LexaTrade Review: Key Insights, Platform Performance & Is It Right for You?
Now, given the figures disclosed through the parentheses, it is easy to be turned off by the brokerage. The 250-Dollar minimum deposit to activate Start account may be considered already costly given the limited features made available to its users. Table below details all the features and offers that each account provides its users. Traders who have reached this state have more points, trade without restrictions on the number of transactions, have access to funds, and have the opportunity to defer payment. This does seem like a friendly broker, but I am not sure it’s the best choice for a total beginner, simply because the lowest deposit to open an account is $250. Users advise LexaTrade to review their minimum deposits against the offers found in each of their trading accounts.
- Then he learned from a friend trading with a LexaTrade broker that all prosecutions are complete nonsense.
- Getting the pulse of a brokerage’s legitimacy is served well by the immediate disclosure of its primary details.
- Rates, terms, products and services on third-party websites are subject to change without notice.
- Some even suppose it comes to par with industry favourite, MetaTrader 4.
- Overall this is a promising broker but a few tweaks here and there would make it a better one.
- The data and prices on this site are not necessarily provided by the market or exchange, but may be provided by market makers, so prices may be inaccurate and differ from actual market prices.
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The only extra worth mentioning is the Autochartist which is available right on the trading platform and is free of charge. It offers signals and pattern recognition and is generally regarded as a reliable tool but of course there are no guarantees that it will be profitable. There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website.
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We provide broker reviews and ratings to help users find a suitable broker according to their own needs. However, you must do your own due diligence and make your own decisions when choosing a broker. This compensation should not be seen as an endorsement or recommendation, nor shall it bias our broker reviews. Any rates, terms, products and services on third-party websites are subject to change without notice. Scammers employ persuasive tactics to convince you to make an initial minimum deposit. They entice with promises of doubling the deposit within 24 hours and similar claims.
By the end of this review, you should have a clear understanding of whether LexaTrade is the right choice for your trading needs. LexaTrade customer support is very impressive as it offers full-time support with 24/7 operating hours. The broker can be reached through multiple channels, including phone line and email. The support team is problem-solving and responds quickly, so the overall communication with the team was great. MT4 is one the world’s most famous and reliable trading platforms for Forex. The user-friendly UI of the platform helps both beginner and professional alike.
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LexaTrade offers several trading platforms to cater to different types of traders, from beginners to advanced users. The platforms are designed to be accessible, intuitive, and feature-rich. The charges are higher compared to the platform we have reviewed so far. The spreads vary on the account type and the instrument traders trade in.
There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. Also keep in mind that the company is regulated (IFMRRC), which is not the fiercest of financial watchdogs, but any type of regulation is better than no regulation at all. That being said, caution should be used anytime money is involved, with all brokers, old or new. LexaTrade provides a mulitlingual customer support 24/7 to deal with all queries via live chat, email and telephone.
Basing decisions through mere online research may prove fruitless should it not be backed up by actual diagnosis of the broker’s offers and services. If one is to base off of impressions, the negative issues thrown at it can easily be chalked up to the LexaTrade user’s complete ignorance of how the trading industry works. In terms of security, LexaTrade uses SSL encryption to protect sensitive data, which is standard for most brokers. This encryption ensures that your personal and financial information remains private when making deposits, withdrawals, or logging into the trading platform. Currently, LexaTrade is not fully regulated by major financial authorities such as the UK’s FCA or the US’s CFTC, which is a significant factor to consider when assessing its reliability. The lack of regulation from a reputable body means that traders may not have the same level of protection that comes with using a fully regulated broker.
To find out the brokerage’s profile, one should consult other sites with LexaTrade reviews. While not necessarily a red flag, this is completely inconvenient and taxing. To serve the cause of fairness, the reviews last segment will quote both positive and negative ones, that were gathered from various trusted brokerage review sites. What the reading of review ultimately provides its readers is a fair assessment and perspective of LexaTrade. Had it not been clear enough, users believe, subscribing to the numerous reviews with tags “LexaTrade courses scam” and a “LexaTrade cheating” is ill-conceived and entirely unfair.
- However, the proprietary platform’s lack of sophistication may not satisfy advanced users.
- Even the withdrawal speeds increase as you go up to the higher accounts.
- Additionally, spreads on lower-tier accounts are uncompetitive compared to industry standards.
- MT4 is one the world’s most famous and reliable trading platforms for Forex.
- The variety of instruments allows traders to diversify their portfolios, but the depth and range are average compared to industry leaders.
User Feedback and Complaints
Therefore, we do not recommend you to invest money with LexaTrade. All early signs show that LexaTrade is not a scam but keep in mind this is a very new CFD broker. This is not the case with LexaTrade and thus far we consider this CFD broker a reliable partner for your trading needs. The links that were included in the quoted testimonies will direct the readers to actual existing, live, and legitimate sites.
Red Flags and Scam Warning Signs
But most of the negative reviews are concentrated on Social Media, where you can write “I was scammed by LexaTrade” without any proof. In all reviews about LexaTrade, it is distinguished by the reliability and honesty of the company. Of course there are questions, but after correspondence with tech support everything is successfully resolved. Everyone should understand how to distinguish a good broker from those that are often considered scammers and why forex is a scam.
Account Types
I stongly recoonamd everyone to dont waste money with this fraud company. LexaTrade ensures that all client funds are kept in a segregated account from the company’s funds. I have lexatrade review been trading on the market for 5 years, of which almost 2 years on LexaTrade. In legitimate platforms, fees are typically clear and transparent from the beginning.
The account structure is straightforward, but the high minimum deposits for premium accounts may deter small-scale traders. Additionally, spreads on lower-tier accounts are uncompetitive compared to industry standards. The xCritical platform is one of the most noteworthy trading platforms in the trading industry. Some even suppose it comes to par with industry favourite, MetaTrader 4. Through its mobile platform, an expansive set of tools available through its PC version are mirrored effectively. These tools include a number trading signals and a highly-intuitive and neat interface.
The company began its work by managing cash transactions in real-time trading using a PAMM account. As of November 2019, more than 2,000,000 merchants from all over the world are using the services of a broker. Forex broker LexaTrade site offers traders to open Start account with an initial deposit of $ 100, which is a fairly advantageous offer compared to other brokers.
All of our reviews are based on research carried out by professionals. We had ensured a pointed evaluation through its employ of all functions of the LexaTrade official site. With everything said earlier, to do a LexaTrade review, we had taken it upon ourselves to conduct an exhaustive examination of LexaTrade’s offers and services. Later they said that the amount was too low for a trade so I left the money there only to find later that the money has disappeared.