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LexaTrade
LexaTrade Review 2023 | Information about LexaTrade Forex Broker - BrokersView

Operating status: SCAM

Website: https://lexatrade.com/

Broker violations and abnormal records
  • 2021-03-31 The Polish regulator KNF added LexaTrade into its blacklist
    The Polish Financial Supervision Authority (KNF) has added Swissone Group Ltd to its alert list. It states that the broker is not registered in Poland, yet is offering its services to citizens of the area: https://www.knf.gov.pl/en/CONSUMERS/Information_for_the_financial_market_consumers/Public_warnings?warningName=lexatrade&warningTypeId=all.
    The Polish Financial Supervision Authority (KNF) has added Swissone Group Ltd to its alert list. It states that the broker is not registered in Poland, yet is offering its services to citizens of the area: https://www.knf.gov.pl/en/CONSUMERS/Information_for_the_financial_market_consumers/Public_warnings?warningName=lexatrade&warningTypeId=all.
  • 2021-08-31 BrokersView has reviewed that LexaTrade is an unregulated forex broker
    LexaTrade claims to be operated by Swissone Group Ltd, a company registered in St. Vincent and the Grenadines. Nevertheless, the SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. So LexaTrade is currently not regulated or not overseen by any financial regulator. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.
    LexaTrade claims to be operated by Swissone Group Ltd, a company registered in St. Vincent and the Grenadines. Nevertheless, the SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. So LexaTrade is currently not regulated or not overseen by any financial regulator. That means investors’ funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

Related Complaints

Q&A Complaints

Could you please help me find out if this broker offers Islamic Accounts or they actually charge swap fees?

MHD
Pakistan
2022-01-06
ANSWER LexaTrade is not legitimate and should be avoided at all events. LexaTrade claims to be operated by Swissone Group Ltd, a company registered in St. Vincent and the Grenadines. Nevertheless, the SVG FSA does not issue any licenses for forex trading or brokerage nor does it regulate, monitor, supervise or license international companies engaging in such activities. What's worse, the Polish Financial Supervision Authority (PFSA) has added LexaTrade into the unregistered firm alert, warning the public that the firm is not authorised to provide the investment services in the country. You can check full alert or warning here. Our final verdict is that LexaTrade is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders to stay away from unregulated brokers and trade with licensed brokers. 
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