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BlueLexus Review - is it scam or safe?

BlueLexus Review - is bluelexus.com scam or good crypto CFD broker?

RATING: 1 / 2 REVIEWS BlueLexus
BlueLexus is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account  Minimum deposit Maximum leverage Spread
Basic       $250 1:200 $135 BTC/USD
Bronze   $1 000 1:200  
Silver      $2 500 1:200  
Gold       $10 000 1:200  
Platinum  $25 000 1:200  

 

BlueLexus is an unregulated broker that offers trading in cryptocurrency CFDs on a web-based trading platform. Its clients can choose from the 5 accounts listed above, however it is not clear whether the essential trading conditions, such as spreads and leverage, differ. It seems that the advanced account holders only higher welcome bonuses and some extra services such as 1-on-1 Trading trainer, Trading Signals and such.

 

 

BlueLexus Advantages

 

A lot of crypto CFDs

Clients of this broker are offered 40 coins in the form of CFDs, which is quite a long list. BlueLexus offers trading in Bitcoin, Bitcoin Gold, Das, Ripple, Ethereum, Ethereum Classic, Litecoin, OmiseGo, Monero, Zcash, USDT, and more. These are traded against each other, USD, EUR, and AUD.

 

Relatively nice trading platform

The web-based platform provided by BlueLexus can by no means be compared to MetaQuotes’ software (MT4 or MT5), but it still offers some advanced features. The charting is good, powered by TradingView, and there are mobile apps available. Here is a snapshot:

 

 Click on the image to zoom-in.

 

Many payment methods

This broker supports a lot of convenient methods, such as credit/debit cards, bank wire and numerous e-payment systems, including Neteller, Skrill, Web Money, Qiwi, Yandex, and AstroPay.

 

 

BlueLexus Disadvantages

 

Not regulated

According to the information on its website, BlueLexus is a trade mark of GG CAPITAL GROUP LTD., a company registered offshore, in Saint Vincent & the Grenadines (SVG). The website of the broker also mentions H.I. CAPITAL GROUP, a company based in Sofia, Bulgaria that operates another crypto broker – Bitcoin Giants.

 

as a CFD provider, H.I. CAPITAL GROUP should be registered with the Bulgarian Financial Supervision Commission (FSC), or a similar financial agency in another EU country, but they aren’t. The offshore company, on the other hand, is surely not licensed, nor regulated by any governmental agency. This is a major red flag and the main reason why we gave BlueLexus such a low rating.

 

High cost of trading

Most brokers, who offer Bitcoin CFDs provide a spread in the range of $30-$50 on BTC/USD. When we tested BlueLexus’ platform, we saw the spread for this pair was $135, which is way higher.

 

Charges on withdrawals
This is not a major flaw, yet we have to mention it. Withdrawal requests at BlueLexus handled within 7 business days, the minimum amount allowed being $100$. The broker’s clients are subjected to the following withdrawal fees:

 

Credit card – 4.8%, minimum fee $20, maximum fee $500;
Bitcoin – 4.8%, minimum fee $20, maximum fee $500 ;
Wire Transfer – 5%, minimum fee $50, maximum fee $2,500.

 

No forex pairs and CFDs on indices, commodities and stocks

Unlike a number of forex and CFD brokers, who added a number of crypto CFDs to their offering, which focuses on currency pairs, stocks, indices, and commodities, BlueLexus offers only CFD pairs with coins. One cannot trade EUR/USD or gold with this broker. In case you miss any of these assets, check out the link below:

 

 

>> Forex brokers offering Bitcoin CFDs <<

 

 

Dangerously high leverage levels

BlueLexus offers up to 1:200 in leverage, which is a very high ratio, given the volatile nature of cryptocurrencies. Most real crypto exchanges don’t support margin trading, while the majority of crypto CFD and forex brokers do, but the usual levels are 1:2 up to 1:10.

 

 

Conclusion

 

BlueLexus is an unregulated crypto-CFD broker. Although it offers trading in wide range of coins in different pairings and its platform is not bad, we don’t recommend dealing with it. The main reason is that it is not overseen by any governmental authority. On top of that, the broker offers leverage levels that we find too high, and the costs of trading don’t seem attractive either.

 

 

>> Trade Bitcoin with a well regulated broker <<

 

 

To sum up the above:

 

Pros Cons
A lot of crypto CFDs Not regulated
Relatively nice trading platform High cost of trading
Many payment methods Charges on withdrawals
  No forex pairs and CFDs on indices, commodities and stocks
  Dangerously high leverage levels

 

Latest news about BlueLexus
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Traders` reviews for BlueLexus

Spread

Pros

Cons

 

 

Slippage

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Requotes

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Cons

 

 

Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Disgruntled trader

So they wouldn't accept my ID after 2 weeks I demanded my money back or I would contact European authorities and they said they will return my money ,
Let's wait and see

Andrew 11/02/2018

Rip off broker

Promised that they would match my deposit and help with trading none of this has happened and view as a complete loss

Alex Dafov 09/14/2018
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