May 10, 2019 Forex Trading 0

I Got Scammed By LexaTrade

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.

Also available to trade are 18 cryptocurrency crosses, but only seven different ones exist, quoted against various fiat currencies. The bulk of the assets at LexaTrade consists of 698 equities for direct share dealing, together with 22 equity CFDs, 34 index CFDs, and 52 ETFs. Overall, the choice is excellent, and LexaTrade is a rare broker offering more direct equities than CFDs. Given the broad choice, retail traders and asset management firms alike will benefit from the asset selection. Swap rates on leveraged overnight positions apply, and LexaTrade passes corporate actions such as dividends, mergers, and splits on to affected portfolios. A quarterly inactivity fee of $15 exists if the account has been dormant for twelve months.

scammed by LexaTrade

One of the online Forex trading platforms that are gaining attention in the past years is the LexaTrade. If you are aspiring to earn cash from Forex trading using this system it is most prudent to ask yourself first is LexaTrade a Scam? Many aspiring Forex traders are probably considering of trying out LexaTrade but before you move forward to your prospect investment with LexaTrade it is best to know something about this company. Unfortunately, every day there are more fake forex scam brokers and other types of online trading brokers looking to scam unsuspecting victims. You saved alot of people from being scammed out of they hard earned money likewise. I once was scammed out of $300us by a option brokerage called TopOption. I think that stock future and forex market needs alot of research and at the end of the of the day it can go in the opposite direction.

TradingBeasts helps individual traders learn how to responsibly trade binary index options options and CFDs. We actively trade, publish educational articles and news.

It appears to have no other forex trading licence from anybody whatsoever. But right behind my head, there has always been this feeling what if this LexaTrade trading platform thing is just a fraud. Irritatingly, they asked my ID proof to be sent again. Though I sent my id proof again I was not able to withdraw money.

What Is LexaTrade?

It does not support automated or social trading and is only suitable for manual traders. The overall trading platform lacks a competitive edge and places traders at a disadvantage. While failing to offer the MT4 platform as an option to traders is certainly a broker’s right, but this move makes sense only if the alternative to the MT4 is superior. Most Forex scams are either based on a trader or algo seeking lexatrade broker reviews investment after falsifying historical returns to present a fake track record. There are also some scam Forex brokers which try to get depositors to allow the broker to trade on their behalf, or who make it very difficult or impossible to withdraw funds. Considering there are too many risks involved when you trade using the LexaTrade platform, it is always important to always ask is LexaTrade a scam?

UFX Market and UFX Bank have won the award in the most unethical practices category! The broker has several negative reviews and complains left by users who have been cheated by them. The company also engaged in posting false client reviews in different websites back in May 2009 lexatrade official site from their office located in Israel. Demo trading accounts are the best way to learn to trade and test strategies. A signal seller offers a system of signals they promise will identify the best times to trade. The system may be manual, where the user must enter trading data.

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 for marketing strategy. why dont you try to discover it from yourself.

Trading Conditions

Although, I am very interested about this kind of business I won’t jeopardize my hard earned money. Thanks God, He’s given me wisdom to search about LexaTrade before investing any cents.

scammed by LexaTrade

The only mention of a variety of options exists in the support section, where LexaTrade asks interested potential traders to contact customer service for more details. Given this broker’s 20+ years of experience, this seemingly intentional absence of account information is unacceptable. And also with Forex robots they don’t take into consideration risk management, risk per trade, draw down, factor in your account can blow up. Forex robots are getting a lot of hype of late and Forex robot scams are not far behind. Almost every Forex broker currently offers its account holders the opportunity to use a Forex robot for their trades. They back up the legitimacy of these robots with tremendous profits and lull the trader into a false sense of security only to end up broke.

It is definitely possible to make money as Forex trader, I personally know a few people who supplement their income with trades, but there’s also not a lot of room for mistakes. Apart from the above confirmed cases, Forex Peace Army also carried out its own investigation involving two of its members. After analyzing all evidences it concluded that InstaForex has failed to return funds of the members. Unfortunately, the members have no recourse as their terms state that the company is perfectly in it’s entitlement to close accounts as it seems fit. The company also involves in illegitimate trading where big losses wipe out entire account balances. They also don’t attend to user communication or answer back to mails. Requests of withdrawals are also not entertained by the company.

LexaTrade was founded in 1996 and is part of the LexaTrade Group. This broker prides itself on generating mass trading volume and liquidity; it is able to claim over 8,000,000 clients from over 100 countries, and executes over 35,000 transactions per day. Per its own account, the deployment of advanced technology meets the needs of modern traders. Regrettably, no evidence of that assertion exists.

Instead, this type of market maker broker will place your order on an in-house market in which the brokerage can manipulate the bid/sell price to its advantage. Online FOREX trading platforms are a perfect place for scammers to make millions. FOREX has a huge amount of risk involved in trading even when you are using a reputable company. This makes it easy for unreputable companies to take your money. A complicated dossier of company’s origin along with getting fined for not abiding by the rules and regulation makes the company’s claims shady. An inattentive social media account calls for attention and character content. Another slab is the absence of different types of trading accounts and the trusted Meta Trader platform.

Forex traders who have used robots in the past suggest that traders learn enough about the workings of the EA program so that they can place the trades themselves and not through a broker. This will provide them with a sense that they are in control of their money and are not leaving it in the hands of a broker. This may not lead to profits but it will eliminate the feeling of being taken in by a fraudulent Forex robot scam. There is not much information to gather about LexaTrade except that it claims to have been founded by bankers in 1996 and was offered as an online income opportunity in 2004.

Our Banking Experience

It is only available in mobile and website based applications. FXnet also has an additional need of a cluster of software to be downloaded which is the cheap third party promotional strategy of the company. The same web page claims the company to be owned by a Budapest based company Ebrokerhaz Befektetesi Szolgaltato Zrt, best known as Ebrokerhaz Zrt. As per my experience, forex trading is very dangerous with minimum balance like $100. Please help me for withdraw the money LexaTrade is asking for the photocopy of credit card with cvv code also .Is it safe to give them .Beacuse they can use it to withdraw my money.

scammed by LexaTrade

Forex Peace Army has already blacklisted the broker because of the bad reputation it earned and gave it 3 guilty verdicts top forex brokers based on its investigations. Some systems rely on technical analysis, while others rely on breaking news.

At the very least, one should search for reviews before purchasing a Forex robot, no matter what claims are made about its success. LexaTrade24 is NOT a licensed broker.This means there are no regulatory bodies that monitors their activities to ensure they stick to best practices. This means that there is no guarantee that you can actually sue the company in case it engages in illegal activities or when they illegally use your investment or money. Moreover, there is also no guarantee that you will get payment. Some users complain that the company is making it difficult to get their payments by asking them unreasonably too many documents to comply with before processing payments.

You Can Close This Ads Or Learn To Build A Successful Online Business In Just 1 Year

The company also deducted amounts from accounts and forfeited all profits for false ‘early fund withdrawal’ requests which were never made by users. People have even lost as much as $160,000 on the platform. One of the challenges a rookie forex trader faces is finding operators to trust in the forex market. Signal sellers are one group of operators new traders should consider carefully. Before getting involved in forex trading, perform your due diligence. Visit the Background Affiliation Status Information Center website created by the National Futures Association . You can find tutorials on learning to choose a broker and avoiding scams.

In this LexaTrade Review, we are going to take a look at the offer that this broker prepared for its traders. LexaTrade operates on the financial market since 1996.

  • Some systems rely on technical analysis, while others rely on breaking news.
  • The trading conditions are in a race around condition with the company’s claim.
  • The main concern here is that the LexaTrade provides the password to the trading account and a trader cannot change the password.
  • The NFA is the rule-making body of the futures and options industry.
  • LexaTrade cleverly gives a Administratice location in Greece which again is a fake address ,in faded ink footnote.
  • Forex trading carries a high level of risk and may not be suitable for all investors.

Online Forex trading does offer a legitimate way of earning a profit from your hard earned cash. However, it is unfortunate that the same industry is being exploited by many unscrupulous traders and scammers.

NoaFX suffers from the same problems like the others in our list. You start off fine by trading and accumulate balance in your account but the problem starts the moment you want to withdraw funds. The Balance does not provide tax, investment, or financial services or advice. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal. 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. The trading platform keeps on crashing and the traders are left at the mercy of the support team.

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Scams must be done in a clever, convincing 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. Forex Robots are all about making money while you sleep which makes them a prime area for fraudulent activity.

I told her Im low on cash right now and will be busy on the following days so maybe she can call me a month later. Then also, the next prudent tip on investment, is to research the company you are dealing with. 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. i had my technical analysis lessons from him and so did punit madan.

It seems a bit underhanded especially when some of those trades could have had good runs. They are a highly recommended brokerage and have better speads/pricing. Aaangan tede ke bacche tu yeh bata tera aangan kahan hai LexaTrade ka permamnent address bata at least one lakh will reach that aangan with police now.

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