But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located. This company does not do its job well, and pretends to be a broker that does not give returns at all. When I invest 350s, I immediately get the indices and the operations resolved to make me lose my money.
The broker must have a modern trading platform supported by advanced analytical tools and the latest forex technology. Even if the broker wished to do so, it’d face hefty fines and a possible shutdown. Additionally, they’ve been quite diligent in resolving any issues that customers might have.
Therefore, for some people it will always be like a scam. There is even nothing to be surprised at in such comments. But at the same time, for people with a head on their shoulders, Lexatrade is quite a working tool. I have been working with Lexatrade since the summer and have withdrawn money 3 times during this time. I did not notice any problems with this broker, with the exception of sales managers.
Immediately I surpassed it they cut off all communication with me. I have tried all I could but these guys keep ignoring me. In a few weeks, we managed to increase the deposit by 15-17%. This is taking into account my caution, I don’t buy everything in a row, I carefully monitor the news. The minimum deposit is $250 and the available methods are Visa, CryptoWallet and e-Payouts; the processing time is not specified. Information about withdrawals is missing and this should be addressed by LexaTrade.
LexaTrade is illegal
the physician philosopher is an offshore broker registered in Saint Vincent and Grenadines. LexaTrade says to be a trading name of Swissone Group limited – a company with registered address in in Saint Vincent and the Grenadines . This is an offshore zone where forex brokers arent regulated in any way.
They will finish you with calls until you give out your money after which you will start begging them but they won’t listen. Overall this is a promising broker but a few tweaks here and there would make it a better one. That being said, they are very new at the time of this review, so there is time for improvement. Also keep in mind that the company is regulated , which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all. That being said, caution should be used anytime money is involved, with all brokers, old or new. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
By putting together a compelling chargeback strategy from beginning to end, victims of online fraud have a relatively high probability of recovering some of all of their funds lost. Mistakes can happen even with the most cautious of investors, and should be used as a learning opportunity. Invest and trade ONLY in platforms and people who have been recommended to you by known people. Preferably with people/companies who have been in the business for decades in your own country.
Forex Peace Army
You can find detailed guidance on think markets fees trading platforms here. You will need to provide some basic documentation to prove your identity as part of LexaTrade onboarding and normal KYC identity checks. These checks are standard practice and help LexaTrade provide a safe financial environment for their 10,000 users. One of the most prevalent online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked to the idea of ‘easy money’. Once this confidence is established, the investor will be marketed the idea of investing more money to earn greater returns. Additionally, other incentives may also be provided to encourage the investor to get their friends and family onboard the platform too.
All we could find is that withdrawal processing takes up to 24 business hours and that a representative will contact the client in order to complete the processing of the withdrawal. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities. The owning/operating company is Swissone Group Ltd, located in St. Vincent and the Grenadines and registered with the IFMRRC – Certificate TSRF RU 0395 AA V0165. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker.
Although FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection to any official regulatory body, and has very few legal powers with regards to regulating FMRRC regulated brokers. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one.
CFD Scams
If you receive a call from a specific broker, but you have never registered with him. Autochartist is a common technical analysis tool among traders, so training videos are easy to find online. If a broker is not licensed by the regulatory authority in your jurisdiction, that likely means that they are unregulated and should be avoided. Even if the brokerage is regulated, it is best to avoid it if the regulator happens to be outside your jurisdiction. Infact they no longer answer my mails, they removed their Skype details so can’t reach them except through mails which they won’t reply you. They told me to trade till I got to a certain trading turnover which I achieved within two months.
Fees And Commissions
Some brokers may offer a wide variety of trading products, while other brokers may specialize in one area, such as foreign exchange. The accounts of most brokers vary according to the amount of the transaction. Because leverage is directly related to risk, it is provided in small amounts. We also compared LexaTrade’s fees with those of two similar brokers we selected, AxiTrader and FXCM. This selection is based on objective factors such as products offered, client profile, fee structure, etc. Lexatrade scammers You can use many options for deposit and withdrawal, and they’re all free of charge.
Brokers By Platforms
One fact that’s relieving and concerning at the same time is the broker’s choice of the regulator. And if you’re unfamiliar with what IFMRRC is, we don’t blame you. Although we do daily broker reviews, we’ve never heard of it before. Although the platform coopts cryptocurrencies in the payment options, it sets too many fees on traders.
Therefore, we recommend that you report fraud and submit a review to lexatrade as the first step towards getting your funds back. Lexatrade’s license check can be the key to understanding why they are not releasing your funds. What is even more offensive is that the minimum deposit for a bronze account allows you to get more features from more reputable and regulated foreign exchange brokers. If trading.lexatrade.com requires an above-average amount, then trading.lexatrade.com is more likely to be a scam.
However, this factor requires a lot of attention because it is usually an area where people can be fooled by brokerage scams. However, this factor requires a lot of attention, as it is often an area where brokers can cheat people. Sometimes, in Forex trading scams, the fraudulent broker only offers their own platform, which may turn out to be fake.
There are also no expected spreads and it is impossible to calculate the cost of trading with this broker. When browsing lexatrade, the main problem was that the broker did not provide his physical address in the contacts section. They may also say that local taxes require them to charge certain withdrawal fees.
As we said earlier in our Lexatrade review, it offers a competitive trading experience, but it gets overshadowed by better companies. If lexatrade is a no-withdrawal broker, most likely there is a problem with their license. The company names its address Suite 110, 12 South Bridge, Edinburgh EH1 1DD Scotland, United Kingdom. However, the Forex broker does not have a compulsory FCA license to do this.
This people will lure you to come and invest with them after promising you a huge return of interest but will still held your withdrawal at the end. The LexaTrade customer support services can be reached through telephone, email, skype. I’m sacred of trading with them because I don’t know if its wise to trade with them. Ordinarily, these tools are enough to bolster your profit options, depending on how well you use them. Regardless, forex is open to speculations, implying that external demands like compliancy to LexaTrade scalping can adversely affect profit margins. Forex traders get layered cross-referencing from jurisdictions in the United Kingdom, United States, and Australia, which operate under the FSA .
We do not present any investment advice or guarantees for the accuracy and reliability of the information. Apart from Grenadine Islands and their Off-shore company address in a tax haven small country, they don’t have any offices anywhere. Their website does not mention buildings you can track them down to.
You are able to check every LexaTrade supervisory and regulatory body given below. Author at Scamrecovery.net Brandon Linton has spent the last 2 years writing financial reviews. There are a lot of brokers out there operating under fake company names or that have other fraudulent operations. A little bit of preliminary research can go a long way in protecting you and your finances. LexaTrade is an online trading broker owned by Swissone Group Ltd and located at Beachmont Business Centre, Suite 39, Kingstown, Saint Vincent and the Grenadines. All information on 55brokers.com is only published for general information purposes.
Are you looking for real experiences and a critical test for the stp trading account broker? As traders with more than 9 years of experience in the financial markets, we have tested the provider in detail for you with real money. Learn more about the conditions and seriousness of the broker.