The LexaTrade Fraud: Biases and Misconceptions from Social Media
The content of the article
- LexaTrade: Broker Reviews
- About LexaTrade
- Overview of the Advantages of a Forex Broker
- Available Platforms
- LexaTrade: Real Reviews of a Forex Broker
- The Takeaway
Subscribing to Social Media might not be the best idea to get an impression about the brokerage firm, LexaTrade. Fact of the matter is going to sites like Facebook will only prove to be one frustrating affair. Accusations of fraud and scam not only against LexaTrade, but also with a number of trading firms, are commonplace when we consult Social Media platforms and web forums. Given the nature of these sites, reviews and comments lodged through Social Media range from the uninformed to mere bias. This is so, as the matter stands, that given that the platforms are simply a free-for-all, just about anyone regardless of education and inclination, can post whatever their ill-conceived experiences allows them to.
Here are a few of these reviews which were posted on LexaTrade’s own Facebook page:
It’s a scam. Please don’t put your hard earned money into this. With fake marketing they tell you, you get insurance, less risk,etc etc. You can’t withdraw once invested. Everything fake!Sudha Navin, September 2020-10-29
Try to be open before inviting someone.
I lost all of my saving in this…. As of could have told early that this is the way in forex trading would have never gone….Amit Photon, October 2020
SCAM!! SCAM!! Alert be careful guys.Gideon K. Birgen March 2020
Scam!! You can’t make a withdrawal!!Ugochi Obianodo March 2020
These online venues are unfiltered and at times, uninformed and misguided. What this means is that reading reviews regarding LexaTrade through Social Media does not serve the cause of searching for pointed and objective assessment of the brokerage.
However, LexaTrade reviews found online do not always lean toward the negative. There are also broker review sites that speak well of the brokerage. Most of these positive reviews subscribe to the firm’s incentives, bonuses, and other promos.
Regarding the alleged LexaTrade fraud, one site has this to say:
Saying that LexaTrade fraud is inappropriate because, for premium customers, the developers have provided several profitable offers, ranging from the commission for deposits and ending with the methods of withdrawing funds from the account. Traders who have reached this state have more points, trade without restrictions on the number of transactions, have access to funds, and have the opportunity to defer payment.
The reviewer had made it a point to highlight the commissions and the capability of the LexaTrade client to trade bereft of constraints. The reviewer furthers LexaTrade’s claim to legitimacy through an added statement:
Saying that LexaTrade scammers are inappropriate because each user has a personal or investment manager who will not only help you find a profitable way to invest but also discuss favorable conditions for customer service managers.
But of course, with the online reviews, altogether polarizing, how does one filter the truth from fabrication? Such will prove to be a daunting task.
As already mentioned, relying solely on Social Media is a practice on futility as one would only be led to mere opinion and hearsay. Even if the review outlines specific details, traders’ experiences vary from one another. At times, it is only highly likely that these are fuelled by 2 things:
- The complete understanding of how the trading industry works
- The complete ignorance of how the trading industry works
As these stand, practicing due diligence is greatly recommended. This can only be done by being in communication with people who actually trade with LexaTrade or the signing up for actual live LexaTrade accounts.
LexaTrade: Broker Reviews – What to Expect
Taking into account what had been discussed above, the review team responsible for this literature had taken it upon itself to render a pointed and informed evaluation of LexaTrade’s overall capabilities. This review is the result of months spent with the brokerage.
To serve the cause, the review team had performed an exhaustive test on the offers and services that LexaTrade makes available to its clients. The review team had also made sure to make use all of the functions of the firm’s site. This, the review team had done for a holistic assessment as a service to those who are just in the process of looking into the specific of LexaTrade’s site in order to weather for themselves whether or not they would want to enlist with the broker.
Reading through this review permits interested traders and companies with the brokerage to gain a perspective of LexaTrade. If it had not been made clear yet, believing the tags such as “LexaTrade fraud” and “LexaTrade scam” is simply oversimplifying one’s understanding of how brokering works. The review team strongly believes that LexaTrade had been misunderstood and misrepresented in the new media.
As this is the case, the review team would be going back to the basics through its focus on LexaTrade’s following facets:
- Offered trading accounts
- Available trading platforms
- Fee Structures
- LexaTrade Customer Reviews
For the last segment, the review team had opted to quote a number of reviews, both Positive and Negative ones, from a number of existing and reliable brokerage review sites. This was done, (as within the introductory segment) not to confuse the readers, but to give them a weighted and fair view point on the brokerage.
It is not disclosed readily when and where the brokerage firm, LexaTrade, was established and regulated.
For one to know about where the firm had been founded, he or she would only be able to do so through extraneous sites. In the review site, “The Forex Review”, the reviewer had stated that the firm operates under the Swissone Group Ltd. which is based within St. Vincent and the Grenadines.
Much like the other brokerages within the region, there is no clear literature or evidence that LexaTrade is being regulated by any financial authority. This is the case as the local government of the St. Vincent and the Grenadines simply does not regulate Forex.
Now this evidently raises a red flag as LexaTrade’s clients are not assured of any legal remedies should they lose funds. But then, it must be noted that the success of trades are not necessarily reliant on the type of broker that a trader enlists, but by the strategies that he or she employs.
But of course, we should not just gloss over LexaTrade’s lack of regulation. There is sound basis to remain alert and wary of the brokerage’s activities and claims.
LexaTrade – Overview of the Advantages of a Forex Broker
LexaTrade’s Offered Trading Accounts and Fee Structures
LexaTrade offers a total of five (5) Trading Accounts, namely, the Start Account (opened for $250), the Silver Account (for $3,000), the Gold Account (for $10,000), the Platinum Account (for $50,000), and the VIP Account (for $100,000).
Before pouncing at the steep costs that each trading account requires, let us first take a look at the features and offers that each has. For this, let’s consult the table below:
|START ($250)||SILVER ($3,000)||GOLD($10,000)||PLATINUM($50,000)||VIP($100,000)|
|WEB platform training||Yes||Yes||Yes||Yes||Yes|
|Account analysis with financial analyst||No||Once a week for 30 minutes maximum||Once a week for 1 hour maximum||Once a week for 2 hours maximum||Customized schedule|
|Trading techniques||No||1 technique||2 techniques||Advanced techniques||VIP Techniques|
|Trading academy||No||No||Introductory lecture||Half of the training course||Full course with diploma|
|MT4 platform||No||No||WEB MT4||Yes||Yes|
|Investment portfolios||No||No||Standard Yield||Average Yield||Higher Yield|
|Webinars||For novices||For novices||Webinars on majors economic events||Free access to paid webinars||Private VIP webinars|
|Work with VIP analyst||No||No||One-time communication||Communication once a week||Individual work|
|Trading in stock assets||No||No||Limited version||Yes||Yes|
|VIP trading instruments||No||No||No||No||Yes|
|Participation in focus groups and emergency response teams||No||No||By invitation||By invitation||Priority participation|
|Special offers from a broker||No||No||Limited version||Yes||Yes|
|Trading based on the Earnings seasons||No||No||Limited version||Customized portfolios||Assisted by a VIP analyst|
|Investor conference participation||No||No||No||No||By invitation|
These specifics are welcoming with consideration to the specific costs of each account. However, certain things jump out of the frame upon consideration of the correspondence of cost and specific offerings. These are as follows:
- The non-access to the Trading academy and MT4 platform for the Silver Account
- The provision of only the Web version of the MT4 for the Gold Account
- Limited version for trading in stocks with the Gold Account
- The offering of only reduced Spreads for Gold
The review team recommends that LexaTrade look into these specifics again to make their offers correspond to what each account charges.
LexaTrade’s Available Platforms
LexaTrade makes three (3) platforms available to its clients:
- The LexaTrade Web Platform
LexaTrade’s proprietary platform, this trading software has observable four (4) advantages:
1.1. The employ of a wide range of tools
The platform has over 170 trading instruments which include well-known stocks and indices, precious metals, and energy products.
1.2. Timely Risk Management
The platform allows for the fixing of profits and the limiting of potential losses within a timely manner.
1.3. Full control of transactions
Through the LexaTrade platform, one can work with open and closed deals and effectively limit orders with ease. One is also given the capability of viewing all trades through a singular instrument.
1.4. Offers the best trading solutions
Through the LexaTrade platform’s employ of the technical adviser, Autochartist, traders are given efficient methods of Technical Analysis that would allow for more profitable decisions.
- xCritical Mobile Application
The xCritical platform is favoured by 8 out of 10 traders in the trading industry. Through its mobile platform, LexaTrade traders are able to experience the myriad of tools that the PC version had which includes a number trading signals and a highly-intuitive and neat interface.
- MetaTrader 4
MetaQuotes’ flagship offer, MetaTrader 4 (MT4) is simply one of the most efficient trading software available in the market. It has an easy-to-navigate interface and has a generous number of trading tools. Through LexaTrade, traders are provided with the MT4 web terminal that permits them to trade safely through its technology without having to download it.
LexaTrade’s provision of these platforms allow for good options on where to transact their trades. Even without LexaTrade’s proprietary platform, MT4 and the xCritical Platform are enough to render good trading conditions that in turn create strong investment portfolios.
LexaTrade: Real Reviews of a Forex Broker – What the Worldwide Web is Actually Saying
As the header implies, this segment details reviews that one can find upon organic search of LexaTrade reviews.
This segment is divided in two: the Positive Reviews and the Negative Reviews. Here, the comments are quoted directly without the review team’s own analysis. As this is the case, the readers are only given an idea as to what the online trading community thinks of the broker.
LexaTrade Positive Reviews:
Everyone should understand how to distinguish a good broker from those that are often considered scammers and why forex is a scam. We present your user reviews, according to the rating of a broker.
If, in general terms, the company works honestly, and I would not say that there are some illegal actions. If there is a drain, then the fault of the current customer who could not calculate the risks and got into a situation when the deposit is squeezed to the margin stake and can ultimately fly out by stop out, now the volatility is very high. It is not necessary to wait for some news, and the market is moving unpredictably.
I have been trading on the market for 5 years, of which almost 2 years on LexaTrade. There have never been problems with the company. I am comfortable working with them. I go to the LC only to withdraw funds. The terminal works well, the connection is stable. There were no performance problems or disputes.Oleferev Evgeny Igorevich, St. Petersburg
I consider LexaTrade a reliable and conscientious company. I’m not exaggerating anything. Only with him can I earn and withdraw money. This broker attracted me precisely with this – in all reviews about LexaTrade, it is distinguished by the reliability and honesty of the company. Of course there are questions, but after correspondence with tech support everything is successfully resolved. We continue to cooperate further.
Trading conditions, if not the best, then some of the best, there have never been any hitches with the execution, so that the connection disappears, too, is not seen. There is a slight glide, but I didn’t notice a serious one, on EUR / USD there can be a glide of a maximum of 1-2 pips and then on serious news. And even on m1 you can scalp. The output without any problems of any amounts.Stepanova Irina Viktorovna, Kislovodsk
Reviews taken from: https://traderoom.info/lexatrade-review-pros-cons-and-verdict/
I have been working with this LexaTrade broker for six months now. I learned about the company much earlier, but I came across a network about the negative about it. I read in the comments on one forum the information that «LexaTrade fraud», fraud, etc. Therefore, I was afraid to open an account there. Then he learned from a friend working with this company that all this is complete nonsense. As a result, I opened an account there, on which I have been trading for six months. In principle, everything suits me. The platform works stably, occurs smoothly and quickly. What else is needed for profitable trading? I recommend this company to everyone.Anatoly, 32 years old, Moscow
Review taken from: https://forexdelta.net/real-lexatrade-customer-reviews-of-lexatrade/
Talking about the fraud and scam allegations, the review team for the site, “Forex History” has something interesting to say:
Most likely, these reviews were written by the company’s competitors. The LexaTrade review on the site ends with a section with links to the company’s documentation. As expected, the company’s website is trustworthy and doesn’t contain any lies, but unfortunately, many inexperienced users believe that Lexa Trade is scammers because they meet negative LexaTrade customer reviews
There is also a certain affiliate program on the site, which helps customers to bring new users, promising them a bonus in return. Here, we also can’t speak about LexaTrade fraud.
The collaboration of the Lexa trade company with social networks proves that the company is reliable and tries to save the trader’s money. Some negative reviews exist, but they are likely to be ordered by the competitors because there aren’t any photos. On the website, everybody can have a personal profile. Also, some other people can act through your LexaTrade login.
Review taken from: https://forexhistory.info/brokers/what-is-lexatrade-and-how-to-use-it/
LexaTrade Negative Reviews
Lexatrade is a dangerous broker.
Lexatrade isn’t what you think. We are going to detail what makes this broker a scam. All of our reviews are based on research carried out by professionals.
Brokers must have regulations for each country where they want to offer trading. Lexatrade offers trading worldwide but doesn’t have all the licenses to do so. This is the first dangerous signal coming from this broker.
Lexatrade uses the license of another regulated company.
This is often the case with fraudulent brokers. It uses a license from a regulated company (they almost have the same name) or gives a license number that isn’t valid. Also pay attention to licenses that come from offshore countries such as the Marshall Islands or Saint Vincent and The Grenadines but isn’t just these fraudulent countries, there are several.
Taken from: https://scamonline.net/lexatrade-review/
Through a Facebook thread on LexaTrade’s own page, a man by the name of Ugochi Obianodo, being involved with a banter with a certain Amar AC who seem to be defending the brokerage had this to say:
Amar AC I deposited $500 traded and made profit of $500, making it a total of $1000, tried withdrawing $500, but they refused my withdrawal said I have to trade upto $100,000 before my withdrawal request will be accepted. How insane!!! Of course they know it’s quite very hard to trade up to $100,000 with just 500 without losing all your money! THEY ARE BIG SCAM PLS DO NOT TRADE WITH THEM!
Taken from the LexaTrade Facebook Post: https://www.facebook.com/pg/LexaTradeEN/reviews/
It must be stressed that the reviews above were taken from existing, legitimate review sites. What these telegraph of the brokerage has proven to be polarizing at the very least. As this is the case, the readers of this review are advised to take all claims quoted here with a grain of salt.
Trading with LexaTrade: The Takeaway
With all the points that have been discussed here, it is to the hope of the review team that the readers are assisted into making an informed decision to whether or not to trade with LexaTrade.
Of course, the review team would want to stress that tagging LexaTrade as a fraud or a scam is completely unfair. This review had delineated clearly to its readers these pertinent points:
- That LexaTrade offers a wide array of services and products that allow for good trading conditions and the building of strong and impressive investment portfolios
- That LexaTrade, while not being regulated, seeks the greater security of their clients’ funds through its offering of reliable trading platforms, namely its proprietary platform and the industry-trusted MT4 and xCritical
- That a trader’s success is not necessarily reliant on the brokerage that he or she enlists, but through the trading strategies used.
With these in mind, the allegations of fraud against the firm are seen as baseless and may simply be seen as the traders’ ignorance of how trading actually works.