How To Avoid Forex Trading Scams

As per my experience, forex trading is very dangerous with minimum balance like $100. She gave the guy lots of money and he closed up shop and ran away. You can lose all your money if you fall for a LexaTrade scam so be careful. LexaTrade has over 24 years of market experience, almost seven as a BVIFSC-regulated entity, which is its biggest asset, together with an excellent educational section for new traders.

The company has been in operation since 1996. Since December 2013, it has been authorized by the BVIFSC, where it maintains a clean regulatory track record. Each trader needs to determine if that is enough.

scammed by LexaTrade

The fees could range from $50 to $100 in total. The certain amount completely depends on the bank the broker is working with and your local bank. International wire transfer fees charged by some US banks are explained in this article. The foreign exchange market is at best a zero-sum game,meaning that whatever one trader gains, another loses. However, brokerage commissions and other transaction costs are subtracted from the results of all traders, making foreign exchange a negative-sum game. Facebook page of LexaTradeTwitter page of LexaTrade is filled with low quality contentLexaTrade does not perform well in terms of technical support to the trading platform.

There Are A Lot Of Scammers In This

Getting a refund for the Forex robot sometimes will satisfy the customer but they have already lost in the market and wish they had never gotten involved with it in the first place. The problem lexatrade official site is that Forex robots are run based on automated mathematical algorithms, not taking into account things like market conditions that vary with political issues, weather and other factors.

  • Visit the Background Affiliation Status Information Center website created by the National Futures Association .
  • First, most of the complaints are about the company’s trading platform.
  • It’s a very good step to get your money back, but the guarantee of you getting your money back from this method is low.
  • From the website page, key features consist of an integrated economic calendar and trading signals, advanced live charts and indicators, and a customizable and user-friendly interface.
  • First time you incur any commission is the moment you withdraw funds from your trading account.
  • It is unclear if LexaTrade added them at a later stage and simply neglected to update the statement.

LexaTrade24 is NOT a licensed broker.This means there are no regulatory bodies that monitors their activities to ensure they stick to best practices. Finally, a professional broker that gives you all the background you need to trade, and not just throws you in and takes your money. They’re always available when I need them on the phone and they’re very patient and helpful. I’m so happy I listened to my brother’s advice and started trading with them. They have a real rich list of assets, but they stay away from all the risky stocks. This is the difference between an amateur brand and a company who has been in the market for 25 years. They thought of everything, so you can trade with peace of mind.

Trading Platforms

Yes this is right if they are not scams whyc can’t their CEO come out here with their PR and legal department. Identify themselves with their complete contact information and defend each of these points.

Be very wary of hindsight claims in simulated conditions. A Forex robot can only be as smart as its creator. Anyone who knows the Forex market well and understands it will recommend a live person with their own trading strategy and then and only then does it make sense to automate any of it. LexaTrade Scam Broker Complaint

Types Of Fraud

These claims are usually based on a very narrow window where the particular product was successful and not on a long term use of the Forex robot. Their platform is a bit different than other brands so you should get to know it with no real money before you start trading, trust me. Forex trading carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments, due to leverage retail accounts lose money. Before you engage in trading foreign exchange, please make yourself acquainted with its specifics and all the risks associated with it. A demo account is available to users but only once a real trading account has been activated.

The frequent disconnects along with recurring crashes definitely make traders to sense the absence of the trusted MetaTrader 4. LexaTrade supports bank wires, credit/debit cards, and e-wallets without offering full details. Per information gathered from the support section, CashU, Alipay, Neteller, PayPal, and Skrill are available. Detailed information regarding processing times and fees does not exist. This broker notes that no internal costs apply except a fee of $20 for bank wires, while third-party charges will depend on the payment processor.

Traders use trading signals to enter and exit trade positions. These signals have names such as Fibonacci retracement levels, Bollinger Bands, and others. These are valid signals used by traders, so look for non-popular trade signal names. If no one else has heard of the signals, they are probably not valid. Most of the signals used by traders are publicly known and discussed. There is also plenty of information on reputable, free websites about trading signals.

scammed by LexaTrade

LexaTrade derives its revenues from spreads, the difference between the bid and ask price of a quote. The EUR/USD commences with a minimum cost of 1.8 pips, which is very high by any standard, while the minimum deal size is 2,500 units or 0.025 lots.

well, after reading everything in this blog, both good and bad – I must say that I am no longer comfortable doing fx trading with LexaTrade simply because it has so many negative feedbacks. LexaTrade is not a SCAM.It is a reputable company and has been operating since 1996,legalized by CYSEC.Those people who wrote this BLOG is PAID by other company lexatrade scam for marketing strategy. When you do not know plumbing, electrical or any mechanical work like repairs – how did you assume you would know all about markets. You hire a lawyer to fight a case, a doctor for medicine but when it comes to investing, why do you assume you have the skills !!! You may like to visit a blog by prof. sangwan.

User Reviews

This broker states that it neither manages investment funds nor does it offer advice; however, as regards the former statement, trading signals is listed under the website’s tools section. LexaTrade has over 24 years of market experience, suggesting financial stability and a well-executed business plan. My second favorite option to withdraw funds Foreign exchange market from forex account is credit card. Some forex brokers don’t allow you to withdraw more than what you deposited with the same credit card. When you deposit $1000 to your forex account using credit card, you can only withdraw an amount up to $1000 by the same card. So you will have to choose another withdrawal method to transfer your profit.

Therefore, the track-record of LexaTrade, registered in the BVI since 2013, represents the most dominant security feature. Traders will need to assess if it is sufficient for them. Scams must be done in a clever, convincing eur usd manner. The easier it is for the trader to seemingly make money, the more a fraud will succeed. The latest entry into the Forex scam market is the Forex robot, which is a perfect example of promises of easy money.

Given the broad choice, retail traders and asset management firms alike will benefit from the asset selection. While the location of the group headquarters is not specified, the international subsidiary, operated by Formula Investment House Ltd, operates out of the British Virgin Islands . As such, the British Virgin Islands Financial Services Commission authorizes the company; client deposits remain segregated from corporate funds, and negative balance protection applies. Full compliance with all regulatory stipulations is maintained, and Formula Investment House Ltd has a clean regulatory track record. And most people will realise that, after learning the hard way and trying to get their money back.

scammed by LexaTrade

Their website indicates no names of owners of the website or responsible officials this is also a violation of law of any jurisdiction even if it is a tax Stock haven. Employees are so very out of control that frontline employees are able to hide messages and hoodwink complaints made against them from supervisors.

LexaTrade24 Review: Is LexaTrade 24 A Scam Or Legit Broker?

In August 2008, the CFTC set up a special task force to deal with growing foreign exchange fraud. Meta Trader is the monarch of the online forex trading platforms. It has never been difficult for any trader while using its analytical technical analysis, a flexible trading system with algorithmic trading. Owned by MetaQuotes Limited, the platform can be used for personal computers and support mobile applications also. Sudhahar, from what we know, they are a legitimate broker with a very rich past in Forex trading. As usual, it is recommended to test out the platform with a demo account before trading real money. Plz don’t open account with LexaTrade, the main cons is LexaTrade is not a Regulated by any regulatory body.

They use their own internal market maker account to add additional risk to take advantage of uneducated investors. You can’t open LexaTrade accounts in two of the three countries this scam claims to be licensed in. They use abusive marketing techniques to cause new investors to invest large amounts of money.

Thank you so much for this blog,You save my 100USD which is going to spend next day. so please wisen up and take imemdiate action to safeguard your interests from LexaTrade people whose activities others have already detailed. Let me introduce you with one of such brokers LexaTrade.com. All information on 55brokers.com is only published for general information purposes. We do not present any investment advice or guarantees for the accuracy and reliability of the information. LexaTrade is recommended fro trading because you can get your money back easily. Beware LexaTrade Review is a Non-Regulated broker.

LexaTrade Review and believe you have been scammed by them you have a chance to get your money back. Many unregulated brokers have been found to scam traders.

Not sure if Google will take action against companies like LexaTrade that pay them to post their ads on many sites. Clearly, the people behind LexaTrade use part of their loot to pay for Google AdWords. 3) Avoid totally brokers operating from off shore islands, from tiny countries with no regulatory bodies and countries from caribbean islands.