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.

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