Overview of the LexaTrade Review:
Whether a scam broker or not, every competitive brokerage firm in the financial market will claim to be the world’s finest. Scam or not, LexaTrade also claims to be one of the world’s leading forex trading brokerage firms. The company offers to trade in a variety of tradable instruments such as indices, forex, and commodities. LexaTrade’s website initiates to provide no information about itself rather is designed in a way that the customer needs to register for an account first and gain information about the firm later. Read further on in the LexaTrade review to know more about the LexaTrade scam.
In this section, we will be opening and discussing further information and details about LexaTrade regarding its regulations, leverage, the safety of funds, etc.
The regulation of a brokerage firm is a tie-breaking step to decide whether the firm is a legit broker or a scam. Despite this, there is not much information on the company’s website about the regulation. Upon skimming through the terms and conditions that LexaTrade has provided on its website, we found out that the company is actually owned and operated by Swissone Group Ltd. a little research about the parent company and we realized that Swissone Group Ltd. is registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines are included in the list of offshore zones, therefore, it cannot be trusted upon as the offshore zones do not have proper regulation. This gives us our first red flag of this LexaTrade review which brings us closer to the LexaTrade scam.
LexaTrade Trading software:
For the customers of LexaTrade who opt for the platinum and VIP accounts, the company offers trading software called the Meta Trader 4 or the MT4. For those who are not aware of this term, Meta Trader 4 is one of the very common trading software that is equally used by scam brokers and legit brokers alike. Therefore this is a difficult option to determine whether LexaTrade is a scam or not.
LexaTrade Leverage and Spreads:
The leverage and Spreads offered by LexaTrade are very similar to how the scam brokerage firms offer. The leverage offered starts at 1:200. The average leverage that is capped across the countries ranges from 1:30 to 1:50. Therefore, it is clear that the leverage offered by LexaTrade is a clear indicator of the LexaTrade scam.
The spread offered on the lot of EUR/USD is 2 pips as compared to the average of 1.5 pips. Although it may not seems like a lot but the risk induced with it to the customer is huge. This gives us yet another red flag against the LexaTrade scam.
Conclusion: Is LexaTrade a scam or legit?
In order to sum up all that has been said above, it is safe to say that LexaTrade is a scam. We request our readers not to trade or invest with this scam broker. One should always trade or invest with a brokerage firm that has a license issued by any of the well known regulators. Follow our website to read more about other scam brokers.