LexaTrade runs its trading business without the required permit or authorization and is registered offshore. It is risky to use their platform.
The Polish Financial Supervision Authority has put out a warning on its website, which includes the name of LexaTrade and mentions that the entity is not registered in Poland. The proceedings have been initiated under Art. 178 of the Act on Trading in Financial Instruments.
The company’s address is in St. Vincent and the Grenadines, which is an offshore zone. Forex brokers from offshore are not regulated by any government bodies; if the broker goes bankrupt or decides to shut down, there is no guarantee on the funds invested.
Further, the company’s website shows a leverage ratio of 1:200, which is considered high. Traders choosing brokers that offer high leverage are at risk of losing their funds. The odds of losing money is very high for someone trading using high leverage. Moreover, offshore brokers like LexaTrade cannot operate on any regulated financial market such as the European Union, the UK, USA, Canada, Japan, Australia, etc.