LexaTrade Review, Forex Broker&Trading Markets, Legit or a Scam-WikiFX Score:1 39

LexaTrade is an offshore broker registered in Saint Vincent and Grenadines, currently has no any regulations. Any action you take upon the information you find on this website is strictly at your own risk and we will not be liable for any losses and/or damages in the use of our website. There are way too many categories on lexatrade.com, and navigating around the website is challenging. The dropdown menus have vague names, and as such, the categories inside them seem almost arbitrary. The same goes for visuals, as the various elements are glaringly mismatched. It looks like the broker took stock images, put them in boxes, and called it a day.

Bonus programs, low spreads, 0% commission, multi-language call center. This means that when you open an account with $5,000 dollars, we will add to your account another $1,500 dollars. Trade and invest freely from anywhere on the planet with LexaTrade online platform using the high-tech functionality, speed, and profitability of the terminal. Caring for our clients, our company makes every effort to optimize the trading processes and services provided. For your convenient and effective trading, we have developed and implemented a new online platform.

LexaTrade Product Features

So there’s the argument that some regulation is better than none, and that does hold up. But there’s also the fact that while it’s better than nothing, it’s not a significant improvement. So the regulation may impose negligible limits on the broker while generating a false sense of confidence for potential customers. IFMRRC stands for International Financial Market Relations Regulation Center. It’s a non-commercial organization that regulates about 60 brokerages.

However, it’s apparent that it’s much less limiting than even the more lenient country-based regulators. Unfortunately, when a broker looks like it’s a rushed project, it’s often a scam. That isn’t an exact rule, but it’s something we’ve found to be true more often than not. ForexPeaceArmy.com has advertising and affiliate relationships with some of the companies mentioned on this site and may be compensated if readers follow links and sign up.

About LexaTrade

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. Although 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. Of course, we cannot vouch for the accuracy of the signals but it’s a nice addition.

For starters, there’s the fact that the cheapest account doesn’t require a huge deposit. We aren’t the biggest fan of the huge jumps between the sums you need for different account types. However, that’s a minor complaint, as what you get for each account is actually pretty fair for the price point. One more significant concern is that the broker locks the MT4 platform behind the more expensive account types.

Recommended broker

Use all the capabilities of the terminal and make profit with minimal risks. On the other hand, the Web platform offered for the minimum account is quite enough for the average trader, so maybe that’s not a deal breaker. This broker offers a balanced mix of functionality and user-friendliness. And besides, if you really want to do advanced technical analysis, LexaTrade offers Meta Trader 4 so you can have the best of both worlds. The website is translated in 6 languages, the platform is relatively easy to use and offers all the features needed by an average trader. A mobile platform is available but Demo accounts are not; US traders are not accepted.

We’re nearly certain the broker made the accounts just to seem more open. As you progress through the accounts, the bonus we mentioned earlier in our Lexatrade review grows. Similar bonuses often have thick strings attached, so be sure to read the terms if you intend to invest. The broker’s offer does actually seem decent enough, but the presentation isn’t up to par. We’ll see if the broker’s functional prowess ends up improving what we think.

Overall this is a promising broker but a few tweaks here and there would make it a better one. Lower deposits, more information about deposits and withdrawals, a basic FAQ, and a demo account are just a few adjustments that would go a long way and would make LexaTrade a higher-tier broker. That being said, they are very new at the time of this review, so there is time for improvement. 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.

And if you’re already depositing that much, there are many brokers that do what Lexatrade does but better. For us, the elephant in the room when visiting lexatrade.com is how clunky the language is there. It seems like the website wasn’t designed in English, but rather translated from another language. We know some brokers like to take that approach, and it usually works moderately well.

Customer Service at Lexatrade

The provider of the data contained in the Website shall not be liable for any loss incurred by you as a result of your trading activities or reliance on the information contained in the Website. The default proprietary platform is good enough, with an intuitive interface and a solid set of analytical features. As such, we can’t hold the deposit requirement for MT4 against the broker too much.

Many regulated brokers allow $50 and even $10 as minimum deposits, so maybe you should pick one of those. On the other hand, if you are confident in your abilities and $250 is not a lot for you, then LexaTrade may be a good choice. The broker offers its traders two platforms, as we’ve indicated earlier in our Lexatrade review. And even then, you only get the web version, and you need the $50,000 account for the full unlock. There are also other newbie-baiting features, such as the bonus that Lexatrade offers. A deposit match isn’t inherently a bad thing, but it’s commonly used by malicious brokerages.

While the first account is cheap, lexatrade.com also robbed it of most features. As such, we don’t think you can get a competitive trading service up until the $10,000 account at least. Cheapest and most expensive aren’t the most precise terms, as there’s no actual cost attached to the account. However, we can’t neglect the fact that $100,000 is a hefty sum and isn’t something anyone can reach. Again, as we said earlier in our Lexatrade review, the broker doesn’t do anything that sets off alarms.

In our Lexatrade review, we’ll look at how beneficial it is for customers compared to other options. This company does not do its job well, and pretends to be a broker that does not give returns at all. When I invest 350s, I immediately get the indices and the operations resolved to make me lose my money.

There is no fee to open an account and the fees for deposits and withdrawals are not specified anywhere on the website. There is no mention of an inactivity fee but we cannot guarantee that you won’t be charged one. Live chat support was available at the time of our visit but a bit slow to answer. The methods for deposit are Visa, CryptoWallet and e-Payouts and we assume the same methods will be used for withdrawals, although LexaTrade doesn’t mention this specifically. LexaTrade is a newly launched, regulated broker that offers CFD trading on currencies, cryptocurrencies, indices, and commodities.

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. Of course, the broker has options for downloadable terminals, web platforms, and mobile apps.

It’s by no means a strict scam, and in fact, it’s safer than the average broker, but you still need to tread carefully. LexaTrade is ambiguous about how deposits and withdrawals work, and we can only get come basic information in the refund policy page. The minimum withdrawal amount is 50 USD, and if a client withdraws the money without realizing 5 independent transactions, LexaTrade will charge a 5% fee. Currency pairs, indices, commodities, metals, energy, stocks…..LexaTrade allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on LexaTrade.

• The data contained in this website may not be real-time and accurate.
• However, better options are present online, and it’s easy for most traders to switch.
• Namely, this price is indicative price only to reflect market trend, and is unfavorable for trading purpose.

Even for the higher accounts, the spreads are wider than those from other brokerages that require similar price points. As we said earlier in our https://traderoom.info/ review, it offers a competitive trading experience, but it gets overshadowed by better companies. On the other hand, the majority of traders don’t need Expert Advisors, scripts and the (sometimes) stuffy interface of Meta Trader. Besides, LexaTrade’s Web platform offers all the tools that can turn a skilled trader into a profitable trader. 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.