Lexatrade experience www.lexatrade.com

By Collins Ekwenugo, from Nigeria, July 24, 2020 at 04:09 PM

The trading experience was a terrible one, but the issue at hand is that they refused to refund my remaining capital as I told them that I couldn’t continue trading with them. Last year I started trade with them with deposit of 250usd, followed by 100usd and 200usd, I lost all in trade, after series of persuasion they convinced me to fund my account with at least 1000usd, that I will recover my losses, which I did this year April, I was making profit but after some weeks I started losing until the balance of what was remaining went to 500usd, which is half of the capital(1000usd) I started trading with, I now requested for refund that I couldn’t continue, they refused, their reason was that I was given bonus, that I have not traded to cover the bonus that I was given, but the plane truth, I was not given any bonus to trade with, I started trading with the 1000usd I funded into my account, in fact i told them before I started the trading this year that i wouldn’t want there bonus, so I can determine my actual profits and losses. I tried all their contacts to get it resolved, none was responding. The only person that responded asked me to continue trading to see if I can maximize my profit. I have checked for their name on the lists provided on your platform, I couldn’t see it, both regulated and unregulated brokers, even on UK brokers they are not there. I am pleading if there is any way I can get help to get my money back, even if it is the little remaining in my account, I wouldn’t mind. Thanks in anticipation

Answer: Hi Collins Ekwenugo,

You are right, Lexatrade is unregulated offshore broker. It claims to be regulated by the IFMRRCAlthough FMRRC is an independent self-regulatory agency which was created to provide a level of regulation for derivative dealers and brokers. It has no connection to any official regulatory body, and has very few legal powers with regards to regulating FMRRC regulated brokers. 

Unfortunately, it is almost impossible to get the money back from this type of broker. You can try to withdraw small amounts (if the withdrawal limits allow you too), but do not invest more, you will only lose more in that case. You can also report about this issue to your local financial regulator or the regulator where the broker claims to be located.

5 responses to “Lexatrade experience”

  1. I don’t know… Maybe not everyone gives money. Though, it would be strange. But fortunately it has not touched me. Last week the money came. How difficult it became to choose a broker. How do you read the reviews, well, all are scam.. And I have been trading for more than six months. Yes, it is dangerous without regulators, but they can offer better conditions.

  2. Which forex trading broker is the best or safest to trade with if am to borrow money from friends/bank to start?.

  3. My experience convinced me tha lexatrade is a fraud.They keep shifting the goal post.The conditions they tell you before you invest is different from what you see after you have invested.It is impossible to Withdraw any money you invest.

  4. Lexatrade is a big scam. As I am writing, my $2,500 invested is still with them. They have refused to process my withdrawal. Infact they no longer answer my mails, they removed their Skype details so can’t reach them except through mails which they won’t reply you. They told me to trade till I got to a certain trading turnover which I achieved within two months. Immediately I surpassed it they cut off all communication with me. I have tried all I could but these guys keep ignoring me.
    Please dont invest your hard earned money with Lexatrade.com. they are a very big scam. They will finish you with calls until you give out your money after which you will start begging them but they won’t listen. They are international fraudsters.

  5. After almost a year of working with them, I can say one thing – it’s SCAM and it’s the simplest of its kind. Someone on the webside said that he has withdrawn money – Yes, they are paying out, but only pennies and just to call back for more. I worked with them for a year and even with success. Of course, the market was surprising and the account had to be saved with further deposits. I paid and earned – but when I wanted to withdraw funds (almost the equivalent of deposits) – I heard that I have to wait a bit, because they have to prepare it. From that moment things went a bit worse, my account manager disappeared for a week, and when he came back – he announced that we would make up for these minor losses by investing in netflix. The next day, after the American market woke up, my account was reset within 5 minutes.

    Now – I’m looking for an answer to why this happened, and after consulting with Lexatrade, I know it’s a scam. It’s time to tell people the truth – Lexatrade is the sister of many Scam companies registered on St. Vincent and Grenadines. This is where our eastern neighbour found the cradle of his gold-bearing business. Some even have the same contact numbers or addresses. Lexatrade has never had the right license to enter the European market.

    And additionally, which is probably the most unpleasant – Lexatrade analysts and people who contact us give us false names, and every picture from Skype, or their pages can be found and bought in istock.

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