Nigeria traders need to be aware of this broker

What LexaTrade is

LexaTrade is an offshore broker registered in Saint Vincent and the Grenadines. LexaTrade says to be owned by a company called Swissone Group limited. This is a company with registered address in Saint Vincent and the Grenadines. Saint Vincent and the Grenadines is an offshore zone where forex brokers are not regulated in any way. According to WikiFX, LexaTrade doesnt have a legitimate license. It may take your money away fraudulently. Therefore, WikiFX gives LexaTrade a very low rating of 1.26/10. We advise you to stay away from this broker.

Spreads & Commissions

According to its claim, LexaTrade offers spreads of 2.5 pips on EUR/USD for their most basic accounts, and this is significantly higher than the average in the industry (1.0 – 1.5 for this pair).

Trading Platform Available

LexaTrade claims that it supports MetaTrader4 web and their own web-based platform, which we are unable to test. Besides, LexaTrades MT4 is provided by MaxiServices – a third-party company that we know nothing about.

Deposit & Withdrawal

LexaTrade uses bank wire, credit /debit cards, Skrill, Neteller and OrangePay to do business. However, as per its requirement, traders can only withdraw at least $50.

Feedback from Clients

Many scammers aim to persuade people to deposit while trying every possible way to make it happen. They'll offer some tempting deals to the clients in order to let them invest in. For example, they may guarantee clients some good returns. If clients are trapped by their “cage” they will take the money away step by step. Once the scam becomes so obvious, they will cut the contact with traders. LexaTrade is a typical offshore broker that uses this strategy to take people‘s money away. According to WikiFX, some traders claimed that they were scammed by LexaTrade. Two traders who come from Nigeria received the call from LexaTrade. By assuring a tempting return, LexaTrade persuaded traders to invest with them. Once LexaTrade successfully manipulated the money, it took traders’ money away fraudulently.

Conclusion

LexaTrade is an unlicensed, offshore broker that has a bad track record of taking peoples money away. It is high possibility for you to lose your money if you invest in it. WikiFX contains details of more than 31,000 global forex brokers, which gives you a huge advantage while seeking the best forex brokers. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link(https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers that you are curious about.