It is registered in Saint Vincent and the Grenadines (A small country in the Caribbean), a kingdom of thousands of shell companies.

Lexatrade founders and operators are hiding. Their address and contacts are fake or temporary. It is a huge red flag.

Not a Legal Entity

Organization and company which provides financial services need to obey various policies and get approval from regulators in every jurisdiction.

But Lexatrade is severing the whole world through its website. It is registered in Saint Vincent and the Grenadines which makes no sense.

Moreover, they have no permission to work as a broker in any country. If they are not even legally registered then how can get approval from financial regulators?

Unreliable Experts

Lexatrade offers personal account managers to its users and they help in trading.

But considering various reviews, we found that their so-called experts have very less knowledge and most trade signals are loss-making.

Moreover these personal manager act as LexaTrade affiliates who enforce clients to deposit more on their platform.

Withdrawal Issues

Many people have complained that LexaTrade has locked or stolen their funds. Either balance gets zero or unable to withdraw funds due to invalid reasons.

Even when individuals reach Lexatrade for this, Their customer executive encourages upgrading the account type to get funds back.

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Is Lexatrade a legal broker?

No, Lexatrade is not a legal broker. Brokers required various licenses and regulators’ approval to serve investors and traders. But LexaTrade is not even registered as a legal company.

Its founders are looting people with many fake claims. They even have affiliates who individually promote platforms to others and force them to invest maximum money.

Lexatrade is a scam company and it is going to close sooner. So don’t use this platform and research well before choosing a such platform.

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